We will explain how did we customize your estate plan to achieve all financial goals you listed. Other goals can be achieved through solving these concerns. Before we make your estate plan, there are things need to be addressed right away to deal with unexpected situations.
● Need to prepare durable powers of attorney for healthcare and property arrangement.
- For healthcare, you need to make the powers immediately effective to each other and each child who is competent.
- In terms of property arrangement, it’s for both of your business portion and Janet’s farm, the power holders should be each of you first, and then competent children.
Also, you need to prepare advance medical directives for each of you. This is a legal instructions regarding your preferences for medical care if you are in the situation where you unable to make decisions for yourself. Such as coma or seriously injured by accident.

● Regarding to your life insurance……… your gross estate will be reduced by $4M if you, chase, lives 3 years from transferring the policy.
● And for your retirement plan………
● Next, we recommend you to establish and fund a revocable living trust that includes a bypass trust provision upon the first death of either of you to hold your all assets except the life insurance and retirement accounts (as we already have plans for them). You two will be the joint trustees and beneficiaries. The bypass trust will give you advantages regarding to gift exemption and supporting surviving spouse, if you wanna talk about the specifics, we have lawyers expertise in this area.
○ Although, as an alternative, you could retitle the assets joint tenancy. However, Revocable living trust has advantages compared to joint tenancy. Even though these two options both can avoid probate……….
The recommendations above will make sure that you have no assets go through probate, and your assets will be protected from future creditors to the extent state law permits.