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TURNER'S THREE LAWS OF ESTATE PLANNING
by George M. Turner, M.S. , J.D.
After forty years of practicing law in the area of estate planning, a number of laws have become very apparent.
As an introduction in lecturing, the laws bring a certain amount of humor to the audience and it is in consistent agreement that all have had the same experience.
TURNER'S FIRST LAW
In Probate, expenses expand to consume the money available.
TURNER'S SECOND LAW
The level of avarice of children rises to its highest level upon the death of a parent. This Second Law has a corollary to it; which is the acrimony among siblings increases geometrically to the length of time it takes to close and distribute an estate.
TURNER'S THIRD LAW
Maximization for employment of attorneys and accountants in estate planning
increases proportionately to the number of days Congress is in session each
year.
Although the three laws have some humor, the problems described are very real. Recognition of these realities will assist in analysis and developing the best techniques to help your family maximize savings and harmony. It is suggested that those who keep these three laws in mind, as it applies to estate planning, will have an easier time dealing with some of the realities of family life.
The problems are particularly real in the Second Law. On only three occasions, in a long career, was there total unity within a family with the death of a parent. Sometimes it is the children themselves. More often, it is brought about by the spouses of children and the grandchildren.
What these suggest is that the most efficient way to do estate planning is that which takes the least amount of time, avoids the probate court, and stays current on keeping documents updated in accordance with the then existing law.
The next edition next month on this subject will explore the specifics of what kinds of documents and arrangements should be considered by everyone.
Remember - Estate Planning is a process - Not an event!
For comments or questions please e-mail: gmt9235@yahoo.com
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