The Challenge

We began working with an unmarried couple that didn’t want to prioritize their estate planning, as they had no children. The United States tax code is designed for assets to flow relatively easily and tax free between married spouses when one experiences a diminished capacity or death. An unmarried couple isn’t afforded these same rights.  Without an estate plan, these clients were facing the possibility of losing autonomy to the state over their assets if they were physically or mentally incapable of handling it themselves.

After working with this client for years, we saw an indication of declining health and demanded they meet with an estate planning attorney and resolve several looming issues.

Our Solution

After engaging the estate planning attorney of our recommendation, a comprehensive estate plan was created considering their unique circumstances as a couple. This plan allowed for someone of their choosing, outside of the court system, to step in and make decisions on behalf of the couple. This structure also protected the couple from family members who would try to step in and claim authority over their assets.

The Result

Within a few years after this estate plan was executed by the clients, we received a phone call from adult protective services. One of our clients was found wandering around a grocery store parking lot unable to locate their vehicle. A store employee called adult protective services and when the client was asked for a number to call, the only phone number they could remember was Morgan Rosel’s.

Unfortunately, within months, both of our clients were diagnosed with dementia. However, their estate plan was in place to protect them, and their wishes were honored. Instead of receiving basic care at the direction of the state or a distant family member, the couple used their life’s earnings to get treatment at a top memory care facility, directed by a lifelong friend that was named in their estate planning documents.

The underlying takeaway in this situation is that you should be in control of your health care and what happens to your own money in the event you are no longer able to make decisions. A tried-and-true way to ensure this happens is by constructing a well-designed estate plan and keeping it updated with your ever-changing situation.

It’s difficult to create a sense of urgency to build a financial plan for your future. No one wants to think about declining health or worse yet, death. But you don’t want to delay the process until it’s too late. By engaging Morgan Rosel as a trusted partner, we will come alongside you through this process to help facilitate a customized estate plan unique to your situation.

This commentary reflects the personal opinions, viewpoints and analyses of the MorganRosel Wealth Management, LLC (“MRWM”) employees and guests providing such comments, and should not be regarded as a description of advisory services provided by MRWM or performance returns of any MRWM Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. MRWM manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. MRWM may recommend the services of a third-party attorney, accountant, tax professional, insurance agent, or other specialist to clients. MRWM is not compensated for these referrals.