In December 2019, I took the last final exam I will ever take to complete my Masters Degree in Estate Planning, Probate and Trust Administration at Golden Gate University’s School of Tax in San Francisco.
While it is always a fun intellectual activity to play with the tax and property law with tens of millions of imaginary dollars in play, this is not what a masters in estate planning means to me. Maintaining family harmony is at the core of what I do.
The clear message I received consistently at GGU is that everyone needs an estate plan. The less you have, the more at risk you may be of complete financial ruin and loss of control. This is in direct opposition to most estate planning symposiums which focus on tax deferral strategies with a deafening sub-text “ESTATE PLANNING IS FOR THE MEGA WEALTHY.” This message does not resonate with me.
My clients are middle-class people who are worried about what would happen to them if they could not take care of themselves, how their spouse would manage without them, and who would care for their children and loved ones should the worst happen, without inadvertently creating tax or other problems for their heirs.
Estate planning is perhaps more important for those who do not have substantial assets. A $750,000 family home falling into probate, a failure to obtain life insurance, or not having a durable power of attorney can have a devastating financial result for the average person.
If you think your assets do not qualify you for an estate plan, please contact me. Estate planning is rarely about what you have, and it is always about giving those you love and trust the authority and instruction they need to take care of you and your loved ones.