RGJ.com: “George Bernard Shaw said “Marriage is an alliance entered into by a man who can’t sleep with the window shut and a woman who can’t sleep with the window open.” Like marriage, estate planning takes work — optimism, contingency planning and adjusting.
I want to share some of the pitfalls I’ve experienced so that you avoid a head-on collision on your life journeys. They’re talking points with your family, business partners, tax experts, lawyers and financial advisors. And please think about estate planning as planning to live (not death) and preparing your heirs for your estate (not vice versa).
My No. 2 kid is trustee … I don’t get along with the others. The trustee holds an important position, wearing many hats and has a fiduciary standard of care. Duties include accounting, compliance, loyalty to beneficiaries, impartiality and prudence. Trustees may be able to hire professionals to help. However, the buck ultimately stops with the trustee. Name the “right” trustees to make those King Solomon decisions and see your well-intentioned plans become reality.”
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