BUSI 354
Client Interview with Andrew & Lynn
Date: September 22nd, 2025
To: Professor Jantz
From: Breana Picchiottino
Subject: Interview Notes for Andrew & Lynn
Introduction
Andrew and Lynn are a newly married couple seeking advice on how to approach their
estate planning process (Liberty University, n.d.). Andrew recently lost his first wife and
experienced first-hand the hardships associated with a lack of proper estate planning which
prompted the creation of this meeting. Our interview garnished information on the couple’s
current family and financial situation as well as their needs and goals for the future. This memo
seeks to provide clarity on the client’s current financial position as well as potential next steps
as we help them work towards achieving their goals.
Interview Summary
As previously highlighted, Andrew and Lynn are recently married (Liberty University,
n.d.). This is Andrew’s second marriage, but Lynn’s first. The couple forms a blended family with
Andrew having two adult children from his first marriage-a thirty year old daughter and a
twenty-six year old son. His daughter has two children of her own while his son is currently
pursuing graduate studies and working to determine his career interests. After the death of
Andrew’s first wife-who had no life insurance-the couple recognized the importance of planning
for their own eventual passing. Consequently, they both took out smaller life insurance policies
and designated each other as the primary beneficiaries. Andrew also holds a life insurance
1
BUSI 354
policy through his employer that benefits his deceased wife and two children. After marrying,
the couple moved into Lynn’s home which was purchased approximately fifteen years ago. The
home is almost completely paid off and titled solely in her name. In addition to her home,
Lynn’s assets also include her 401(k) as well as her investments which include stocks and mutual
funds. Lynn also serves as a board member for her local food pantry and enjoys making
charitable donations to that organization as well as other charities through targeted charitable
giving that provides tax benefits. In regard to the couple’s gift giving, Lynn only recalled a golf
cart purchased for her father numerous years ago. In contrast, Andrew funded both of his
children’s college tuition expenses by paying their schools directly and purchased both children
used vehicles upon their completion of their undergraduate programs.
Considering Andrew’s planning needs, he would like to establish something for both his
children and grandchildren but he is open to having something specifically for his grandchildren
(Liberty University, n.d.). Due to the concerns that he holds about his son’s current life situation,
he would prefer that such planning include some form of age protection that would delay his
son’s access to any funds. Lynn would like to keep all of her financial assets separate in her
estate planning and places a heavy focus on continuing her charitable giving. Neither individual
currently has a will established nor any assets placed into a trust. Lynn does have beneficiaries
designated for her 401(k) and investment accounts, however, her bank accounts and other
assets have not clarified any beneficiaries. Although Andrew did not clarify any beneficiaries
during our interview, the financial documents provided by the couple designate Lynn as the
primary beneficiary for his 401(k) and his children as contingent beneficiaries with a 50/50 split.
During the interview, the couple also discussed appointing powers of attorney, creating living
wills, and establishing advanced medical directives. While the couple decided to appoint one
2
BUSI 354
another as their primary powers of attorney, they needed additional time to consider potential
successors in the case that both are incapacitated. To support this decision-making process,
Andrew was encouraged to speak with his children regarding their comfort level with Lynn
acting as his POA and holding vast control of his estate in the event of his incapacitation. Lynn
was encouraged to consider who she would want managing her charitable giving and
investment accounts in a similar situation.
Client Goals
Andrew’s Goals
1. Provide for Lynn in the event of his death or incapacitation while granting her access to
the appropriate assets and decision-making powers.
2. Establish an inheritance plan for his individual children prioritizing fair distribution and
considering their respective life stages and maturity levels.
3. Create a separate legacy for his grandchildren that will provide financial assistance for
their future education or other milestones.
4. Utilize age-based asset protection strategies that will effectively manage distributions
specifically for his son.
5. Update beneficiaries on all current assets to reflect his current intentions regarding
designation.
Lynn’s Goals
1. Maintain her financial independence by ensuring that all pre-marital assets are listed
separately during her estate planning process.
3
BUSI 354
2. Enable a continuation of her charitable giving by guaranteeing that her estate plan allots
for ongoing contributions to her preferred organizations.
3. Determine and designate desired beneficiaries for all assets that currently lack them
such as her bank accounts and property.
Couple Goals
1. Draft and finalize the necessary estate planning documents such as wills, durable powers
of attorneys and medical directives for both spouses.
2. Determine who will serve as successor agents for both spouses respective POAs and
ensure they are appropriately appointed in the event they are both incapacitated.
3. Discuss ownership breakdown for future assets accumulated together.
4. Coordinate estate plans to meet respective goals without causing conflict or repetition.
5. Communicate openly with extended family such as Andrew’s children to provide
transparency and avoid misunderstandings.
