Legacy Course Review: Article #2
Start Strong
Source: Apartment News Magazine
By Timothy Gorman
Real Estate Broker/CPA/Entrepreneur
On September 12th, a new era began. Now in my second year as a successor trustee, I have fully embraced the work involved in planning for a legacy. After journaling my experiences for this magazine, writing a book, and speaking at various events, this has all culminated in a new ten-week class series.
The inaugural class brings together a group of motivated participants eager to learn how to secure not just their estates, but their legacies. This class is structured like a college-level course, with participants committed to putting in the effort to achieve meaningful results. Attendees are encouraged to read the material beforehand, engage in discussions, use the provided tools, and ask questions. The most crucial aspect is the commitment to communicate their wishes and plans with at least their executor or successor trustee. Even better would be initiating a dialogue with the entire family. Being honest with yourself and your loved ones significantly increases the chances of success.
What to Expect from the Course
- Interactive & Practical: Expect engaging presentations, Q&A sessions, and tools you can apply immediately.
- Big Picture & Key Insights: We’ll cover a broad range of topics while diving deep into common mistakes and overlooked details.
- Outcome-Focused: Participants will leave with a solid framework for their estate plans and actionable steps for themselves and their advisors.
Part of the joy of this first class is the opportunity to learn from the participants themselves. The group includes property owners, heirs, past trustees, executors, and industry professionals, creating a wealth of knowledge and experience. Staying open to learning from real-life examples while providing key insights is essential. While there are course materials, instructors are encouraged to dive deeper into areas of personal or class interest. New trends and current events will take precedence over basic history lessons, ensuring the experience is dynamic and engaging.
In the weeks leading up to the class, I reviewed all the materials, tools, and information needed, which led to a valuable realization: everything we learn and accomplish means little if we can’t easily access and utilize the results! After working with attorneys, we often end up with lengthy and complex documents written in legal jargon. It can be hard to determine if everything we wanted is actually included—and if it is, whether it’s written correctly.
The solution? A simple tool to document all your wishes in plain language. This tool can be updated as needed and shared with key professionals—attorneys, CPAs, caregivers, executors, and family. Your information will be stored securely and accessible whenever necessary. We’ll be using and refining this innovative tool throughout the next ten weeks.
This series will follow the classes in order, highlighting key insights from professionals and participants alike. Week one focuses on introductions and foundations: the five steps to planning, the difference between estate and legacy planning, avoiding key mistakes, and learning important concepts and goals. At its core, estate planning encompasses an understanding of wills, trusts, durable power of attorney for finances, and healthcare directives. It’s also important to grasp what probate is, but the key takeaway is knowing how to avoid it!
The Five Steps to Estate Planning
- Get Ready & Get Organized: Explore various planning resources to understand the fundamentals. Reflect on your legacy, goals, and wishes. Document them and discuss them with your spouse and family. Organize all necessary information, including contacts and financial documents.
- Assemble Your Team: Engage with multiple estate attorneys and other professionals (tax, financial, real estate, etc.) to find the right fit for your needs.
- Partner with Attorneys and Others: Collaborate with your estate attorney to craft a plan that accurately reflects your wishes. Keep your other professionals in the loop.
- Communicate Your Plan: Discuss your estate plan with your family and planning team to ensure clarity and avoid future conflicts.
- Update as Needed: Regularly review and adjust your plan in response to life changes or shifts in your goals. The class is organized around these principles.
Lastly, we will explore what happens when things go wrong, highlighting the top ten estate planning mistakes to avoid:
- Failing to plan
- Planning for an “estate” vs. a “legacy”
- Not understanding the basics of planning
- Failing to avoid probate
- Choosing the wrong advisors
- Choosing the wrong executor
- Failing to reassess your executor
- Not considering a philanthropic advisor
- Failing to make changes after “trigger events”
- Failing to communicate your plan
In the next article, we’ll cover Week 2: Getting Organized. We’ll discuss how to gather and arrange your information effectively, with a guest speaker from the cybersecurity industry to talk about securing your data. We’ll also explore traditional methods of storing information in a secure physical location.