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Fred Stone and Wilma Gravelle have been together as a couple for almost twenty years and They are not married and have no intention of marrying: Estate planning Case study, LKSB, Canada
|Lawrence Kinlin School of Business (LKSB)
Fred Stone and Wilma Gravelle have been together as a couple for almost twenty years. They are not married and have no intention of marrying. Fred was previously married to Betty and they had two children — Emma (25) and Roger (21). Betty passed away when Roger was one year old. Fred is now 52 years of age and Wilma is 45 years of age. They had two children together— Ralph (16) and User (14). Ralph has some cognitive and physical disabilities. He is eligible for the Federal disability tax credit.
Fred and Wilma’s assets are summarized in the table below.
They have never done wills or Powers of Attorney.
When Betty passed away, she owned a cottage that was inherited from her mother. The cottage is very valuable and extremely important to the Stone family as a legacy item. She wanted it preserved for Emma and Roger and their eventual families. Betty also had her life insured for $1 million. This was paid to Fred when she died. Fred uses and needs the income from that money for his lifestyle with Wilma. He wants the capital preserved for Emma & Roger.
Wilma is an entrepreneur and owns 75% of her own business, “Bedrock Pool & Paving Stone”. Fred owns 25% of the shares of the company. Bedrock installs pools, decks, driveways, and sidewalks. Emma is the general manager of the company. The business is growing very quickly in value. It has doubled in value in the last five years and the projections are that it will be worth nearly $2 million by the end of 2021.
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