Offered by: Michael A. Dolan – Dolan & Associates, P.C.
Susie battled her breast cancer for more than two years. The uninsured medical expenses destroyed her financially. Overwhelmed with debt, she liquidated all of her assets in an attempt to pay the huge bills. It was not enough. Sadly her parents died just as she received the news that she was in remission. Her parents left her a substantial inheritance that would allow her to get back on her feet. Then she learned the bad news. Her creditors could attach her inheritance as soon as she received it. Even if she filed bankruptcy she would lose what her parents left her.
Then, came the surprise. When she met with the attorney, she learned that her parents left her inheritance to her in trust. While she would receive the benefit of the assets, her creditors could not touch them. She was thankful that her parents had taken the time to plan their estates effectively, rather than just taking the simplest course.
Bill and Jane thought they did not need estate planning. Why not just put a beneficiary on everything, because “it is simple and avoids probate.” Thinking about protecting their daughter, they sought guidance from a counseling-oriented attorney who took time to learn more about them, their estate, and their goals. Their primary objective was to protect their daughter after their death. Even though they never anticipated she’d get cancer, under their estate plan, their savings, life insurance, and home would be put in trust. As it turned out, the plan protected the inheritance from her creditors, and provided the opportunity for a fresh start following her battle with cancer.
If you would like to learn more about an effective estate planning process that is producing great results for families, visit: www.EstatePlansThatWork.com to sign up for a complimentary educational workshop.
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