Riley Kern's Legal Cases (3)

Estate planning

Retirement Trust Plan

Aug 26, 2016

OUTCOME: Retirement accounts protected

"Harold and Grace" are retired and own most of their savings in qualified retirement plans, such as IRAs and 401ks. They were afraid that, once they pass away, their beneficiaries would rush to take th ... e money out of those plans, thereby incurring significant income tax penalties and cutting off any future tax-deferred growth. We created a special type of revocable trust to become the beneficiary of those accounts. The trust will distribute the retirement funds to the beneficiaries in a way that complies with IRS rules, but will also protect the beneficiaries from taxes and preserve much of the principal for future growth.

Estate planning

Irrevocable Trust Plan

Jul 28, 2016

OUTCOME: Asset protection

"Ronald and Patricia" are retired. Like many, they own their home, have money set aside in brokerage accounts, and have some additional savings vehicles. While they are both currently in good health, t ... hey are afraid of needing long-term care in the future and what this might mean for their assets. We created a special type of irrevocable trust that will allow them to qualify for Medicaid to cover long-term care expenses AND protect their property and savings.

Estate planning

Trust for Young Family

Jun 15, 2016

OUTCOME: Peace of mind

"Derrick and Julie" are a young couple with small children. Like many others, they own a home but it is mortgaged, they have degrees but own student loans, and they have a small amount of savings but a ... lso carry a small amount of debt. But their needs for an estate plan are just as pressing, if not more so, than those who are closer to retirement and out of debt. They are concerned about guardianship for their children, avoiding probate, future remarriages, and protecting their beneficiaries from financial creditors and predators. In their case, we created a basic revocable trust plan, including guardianship provisions for their children, to give them piece of mind that their assets would be managed and protected in ways that would eliminate court proceedings, costs, and administrative difficulties.

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