Case Study:

Client Background

A married couple with two minor children approached Rosenblum Law with a pressing need to protect their assets and ensure their children’s well-being in the event of their passing. One of their children suffered from a medical condition that required ongoing care, adding an extra layer of concern to their estate planning needs. With sizable assets at stake, the couple sought to create a plan that would provide for their children’s financial security while addressing their unique family circumstances.

Challenges

1. The couple wanted to ensure their children would be taken care of financially, with responsible guardianship in place, should they pass away unexpectedly.
2. Given the specific medical condition of one child, the couple needed to ensure that the child would receive specialized care and financial support for medical expenses throughout their life.
3. They sought to distribute their sizable assets to their children in a controlled manner, ensuring that the children would receive portions of their inheritance at key milestones as they matured.

Solutions Provided

Rosenblum Law developed a tailored trust that addressed the couple’s unique concerns while ensuring their children’s future was protected. Here’s how we approached the estate plan:

1. Trust with Assigned Guardianship: We drafted a trust that assigned legal guardianship for the children in the event of the couple’s passing. This ensured that their children would be placed in the care of trusted individuals who shared the couple’s values and would prioritize the children’s well-being.
2. Interval Distributions for Inheritance: To safeguard the children’s financial future and avoid sudden large inheritances at a young age, we set up interval distributions within the trust. These distributions would occur at specific ages, allowing the children to receive portions of their inheritance as they matured. This approach helped ensure financial responsibility while providing ongoing support as the children grew older.
3. Custom Provision for Medical Care: Recognizing the importance of continuous care for their child with the medical condition, we included a custom provision in the trust. This provision required that the child’s medical needs be covered with particular specificity, including ensuring certain minimum levels of care at all times. This guaranteed that no matter the circumstances, the child’s medical expenses would be prioritized and funded throughout their life.

Outcome

With the customized trust in place, the couple now has peace of mind knowing that their children’s future is secure. They can rest assured that their children will be cared for by trusted guardians, that their assets will be distributed in a responsible manner as their children grow, and that their child with the medical condition will always receive the necessary care and support.

Conclusion

At Rosenblum Law, we understand the unique challenges that families face when planning for their future, especially when one of their children requires specialized care. Our team works closely with clients to create personalized estate plans that address their specific needs and protect their loved ones. Whether it’s ensuring responsible financial distributions or providing for a child with a medical condition, our customized trust solutions offer security and peace of mind for families of all sizes and circumstances.