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Emotional Inheritance: How Many Estate Planners Go Wrong
By Frank Cseke of The Offices of Frank A. Cseke
The typical estate plan has come to include - though not always - a will, living will, powers of attorney, trusts, guardianship designations, letter of intent, and beneficiary designations. Unfortunately, over half, or an estimated 54% of Americans, do not have a will. So as not to berate the work of estate planning professionals, many of those in this business, nevertheless, focus little at all on what are referred to as "emotional inheritances." Some, although they are very acute to the notion of legacy building, frame estate planning in terms of wealth transfer, tax avoidance, and divestment of assets. On the other hand, a number of estate planners review the client's emotional legacy and/or inheritance in making a comprehensive plan. An "emotional inheritance" is essentially the passing on of values, traditions, cuture, and heritage to one's heirs. The will, in effect, can be a 'tapestry' of the family lineage and depiction of its ways signifying the testator's "passing of the torch." There is another dimension to making an emotional inheritance. Imagine when you are gone what people what will be saying about you at the funeral. What would you like to see them doing and saying. An "emotional inheritance" can set the tone. Think of this aspect as preservation of things that make family enjoyable and enduring, the best of nostalgia. Oftentimes, when family comes together after a death are they likely to reminisce; yet, there is no telling what can be missed in their commiseration. The preoccupation with the basic fundamentals of planning have to some extent overlooked "emotional inheritances." The making of a will with regard to "who gets what" and the fashion of burial, minimizing costs, taxes, administration and probate, determining the fate of tangibles, etc. may leave much to be lost that truly is 'priceless' and most important to one's legacy. For what else is a legacy if not those things that money cannot buy? Certainly, leaving behind wealth and assets to the people or organizations of our choice matters, without question. However, despite this necessity basic planning seems remiss of the "stuff" that makes us, in a large part, who we are: namely, our family and heritage. Invariably, family identity is very important to many and they wish for it to be recognized by the next generation. Whether young or old, those with plenty or little, we face a point when our 'last testament' - our 'will' - is going to be considered. Some chose to do nothing, and thus their legacy remains understood by the actions taken by their descendants. But for those seeking to assemble a lasting legacy, an attorney can be a useful guide in the process. Prior to meeting, it is a good idea to pull out the old photo albums, scrap books, memorabilia, keepsakes, and give particular thought to all those things that make one's "emotional inheritance" and what needs to be stated. By doing so you may take some notes. These will significantly aid your attorney, and hopefully make for better, more meaningful, legacy building. For answers to your questions you may contact: Frank A. Cseke Attorney at Law 2120 Timber Creek Drive, C-2 Fort Collins, CO 80528 Office: 970.219.9978 Fax: 970.631.8897 email: http://estateplanner.page.tl/Contact.htm
[Circular 230 Disclosure: pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained on this website, including links, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein. The information on this site is for information only. It is not intended to offer legal advice of any kind. This website does not establish the attorney-client relationship. Should you have any questions regarding legal matters you should contact an attorney.]
Frank A. Cseke is a Fort Collins, Colorado-based attorney whose practice is focused on the areas of Estate Planning (Wills and Trusts), Business Law, VA and Governments Benefits Assistance. He serves as President of the Northern Rocky Mountain Chapter of the Society of Financial Services Professionals. Before setting out on his own, Frank practiced civil litigation and criminal defense for two Northern Colorado law offices, where in his general practice work he grew his passion for Estate Planning and Elder Law. Moreover, he has taken on an emphasis in Veterans and Special Needs trusts. Frank received his J.D. from the University of Colorado, School of Law (Boulder), in 2004, where he also worked as a student associate for LexisNexis, Inc. Prior to attending law school, Frank gained experience as an entrepreneur and LLC manager, and later as General Counsel, with 4 Guys Investments, LLC of Fort Collins. Frank obtained his undergraduate degree (a B.A. in Political Science with High Honors) from Franklin Pierce University (Rindge, NE) in 1999, where he was a member of Alpha Chi, Phi Alpha Theta, and Sigma Tao Delta. Frank, who grew up in Fort Collins, Colorado, now lives there with his wife, Daffney, and his son, Matthew, and step-son, Austin. "We are here to add what we can to life, not to get what we can from life." -William Osler
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http://www.longtermcarelink.net/listingprofiles/1415-Frank-Cseke-CO.htm
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Thank you for this well written intel, Frank.
I've heard that some people put the names of the benefactors on each of their personal possessions, so that the right person gets the item.
Keep up the good work.
Frederick
Hi Frank -
Great intel. After years of prompting, my Mother finally wrote her will. I'm happy because she had several specific requests she wanted me to fulfill that would have been contested by other relatives. We've talked about her wishes over the years, and I've always followed up the conversation by...you'd better put that in your will. Now she has.
CONTRIBUTOR'S REPLY
Thank you for your comment! All the best to you and your mother. Frank
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