Bill Gates and Warren Buffett want the wealthy in America to donate half of their wealth to charity. That’s honorable, but to an estate attorney representing clients who do not have billion dollar estates, what is the take away from this well-meaning call to action?
The take away is planning. It is better to plan what will happen to you assets than let the laws of the government make your decisions and take estate taxes without your input and certainly without regard to your wishes.
We do estate planning to:
1. Provide for our loved ones;
2. Distribute our assets;
3. Provide for our legacy;
4. Make decisions about charitable contributions;
5. Understand and decide how much taxes we will pay (or will legally avoid paying if possible), and;
6. To provide for future generations of our family.
Warren Buffett and Bill Gates know the power of knowledge and planning. You do too. That’s what the news today means. Plan ahead. It’s worth it.
