These clients are a married couple in their fifties, with assets outside of the United States and multiple children from previous marriages. They wanted to provide for their blended family, while disinheriting some of their children. They also wanted to be able to dictate what would happen to the property in foreign countries.
We created a Trust Plan, which included the following:
- Revocable Living Trust;
- Pour-Over Wills;
- Financial Power of Attorneys;
- Healthcare Power of Attorneys; and
- Healthcare Directives.
This plan worked best for these clients because while they did not have assets with a total value that exceeded the federal limit, they had enough assets to be over the Washington State estate tax limit of approximately two million dollars. The trust provides a way to avoid probate and avoid estate taxes. The couple was able to disinherit some of their children while dividing up their estate between the remaining children. They were also able to include instructions about how their property out of the country was to be handled and passed down after their deaths.
The Pour Over Will provides for any assets that were forgotten or did not get transferred or placed into the trust. It gives a personal representative the authority to funnel any such asset into the trust, even after the clients’ deaths.
The Power of Attorney documents provide the couple with designations for individuals to take care of them in case they become incapacitated.
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 were in a permanent vegetative state.
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: