Estate Planning Case Study: Securing a Family's Financial Future with Precision
Client BackgroundMeet David, a dedicated husband and father with a strong commitment to ensuring the well-being of his young family. With two children to care for, David and his wife, Eileen, recognized the importance of putting their affairs in order to secure their family's future.
David's financial portfolio was substantial, with a $750,000 life insurance policy and approximately $200,000 in home equity. Additionally, their combined retirement funds totaled around $125,000, complemented by a brokerage account holding $70,000 and $50,000 in cash reserves. Notably, Eileen held a significant stake, owning 50% of a small business estimated to be valued at approximately $300,000. |
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Estate Planning Solutions
- Wills and Trusts: To maximize estate tax protection and ensure their assets went precisely where they desired, we crafted wills and trusts for both David and Eileen. These documents outlined their intentions for asset distribution, accounting for their significant life insurance policy, home equity, and business interests.
- Business Interest Planning: Recognizing the value of Eileen's 50% ownership in the physical therapy business, we integrated strategic planning to safeguard this asset. The inclusion of trusts and tailored estate planning solutions ensured the smooth transition of her business interests.
- Healthcare Proxies and Powers of Attorney: In addition to wills and trusts, we prepared healthcare proxies and powers of attorney for both David and Eileen. These documents granted them the authority to make vital healthcare and financial decisions, offering added protection and peace of mind.
Conclusion
David and Eileen emerged from the estate planning process with a comprehensive and meticulously crafted plan that ensured their family's financial future. The wills and trusts provided a clear roadmap for asset distribution, maximizing estate tax protection, and securing their children's inheritance.
Importantly, their business interests were carefully accounted for, enabling the seamless transition of Eileen's physical therapy business in accordance with their wishes.
The healthcare proxies and powers of attorney offered an additional layer of protection, ensuring that critical decisions would be made in alignment with their preferences in the event of incapacity.
This case study underscores the importance of tailored estate planning solutions, especially when dealing with substantial assets and business interests. David and Eileen's commitment to securing their family's future, combined with our expertise, resulted in a plan that provided clarity, protection, and peace of mind for their family.
Importantly, their business interests were carefully accounted for, enabling the seamless transition of Eileen's physical therapy business in accordance with their wishes.
The healthcare proxies and powers of attorney offered an additional layer of protection, ensuring that critical decisions would be made in alignment with their preferences in the event of incapacity.
This case study underscores the importance of tailored estate planning solutions, especially when dealing with substantial assets and business interests. David and Eileen's commitment to securing their family's future, combined with our expertise, resulted in a plan that provided clarity, protection, and peace of mind for their family.
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 tailored to meet your unique financial circumstances, ensuring your family's security and honoring your specific wishes. Let us assist you in creating a personalized estate plan that provides clarity, protection, and peace of mind. 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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