The Heart of A Father and A Mother

My basic rule when I work with any client is: start with eternity and work backwards. What good is a bunch of accumulated wealth if we haven’t done our homework in crafting an intelligent plan about how to project this wealth for future generations?

The words “estate planning” are what most people think of, and they think, “Well, I’ve seen the attorney and done a will, so I can check the box on my estate planning. It was awfully painful to think about our own mortality and I just don’t like giving attorneys checks, but I’ve been dutiful, and we can go on without thinking about that again.”

I'm sorry to say it's not that simple. I don’t win friends initially when I ask folks to describe their estate plans to me. I ask them to tell me what they think their documents say and do. I take copious notes. Then I ask them to lend me their documents for a week or two, promising to give them a fun sleep over.

Then comes the meeting where I compare my notes of what the client thinks the documents do to what my reading of the documents reveals.

Trust me when I say this: the more you are worth the more gravity these documents have and one mistake can cause a lifetime of frustration to your children or cost a fortune in unnecessary taxes.

Saving taxes and costs is the easy part of this process. What takes sober, deep thinking are the heart issues. How does the passing of your wealth affect future generations?

I’ve heard every attorney joke, and scurrilous comment about attorneys are, in some cases, well deserved. But the magic crafted into trusts and wills by good attorneys (there are more good men and women in this profession than bad) can be manifold.

So let’s make sure that you’ve done your homework. And above all, let’s make sure that your documents reflect your heart about your children and grandchildren, each one in his or her unique situation. Let’s make sure it fits you like a glove. 

On this web site, we will explore over time many techniques to encourage future generations in your personal values. Also, if you are charitable (most wealthy folks are), we’ll look at ways to be clever about charitable giving, both in life and at death.

Oh, and lest we forget, we’ll look at ways to save taxes.