William owned four rental properties in addition to his home. While he owned an umbrella insurance policy for liability protection on the rentals, he was concerned that a tenant or guest would sue him if they had an accident in one of his rentals and that he might lose all his rentals, his home and/or his life savings because of a claim that was not covered by the insurance or exceeded the amount of the insurance.
Read MoreFred and Wilma have been married for 45 years and have three children. Sadly their children weren’t so lucky. Wally has never been married and has no children. Ralph has been married three times and has five children. His current spouse has three of her own children as well. Sally’s marriage is rocky and a divorce very well might be in the future. Fred and Wilma are concerned that if something happens to both of them their estate would pass to their childrens' spouses and step-children along with their children and grandchildren. They wish for all of the assets to stay within the family and not pass to spouses and/or grandchildren.
Brad and Jen were married for seven years. During this time they had two children and Brad incurred substantial debts. After a long and contentious divorce proceeding, Jen was awarded custody of the two children, and in the few years since the divorce she has managed to save up a small amount of assets. If she passes away, she wishes to have these assets available to her children for college expenses and, if possible, as a small inheritance. She is concerned that if she dies and the children are still minors, Brad will inherit her money. Even if she were to name the children as beneficiaries on her accounts and assets, or disinherit Brad under a will, Brad would still likely be given control of the money she leaves to the minor children, and he may squander the assets.
Susan was worried about the cost of her husband's upcoming nursing home care. She had been caring for her husband Thomas as well as she could, but soon he was going to need more care than she could provide to him at home. Susan, being younger than her husband, was worried that the nursing home would eat up all of their savings, and that she would have nothing left on which to live.
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