Wealth Transfer or Wealth Reception – Part #1

by | Jun 22, 2009 | Estate Planning

You might ask yourself:  How do you define a successful estate plan?  or How do you define a successful life?

I help clients carry out the goals they have for themselves and their families. However, I always want to make sure clients have developed goals with a full understanding of what all can be accomplished with good planning. Sometimes they limit themselves and don’t explore some of the most important planning issues, until I prompt them to think a little broader.

Traditionally, many planning issues have focused only on the transfer of wealth. But most of us would probably agree that just avoiding probate or saving some tax money is not all that is required to have lived a succesful life. Isn’t there more to life than that? And there’s more to estate planning too.

There are so many more issues that clients want to address, once they hear about the possibilities. I think a good plan will carry out the goals you would have completed during your life, with enough time and resources. But since our time on earth is limited, we plan so our influence can continue.

1. If you could plan in a way that would protect your loved ones from risk or harm, would you be interested in hearing more about it?

2. If you could plan in a way that would set up your loved ones for greater success in the future, would you be interested in hearing more about it?

3. Is the focus of a plan simply to transfer the wealth, or to help that wealth accomplish the greatest good in our families and in the community?

4. What is money worth, except for what it can accomplish?

5. What could your money accomplish in those who survive you? Those you care the most about?

6. If you could communicate your wisdom, and your loved ones would apply it, what frustrations could you spare them?

7. What if you were able to transfer both your wisdom and your wealth, in what ways could that benefit those who survive you? How would it be better than just transferring one or the other?