Estate Planning Case Study: Protecting Danny's Assets and Securing a Family Legacy
Michael 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.
Estate Planning Solutions
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.
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