When Everyone Is Thinking the Same Thing
Why Your Estate Planner Needs the Full Picture
Every estate plan has unique considerations, but many don’t realize it until it’s too late. Attorney Craig Hersch wrote a recent blog post about the perils of a paint-by-numbers estate plan. Read his full thoughts at FloridaEstatePlanning.com/when-everyone-is-thinking- the-same-thing-2. General Patton once famously said, “When everyone is thinking the same thing, then somebody’s not thinking!” How often have you been in a meeting where everyone is afraid to say what they think? The action plans of those sessions are usually less than satisfactory. When I sit down with a couple to discuss their estate plan, I like to ask them questions about themselves and their family. How many children do you have? Tell me about them, and so on. To do otherwise — to simply ask how to divide their possessions — invites problems. “Just split everything equally amongst our children after both of us are gone” is a common direction that could lead to major issues. Let me give you an example. Suppose Chadwick has built up a family business over many years, and the equity and value make up a large chunk of Chadwick’s net worth. Chadwick has three children, only one of whom works in the family business, and there is some animosity between the son who works in the family business and another son who does not.
If Chadwick’s will divides up his net worth amongst his three children, what problems might occur? For one thing, the son who inherits his third share of Chadwick’s business (but is the one responsible for running it) might resent that his work benefits his two siblings who do nothing but sit back and wait for dividend checks. Adversely, the other two siblings might complain that the son working the business isn’t running it correctly.
Eventually, hard feelings will fester and may even fracture family relationships. There are alternatives for the client with wealth tied up in an illiquid asset. But when working on an estate plan, you would only arrive at these solutions if you can get everyone thinking outside the box.
Planning this way might lead to difficult conversations and disagreements. But as General Patton figured
out, it’s okay to have a conflict during the planning stage. No family wants to have those disputes when it’s too late.
Slow Cooker Chicken and White Bean Stew
INGREDIENTS
TAKE A BREAK!
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4 15-oz cans cannellini beans, drained and rinsed
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4 cups chopped kale 1 tbsp lemon juice 1/2 tsp kosher salt 1/2 tsp ground pepper 2 tbsp extra-virgin olive oil
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6 cups chicken broth
1 cup chopped yellow onion
1 cup sliced carrots
1 tsp finely chopped fresh rosemary 1 4-oz Parmesan cheese rind 2 1-lb bone-in chicken breasts
2/3 cup grated Parmesan cheese
1/4 cup parsley leaves
DIRECTIONS 1. In a 6-quart slow cooker, combine beans, broth, onion, carrots, rosemary, and Parmesan rind. Top with chicken. Cover and cook on low until the beans and vegetables are tender, about 7–8 hours. 2. Remove chicken from slow cooker. On a clean cutting board, let the chicken rest until cool enough to handle, about 10 minutes. Shred the chicken and discard bones. 3. Return chicken to slow cooker and stir in kale. Cover and cook on high until kale is tender, 20–30 minutes. 4. Stir in lemon juice, salt, and pepper. Discard the Parmesan rind. Serve the stew drizzled with oil and sprinkled with Parmesan cheese and parsley. (239) 265-9779
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