Gross Estate and Probate Estate Calculations
Andrew’s Gross Estate
Joint Cash - $32,500
Andrew’s Cash - $2,500
Andrew’s 401(k) - $90,000
Andrew’s Term Life Insurances - $540,000
Total Gross Estate: $665,000
Lynn’s Gross Estate Joint
Cash - $32,500
Lynn’s Cash - $6,000
Lynn’s Home - $416,000
Lynn’s 401(k) - $460,000
Lynn’s Investment Accounts - $160,000
Lynn’s Term Life Insurance - $40,000
4
BUSI 354
Total Gross Estate: $1,114,500
Andrew’s Probate Estate
Joint Cash - $32,500 - Not Included in Probate (Passes to Lynn through JTWROS)
Andrew’s Cash - $2,500 - Included in Probate
Andrew’s 401(k) - $90,000 - Not Included in Probate (Lists Lynn as Primary Beneficiary and
Children as 50/50 Contingency Beneficiaries)
Andrew’s Term Life Insurances - $540,000 - Not Included in Probate (Term 1 has Children
listed as Contingency Beneficiaries and Term 2 has Lynn listed as Primary Beneficiary) Total
Probate Estate: $2,500
Lynn’s Probate Estate
Joint Cash - $32,500 - Not Included in Probate (Passes to Andrew through JTWROS)
Lynn’s Cash - $6,000 - Included in Probate
Lynn’s Home - $416,000 - Included in Probate (Titled Fee Simple with Sole Ownership and No
Listed Beneficiaries)
Lynn’s 401(k) - $460,000 - Not Included in Probate (Four Charities Listed as Equal
Beneficiaries)
Lynn’s Investment Account 1 - $45,000 - Included in Probate (No Designated Beneficiaries)
Lynn’s Investment Account 2 - $115,000 - Not Included in Probate (TOD to Local Food Pantry)
Lynn’s Term Life Insurance - $40,000 - Not Included in Probate (Lists Andrew as Primary
Beneficiary)
Total Probate Estate: $467,000
Plan/Next Steps
● It is crucial that Andrew and Lynn embark on this journey of estate planning with
clear communication which covers their fifth couple goal and ensures that the
appropriate parties are brought into their discussions and informed about their
next steps. It is common to experience fear during the estate planning process as
individuals worry about expectations, hurt feelings, and making the wrong
decision (Tanner et al., 2025). For Andrew, thinking ahead to how his children
5
BUSI 354
would react to the different levels of distribution may certainly be a point of
concern as it is a well-recognized psychological barrier to estate planning (Dalton
& Langdon, 2022). He must consider how his children will view their relationship
if they associate it with the size of their inheritance (Tanner, et.al, 2025).
Additionally, their comfort level with Lynn serving as his Power of Attorney in the
event of his incapacitation is something that must be discussed before
paperwork is drafted. Proverbs 18:2 highlights the importance of seeking to
understand rather than simply expressing one’s own opinion (The New King
James Bible, 1982). Andrew and Lynn ought to speak with Andrew’s children with
a desire to understand their perspective before finalizing their estate planning
decisions.
● Once these decisions have been made, our next step would be to finalize all
necessary estate planning documentation such as having both Andrew and Lynn
write their wills, appoint their powers of attorneys, and establish medical
directives. This step would work to address Andrew’s first three goals, Lynn’s first
two goals, and the couple’s first two joint goals. The creation of a will for both
Andrew and Lynn would delineate their asset transfers after death to their
chosen recipients (Dalton & Langdon, 2022). This would ensure that an
inheritance plan for Andrew’s children and grandchildren could be established as
well as Lynn’s desire to transfer assets to charity. We should be able to have an
attorney draw their wills so that they can sign it in the presence of witnesses
which would classify it as a statutory will. Any finalized estate plan also includes
the appointment of trusted individuals to act on behalf of the client in the event
6
BUSI 354
they are unable to do so themselves. This is what is known as a power of
attorney (POA) and provides the legal paperwork to authorize one individual to
act for another (Dalton & Langdon, 2022). Although Andrew and Lynn expressed
wanting one another as their POAs during our interview, more time will be
required in order for the clients to decide on successor agents. Currently, our
next steps will be to begin drafting the paperwork for what they have already
decided. Lastly, the concept of a living will, also known as an advanced medical
directive, was discussed during our interview. This is another legal document
communicating an individual's wishes regarding which medical situations or
circumstances they would not desire to receive life-sustaining treatment (Dalton
& Langdon, 2022). Upon clarifying these wishes with Andrew and Lynn, our next
step should be to prepare this documentation. The Bible speaks to the
importance of planning and preparedness in Luke 14:28 which notes, “For which
of you, desiring to build a tower, does not first sit down and count the cost,
whether he has enough to complete it?” (The New King James Bible, 1982).
