Your supervising attorney’s clients, Jerry and June Stevens, have three children, Timothy, Thomas, and Tiffany, ages 12, 10, and 2. Jerry is a neurologist who makes over $300,000 a year. June is a real estate broker who makes $80,000 in an average year. They have a home that they purchased in 1967 for $33,000. The home is now worth $625,000. They also own a ski condo in Vail worth approximately $250,000. They have a life insurance policy on Jerry’s life of one-million dollars. Retirement accounts total approximately $125,000. Jerry’s medical practice, held in the form of a P.C., is worth approximately $400,000. They have not done any estate planning before coming to your supervising attorney.
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Discuss the following:
1. What additional information would your attorney need to know before planning the Stevens’ estate?
2. What estate planning documents might provide your attorney’s clients with the protection they need?
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