These clients were a married couple with two children, one that was a minor. Their goal was to protect their kids, and to take care of kids in a foreign country.
We created a trust plan for them, which included:
- A Trust, including a special needs trust;
- Power of Attorney for Minors;
- Power of Attorney for Health Care for Minors;
- Powers of Attorney for Finances;
- Powers of Attorney for Health Care;
- Health Care Directives;
- Disposition Instructions; and
- A Deed.
The Trust enables the clients to leave their property to the people they want to leave it to. A special needs trust was created within the trust to care for one of their sons with a disability. Creating this trust enables them to provide support for him without negating any public benefits he may qualify for. They additionally were able to set up support for their other child.
The Wills designate guardians to care for their child if anything happens to them while he is still a minor, and provides security in case the clients miss transferring any assets into the trust.
The Power of Attorney for Minors enables the short-term guardians to care for the minor child if an emergency occurs when they are still living.
The Power of Attorney for Health Care for Minors give the short-term guardians the authority to mange health care for the minor child if anything happens to the parents while they are still living.
The Powers of Attorney for Finances names people to manage the clients’ finances and property if they are ever in a state in which they are unable to do so themselves.
The Powers of Attorney for Health Care identify who the clients designate to manage their health care if they are ever incapacitated.
The Health Care Directives state the type of health care the clients would like if they are ever in a permanent, vegetative state.
The Disposition Instructions detail what the clients would like to happen to their remains after they are gone.
The deed transfers the clients’ real property into the trust, so it will be distributed to the beneficiaries of their choosing through trust administration.
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: