These clients were a married couple with two children together, and one child of the husband’s from a previous marriage. They wanted to ensure that the husband’s ex-wife would not have access to the current wife’s assets, and that their property went where they wanted it to go.
We created a trust plan for them, which included:
- An A/B Trust;
- A Power of Attorney for Minor Children;
- A Health Care Representative for Minor Children;
- Powers of Attorney for Management of Property and Personal Affairs;
- Powers of Attorney for Health Care;
- Advance Health Care Directives;
- Final Disposition Authorization and Instructions; and
- A Quit Claim Deed.
The A/B Trust sets up a trust for the clients that splits into two upon the death of the first of them. The Decedent’s trust becomes an irrevocable trust, while the Survivor’s Trust remains a revocable living trust until their death. This enables the clients to direct where whey would like all of their property to go, and additionally ensures the trust meets these clients’ needs in regard to the state and federal tax exemption limits.
The Wills allow the clients to designate guardians for their minors, and people to act as personal representatives of their estate if they miss transferring any of their assets into their trust.
The Power of Attorney for Minor Children designates short-term guardians to care for his children if any emergency happens when they are under eighteen.
The Health Care Representative for Minor Children names people to make medical decisions for short-term care of their children if needed when they are under eighteen.
The Powers of Attorney for Finances name individuals to manage the clients’ property and financial affairs if they are ever unable to do so themselves while they are still living.
The Powers of Attorney for Health Care state who the clients would like to manage their health care needs if they are ever in a state in which they cannot.
The Advance Health Care Directives describe what the clients would like to happen to them in regard to health care needs if they are ever incapacitated.
The Final Disposition Instructions include what the clients would like to happen to their remains after they are gone.
The quit claim deed transfers the real property owned by these clients into their trust, so it will go to the beneficiaries named by the clients upon their death.
Need estate planning help but not sure where to start? Click the link to check out this free presentation I put together that will answer all your questions (it’s basically the talk I give at potential client strategy sessions):
And, if you know you just want to talk, click the link below to schedule a free strategy session with us: