The Oracle of Omaha on Estate Planning – Part 2 Last month, I referenced recent comments by billionaire Warren Buffett about his personal estate plan. I agree with Buffett that we should disclose the key elements of the plan to our adult children during our lifetime in summary fashion, without necessarily delving into the details—that […]
Here is an engaging question for your next dinner party: If you knew with certainty the date of your death, would you die with nothing left? In his book, “Die With Zero,” author Bill Perkins makes a case for maximizing personal life experiences, even at the cost of optimizing one’s financial net worth. Perkins argues […]
“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people.” So remarked Yvon Chouinard, the founder of outdoor clothing company Patagonia, as he announced his remarkably unique estate plan. Rather than take a more conventional approach of either selling his Patagonia […]
“We love our kids equally by treating each of them uniquely.” One of the numerous estate planning implications of the COVID-19 pandemic is the significant increase in mental health challenges and drug and alcohol addiction issues experienced by the adult children of our clients. The WHO reported a 25% increase in anxiety and mental health […]
While recently helping my third-grade daughter with her math assignments, I had to “google” the exact definition of a “prime number.” If your memory is better than mine, you will recall that a prime number is any number that cannot be made by multiplying two other whole numbers. Just as prime numbers cannot be divided […]
As of July 1, 2021, we are now “open for business” in our new office location in Bell Plaza, located in Bloomington on the southeast corner of France Ave. and 494. If you have not already done so, please update your contact information for us to the following mailing address: 3800 American Blvd. West Suite […]
In his best-selling book, “How Will You Measure Your Life,” Clay Christensen writes, “Companies focus too much on what they want to sell their customers, rather than what those customers really need.” According to Christiansen, successful companies are able to first determine what problems their customers are trying to solve, and then provide a product […]
How will you like to be remembered? What will be the defining element of your legacy? Since his death, George Floyd’s name has become synonymous with a global call to address systemic racism. Millions of people around the world have spoken out and marched in an effort to address systematic racism. At a personal level, […]
A family legacy letter, also known as an “Ethical Will,” is a non-legal document that provides surviving family members with one’s wishes and directions for leaving behind a relational, spiritual, and family legacy. While it is critically important to have one’s legal and financial affairs in order, creating a legal estate plan is only one […]
A donor advised fund (“DAF”) is a charitable planning vehicle that is established through and administered by a public charity. While the assets contributed to a DAF are legally owned by the public charity, the charity generally administers the contributed assets in accordance with an agreement established between the donor and the public charity. When […]