TEXARKANA MAGAZINE
I t was easy for Solomon to opine about the value of knowledge, experience, and good judgment. He was not worried about the source of his next meal, a safe and comfortable place to lay his head, clothing to keep him protected from the elements, or the cost of college for Rehoboam. It is good to be the king. As for the rest of us, wisdom may be better than rubies, but wisdom will not pay the rent. That is the inspiration for this column, and in the paragraphs which follow here (and in the months ahead) it will be my intention to inform, encourage, and perhaps occasionally entertain you as I share my perspective on preparation for an unpredictable future. We are going to die—all of us—and what we do between now and then will have a lasting impact on everyone we leave behind. What will be your legacy? A well-planned exit with an intentionally seamless transition of your worldly belongings to the people and causes most dear to you, or a thoughtless departure necessitating the mother-of-all scavenger hunts to find your stuff and likely ending in its haphazard disposition? The wisdom of prescient decision- making should not preempt collection and use of the rubies required to get the job done. Professional assistance in sorting out your affairs and putting your material house in order is well worth the cost. Your loved ones, your congregation, your alma mater, your community—those “objects of your bounty”—will thank you for it, and best of all, you can revel in the confidence that you had the final word and circumvented a legal feeding frenzy. Here are some simple suggestions to help you get started... IDENTIFY YOUR OBJECTIVES You spent a lifetime working to accumulate what you have. Deciding where and to whom you want it to go and on what terms is not a task to be taken lightly. Think carefully about your ultimate goal. Families are complicated, and the death of a beloved member can be traumatic. Worthy objectives might include multi-generational preservation of assets, minimization of tax consequences, and elimination of strife among relatives after you are gone. (Note to
self: Be the beloved member who is dearly missed and charitably remembered… not the sorry, selfish SOB whose seat is subject to a bidding war at the next family reunion.) INVENTORY YOUR POSSESSIONS Take stock of what you own. Only then can you decide who is to get what. Your “estate” includes it all—real property (land and improvements to it like buildings and fences), personal property (clothing, jewelry, furniture, vehicles, bank accounts, and investments), and intangible property (patents, copyrights, licenses, and other rights generally difficult or impossible to physically hold). Do not be offended that what you might consider to be an “heirloom” may not be cherished nor perceived as such by others. ASSESS YOUR VALUES Just what is it you wish to accomplish with your plan of disposition? Is there a particular impact you wish to make or memory you wish to preserve? Some people place a priority on providing educational opportunities, while others may choose to focus on home ownership. What do you value most and how might you want to make that available to those you leave behind? BEHOLD YOUR BENEFICIARIES Should you choose not to make an estate plan, know that the state wherein you reside when you depart the premises will make one for you. Each state has its own “statute of descent and distribution” which prescribes your “heirs at law” and then dictates how your estate will be divided among them. So long as you are satisfied with that determination, there’s nothing more you need to do. If that is not acceptable, you must take affirmative action to name those parties (persons and programs) you wish to benefit from your estate and in what amounts or percentages. USE YOUR TOOLS This is where the rubber meets the road, and the estate plan comes into existence. Most often the plan includes one or more of a Will, a Living Trust, and beneficiary designations on life insurance policies, retirement plans, or financial accounts. Additional legal instruments
WISDOM & RUBIES BY FRED NORTON, JR.
Wisdom is better than rubies. —Proverbs 8:11
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BUSINESS & POLITICS
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