The Nine Suggestions

A long time ago, a guy who may have looked a lot like Mel Brooks descended from a mountain.  He had two tablets (or was it three?) containing 10 commandments.  Because I don’t have the authority to command how folks behave, perhaps these nine suggestions are about as far as my counsel may extend.

1. THOU SHALL think about updating your estate plan more often than every decade.  Things change.  The world is complex, planning is complex, and providing for those you love is critically important.
2. THOU SHALL analyze how you leave wealth to your loved ones – and how much.  More is not always better.  Just because your daughter may be a brilliant physicist, that does not make her a brilliant wealth manager.  Your thoughtful plan should protect your loved ones from others – and themselves.
3. THOU SHALL be more careful when titling your assets.  So few new clients own their assets correctly, but almost all think they do.  If the devil is in the details, be diligent and take the time to properly title your assets – and keep them that way.
4. THOU SHALL be more generous during your lifetime.  We’ve seen countless clients amass great fortunes.  They deny themselves the joy of sharing their blessings with others.  All too often, the surviving spouse ends up enjoying all the fun of philanthropy.  "If you’ve been blessed, be a blessing."
5. THOU SHALL hug more.  My high school football coach used to implore us to "Hit somebody!"  Having hopefully calmed down by now, he’d urge you to "Hug somebody!"  That hug could be the last time you see them, or they see you.
6. THOU SHALL avoid emphasizing logic in trying to understand estate planning or the law.  Laws in general, and tax laws in particular, are not always logical.  Action based upon what you think is the law may get you into trouble.
7. THOU SHALL review your liability insurance.  Most folks have too little or no protection, and sometimes they’ve outgrown their carrier.
8. THOU SHALL think more often of yourself, your family, your health, and your wealth.  Consider actively deploying the team approach to protect what’s most important to you.  The team is usually comprised of your attorney, financial advisor, insurance expert, and CPA.  Select a team leader, and recognize that even the team leader needs the team.
9. THOU SHALL be more humble and kind.  Make somebody’s day a bit brighter and warmer simply because your paths crossed.

Thank you for letting me play a small part in your life.