Estate Planning as a Career

Introduction to Estate Planning, Part 2

January 25th, 2009 Filed under: ab trust,Executor Fees,sample wills,Trusts attorney — Estate Planning Author

Mr. Corporate Executive: Expectations Realized

Mr. Corporate Executive is a true successor to Mr. Junior Executive. He might well be the same man, fifteen years later. At 45 years old he is making $150,000 a year. There are some differences between them, however. Corporate Executive is an organization man, a plant manager with a big corporation. He feels some measure of job security and a sense of where his career in the organization can go. The company for which he has worked for twenty years is well established and has better corporate fringe benefits than the design firm where Junior Executive works. He is less worried about getting fired or shifting jobs, since his leadership abilities have directly contributed to the success of the business. He has become a key person in the ongoing profitability of the company. Barring a substantial turn of fortune, his position feels safe. He also banks on the security of the better corporate fringe benefits to deal with death or disability and for a secure retirement.

Corporate Executive is a suburban home owner, too, but on a higher status level. His house is located in a more exclusive section of town. It has grown to a value of $380,000-mortgage $250,000. He owns two cars-a new minivan which his wife uses and a three-year-old European car that he drives to and from work every day.

He has more expenses than Junior Executive. There is a son in college, a daughter who will be entering next year. The two younger children are in public school, but their music and dancing lessons, plus their summer camp, cost about $12,000 per year.

Assets? The house, of course, $15,000 in an equity index mutual fund, about the same in his checking account, stocks worth $40,500 at the current market value, $200,000 in personal and group life insurance, pension and profit sharing in his company of about $175,000.

Less debts and other estate expenses, Corporate Executive’s estate will amount to about $582,000.

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