Goal-Oriented Planning
Determining What Matters Most
What are your estate planning goals? Many clients don’t have an answer to that question. In this blog post, Craig Hersch discusses which goals matter most. Read his full thoughts at FloridaEstatePlanning.com/goal-oriented-planning . I begin client conversations with a simple question: “What’s your estate planning goal?” Clever clients often respond, “I want to spend my last dollar on my last day of life!” Others will say, “I don’t know, I just want to divide my assets equally among my children,” while many assert, “I want to minimize taxes.” None are true goals. They ignore the human elements involved with losing a family matriarch or patriarch and your hopes regarding how successive generations will use the wealth you worked so hard to accumulate. Discussing one’s demise isn’t anyone’s favorite topic, so I ask more detailed queries about the client’s values, hopes, and worries that will lead to goal-making. Are you concerned that your survivor will remarry and direct inheritance away from your children and grandchildren? Is family harmony important to you? Would you like to protect the inheritance you’re leaving your children from a divorcing spouse, creditors, or predators? Are you concerned that the inheritance you leave behind will inhibit your loved one’s drive and ambitions? The answers to these questions and others help us create a goal-oriented estate plan.
All goals change over time as you mature and as your family ages. My children are in their 20s, just beginning their adult lives. My goals for them now will likely change as they have families and careers of their own and even approach middle age.
Hopefully, my wife and I will be around to witness their maturation, and that’s why a good estate plan isn’t static. An estate plan should be reviewed often to determine whether it reflects your loved one’s current situation. Note that I haven’t said one word about taxes yet. Taxes are vitally important, but an estate plan shouldn’t let the tax tail wag the dog. The problem with most estate planning practitioners is that they’re technicians. Their first thoughts center on technical aspects such as taxes and strategies. I believe that’s why many clients first focus on the technical. That’s how their attorneys have guided them. My philosophy is to determine
the clients’ goals, review the types of assets they own, and only then suggest strategies that may minimize their tax burdens.
Irish Pancakes
Start your March mornings off with a seasonal flair by making these traditional Irish pancakes! Thick yet crispy, these pancakes are a sweet way to fuel your day.
TAKE A BREAK!
INGREDIENTS
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2 cups all-purpose flour 1/2 tsp baking soda
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1 large egg, beaten 1 cup buttermilk
1/2 tsp kosher salt 1 tbsp white sugar
2 tbsp unsalted butter, divided
DIRECTIONS 1. In a bowl, sift the dry ingredients together. Set aside. 2. In a skillet, brown 1 tbsp of butter.
3. In a separate bowl, mix the beaten egg, buttermilk, and browned butter. 4. In a constant stream, add the wet mixture to the dry ingredients while stirring. Do not over beat! 5. Heat a skillet over medium-low heat. Add 1 tbsp of butter, stir until the skillet is coated, and then add a few large dollops of batter (about 3 inches wide) to the pan. Do not overcrowd. 6. Cook 4–5 minutes a side, until golden brown and cooked through. Serve with butter, jam, and syrup. (239) 265-9779
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