Estate Planning for a Couple with $3 Million Net Worth: Case Study
A Real Family’s Estate Plan That Protected Their Legacy and Their Kids
At Rankin Law Firm, we often meet families who have done everything right. They have worked hard, saved responsibly, and built a comfortable life for their children and grandchildren.
But many of those families still face one big challenge: how to make sure their wealth transfers smoothly, privately, and responsibly when they are gone.
In this video, Charleston estate planning attorney JP Rankin shares how he helped a couple with a $3 million net worth create a revocable living trust that not only avoided probate but protected their family’s unique needs.
Watch the full video here:
Estate Planning for a Couple with $3 Million Net Worth: Case Study
Meet Frank and Mary
Frank and Mary are a married couple with two children, Shawn and Billy.
Frank had a successful career and built a strong retirement portfolio with an IRA and 401(k) worth $1.5 million. Mary also worked and had her own IRA valued at $500,000. Together, they owned a family home worth $1 million, giving them a total net worth of about $3 million.
Their main goal was simple: ensure that their two sons, Shawn and Billy, would inherit everything they worked for without unnecessary court costs or family disputes.
Step One: Creating the Revocable Living Trust
The first step was establishing a revocable living trust. A revocable trust allows you to control your assets while you are alive and ensures they transfer privately to your beneficiaries after your death, without going through probate court.
Frank and Mary were both named as grantors and trustees, and their two sons were the beneficiaries.
We transferred ownership of their home into the trust so that the house was no longer owned in their individual names. Then we updated their beneficiary designations so that both of their retirement accounts paid directly into the trust when they passed away.
This simple step meant that none of their major assets would pass through probate.
Step Two: Addressing a Unique Family Situation
Every family has different dynamics, and Frank and Mary’s situation was no exception.
Their son Billy was a successful doctor, married with a child of his own. Their other son, Shawn, was doing well but had struggled with addiction in the past and had been through rehab once.
Frank and Mary were concerned about what might happen if Shawn inherited a large sum of money all at once. They wanted to protect him, not punish him.
So we added custom provisions to their trust that created descendant separate trusts for each child. Billy would receive his inheritance outright, while Shawn’s portion would go into a subtrust with built-in safeguards.
Step Three: Building a Trust That Protects and Empowers
Here is how we structured Shawn’s trust:
Billy was named successor trustee, meaning he would manage the funds for his brother after their parents passed away.
Shawn’s trust would distribute in “ages and stages.” He would receive one-third at age 25, another third at 30, and the final portion at 35.
If Shawn relapsed or needed additional help, Billy could pause distributions until he was clean and stable again.
This plan gave Frank and Mary complete peace of mind. They knew their wealth would benefit both of their sons in ways that fit their individual needs and circumstances.
Step Four: Avoiding Probate and Saving Time and Money
Because all of Frank and Mary’s assets were properly titled and funded into the trust, their estate will not go through probate.
That means:
No court delays
No probate fees
Immediate access for their successor trustee
Privacy for the family
What could have taken more than a year in probate court will now take a fraction of that time, saving their family thousands of dollars and an enormous amount of stress.
The Result: Peace of Mind for a Growing Family
With this estate plan, Frank and Mary achieved exactly what they wanted:
A seamless plan for transferring their wealth
Strong protections for their son who needed guidance
Tax-efficient inheritance planning for their family’s future
Their trust not only ensures their assets go where they should but also reinforces the family’s values of care, responsibility, and protection.
Plan Your Family’s Future Today
If your family’s situation sounds similar, you are not alone. Most families we help have a home, a few investment or retirement accounts, and children they want to protect.
Working with an estate planning attorney ensures your assets are structured the right way and your wishes are carried out exactly as you intend.
Book a Consultation:
https://www.rankinestatelaw.com/book-a-consultation
Free Download: 6 Mistakes Families Make With Estate Planning
About JP Rankin
JP Rankin is the founder of Rankin Law Firm in Charleston, South Carolina, and is licensed in South Carolina, North Carolina, and California. He has helped hundreds of families avoid probate, minimize taxes, and protect their legacies with customized estate plans built around each family’s unique needs.
Disclaimer
This article and video are for informational purposes only and do not constitute legal advice. Viewing or interacting with this content does not create an attorney-client relationship.