Sample client recommendations.
Revocable Living Trust Creation
Create a revocable living trust: Establish a revocable living trust to help avoid probate, maintain privacy, and provide for smooth asset transfer to your beneficiaries. This can be especially beneficial if you own property in multiple states.
Example: The Andersons, a retired couple with homes in Florida ($500,000) and Colorado ($400,000), create a revocable living trust. They transfer ownership of both properties to the trust. Upon their passing, these properties can be distributed to their three children without going through probate in either state, saving time and potentially $45,000 in legal fees (assuming 5% of asset value). The trust also allows them to specify how and when their children receive the assets, providing additional control over their legacy.
Special Needs Trust Establishment
Set up a special needs trust: If you have a family member with special needs, create a special needs trust to provide for their care without potentially jeopardizing their eligibility for government benefits.
Example: The Wilsons have a 25-year-old son, Alex, with autism. They set up a special needs trust and fund it with $750,000 from their life insurance policies and retirement accounts. The trust can pay for Alex's supplemental needs (e.g., specialized therapies, personal care attendants, travel, entertainment) without affecting his eligibility for Supplemental Security Income (SSI) and Medicaid. This helps to ensure Alex will have funds for quality-of-life expenses beyond what government benefits provide, potentially for his entire life.