Estate Planning Case Study: Securing a Legacy for Melissa and Louis
Client BackgroundMeet Melissa and Louis, a loving couple who had been married since 2008 and were committed to ensuring their financial and healthcare wishes were protected. Louis had children from a prior marriage, while Melissa had no children. Despite their deep bond, both had faced significant medical challenges in recent years, highlighting the importance of updating their estate planning documents.
Melissa, aged 71, had experienced a cancer diagnosis and recent recurrence, while Louis, aged 80, had suffered a stroke. Their existing wills were outdated and needed to be revised to reflect their current circumstances and wishes. The couple's financial portfolio included joint ownership of a home with equity valued at $500,000, jointly owned checking and savings accounts totaling $80,000, and individual IRAs with each other as beneficiaries, amounting to $250,000. They also held individual investment accounts with a total value of $700,000. Although they had no life insurance, they recognized the need to address their asset allocation and make informed choices for their future. Estate Planning Solutions
ConclusionMelissa and Louis emerged from the estate planning process with a comprehensive plan that addressed their immediate and long-term goals. The initial basic estate planning package provided them with legally binding documents, including wills, DPOAs, and HCPs, offering peace of mind and clarity regarding their financial and healthcare decisions.
The addition of trusts allowed them to secure their legacy and fulfill their specific wishes, whether taking care of each other or supporting charitable causes. Furthermore, the flexibility of their estate plan allowed them to amend the trust when Melissa's charitable intentions changed, demonstrating the adaptability of their plan to their evolving needs. This case study highlights the importance of regular estate plan reviews and the ability to make adjustments as circumstances change. Melissa and Louis's commitment to their legacy, combined with our tailored solutions, ensured their financial security and honored their unique goals and priorities. |
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Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
How We Can Help
Our tailored estate planning solutions ensure your financial security and honor your unique goals, just as we did for Melissa and Louis. 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.
Jenna Ordway
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