Estate Planning Case Study: A Growing Family's Path to Peace of Mind
Client BackgroundMeet 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. |
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Estate Planning Solutions
- Comprehensive Estate Planning Package: To address their immediate estate planning needs, we drafted a complete estate planning package for Roberta and Evan. This included wills, healthcare proxies, and powers of attorney for both individuals, ensuring that their financial and healthcare decisions were legally binding and aligned with their preferences.
- Life Insurance Assessment: Recognizing the importance of financial protection, we conducted an assessment of their life insurance coverage. This evaluation ensured that Roberta's existing coverage through her workplace met their family's needs and that Evan had the option to explore life insurance options in the future if desired.
- Business Ownership Considerations: Given Evan's 50% ownership in his company and its associated assets, we discussed potential business succession planning options. While they weren't interested in trusts at the time, this served as a conversation point for future planning, should they choose to revisit it.
Conclusion
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.
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.
Meet Our Estate Planning Lawyers
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 estate planning expertise is designed to meet your unique circumstances, ensuring your family's financial security and honoring your preferences. Discover how we can assist you in safeguarding your loved ones' future. 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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