Posts tagged Values Based Planning
Value Based Planning and Unintended Consequences

This week I am attending the LDS Philanthropies National Planned Giving Council's annual seminar. We have heard quite a bit about value based planning and unintended consequences. The idea, as I understand it anyway, is to plan our estates in ways that incorporate our true values into the plan and the unintended consequences if we do not. If we believe in the importance of self reliance, why would we want to have an estate plan that creates a disincentive for our heirs to work? If we believe in helping the poor and the needy, does our plan reflect this value?

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My Trip to the Tetons – A Beneficiary of Charity

One of the definitions of “charitable” is: “full of love and generosity.” Philanthropy can be defined as: “The effort or inclination to increase the well-being of humankind.” I am a firm believer in the benefits of philanthropy and charitable giving, not just to society as a whole, but to the giver in particular. We are taught by Peter in the New Testament: “And above all things have fervent charity among yourselves; for charity shall cover a multitude of sins.” (King James Version, 1 Peter 4:8).

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What the ‘Oracle of Omaha’ has to say about Estate Planning: Warren Buffet’s Advice Applies to All

As is his custom at the 2013 Berkshire Hathaway Annual Meeting, Warren Buffett took questions from the audience. Normally, those questions revolve around Berkshire’s investments and the economy, but this year estate planning attorney Marvin Blum asked Mr. Buffett the following question: “I’m an estate planning lawyer, and it’s interesting as we wrap up today to ponder that the baby boomer generation is about to pass along the greatest transfer of wealth in history. I can design plans that eliminate estate tax and pass down great amounts of wealth to the next generation, but many of my clients come to me and say they want a plan like Warren Buffett’s, leaving their kids enough so they can do anything, but not so much that they can do nothing. Now they ask me, and I am asking you, ‘How much is that, and how do you keep from ruining your kids?’” Mr. Buffett’s answer as quoted in the Fort Worth Business Press was interesting.

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I'll Get to That . . .

I woke up last week to the news of the untimely death of a potential client. I say potential because though we talked a couple of times on the telephone and though there were a few appointments scheduled, cancelled and rescheduled we never actually met. I only know what he looked like from his picture in the obituary section. I wish I could say this was the first time that this has happened. Unfortunately, it is all too common. I am hopeful that for him and his family other things, like life insurance, didn't also fall into the category of "I'll get to that."

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Values Based Planning

In estate planning, we often speak of values based planning. For me this phrase really brings to mind two distinct ideas. The first is using your estate planning as a platform to share your values in writing with your loved ones. This can be done in several ways, including the preparation of a value statement. A value statement is a written statement included in or with your planning, where you share life lessons, beliefs or philosophies. It is one last teaching moment. I believe such a statement can inspire your children and grandchildren and become a treasured family heirloom.

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