Preparing these vital estate documents for Andrew and Lynn is a crucial
beginning step in the planning process and helps work towards their goal
achievement.
● Once the proper documentation has been drafted and prepared to cover the
distribution of certain assets, it is necessary to shift our focus towards the assets
in which we are able to designate beneficiaries. This step will impact Andrew’s
fifth goal and Lynn’s third. Regarding Andrew’s situation, our next steps are
simply to update the primary beneficiary from his employer’s term life insurance
7
BUSI 354
to Lynn and confirm the contingent beneficiaries as his children split 50/50.
Future discussions may possibly suggest the use of an irrevocable life insurance
trust (ILIT) to help reduce Andrew’s gross estate and allow for more control over
distributions to beneficiaries (Dalton & Langdon, 2022). For Lynn, she is
currently lacking beneficiaries for her bank accounts and one investment
account. Our next steps should include reviewing a Totten Trust which is
historically codified by many states as a Pay-on-Death (POD) bank account and
Transfer-onDeath (TOD) investment account (Dalton & Langdon, 2022). Lynn
already has one TOD established for her second investment account and lists
beneficiaries for her 401(k). Consequently, our next steps should include
clarifying her desired beneficiaries for her bank accounts and first investment
account so we can establish POD and TOD directives for both entities. Biblical
wisdom advises on the proper control of wealth so that future generations are
taken care of whether that be family or charitable causes. Proverbs 13:22a notes
that, "A good person leaves an inheritance for their children’s children” (The New
King James Bible, 1982). Designating beneficiaries ensures that wealth is being
properly managed and benefiting the individuals and causes that they are
intended to.
● While we are focusing on guaranteeing the designation of beneficiaries for
Andrew and Lynn’s assets, it is also necessary to narrow in on Lynn’s home and
how we can ensure this property does not have to go through the probate
process. Currently, Lynn’s home is titled fee simple with sole ownership and no
listed beneficiaries. There are two possible recommendations for Lynn the first
8
BUSI 354
being the utilization of an revocable trust. Placing the property into an revocable
trust would allow her to not only designate a beneficiary but also avoid her home
being included in her probate estate (Dalton & Langdon, 2022). Secondly, Lynn
could utilize a Transfer-on-Death Deed which is more suitable for modest estates
and also transfers the property outside of probate (Wright & Emrick, 2019). Both
of
these options would help address Lynn’s third goal of finalizing beneficiary
designation while also meeting her first goal of preserving her financial
independence as they do not require a change of titling, still allow her to
determine her own beneficiaries, and grant her full control of the assets during
her lifetime.
● Considering Lynn’s financial independence and the titling of assets, our next
steps should also include encouraging the couple to consider how they would
like to title future assets acquired during their marriage. This would address their
third joint goal. The couple has already titled some of their cash assets with joint
tendency with rights of survivorship (JTWROS), however, as previously discussed,
Lynn’s home is titled fee simple with sole ownership. JTWROS includes an
automatic survivorship feature that allows the assets to be transferred after the
death of one owner while sole ownership would require a prior designation of
beneficiaries to transfer assets after death (Dalton & Langdon, 2022). JTWROS
also allows joint control of the assets while sole ownership does not. Lynn has
expressed wanting to maintain her financial independence and include her pre-
marital assets separately in her estate, however, we need to clarify if she would
9
BUSI 354
like to continue titling future asset acquisitions solely in her name, or if some will
be shared jointly with Andrew. Genesis 2:24 highlights how the covenant of
marriage establishes husband and wife as one flesh (The New King James Bible,
1982). This Biblical principle suggests adopting a position of unity when it comes
to dealing with finances and asset ownership. This may encourage
10
BUSI 354
further discussion between Lynn and Andrew on how to balance independence
with marital unity regarding their finances.
● Before a unified approach has been discussed, both Andrew and Lynn do have
specific scenarios that require specialized tailoring. Andrew expressed concerns
regarding his adult son and fund distribution. He suggested having some age
protections in place to ensure that any inheritance his son receives is
wellmanaged. In order to work towards accomplishing Andrew’s fourth goal,
establishing an irrevocable trust should be our next step. Placing any assets into
an irrevocable trust will remove them from Andrew’s probate estate as the
transfer makes the assets legal property of the trust (Dalton & Langdon, 2022).
