Estate planning is not simply about the transfer
of assets at death. At best, estate planning is also about providing maximum quality
of life for the estate planning client. All too often, estate planning attorneys
serving wealthy clients focus exclusively on preservation of wealth for succeeding
generations and on the reduction of gift and estate taxes. These goals are accomplished
essentially by giving assets away during life. Though wealth preservation and optimum
tax planning are critical elements of a good estate plan, leading estate planning
attorneys agree that the tax tail should not wag the dog. A plan that fosters the
client's comfort and peace of mind throughout the remainder of his or her lifetime
is the estate planner's ultimate goal. The plan itself should not implicitly pressure
the client to live monastically in order to preserve wealth for future generations.
Well-to-do clients may choose a lifestyle well below their means, but their choice
should not be swayed by the recommendations of the estate planning attorney. I believe
clients should be encouraged to live the lifestyle they have earned.This is not to say that living life to the fullest and preserving wealth for loved ones are mutually exclusive goals. A qualified estate planning attorney can suggest multiple strategies for achieving both objectives splendidly. The estate planning prize goes to the attorney who places the human element first, who understands that his or her job is to develop a plan that will minimize taxes but that will also provide for the client's maximum comfort, security, and happiness.
