PLEASE READ CAREFULLY
Estate planning attorneys, accountants and other wealth industry professionals, though most good at their specialty, have a tendency to only address what we categorize as the “business side” of estate planning for their clients. Unfortunately for the client, the scope of that approach is much too narrow.
While the business of high net worth is often the most important for the owner, there are four other areas for estate maximization that also exist. Know that all five of the dimensions (especially 1-4) must be addressed before you, and those you care about, can feel secure and safe.
Here’s the big picture…
It’s the business of many, including Kubler Financial, to position and mitigate your assets from the teeth of the U.S. Federal 40% estate tax rate, to design thoughtful, effective wills and trusts, deliver and administer creative uses of life insurance and premium financing, help with beneficiary decision-making, arrange for lawful gifting tax exemptions, deliver other estate transfer vehicles and arrangements, and more…
But estate strategy development should not end there. When it does, which is often, the byproduct is extraordinary levels of vulnerability for the estate owner, the owner’s family, and the assets themselves. If your strategy doesn’t consider each of the five dimensions (especially 1-4), then you’re probably executing a sure-to-fail estate strategy.
It’s far from complicated, but lack of attention to the big picture causes catastrophic outcomes. It’s why most estate plans fail. If there’s one thing more important than the money, the assets and affluence itself, it’s understanding and adjusting for the array of wide-ranging effects that wealth creates.
As fervent as you are about managing and defending the measurable worth of your assets, it should also be high on your list to maximize the overall effects of your wealth. Collectively, this is how The Five Dimensions For Estate Maximization cures problems and accomplishes desired results. Certainly there is no discussion without the wealth, but the reality is that the effects and consequences of it, if not properly accounted for, will likely produce disastrous aftermaths.
Google: “estate plan disaster” for examples of common tragedies.
All different, yet extremely costly estate plan problems that would’ve been relatively easy to avert if properly handled prior to the owner’s passing. The list of lost legacies is long – some associated with household names, but most are not – and continues to grow unnecessarily.
It is my personal desire, and the mission of the Kubler Financial team, to make people aware that costly omissions likely exist in their current plan and deliver the strategy that enables you to direct and transition your assets in the most flawless way possible; to create successful family missions of wealth stewardship and a legacy of well-being for at least two generations after you, and longer if you desire.
Our clients receive the benefits of our knowledge and wisdom for each of the five dimensions for estate maximization. I am 100% confident that you too will gain from reviewing and committing to each of these.
These are “The Five Dimensions For Estate Maximization”:
1) The ‘Business’ Side
Origination and implementation of a solid strategy for your estate that protects and increases the bottom line net worth of your collective holdings; so your accumulated assets, one day to be passed on to your family, other heirs, to trusts, charity or various combinations, reflects the absolute largest valuation possible. It includes anticipation and preparation for what happens after the wealth owner passes with regards to estate taxes, avoiding probate and other unnecessary legal expenses, wills, trusts, insurance, working with the IRS, etc.
2) Human Being & Emotional Elements
Often the most disastrous of all, this is an area where unintended, but emotionally severe consequences are widespread. Understanding, empathizing with and addressing your family’s dynamics and individuals regarding mindsets about affluence, feelings, levels of control, relationships with each other, the sibling rivalries, keeping the family together and alleviating the potential for personal suffering, agony, depression, other forms of devastation and even abandonment by members due to an estate plan’s lack of forethought. People themselves, their personalities, characters and value systems (low levels of integrity, loyalty, honesty, etc.) are a large cause for complications. Poorly thought-out estate plans provoke incredible levels of emotional suffering. An ability for you to anticipate this dimension as a future problem area is key.
3) Preparing Family Members & Other Heirs
The readiness level of family heirs determines much regarding the future of the estate and the fabric of the family itself. Has the long term mission with key players truly understanding what’s ahead, with roles defined and a strategy developed to accommodate it been developed and currently in progress? Is that important to you? To keep it in the family with members who have the aptitude and are prepared to properly manage it all when the time comes?
4) Wealth Succession – ‘Keep It In The Family’
Long-term succession success can occur when most members share the values and attitudes that correspond with ambitions for that. Families must employ sound communications, espouse financial literacy and positive mindset development about money within and throughout the family, inheritance and prudent decision making skills regarding wealth transitions. Do you want your grandchildren to receive some of the fruits from your life’s great work? Is developing that kind of a legacy of important for you?
5) Philanthropic Desires
Philanthropy is the most discretionary of the five dimensions, but most of our clients have discovered great satisfactions associated with giving to charitable causes. Almost all donate or have created family foundations and have developed strong personal relationships between wealth, family, philanthropy and spirituality. In addition to being pleasurable and empowering, it also helps reinforce and remind givers that money usually carries its burden with it and can harm or unsettle the recipient if given without the right amount of caution.
Why is this important to you?
The estate planning industry is failing its clients, and has been since its invention. It’s a global crisis, but not because of what you might think. The industry’s failure isn’t due to rampant incompetence or ill repute, but is due to the professionals taking a much too narrow view of matters. Naturally, this allows for oversights and omissions. Certainly, there are complexities associated within each of the five dimensions, but details don’t create the quandary. Lack of consideration of all of the critical elements is the problem!
The information on this page is important so you don’t become part of the:
• 70% of the wealthy who’s estates transitions fail; meaning involuntary loss of assets. The so-called plan comes unglued, then collapses.
• Or of the 70% of the high net worth families, whose money is entirely spent, or lost otherwise, before the end of the second generation.
• Which by the end of the third generation, 90% of families no longer have their wealth.
A dismal 10% success rate.
I encourage you to think about the information contained on this page and how it relates to your own situation. The statistics mentioned above are real and have confounded the estate planning industry forever.
Please use the ‘Five Dimensions For Estate Maximization‘ as a checklist and a guide, then ask yourself if any or all of them are being overlooked in your estate plan and overall family strategy.
Treat the few moments it takes to review this page as an important time for yourself. I would suggest that you read it more than once. Know that after you have adequately addressed each of the five dimensions, then you can feel safe that your estate is truly maximized.
I’m easy to reach and look forward to sharing more about estate maximization with you.
Keep it in your family…
Jon Kubler, President
448 S. Hill St., Ste. 801
Los Angeles, CA 90013
P.S. It’s a statistical and historically proven fact that seventy percent (70%) of all estate transitions lose control of assets, and by the end of the third generation, 90% of families no longer have their wealth.
There is no good reason to be a member of these groups!