CASE STUDIES

Managing Expectations

A decedent had told her family for years that various pieces of furniture in her home were extremely valuable. Things like the porcelain collection in the corner hutch had a few rare pieces that “were nearly priceless.” She asked her children to pick items around the house based on her estimates of their approximate market values. The idea was that each child would get equal value. We helped the executor manage expectations when estate appraisals radically changed the values on each heir’s list. Together we developed a plan where the personal property distribution process allowed for each heir to express his/her desires and to select items in an orderly manner that everyone perceived as fair.

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Third Party Support

We were called in by a financial planner to work with a client who had a seemingly intractable family problem. The child of a second marriage was spending beyond his means and the stepfather was constantly fighting with all family members about the issue. By setting up a trust and naming a Howell Larsen principle as trustee, the battles over the allocation and use of funds have largely dissipated. The stepfather feels comfortable with the trustee's distribution philosophy and he is no longer the lightening rod for the son’s issues.

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A couple in their 80’s died within six months of each other leaving their entire estate to their two children, a male and a female in their fifties. The children were also named co-executors of the final estate. Unfortunately, the relationship between the heirs had always been rocky and the estate settlement process brought out all their unresolved issues. There was deep mistrust, deliberate miscommunication and, most important, a complete inability to prioritize activities. They took as much time trying to dispose of worthless knick knacks as they did attempting to figure out how to sell the parental home, the estate’s most valuable asset. A Howell Larsen mediator worked with them over a period of months to create an environment where they could trust each other enough to prioritize decisions, divide tasks efficiently and actually wrap up the estate without going to court.

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One of my partner’s tax clients, an eighty-four year old woman in reasonably good health, came in with her son to discuss a transition to an assisted living facility in the area. She liked everything about the place but just couldn’t make up her mind. Some months went by and she began to have some health issues. Still she couldn’t “pull the trigger on the decision.” The son was frustrated that despite his best efforts, she kept pushing the decision away. She just really liked living at home even as she realized she had to make up her mind before her health became a barrier. Finally, she agreed to a family meeting with all her children present. The issues were gently discussed and with every one’s support she finally agreed to a plan to move. She is now happy and secure in her new home and laughs about how hard the decision had been for her.