The Certior Group - Strengthening Families Through Informed Decisions and Exceptional Stewardship
  • About
    • Why the Certior Group
    • Your Team
    • Blog
  • People
  • Process
  • Structure
    • Wyoming Advantages
    • What is a PSFTC?
    • How a PSFTC Operates?
  • Contact

Responsive Menu

  • About
    ▼
    • Why the Certior Group
    • Your Team
    • Blog
  • People
  • Process
  • Structure
    ▼
    • Wyoming Advantages
    • What is a PSFTC?
    • How a PSFTC Operates?
  • Contact

Archives for January 2020

What Really is Estate Planning?

January 20, 2020 by Avi Kantor

Most lay people would probably respond “wills and trusts.” If you ask professionals who specialize in estate planning, you might get answers like “preserve and protect money and assets for future generations” or “minimizing taxes and maximizing the transfer of assets.” Both perspectives are certainly accurate. But this raises the question, “Why do we do estate planning?” In other words, what are we trying to accomplish when we do estate planning?

If we look at the typical professional approach, it boils down to maximizing the money and wealth transferred and assuming that that will best serve the people involved (i.e., the family). For this article, we’ll call this Approach #1. But if you could read people’s minds, I would speculate that what most people really want is for their family to remember and honor them by capturing and leveraging their lifetime of experiences and wisdom to help their family thrive for generations. We’ll call this Approach #2.

The statistics for Approach #1 are not encouraging. As much as 70% of family wealth is lost by the end of the 2nd generation and over 90% by the end of the third. In other words, all of documents, structures, governance, education, etc. that has historically gone into Approach #1 has resulted in a meager success rate. There’s actually a folk saying for this phenomenon – Shirtsleeves to shirtsleeves in three generations.

We believe it makes more sense to “Put People First”; to not let taxes, structures, distributions, etc. drive the estate planning process. We often see that the typical estate planning process “leaves the people behind” because it focuses and prioritizes legal documents, saving taxes, and maximizing asset transfers, etc. Instead, we believe in first building individual, self and social awareness; nurturing emotional intelligence, enhancing communication skills; and setting the conditions for collaboration (Putting the People First). THEN, utilizing the traditional tools and techniques of estate planning to enhance the outcome and serve the people, not the other way around.

Why ultimately do we put people first? In order to optimize multi-generational True Wealth; that is, to help people live happy, fulfilled, meaningful, and joyous lives.

Filed Under: Estate Planning Tagged With: Estate Planning, Family Culture, Family Office, People First

Recent Posts

  • Experiencing Awe Through Your Child’s Eyes
  • Illuminating What Really Matters
  • The Empowered Abilities of Nature
  • Focusing on Post-Traumatic Growth
  • Tackling New Year’s Resolutions with Atomic Habits

Recent Comments

    Archives

    • September 2021
    • June 2021
    • May 2021
    • April 2021
    • February 2021
    • December 2020
    • November 2020
    • August 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • October 2016
    • September 2016

    Categories

    • Collaboration
    • Estate Planning
    • Experiential Learning
    • Family Enterprise
    • Family Office
    • Leadership
    • New Normal
    • Philanthropy
    • Recent Events
    • True Wealth
    • Your Team

    The CERTIOR Group, LLC

    The Certior Group, LLC.

    • 307.264.0007
    • info@certiorgroup.com
    • EW Connect Login

    The Certior Index

    Discover how much True Wealth is already part of how you live your life. Take the Certior Index today.

    Complete the Certior Index

    Connect with the Certior Group

    LinkedIn Google Plus Twitter Facebook

    Copyright © 2023 · Empowered Wealth Ambassador Theme on Genesis Framework · WordPress · Log in