Estate Planning Case Study: Securing Assets and Assisted Living Protection

Client Background

William and Pat, both 73 years old with two adult children, sought our estate planning services through a referral from a friend. They had previously relied on a will from the 1970s but recognized the need for a more comprehensive estate plan. Their primary goal was to simplify their affairs and protect their assets, especially their jointly held home, given their age and the importance of planning for potential assisted living costs.
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In addition to their jointly held home with no mortgage, William and Pat had all their bank accounts jointly held, and each had retirement accounts, with each other designated as beneficiaries.

Estate Planning Solutions

1. Revamping the Estate Plan: To streamline their affairs and ensure a smoother distribution of assets, we initiated a comprehensive estate planning process. This involved updating their outdated will from the 1970s to better reflect their current wishes and financial situation.
   
2. Healthcare Proxies and Powers of Attorney: In addition to revamping their wills, we drafted healthcare proxies and powers of attorney for William and Pat. These documents granted them the peace of mind that their healthcare and financial decisions would be handled by trusted individuals in the event of incapacity.
   
3. Asset Protection Trust: Given their concern about protecting their jointly held home from potential assisted living costs, we recommended and established an asset protection trust. This trust was designed to hold their real property and shield it from certain financial liabilities, ensuring that their primary asset remained intact.
   

Conclusion

Through our comprehensive estate planning services, William and Pat achieved their goal of simplifying their affairs, safeguarding their assets, and protecting their jointly held home from potential assisted living costs. We successfully updated their wills, ensuring that their wishes were legally binding and reflective of their current financial situation.

Additionally, the healthcare proxies and powers of attorney provided them with the assurance that important decisions would be made according to their preferences. The asset protection trust offered vital protection for their primary asset, further enhancing their financial security.
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With our assistance, they could confidently navigate their estate planning needs, providing peace of mind for themselves and their adult children. 

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Our tailored estate planning solutions are designed to protect your assets, simplify your affairs, and safeguard your family's future, just like we did for William and Pat. With our expertise, you can navigate estate planning with confidence and secure your legacy.  You can use the button below to schedule a call back from a member of our team, or give us a call at  781-784-2322.

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