This client is a single woman, who is divorced and has one minor child. Pursuant to the divorce proceedings, this individual was instructed to create a trust for her son and to place a large sum of assets into the trust for the child’s benefit.
She also wanted to create her own estate plan to direct who she wanted to represent her estate at the time of her death.
We created a Trust Plan, which contains the following:
- Living Trust;
- Pour-Over Will;
- Power of Attorney;
- Healthcare Power of Attorney; and
- Healthcare Directive.
This works well for this client because the divorce proceedings mandated that she create a trust for her son. She also wanted to leave her entire estate to her child. By placing her entire estate in the trust, she is able to avoid the Washington State and federal death taxes. Additionally, all of her assets are provided to her child through the trust, which will distribute the assets in specified amounts at determined ages throughout his life.
The Pour Over Will provides for any assets that were forgotten or did not get transferred or placed into the trust. It also gives a personal representative the authority to funnel any such asset into the trust, even after the client’s death.
The Power of Attorney documents provide her with designations for individuals to take care of her while she is incapacitated.
We prepared the Health Care Directive for end of life decisions and to take the mystery out of what she would want to happen to her if she were in a permanent vegetative state.
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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):
https://cmslawfirm.com/foundation
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