FINANCIAL LIFE PLANNING

Mitch Anthony

Estate planning is about more than tax planning .

RETT WAS JUST A GREEN ATTORNEY , FRESH OUT OF LAW school when his father , a respected financial advisor , brought a client in to see him about an estate planning issue . His father , who was a master of understanding the emotional side of the business , brought this client to him in part as a learning experience . His father ’ s client was quite angry with a son ’ s behavior and character and wanted to write him out of the will .

Brett recalled how his father cringed when he informed the frustrated and angry client that while it was illegal to disinherit children in some countries , the United States was not one of them . He then reminded the client of the irrevocable nature of such a decision and went on to give a full explanation of legal options .

When he was finished , Brett ’ s father asked Brett if he wouldn ’ t mind leaving the conference room for a bit .

After the client finally left , his father gave Brett an invaluable object lesson on what really matters in legacy work — and it wasn ’ t the technical details , as important as they are . He told Brett that he simply asked his client , “ How do you want to be remembered ?” The question helped to unlock the client ’ s anger and confusion about what to do . He realized that no matter how badly his son had behaved , he didn ’ t want to be remembered as a father who rejected him , even from the grave . A more graceful compromise was found — his

He realized that no matter how badly his son had behaved , he didn ’ t want to be remembered as a father who rejected him , even from the grave . son was kept in the will , but with some “ spendthrift ” provisions included .

Because of the wisdom of Brett ’ s father , the client walked away with a plan for his estate and for his heart , which is at the very center of what estate planning was meant to be ( before tax planners took over the process )— a posthumous , material expression of the heart .

The contrast in this story was a young , educated professional trying to utilize his knowledge , and another man more seasoned in the art of human relationships sharing his experience and emotional insights . Brett took his father ’ s intuitive approach to heart and utilized these insights in his work as the field director of advanced sales for a major insurer , where he helped advisors help families leave a better-quality legacy .

Brett brings a unique perspective to the cases he touches . He finds that he still has to wrestle with the overly technical tendencies that many advisors use to approach estate planning . Many will tell him they “ just want the facts ,” and Brett will respond that these are the facts — the soft facts . In estate planning , no facts are more important .

His passion is to teach advisors and others working on estate planning the questions that don ’ t get asked but should . He laments that there is a monomaniacal emphasis on tax planning at the core of estate planning .

Brett ’ s point is well taken . Here again

18 | FINANCIAL ADVISOR MAGAZINE | SEPTEMBER 2023 WWW . FA-MAG . COM