By Raymond Nash
Planning Gaps
Good Intentions Aren’t Enough
Legacy planning conversations aren't always easy, but they are some of the most important discussions to have. While families may live miles apart throughout the year, the holidays often bring everyone together. Beyond celebrating traditions and making memories, it's also an ideal opportunity to discuss a family's long-term financial future. Identifying planning gaps now, long before the holidays, can help ensure everyone is prepared to review key decisions when gathered together, giving a family greater clarity and confidence for generations to come.
Sometimes, estate planning starts with the best intentions but is never completed. Circumstances change, decisions are deferred, family members need to be consulted, or uncertainty about the next step causes the process to stall. When planning is left unfinished, it often remains that way until a triggering event occurs, when there may be little time or opportunity to correct it.
Without a comprehensive estate plan, an estate may be subject to intestate succession, leaving important decisions in the hands of the courts rather than the family. This can result in unintended beneficiaries, reduced inheritance, unnecessary delays, and a loss of control over how and when wealth is transferred. Properly drafted and coordinated estate planning documents can help ensure assets are distributed according to the family's wishes.
For blended families, the importance of ongoing planning is even greater. Changes in marriages, divorces, births, deaths, relationships, and financial circumstances can significantly affect how wealth should be transferred. An outdated or incomplete plan can unintentionally exclude individuals who were once, or are now, central to the family's financial future.
Estate planning should not be viewed as a one-time event. It is an ongoing process that should evolve as families, assets, laws, and objectives change. An annual review of the estate plan can turn a stagnant plan into an actionable strategy. It provides an opportunity to address planning gaps and make the necessary adjustments before circumstances force the issue.
Available on our website (and linked below) is a comprehensive workbook we prepared to help families and their advisors conduct a review of their life insurance portfolio. Used as part of an annual planning review, the workbook can help identify outdated coverage, beneficiary issues, ownership concerns, and other opportunities for course correction. Don't wait for a life event to reveal a planning gap; review estate planning today while there is still time and flexibility to make meaningful improvements. A legacy deserves a plan that keeps pace with life. Let’s make sure it is on track.
We welcome any questions or opportunities to assist you or your clients in achieving identified goals. We take pride in serving a select number of families, businesses, and charitable institutions each year, and we look forward to hearing from you.