LEGACY PLANNING

THE OBSTACLE:

Fred and Jan prepared their Last Wills and Testaments many years ago when they had young children, but never updated them. Their children are now grown and Fred and Jan have since retired and moved to a new state. Their doctors have also noted some potential health issues down the road due to age and family history. Additionally, they dealt with a lot of stress through family members’ illnesses and probate and do not want their three children to go through that stress themselves, if at all possible. 

THE REVIEW:

Through consultation and discussion it became clear that Jan and Fred need updated documents and have a goal of avoiding probate. Powers of Attorney for both financial and medical issues are important for them to have in place as they worry about having someone manage affairs for them when they become ill. They also brought up concerns of one child not being able to handle a large sum of money, if inherited.

THE OUTCOME:

A complete Estate Plan was developed for Jan and Fred, in consultation with their financial advisor and tax professional. This plan included Powers of Attorney and advanced healthcare directives, as well as other end of life planning documents. Additionally, Fred and Jan decided to set up a revocable living trust so that their loved ones would not need to deal with the probate process. The trust also allowed them to distribute their children’s inheritance over time so that they would not worry about any of them not being able to handle a large sum of money. They also created new pour over wills to replace their old outdated ones.

In the end, both Jan and Fred are relieved to not be passing down the stress they dealt with from the lack of planning in their own family members and hopeful to leave a legacy for their children.

Note: the above case study is hypothetical and does not include an actual Janelle Creme, PLLC client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Janelle Creme, PLLC is engaged to provide legal services.

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