When you think of an Estate Plan you probably envision a Vanderbilt sipping tea in their garden as their entitled grandchildren conspire in the shadows. I’ll grant you, generation skipping trusts and burying a relative at your country manor for tax purposes may not be in the cards for you. Higher levels of wealth complicate estate plans. But you still have means to distribute. Estate planning is less about managing your money and more about managing your relationships. You matter and the people you leave behind matter. Estate planning isn’t just about leaving well, it’s about living well.
Dementia and Alzheimer's means that you may leave before you die. Unfortunately, I’m reminded of this when clients call and let me know of a spouse who no longer remembers their children. I’ll never forget when My uncle Irv visited from Arkansas. We went to a pizza joint and he stood up to address the dozen relatives in the room. “I’ve been told I’ve got the early signs of dementia, so I came here to tell you all I love you and to say goodbye while I’ve still got some sense.” I had no idea. None of us did.
In my opinion, the most powerful document of the estate plan is the powers document. This can be called a different things in different states and can be one or two different documents. But the idea is that if your incapacitated, you can give someone you trust the ability to take care of your healthcare and your finances. Without these powers documents, your doctor and your banker and your financial planner are at a loss. Try as they might, your family members are powerless.
If you'd like to learn more let's book a call. I don't practice law but I help my clients implement their plan. I'd be happy to introduce you to several people who do estate planning or my clients.
I enjoy managing people’s money so that they can live well. I’ve been doing this long enough that I’ve lived well vicariously through my client’s Viking cruises and 50 year high school reunions. I’ve also had clients shuffle off this mortal coil. When your affairs are in order you sail into the sunset knowing you did the best you could for the best relationships in your life. You live well and you leave well.