Have you thought about how your assets will be passed on to the next generation?

Estate Planning conversations often focus on the big picture, and important details are sometimes overlooked.  Because we can’t apply a cookie-cutter solution for every client’s situation, we believe that an Advisor should regularly review their clients’ wills to account for all of their assets.  Too often, we encounter situations when the deceased hasn’t properly planned for their death. Our intention is to ensure that all of our clients have drawn up a will that designates an executor who can carry out our client’s final wishes, and that all of their other legal paperwork is in place.

Following the death of his mother, our client was referred to us to assist him with the settlement of her estate. Before she passed away, our client’s mother designated her oldest son as the executor of the estate. However, there were several elements of the estate that were disorganized and difficult for her son to interpret.

With our client’s permission, we began by reviewing his mother’s will and determined that all of her assets would be distributed to her three sons. We opened three separate accounts, one for each son and divided the assets equally between them. During the settlement, we learned that one of her sons received assistance from the state where he lived.  The inheritance, given to the disabled son as is, would make him ineligible to receive the assistance he needed to provide for his well-being. We helped our client hire an attorney to establish a Special Needs Trust for his brother, lest his mother’s estate burden his current quality of life. With the creation of the Special Needs Trust, the son was able to receive assistance, and we removed much of the headache from our client. 

We encourage our clients to begin thinking about their full estate planning picture so that we can mitigate potentially difficult situations similar, but we are very familiar handling estate settlements and were able to advise our client from beginning to end.

Location

Seattle, WA

Service(s)
  • Client Goal

    Successfully execute Mother's estate

  • Years with Freestone

    10

  • Actual

    Stress free Estate execution

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