Ten Planning Lessons From Barbara Bush
Matriarch Barbara Bush left this life the same way that she lived, with dignity and class. Her end-of-life planning was ample enough to provide clear instructions to direct those around her. Here are 10 takeaways for clients based on what we know about vigilant end-of-life plans:
- Understand Probate
- Probate can be timely, expensive, and anything that occurs in probate is public knowledge.
- Plan for Contingencies
- Always have a backup plan in estate documents, such as for when a trustee passes away before the estate author.
- Sentimental Value is Real
- Some personal items may mean more to a family member than their monetary value suggests.
- Define Palliative Care
- This type of medical assistance is specified for those with serious illness and focuses on comfort.
- Leave an Account Roadmap
- Attempt to consolidate unused accounts and list all of them in your estate plan.
- Remember Taxes
- Though the federal estate tax exemption has been doubled, soon many states may possess a much lower exemption.
- Beneficiary Planning
- Verify that every type of planning tool – 401k, IRA, insurance policy – has a documented and valid beneficiary.
- Revisit the Plan
- Life happens, and when it does, confirm that your estate documents are still in line with your wishes.
- Respect the Experts
- Sometimes the “fill-in-the-blank” wills can lead the best planner astray. Do not discount an expert’s advice.
- Everyone Can Plan
- You do not have to be rich to need a comprehensive estate plan nor to establish your legacy how you see fit.
See Caroline Feeney, Ten Planning Lessons From Barbara Bush, Wealth Management, May 17, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.