These clients were a married couple in their fifties, with three children. Their primary goal was to take care of their children. It was important to them to designate someone to manage their assets and distributions after they were gone, and to designate a guardian for their children in case anything happened to them while they were still minors.
We created a trust plan for them, which included:
- A trust;
- Two Financial Power of Attorney documents;
- Two Medical Power of Attorney documents;
- Health Care Directives;
- Disposition Instructions; and
- A deed transferring their real property into their trust.
Their trust enables them to give their assets to their children in increments based on their age, and to provide for their children throughout chosen times in their lives.
Their wills allow them to designate guardians for their children to care for them if they pass away when their children are still minors.
Their financial power of attorney documents provide designations in regard to who will manage their finances if they become incapacitated, but are still living.
Their medical power of attorney documents designate who they choose to manage their health care if their health prevents them from doing so themselves.
Their Health Care Directives include instructions in regard to any end-of-life decisions, and state what the couple would like to happen to them if they are ever in a permanent vegetative state.
Their Disposition Instructions identify what they would each like to happen to their remains after they pass away.
The deed transfers their real property into their trust, which causes the trust to be the legal owner while the clients still have control over it as trustees of the trust.
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: