Have you ever been mowing the lawn when you notice that your elderly neighbor’s Pompano Beach lawn is overgrown? Just mow it for them! Is knowing you did something good not reward enough? Check out what happened to a Denver man who befriended an elderly neighbor and inherited $2 million. How does this change his estate plans?!
The Helpful Neighbor is Left $2 Million!
- A 60 year old veterinarian told a local newspaper he had always been frugal with his money, but never quite got the hang of investing.
- He currently makes $80 thousand a year and has a 401k worth about $600 thousand.
- Is that enough for a Palm Beach retirement package?
- The man also had a house worth about $250 thousand and another $150 thousand in stocks/annuities.
- On a whim one day he befriended an elderly neighbor assisting him in yard work and errands. The two became friends over the next 15 years.
Estate Planning
- The elderly man had no relatives and asked if his neighbor would be willing to serve as executor (Personal Representative) of his Colorado Estate.
- The elderly man died in 2014 and his friend was surprised to learn of a large inheritance left to the executor. In total the man inherited a house worth over $350 thousand and assets valued over 2 million !
- But what now? How does a 60 year old veterinarian learn how to handle over $2 million overnight?
Professional / Corporate Trustee
- The man should find a knowledgeable trust lawyer.
- Palm Beach Trust lawyers know that a well drawn trust can limit taxes, protect from creditors and more.
- Do you know what else a trust can offer?
- Have you heard of corporate trustees?
- Does your Jupiter Florida trust use a corporate trustee?
- A professional or corporate trustee in Miami can oversee large trusts, such as the one that could be started here.
- The man can make money for his children’s children to inherit if he sets things up correctly!
- Do you have assets that may benefit from being held in trust in Delray Beach?
- Palm Beach trust lawyers know that these vital estate planning documents can even help children with disabilities collect assets without becoming ineligible for disability benefits!