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.

Estate Planning Solutions

1. 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,
   
2. 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.
   
3. 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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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.

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