Estate Planning Case Study: A Growing Family's Path to Peace of Mind
Meet Roberta and Evan, a vibrant couple on the cusp of welcoming their second child. As proud parents to a two-year-old and soon-to-be parents again, their focus shifted towards securing their family's future.
While they had a solid foundation for their family's future, they wanted to ensure that their children would be protected financially and that their wishes would be respected. They possessed $70,000 in retirement savings, $50,000 in investments, and $30,000 in liquid assets. Roberta had life insurance through her workplace, with coverage potentially up to three times her annual salary of $86,000, while Evan did not have any life insurance coverage. Additionally, Evan was a co-owner of a relatively new business venture with little assessed worth, and they held 50/50 ownership.
Evan's business also included $10,000 worth of equipment, and they owned a boat with a value of $20,000. Despite their growing assets, they were not interested in establishing trusts at this time.
Estate Planning Solutions
Roberta and Evan emerged from the estate planning process with peace of mind, knowing that their family's future was secure. The comprehensive estate planning package provided them with legally binding documents that outlined their wishes for the distribution of their assets, healthcare preferences, and financial management.
Several years later, when they wished to make a change to the individual named guardian for their children, we were able to facilitate this request with a simple codicil. This demonstrated the flexibility and adaptability of their estate plan, allowing them to make updates as their family's needs evolved without the need for a complete overhaul.
This case study highlights the importance of periodic estate plan reviews and adjustments as family dynamics change. Roberta and Evan's commitment to protecting their family's future, combined with our tailored solutions, ensured that they could navigate life's transitions with confidence and peace of mind.
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