Another troubling issue is the widely held perception that members
of the younger generation today are not as respectful of their parents, and are
concerned only about themselves. Once children reach adulthood, it is difficult
to change these characteristics, and other strategies should be considered. For
example, I recommend to my clients that they discuss their plan with all of
their legatees. This lets parents explain in their own words why they are
undertaking the particular plan that they have decided upon, and helps show
their children that they understand what they are doing and that no one has
unduly influenced them. Although it is a difficult subject for many clients to
openly discuss, I am a strong proponent of the idea that full disclosure can
mitigate any problems that may arise when children feel that there has been
unjust treatment. Todd M. Villarrubia, Blue Williams, Metairie, La.
Ensuring that heirs have more
meaningful values than the celebrities whose meltdowns dominate the tabloids is
the most important estate planning goal. But "How much is too much to bequeath?"
is the wrong question. Estate planning is not merely about the transmission of
wealth, but about the transmission of values.  | "ESTATE PLANNING is not merely about the transmission of wealth, but about the transmission of values." --Martin M.
Shenkman |
My clients Joyce and Arthur have long been pillars in their
community. It is almost a challenge to find a charitable cause they haven’t
helped. Their plan is to divide their estate equally among what they refer to
as "our four children": their three sons and char-ity. They have never
sought to limit what they would bequeath to their children. They have tried
to live as examples of the values and warmth they hope their heirs will embody.
The care and love their children have shown them corroborate the success of
their approach.Similarly, an elderly couple wanted to divide assets among their
three children. The wrinkle was that one son, Sam, was a priest who had taken a
Carmelite vow of poverty. Concerned about ensuring Sam’s security in
retirement, his mother had a trust crafted to avoid violating her son’s vow of
poverty while protecting his future. The love and respect embodied in the
mother’s wishes provide a legacy of beauty and values for her son that
demonstrates the best of what estate planning is about. Learning from clients like these, and following in my own parents’
example, I have endowed charitable gifts to several charities using life
insurance. This enables me to demonstrate—currently, not only later in my
will—to my sons the importance of charitable giving. Twenty-five years of learning from clients has repeatedly demonstrated that the correct question in estate planning is not "How much is
too much?" but rather "How can I set an example and provide a mechanism to guide
my heirs to the right choices?" Carefully crafted trusts—with trustees who
understand values, not just money—and the use of private foundations, charitable
lead trusts and similar techniques help. But the most vital ingredients are
living as a positive example and giving unconditional love. Martin M. Shenkman, Martin M. Shenkman P.C., Paramus, N.J.
Does your personal lawyer know the latest hands-on
approaches to philanthropy? Is that person up on current tax-reform ideas, or
familiar with the most sophisticated estate planning tools? If you are about to
get married—or considering divorce—does your attorney know about the special
challenges faced by affluent clients?
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