Men don’t need to ask for directions — we’re never lost.
Men don’t need to see the doctor — it’s just a scratch.
Men don’t need a Will — we’re immortal.
…Or so we tell ourselves.
As I’ve grown older, I’ve reconsidered some of these so-called “maxims of manhood.” Experience has taught me that men are not immortal, and that strength — physical, mental, and financial — does not last forever. That is why our firm offers direction when it comes to estate planning. The only question is: Will you take that direction now, or wait until it’s too late?
What Happens Without a Plan
Here are a few real-life examples of how poor estate planning — or no planning — can go wrong:
The Disappointed Doctor: A successful physician had ten children. Nine were responsible, loving, and supportive. Unfortunately, the Doctor entrusted his power of attorney to the tenth — who had a gambling addiction — and his million-dollar estate vanished.
The Scammed Businessman: Once a savvy entrepreneur, the Businessman appeared in court to argue that a $150,000 gain in the stock market proved his financial competence — even though he had been losing $50,000 a year to scams.
The Pension that Went to the Wrong Wife: The Pensioner failed to update his beneficiary designations. As a result, his ex-wife received his lifetime pension, instead of his second wife, to whom he’d been married to for the last 25 years.
What Every Man Needs to Know
When men come to our office, they usually begin by telling us about the people they love and the assets they’ve worked hard to build over a lifetime. Then, they ask us to create an estate plan to protect it all. Here’s what we tell them — plainly and directly:
Plan While You’re Able: If you ever become unable to make decisions about your health or finances, someone will need legal authority to act for you. You’ll need both an Advance Directive for Healthcare and a Durable Power of Attorney.
Leave a Plan, Not Confusion: A Will allows you to name an Executor, who will be the person that carries out your wishes. Remember: “He who dies without a Will dies in the hands of strangers.”
Trusts Aren’t Just for “Trust Fund Babies”
Trusts are powerful tools for:
1. Minor children
2. Children with special needs
3. Protecting inheritance from divorce or creditors
4. Asset protection and control
Assets Pass in Three Ways
1. Beneficiary designations
2. Joint ownership
3. Estate planning documents
Your written estate plan only works if the assets are properly titled and aligned with it.
Other Estate Planning Considerations
Don’t Forget the Business: Your business is a valuable asset. A succession plan is critical to preserve and monetize it for your loved ones.
Protect High-Value Estates: If your estate is worth more than $1 million, you should consider an asset protection trust to shield your beneficiaries from lawsuits, divorce, and creditors.
Minimize the Tax Hit: A good plan should reduce estate taxes, inheritance taxes, and income taxes wherever possible.
Time Is Limited. Plan Accordingly
After a lifetime of building assets and protecting your family, it’s time to plan for the moment when you can’t take care of yourself — or your family. Don’t stumble at the finish line. Run through the tape.
The direction is simple: Invest in an estate plan.