The Wealth & Wisdom Blog

SUE AND BOB CLIENT ESTATE PLAN

1. BENEFICIARIES

Following First Death: The deceased spouse’s assets managed in a trust for surviving spouse’s needs.  Surviving spouse owns and controls surviving spouse’s assets.

Following Second Death: Gifts of $100,000 made to each of 5 grandchildren, a gift of $100,000 made to First Lutheran Church, with all remaining assets divided equally between three children, Don, Joan, and Heidi.

2. KEY LEGAL ROLES

• Financial Power of Attorney: Your attorney in fact has the legal authority to make financial decisions for you during your lifetime.  Spouse, otherwise Heidi.
• Health Care: Your health care agent has the legal authority to make health care decisions if neither of you can act. Spouse, otherwise Don.
• Personal Representative/Executor: Your personal representative implements your directions following death. Spouse, otherwise Don.
• Trustee: A trustee would manage any ongoing testamentary trusts established for grandchildren following the second death.   Joan is named.

3. PROFESSIONAL ADVISORS

Financial Advisor: Johnson Financial Group

CPA: East & West, CPA.

Attorney: Veritage Law Group