Andrew would be able to establish a specific set of criteria that his son must
meet before gaining access to the funds such as a specific age or degree of
employment. Additionally, appointing a trustee would ensure that the funds are
distributed according to these guidelines which protects Andrew’s funds while
also ensuring that his son will not be allowed to squander them away. If Andrew
is looking to make annual gifts to this trust and avoid using his gift tax
exemptions, a Crummey provision may be something to additionally consider. A
Crummey provision allows a beneficiary to withdraw the contribution made by
the grantor into the trust. Crummey provisions are often used when individuals
wish to maintain assets within a trust after the beneficiaries have surpassed the
age of twenty-one while also avoiding the use of their gift tax credits. Andrew is
demonstrating Biblical wisdom by ensuring that his son does not have unfettered
access to funds he could potentially spend foolishly. Proverbs 25:28 notes, “A
1
0
BUSI 354
man without self-control is like a city broken into and left without walls” (The
New King James Bible, 1982). Having some form of protection will encourage the
development of self-control within Andrew’s son while discouraging unwise
spending.
● Having addressed Andrew’s concerns regarding his son, it is also crucial to
explore potential options regarding his grandchildren which is his third goal. To
craft a separate legacy for his grandchildren there are two possible routes we
could go. The first would be to establish an irrevocable trust for his grandchildren
which would allow for designated saving for a plethora of milestones and does
not focus solely on education (Dalton & Langdon, 2022). Alternatively, Andrew
could utilize a 529 plan which is a tax-advantaged savings plan that helps
encourage saving for future education costs. Contributors can front-load a 529
plan by contributing five times the annual exclusion while avoiding gift taxes.
Choosing this approach means that larger amounts can be invested sooner and
continue growing tax-deferred (Grande & Grande, 2002). This makes the 529
plan advantageous for parents and relatives of younger children to think ahead
towards future education costs. Furthermore, 529(c)(8) broadened the definition
of qualified higher education costs to include fees, books, supplies, and
equipment (Krouse, 2022). This change makes it easier for those looking to fund
their relatives educational expenses particularly those relating to private and
religious tuition in primary and secondary school. Before deciding on our next
steps we need to clarify with Andrew whether he would prefer to prepare for his
grandchildren's education solely or if he would like to save for them more
1
1
BUSI 354
generally. In either situation, Andrew is demonstrating Christ-like behavior
through striving to be generous with his wealth. Proverbs 11:25 promises that a
generous soul will prosper and refreshing others will lead to being refreshed
yourself (The New King James Bible, 1982).
● Lynn also has a specific destination she would like her assets to go to which
places a heavy emphasis on her charitable giving. Our next steps regarding this
topic address her second goal. Considering that she already has some charities
designated as beneficiaries on her assets and we have previously discussed
adding more, there is only one additional option we could pursue with Lynn’s
situation. This option is to establish a charitable trust which would help Lynn
achieve tax benefits through her charitable giving (Dalton & Langdon, 2022).
There are two different types of charitable trusts we could utilize-Charitable
Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs). In a CRT, funds are
transferred to a trust with distributions going to the grantor and then the
remainder going to charity for a certain period of time and are often used for
illiquid assets. A CLT flips the distributions with a designated amount going
directly to charity and then the remainder going to a third party which may be
the grantor. Given Lynn’s desire to maintain control of her assets, a CRT may be
preferable as she continues to receive her income and keep control of her assets.
The CRT would provide her with a steady stream of income that would continue
to maintain her lifestyle built around financial independence which is her
number one goal. However, utilizing a CLT would prioritize charitable giving now,
which is also an expressed desire
1
2
BUSI 354
of hers. Before we decide on which charitable trust would best suit her needs we
may need to obtain deeper insights into which goal we should prioritize.
1
3
BUSI 354
References
Dalton, M. A., & Langdon, T. P. (2022). Estate planning (13th ed.). Money Education.
https://libertyonline.vitalsource.com/books/9781946711014
Grande, J. J., & Grande, T. F. (2002). College savings accounts offer estate, tax planning
benefits: section 529 of Internal Revenue Code allows greater flexibility in taxfree
gifts for higher education. (Financial planning). Ophthalmology Times,
27(15), 32. https://link.gale.com/apps/doc/A91304824/GBIB?
u=vic_liberty&sid=summon&xid=626714d4
Krouse, J. D. (2022). The 529 Plan as an Estate Planning Tool. Journal of Financial Service
Professionals, 76(5), 37–45.
Liberty University. (n.d.). Watch: Meet the family [Course page]. Canvas.
https://canvas.liberty.edu/courses/949571/pages/watch-meet-the-family
Tanner, M., Hofmann, R., & Klingsieck, K. B. (2025). Delaying until it is definitely too late: A
theoretical framework for explaining procrastination in estate planning. Financial
Planning Review, Advance online publication. https://doi.org/10.1002/cfp2.1196
The New King James Bible. (1982). Thomas Nelson.
Wright, D. C., & Emrick, S. (2019). Tearing down the wall: How transfer-on-death real-estate
deeds challenge the inter vivos/testamentary divide. Maryland Law Review,
78(2),
511–564. https://scholarship.law.ufl.edu/facultypub/894
1
4
