Husband: Stanley, 65 years old
- · This is Stanley’s first, and only marriage
- · Together with wife they have two kids and six grandchildren
- · He has an IRA valued at $600,000
- · He receives $2000/month in Social Security
- · He has a limited partnership where his income is $1000/month
- · He just sold his apartment building for $2.9M
- · The residence is community and valued at $1.3M
- · The cost basis of the house is $500,000, and there is a remaining mortgage of $300,000
- · Stanley and Stella have charitable intents
- · Stanley suspects Stella is having an affair
- · Stanley had bypass surgery 3 years ago
- · Stanley loves cigars
Wife: Stella, 62 years old
- · This is Stella’s 2nd marriage
- · First husband is deceased
- · Their two kids live in Denver and Chicago
- · She has an IRA from her first husband, valued at $1.1M
- · She receives a $1200/month in pension from her deceased first husband
- · She was the net income beneficiary from Stanley’s apartment building
- · She is the owner of Stanley’s life insurance policy. Death Benefit is $1.5M and has prepaid premiums, cash surrender value $850,000
- · Stella travels alone, often to see her kids and grandkids
- · Stella’s Aunt is 90 years old and is living in their home
Questions for Discussion -
- 1. Consider Dissolution
- 2. Consider their insurance needs
