Proactive Estate Planning Case Study: Why Acting Now Is Smarter
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
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.
Need Help With Your Estate Planning?
Have a Question About Your Estate Plan?
Our Solutions Roadmap is a quick and easy way to share the details of what you are facing and receive preliminary feedback from a member of our team. Use the button below to get started- it is 100% confidential and 100% free.
How Our Estate Planning Attorneys 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.