Estate Planning Case Study: Securing a Legacy for Melissa and Louis

Client Background

Meet 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 Their existing wills were outdated and needed to be revised to reflect their current circumstances and wishes.
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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

1. Basic Estate Planning Package: To address Melissa and Louis's immediate estate planning needs, we initially created a basic estate planning package. This package included wills, durable powers of attorney (DPOA), and healthcare proxies (HCP) to ensure that their financial and healthcare decisions were legally sound.
   
2. Trusts for Long-Term Goals: After further consultation with our attorney, Melissa and Louis decided to add trusts to their estate plan. Louis's primary goal was to take care of Melissa in case he passed first and then leave his remaining assets to his children. Melissa's goal was to provide for Louis if she passed first and donate her assets to a list of designated charities.
   
3. Trust Amendment: Approximately a year after the documents were signed, Melissa and Louis expressed the desire to amend the trust we had created, specifically revising Melissa's list of designated charities. We were able to facilitate this amendment without the need to redo their entire estate plan, ensuring their evolving wishes were accommodated.
   

Conclusion

Melissa 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.
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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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