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Essentials of Personal Financial Planning by Tom Tillery, Susan Tillery

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CHAPTER 5 ESTATE PLANNING BASICS

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CASE STUDY

Patricia and Alan Nelson own an extremely lucrative high-end shoe business. The Nelsons have accumulated a great deal of wealth because business is booming: Last year’s gross receipts were $54 million. Alan and Patricia are in their late sixties and have not updated their estate plan since opening their business doors 30 years ago.

 

Patricia and Alan have brought their two children, Alice and Neal, into the business—a dream come true for Patricia. Each of the children brings unique talents and skills to the table, and Patricia and Alan hope to pass their business on to their children in the future.

 

As a side note to their success, Patricia and Alan are concerned about their privacy and health. Over the years, as their personal and company wealth grew, they became a target of long-lost relatives, hucksters and con artists. Also, growing the business has taken its toll on Patricia’s health, and she has been diagnosed with hypertension and chronic obstructive pulmonary disease. They are looking forward to slowing down and getting their affairs in order.

 

As their personal financial planner, what key estate planning recommendations would you make?

LEARNING OBJECTIVES

After completing this chapter, you should be able to do the following:

  Identify the basic concepts and documents of estate planning.

  Understand the impact of property ...

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