I had a dear client whom I worked with for several years. The first time Jack and I met, I asked
him my typical question: What is the most important thing I can help you with? For Jack, there
wasn’t just one thing, there were many. We went on to organize his priorities, one of which was
to prepare for “someday, I won’t be here and all of this will transfer to my (adult) children: how
can we make it easier for them?” We reorganized his accounts, combining what made sense to
consolidate. Jack went from 26 accounts to just a few. Jack went from three advisors to one.
We made sure the assets that belonged in his trust were titled properly and that beneficiary
designations were up to date. We repositioned assets for tax favored treatment that would extend
to his beneficiaries.

We retained copies of all his important documents, such as his will, trust, and power of attorney.
We communicated regularly with Jack’s CPA. We met together with his attorney. We involved
his oldest child to assist with the organization of Jack’s other assets and become familiar with our
team and operations.

Each time his life insurance premiums came due, Jack asked me if he should continue to pay:
after all, he had other sizeable assets to pass on and give his children a generous inheritance. I
advised Jack to keep paying his premiums for many reasons: he could afford to, he had already
paid a substantial amount into the policies and if kept in force, they would provide a guaranteed
leverage of dollars by means of the contractual death benefit which would pay out tax-free with
immediate liquidity upon filing the claim.

Ultimately, the life insurance proceeds delivered that immediate liquidity to Jack’s children, who
then had the financial responsibility of maintaining his home, business, and other assets. This
influx of cash provides the gift of time—time to thoughtfully manage his affairs without the
pressure to sell prematurely. Rather than being cornered into a “fire sale,” as is too often the case,
the family could steward Jack’s legacy with care, dignity, and deliberation, making well thought
out decisions on their own terms.

After several years of working together, when that “someday” arrived, I was heartbroken. I
remember it as if it were yesterday. While I felt immense sorrow, I was also deeply gratified
knowing we had fulfilled Jack’s wishes exactly as he had intended: to be thoroughly prepared.
Even though his children were mature enough to have raised children of their own, no one is
really ever emotionally ready to let go of the hand that has been there to hold theirs for their
entire lifetime. But at least Jack prepared their financial lives to be easier. He was as caring as
he was smart and savvy. Inheritance is often times not an easy process, but for Jack’s family, it

went as smoothly and tax-efficiently as it possibly could have, because of the steps Jack took for
his children.