Jonathan And Carole Page:
Navigating Wealth Transfer From A Blended Marriage

 
Jonathan Page amassed a significant sum of money from a patented invention several years ago. He invested that money with a well-known large financial institution, and received a respectable return through the years.
 
But in the last couple of years, “respectable” simply wasn’t good enough. His wife of 30 years suffered a stroke, demanding long-term nursing care. Her son from a prior marriage now expresses concern about her small estate; at the same time, his two daughters from his previous marriage want to preserve their inheritance from him.
 

Goals and Recommendations

Barker Financial Group identified income distribution, wealth preservation, income and estate taxes, and wealth transfer as the four key areas to concentrate on.

• Establish a variable annuity to pay off Carole’s long-term health care and medical expenses with her past resources, naming her son as key beneficiary.
• Allocate his resources to support his current income needs while preserving
  the wealth transfer to his two children from his first marriage.
• Update estate plan and review tax implications, in conjunction with a trust and estate attorney and a CPA.