Mary is thrilled to finally be retiring. She’s already has a financial plan in place for her to live comfortably in her retirement, but she also wants to make sure that she has a plan in place to transfer her wealth to her children when the time comes.
Mary meets with her financial advisor to discuss how she wants to distribute her assets upon her death. Together, they review her accounts, investments, and estate plan.
Mary has two adult children that she’s very proud of. She wants to leave the majority of her assets to them, so she sets up trust funds for each.
Education has always been important to Mary and she doesn’t want her three grandchildren to have to worry about the burden of debt from college loans. She has her advisor set up 529 plans for them.
Mary’s husband, James, passed away from cancer a few years ago, so to honor his memory, she works with her advisor to set up a charitable trust in his name for the American Cancer Society.