Proactive Estate Planning Case Study: Why Acting Now Is Smarter

Client Background

Meet the Johnson family, consisting of a hysband and wife with two adult children, oner esiding in Connecticut and the other in Massachusetts. They shared a collective equity of $525,000, retirement savings totaling $1.7 million, $250,000 in investments, and individual life insurance policies valued at $130,000 each. While the idea of trusts was discussed to protect against estate taxes, the Johnsons decided to focus on the essentials at this stage, prioritizing wills, healthcare proxies (HCP), and powers of attorney (PoA).

They believed that trusts might complicate matters and deferred estate tax planning as their primary concern. Their concern was that delving into trusts could postpone critical decisions. However, they recognized the importance of ensuring their wishes about asset distribution were protected.

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Estate Planning Solutions

Wills: To address their immediate needs and safeguard their assets, we drafted comprehensive wills for both of them. These documents outlined clear instructions for asset distribution, ensuring their desires were legally binding and covering their family as well as certain charities they were interested in supporting,
Healthcare Proxies (HCP): To provide each family member with peace of mind regarding healthcare decisions, we prepared healthcare proxy documents. These authorized individuals, including the spouses, to make crucial medical choices if necessary, aligning with their preferences.
Powers of Attorney (PoA): We also created power of attorney documents for each of them. These empowered them to designate trusted representatives who could manage their financial and legal matters in case of incapacity.

Conclusion

While the Johnson family considered estate tax planning and trusts, they decided to begin with the basics. By focusing on wills, healthcare proxies, and powers of attorney, they ensured that their asset distribution wishes were protected and legally binding. This approach allowed them to address their immediate concerns without feeling overwhelmed by the complexities of trusts.

Through open communication, tailored solutions, and a focus on their immediate priorities, we were able to assist the Douglas family in achieving peace of mind and legal protection for their estate planning needs.

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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

We offer comprehensive estate planning solutions, including wills, healthcare proxies, and powers of attorney, enabling you to safeguard your assets and secure your family's future. Our proactive approach ensures you don't have to wait for all of your decisions to be made to protect what matters most. 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.