These client were a married couple with one adult child. They had a large estate and large IRA accounts. They wanted to avoid estate taxes as much as possible, provide specific distributions regarding business and property investments and provide for their son.
We created a trust plan for them. This included:
- A Trust;
- IRA Trusts;
- Pour Over Wills;
- Financial Powers of Attorney;
- Healthcare Powers of Attorney;
- Living Wills; and
- A Deed.
The Pour Over Will provides security in case the client misses placing any assets into the trust. It allows the Personal Representative settling the estate to “pour” any assets outside of the trust into the trust.
The Power of Attorney documents provide for the couple if they are ever in a situation where they cannot make financial or medical decisions for themselves.
We prepared the Health Care Directive for end of life decisions and to take the mystery out of what the couple would want to happen to them if they are ever in a permanent vegetative state.
We also prepared individual IRA Trusts for each of them.
The Deed we prepared conveyed their home into the trust, so that in the event of their death, the Trustees could sell the house or pass it down to their children.
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: