Joe and Allison Learn Their Trust Did Not Protect Their Family as Originally Thought
Joe and Allison retired to Tucson from the Midwest for our warmer weather. They had two grown children and three grandchildren. Though they had a trust created in their home state about ten years ago, Joe and Allison heard it would be prudent to have their trust reviewed in their new state. However, since their beneficiaries remained the same, they assumed the review would simply be a formality. A friend recommended they contact our firm.
They met with attorney David Karp, who asked them questions to learn not only about what they want for the future, but what they want to prevent in the future as well. With David’s guidance, they explored situations they had never really considered that could in fact occur in the future. They realized that their trust did not protect their family like they thought it did.
- How Much Do You Want to Leave to Your Replacement? They had never thought about what would happen if one of them died and the survivor “met” someone. They recalled a former neighbor who had died and that her husband had remarried two years later to a younger woman who seemed eager to obtain and spend the inheritance meant for their children.
- Protecting Your Grandchildren: No one had told them what would happen to their son’s inheritance, given his difficult divorce. They wanted to make sure none of their son’s inheritance passed to his ex-wife and that she could not gain control over any assets that might eventually pass to their grandchild.
- Making Life Simple and Safe for Your Family After You Pass: They also wanted to avoid creating a mess for the next generation. While they wanted to protect their children and grandchildren, they did not want to restrict their children from the grave. They merely wanted to restrict others from taking their children’s inheritance.
They learned that a well-written trust does more than help avoid probate—it also helps protect their loved ones from the bad things that could happen to them in the future. Good value did not mean simply having the right documents but getting the right guidance that goes with them.
They hired us to upgrade their trust to provide the protections they wanted and the healthcare directives and powers of attorney they needed. They were pleasantly surprised at how efficient and comprehensive the whole process was.
Now, they have peace of mind—future family harmony, protections for their loved ones, and the comfort to know they will not be rolling over in their grave later.
Jennifer and Fred Learn How Easy It Is to Get True Peace of Mind
Jennifer and Fred, long-time Tucsonans, have wanted to take care of their estate planning but had always been too busy. But with a friend’s recent stroke and with the COVID pandemic, they decided they could not afford to wait any longer. They felt comfortable with their lives to date. They had worked hard to save some assets and had three grown, beautiful, married children: an engineer, a pediatrician and a stay-at-home mom, and five grandchildren. Their financial advisor recommended they contact our firm.
They met with attorney David Karp, who brought up issues Jennifer and Fred had never considered. They realized there were situations that could occur and cause them heartache if not prevented:
- Insulating the Inheritance from Your Child’s Future Divorce: They felt strongly that their true legacy was their children and grandchildren. Their daughter’s best friend divorced recently and lost much of her inheritance in the divorce. Though Jennifer and Fred liked their in-laws, they wanted to make sure that should a child divorce in the future, any inheritance stayed with their child and grandchildren.
- Protecting the Inheritance from Future Lawsuits Against Your Children: With a daughter as a pediatrician who was personally liable for any medical malpractice lawsuit, they wanted to make sure the inheritance they left was protected from any future “frivolous” lawsuits or any overanxious personal injury attorneys who become excited after seeing “M.D.” after her name.
During the consultation, they learned that protecting their children and descendants was easy and straight-forward if they had the right estate planning tailored to them and their family. They hired us to help them create a trust plan to protect themselves and their loved ones. We guided them through the process to customize their plan to their specific needs. They were surprised the plan was ready to sign after one short but focused meeting that mapped out their plan.
Now, they have peace of mind, protections for their loved ones and the assurance that their future legacy is safe and secure—just the way they want it to be.