Estate Planning Case Study: Protecting Danny's Assets and Securing a Family Legacy
Client BackgroundMichael and his father, Danny, first reached out to us to discuss Danny's estate plan. However, at the time, Danny was hesitant to invest in estate planning services and mentioned the possibility of having the bank handle it. Later, Michael reached out to us again, expressing the need for swift action in securing their family's financial future, as they had not gotten what they needed from the bank.
Danny and Michael had specific goals in mind. They aimed to establish a Medicaid Protection Trust to shield Danny's assets should he require long-term care. This issue was time sensitive, because any asset protection strategies with regard to Medicaid have to be done at least five years before benefits are needed to be effective. They also contemplated the possibility of a real estate trust and sought clarification on whether it could be combined with the Medicaid Protection Trust. Additionally, they recognized the need for a will and Durable Power of Attorney (DPOA) to ensure Danny's comprehensive estate planning needs were met. They had already arranged a Health Care Proxy (HCP). The family's current assets included ownership of a property inherited from Danny's mother. They possessed various financial accounts, including checking, savings, money market, and brokerage accounts. Their investment portfolio encompassed mutual funds, stocks, and Roth IRAs, with no life insurance policies in place. Neither Danny nor Michael had any business ownership or interests. |
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Estate Planning Solutions
- Medicaid Protection Trust: Recognizing the need to safeguard Danny's assets in the event of long-term care, we initiated the creation of a Medicaid Protection Trust. This trust was meticulously designed to provide asset protection while ensuring Danny's eligibility for Medicaid benefits.
- Comprehensive Estate Planning: In addition to the Medicaid Protection Trust, we worked on drafting a will and Durable Power of Attorney (DPOA) to cover all aspects of their estate planning needs. This comprehensive approach offered peace of mind by addressing asset distribution and decision-making authority.
- Real Estate Trust Clarification: We provided clarification on the potential combination of a real estate trust with the Medicaid Protection Trust, ensuring that their specific goals and preferences were accommodated.
Conclusion
With a clear focus on securing Danny's assets and the family's legacy, our estate planning solutions provided the peace of mind that Danny and Michael sought. The establishment of a Medicaid Protection Trust ensured that Danny's assets would remain protected even in the face of potential long-term care needs.
Furthermore, our comprehensive estate planning approach, including the will and DPOA, covered all bases and provided clarity regarding asset distribution and decision-making authority. The family's financial portfolio, including the inherited property and various accounts, was carefully considered in the planning process.
This case study illustrates the importance of a tailored estate planning approach, addressing specific needs such as Medicaid protection, real estate trusts, and comprehensive estate plans. Danny and Michael's proactive approach to securing their family's financial future exemplifies the value of proper planning and the peace of mind it brings.
Furthermore, our comprehensive estate planning approach, including the will and DPOA, covered all bases and provided clarity regarding asset distribution and decision-making authority. The family's financial portfolio, including the inherited property and various accounts, was carefully considered in the planning process.
This case study illustrates the importance of a tailored estate planning approach, addressing specific needs such as Medicaid protection, real estate trusts, and comprehensive estate plans. Danny and Michael's proactive approach to securing their family's financial future exemplifies the value of proper planning and the peace of mind it brings.
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
Let us assist you in securing your assets, whether through Medicaid Protection Trusts, comprehensive estate planning, or real estate trusts. 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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