TWO VERY DIFFERENT PLANS, TWO VERY DIFFERENT OUTCOMES
I had two acquaintances. The first one was a man of humble means. He was married with two children. He died in a car accident on the way to work one morning. It was devastating to his family. However, as a result of his planning ahead, he has a very complete Estate Plan that provided for and protected his family. It is now 11 years later. His wife and children have been able to stay in their home and his children have been able to stay in the same private school. All because he planned ahead to take care of his family if the unthinkable happened.
The second man was very successful. He started a company that was worth over $10,000,000. One Saturday he went out on his boat. When he did not come home that night, the Coast Guard went looking for his boat. They found his boat, they did not find him. This man did not plan for his family or for the succession of his business. While his wife was grieving, a friend of his offered to run the business. Over the next year, he took all the money out of the business and ran it into the ground. As a result of his failure to plan, his wife and children were left with nothing and had to figure it out on their own.
I have a friend. He is married with 4 children. I have told him these stories. He still refuses to plan.
I have another friend. He is 54 years old. On Saturday, he and his wife were out for a training ride as they prepared for their next triathlon. During the ride, he had a heart attack and died. We never know when it will happen.
I know that no one wants to think about or pay for an Estate Plan.
Please, either come to see me or another Estate Planning attorney and create your plan. Do not let it be too late.