Mark Wayne Breneman

Changing the Focus of Estate and Disability Planning

Traditional estate and disability planning have centered on tax avoidance, asset protection and transfer of assets to subsequent generations. While these remain important issues for families, given the changes in transfer tax laws and effective use of trusts, few families actually have to deal with significant taxes after death. Wealth does not guarantee dignity or quality of life. Simply drawing up documents that deal only with issues surrounding wealth may not be adequate until fiduciaries who are called upon to administer these documents are educated about applying administration and principles which add to the quality of life for those impacted by them.

Our office engages in a three step process to complete a client’s estate and/or disability plan. First, we conduct a thorough interview to explore all possible legal alternatives that allow implementation of a client’s wishes. Second, we have the client execute documents necessary to accomplish the wishes and goals. Third, we invite all parties who will serve as fiduciaries and the client to discuss the various roles each will play and their responsibilities when the time comes to take necessary action. What we won’t do is hand the client a sheaf of executed documents, shake their hands and wish them luck as we walk them out the door.

Your planning is as much about your quality-of-life issues as it is about making sure your beneficiaries and family members will not have to suffer through either the court system or a bureaucracy because they lack proper legal authority.