A Little Planning Goes a Long Way
Because of the nature of our business, eventually, all of our senior clients pass away. For us at Generations the deaths are met with sorrow since we have developed a relationship with many of these clients. However, there is a bitter-sweet aspect to this. In a nutshell, although death is inevitable, it definitely underscores the value of prudent preemptive planning. We and the family see the end results of that planning. It doesn’t take away their grief, but at least there are a minimum of financial loose ends to tie up and the proper planning makes the transition of distributing assets that much easier.
– Client is 88 years old.
– Three children, one of whom is on disability.
We recently had a case where our 88 year old client passed away. All her assets were in a Trust for her three children, one of whom is on disability. Because she did the proper planning, that child’s disability benefits were not disrupted and that child’s share was protected. Of course, all their assets, including the house, avoided probate. Had she not done the proper planning the results would have been months of delays and thousands of dollars spent on additional legal fees (probate court costs).
We believe our name says it all. Generations. It is now a common occurrence that we are doing planning for the next generation and sometimes the generation after. That is the circle of life…