Estate Planning: It’s Not About The Money

It’s an all-too-common misconception that smart estate planning is all about avoiding the estate tax.

And, if that were the case, only the very wealthy would be affected by it — since only those with estates over $5.45M in value aren’t exempt.

You may fall into that category, but even if you DON’T (and also if you do), you should be considering the following questions as a family. You see, regardless of whatever funds will or will not be affected by this exemption, you should focus your attention on what you are really trying to accomplish with how you pass along your assets.

And this is the best question to ask:

What are your values and goals? In other words, “How do you want your success to affect your children and grandchildren?”

Every family has a different answer to that question, and it’s an extremely important — foundational — component of how we work with our trucking families, even in tax planning and preparation.

You see, some planning only takes “money” into consideration. And while that’s certainly an important item to consider, the money is really only there to create a specific destiny, and a style-of-life that you’d want to see carried into successive generations.

And it doesn’t require a lot of “it” [money] for you to be able to pass along your most precious values.

I often urge my clients and friends to actually take the time to consider the question above, because it may seem obvious on its face … but your answers (upon a longer consideration) will often surprise you.

And we’re here to provide any kind of support along the way that you might require. We’re pretty practiced in helping trucking families cut through the clutter of financial statements — and finding the hidden gems of core values and relationships.

And THOSE are the only things that really do last forever.

Let’s talk more, if you want to explore these issues. Because regardless of estate tax thresholds and legislations, walking without the right kind of plan can create an even worse mess when the time comes — and I’m not referring to anything about money.