Retiring Parents
Jack's parents, Dan and Debbie, are both 66-years-old and have recently retired. They have three adult children. Dan and Debbie have $550,000 in retirement and savings accounts for their years of retirement. In addition, they own 160 acres of family farm ground, and Debbie expects to inherit another 80 acres from her mother when she passes.

Many couples begin thinking about implementing some type of estate planning when they reach their late fifties or early sixties. They feel that at this age a basic will and health care directive is sufficient. However, because there may be additional tax considerations, a more comprehensive plan, such as a trust package, is typically suggested. A trust would also ensure that Dan and Debbie’s estates would not go through probate.

Dan and Debbie’s comprehensive package would include powers of attorney for assets and health care, living wills, nominations of conservator, as well as pour-over wills in addition to the revocable trust agreement. A revocable trust agreement would allow them to specify how they would like their assets, including the family property, to be distributed.