Enhanced Estate Planning

What does "estate planning" mean to you? Wills? Trusts? Avoiding taxes? Avoiding probate? I like to think of estate planning as the system one uses to pass his wealth to his heirs.

In the traditional sense, most people think of wealth solely as the tangible assets a person has acquired during his or her lifetime. However, the stark reality is that most people hope to pass on much more than money and property. They wish to pass on their legacy.

Think about it. Your life is much more than the accumulation of assets. Your life is a unique tapestry of experiences. It is your core beliefs, your values, the heritage of your ancestors, friendships, traditions, accomplishments and lessons learned. Yet when most people talk about estate planning, the are interested only in the money and the property.

While attorneys and estate planners have been trained to concentrate on wills, trusts, estate taxes and probate, that is only a small portion of what their clients have to leave to their heirs. Equally as important as the assets are the lessons and experiences that come with the accumulation of those assets. The heirs can benefit by a better understanding and appreciation of how the family’s wealth was created.

Often these lessons provide a foundation of values that encourage a child to help others, as well as to discourage a child from wasting his or her financial inheritance.

It also gives them a sense of being – the knowledge of the wisdom, beliefs, values memories and experiences that have made their parents and even themselves the persons that they are.

This broader approach may even cause a person to re-evaluate the meaning of "heir," for leaving a legacy can be much more than making gifts to your children. The values and beliefs you wish to express in your estate plan may lead to philanthropic or charitable gifts. Not only does it benefit your fellow man, but including your children in the management of these charitable endeavors teaches them valuable lessons about stewardship and compassion.