Speaking of heirs, we can ask ourselves the same sort of questions with respect to them. How do we use wealth to be a positive force in their lives, rather than a negative one? I’m sure you get asked all the time “How much should we leave them?” That’s a good question, but it isn’t “the” question.” How do we protect them? What are the right structures? All of the structure stuff is important too. It is why estate planning attorneys are valuable with or without estate taxes. But those are just details.
The opportunity for your clients now is this. Discussion of estate tax repeal is ripe. Use the opportunity to go to the place that really matters. It is not about estate taxes. Whether we have estate tax or not simply dictates some of the planning that needs to occur. There will still need to be trusts and 100 other things, with or without the tax. The real questions are around purpose. Purpose of life and purpose of wealth. They are about using wealth to create meaning and fulfillment.
A final thought comes from the book Conscious Living by Gay Hendricks.
“If you express what needs to be expressed within you, you will be happy and fulfilled.
If you don’t, you won’t. It’s just that simple, but many of us spend our lives making it more complicated.”
Recommendation #1: Help your clients consider their history up until now. What has been the driving programming? What is the conversation they are having with themselves?
Recommendation #2: What will their second-half be? What will bring them more joy and fulfillment than they have ever experienced? With much less dirty-hard-work!
Recommendation #3: How can wealth be a positive force for each member of their family? What steps do they need to take now?
Don Scott was an Arthur Andersen partner, office managing director for a national trust company, and COO and CFO of an oil company. Along with 35 years in the business and financial world, Don added a Master’s degree in psychology.