Identify a trustee-trustor

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Reference no: EM133631821

Draft a revocable living trust

Husband and Wife, Luke and Mary Carter, have been married for 35 years. Luke and Mary have four children: Able (16), Baker (28), Candy (12) and Dennis (29). Your Supervising Attorney at the Estate and Probate law firm has asked that you assist Luke with his estate planning needs. Luke is looking for advice regarding the following issues.

Luke receives $2,000 per month in retirement from the Navy. He has a survivor benefit plan and a continuous lifetime annuity for his dependents.
Able and Candy are minors, so Luke wants to name his Cousin Cleo as the guardian of his children if he becomes incapacitated or deceased because his wife is bedridden and unable to care for the children.
Luke has a savings account with $75,000 and a checking account with $1,500. Both are at Navy Federal Credit Union.
Luke owes $4,000 in credit card debt and $9,000 in Federal student loans.
Luke has a life insurance policy of $16,000 with his favorite nephew listed as the beneficiary
Luke wants his reliable niece to be the executor of his estate.
Luke hand wrote a note to the executor which he kept in a drawer stating that he wanted his dog to go to his neighbor Phil and his furniture to his sister-in-law Pat.
Luke promised son Abel his golf clubs valued at $600 and his golf cart valued at $11,000.
Luke promised son Baker who graduated from medical school his Tesla valued at $35,000.
Luke promised daughter Candy that she could have all of his deceased mother's jewelry that he owned valued at $12,000.
Luke promised his son Dennis, who is legally blind, the balance of his estate and provide for him for the rest of his life through the income of the estate. Upon the death of Dennis, the trust principal will be paid to Dennis' three children equally once they turn 18 years old. He wants to name the bank as the trustee.
Luke wants to donate $5,000 to his alma mater the University of Notre Dame.
Luke promised $30,000 to his wife Mary and the family home valued at $225,000 which he owned prior to their marriage. Luke's name is the only person on the deed.
Luke wants to donate his organs. However, he has not indicated so on his driver's license. After watching his wife suffer in pain, he does not want to be placed on life support. He would like his wife to make any medical decisions on his behalf.
Luke desires a military funeral with honors and to be buried at the Arlington National Cemetery.
Identify Luke's assets and property that should be included in the living revocable trust.
Analyze and strategize ways to include Luke's financial requests into a trust.
Identify a trustee, trustor and beneficiaries using the information provided by Luke.

Reference no: EM133631821

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