Friday, April 01, 2011 Grandma is Here
My grandmother recently moved in with my parents. She left her east coast home to live with my parents in the Midwest. Quite a culture shock and lifestyle change for a woman who for the past 91 years has never driven a car and has been used to walking a couple of blocks to the store for fresh groceries for breakfast, lunch and dinner, and wine of course. In the suburban part of town where my parents live, walking to the store requires a mile and half walk, not going to happen at 91. We are lucky that all that walking all of her life has left my grandma, in the words of her new doctor, in better condition than most 60 year olds. Not one ounce of medication. She is remarkable.
When she went to see the doctor, the doctor asked my grandmother and parents if my grandmother had a healthcare power of attorney or a medical directive in case she could not make any medical decisions herself. My grandmother has never even heard of a healthcare power of attorney. For someone who is 91, although in amazing health physically, mentally she is becoming a little forgetful. Thankfully, I was able to prepare these for her. It is so important to have these types of documents for your loved ones so the doctors and hospitals know who to look to, to make decisions when our loved ones are not able to do so.
Thought for the Week
"When grandparents enter the door,
discipline flies out the window."
~ Ogden Nash Tuesday, March 15, 2011 Plans for Life
I thought Garrett’s blawg was a perfect lead in as I wanted to focus on BridgeBuilder’s Plans for Life Program. The NY Times article focused on the tax aspect of Family Wealth & Legacy Planning, but that is only one area in your life that may change.
I ran into a client of mine and reminded them that their annual review was right around the corner. She was shocked that it had already been a year; so much had changed for her family in a year. They moved and had a baby.
I met with a new client last week who had an estate plan in place, but had not looked at in almost eight years. In that time period, their kids were no longer in high school, one of their children is getting ready to get married, and they sold their business.
My wife and I are getting ready for the birth of our second daughter next month and her nesting mode has kicked in. The to-do list is slowly, but surely getting marked off. The room has been painted, the garage cleaned out, diapers ordered, and the house sanitized. One of things on my to-do list is to review and update our Plan as soon as the baby is born.
I point out these stories to stress the importance of reviewing and keeping your plan up-to-date. Your Family Wealth & Legacy Plan must not only keep up with the changing tax laws, but with your changing lives. To help our clients, BridgeBuilder offers the Plans for Life Program. The Plans for Life Program is our annual maintenance plan in which we meet with our clients on an annual basis to review, and if necessary, update their Plan; all aspects of their Plan- powers of attorney, health care documents, ensuring their Plan is properly funded, and adding to their legacy library.
Jason Salinardi
BridgeBuilder
Thought for the Week
“You’ve got to get up every morning with determination
if you’re going to go to bed with satisfaction.”
~ George Horace Lorimer Saturday, March 12, 2011 Maintain Plan Flexibility
As a Kansas City estate planning attorney, you’ll often hear me say that estate planning is not something you do and put in your safe deposit box, only to then check it off your list. Rather, estate planning (or Family Wealth & Legacy Planning for you bridgebuilders) is an evolving process and should be properly maintained by reviewing your plan periodically. Your plan should also maintain flexibility for law changes and change in family circumstances. That is no truer than it is right now. The current estate tax law that exists today is set to revert back to 2001 law. Check out this New York Times article on plan flexibility here.
Garrett Tuesday, March 08, 2011 On the Lighter Side
I came across an article titled "I Can't Take It With Me" in Time Magazine, written by Joel Stein this week that I could not helping sharing with everyone. I think the importance of estate planning (Family Wealth & Legacy Planning to you BridgeBuilders) is evident in the article, but done so in a way that had me laughing out loud. I think many people think the way the fictional couple does, but as I like to say, planning is not something you do for yourself, but something you do for your loved ones. I hope you find it as funny as I did. Here is the link http://ti.me/enMYKL to the article.
Jason Salinardi
BridgeBuilder
Thought for the Week
"Nobody can go back and start a new beginning,
but anyone can start today and make a new ending."
~ Maria Robinson
Tuesday, March 01, 2011 The Other Side of the Table
For as much as I preach about the importance of creating a Family Wealth and Legacy Plan I thought that it might be helpful to share a little bit about what I experienced while creating a plan for my family. I had many eye opening experiences as I took my wife and me through the process. It was a whole new experience being on the other side of the table, which was very beneficial for me. It gave me insight into some of the thoughts and feelings my clients may be having while I am walking them through the process.
My wife and I sat down to craft our plan for our family starting with the BridgeBuilder Blueprint (see my blawg post titled The Blueprint on the steps of the process). This brought out many great conversations that we had never had and it was a great way for both of us to be on the same page in terms of our goals for our family and what we want for our children’s future in the case of our absence. As we continued through the process there were some tough times. My wife commented that it was a little depressing at times. It is hard to think about what your children’s life will be like if you are not around and there are a number of serious issues that you are addressing when creating your plan. But it was really a bonding experience for us at the same time. It forced us to engage in some difficult but necessary conversations and in the end it made us even closer.
At the conclusion of the process we were both so happy to have a Family Wealth and Legacy Plan that would work for us and our children. It is such a relief to know that our children will be taken care of and raised in a way that we would want. As I always say planning is not something you do for yourself, it is something you do for your loved ones.
So I know firsthand what the process is like and it has been very helpful to me while I am working with my clients to craft their plan. I know it can seem stressful and overwhelming but it is so worth it in the end.
Jason Salinardi
BridgeBuilder
Thought for the Week
“Other things may change us, but we start and end with the family.”
~Anthony Brandt Monday, February 21, 2011 What is Your Legacy?
Over the past few weeks, both Jason and I have written on topics while trying to expand the meaning of estate planning to include planning for those intangible possessions that we all have. We’ve used the term “Family Wealth & Legacy Planning”. I truly believe in this concept. Just this weekend, my wife and I were watching some Oprah episodes that had been DVR’ed. One episode in particular touched me.
Oprah was interviewing Dani Johnson, a self-made millionaire who will appear on a new reality series called Secret Millionaire. The show takes some of America's most successful self-made millionaires and puts them in the country's poorest areas. The goal of the experiment is to find and ultimately reward the unsung heroes who hold these communities up. While Dani’s own personal story is compelling, it’s really a sister-act that Dani meets during the show.
Twin African-American sisters, Helen and Ellen, who are in their 80’s, started the Love Kitchen in 1986. Since that time, they have operated a food kitchen for those less fortunate. "Many of The Love Kitchen's recipients are the forgotten people, the gap people. At first, they see hope in our eyes, but we want them to see hope through their own eyes." - Helen Ashe
What a remarkable story…these sisters didn’t possess financial wealth, but think of the legacy that they will pass on. It certainly makes one think of their own legacy, and how one will be remembered. If you’d like to learn how to preserve your legacy, please contact BridgeBuilder today.
To see the rest of Helen and Ellen’s story, please click here.
Garrett Griffin Tuesday, February 15, 2011 The Blueprint
Last week I had the opportunity to be a guest on “The Entrepreneur Machine” on KCTE 1510 am. During the show I was asked a number of questions about the process that I take my clients through when creating their Family Wealth and Legacy Plan. I think it is important for the client to understand the process and the steps we take to get the end result. I know it can seem very overwhelming to think about taking the time to create a plan when life is already so busy. That is why we break up the planning process into phases making it much more manageable for the client.
Planning your estate is an invaluable gift you can give yourself and the ones you love. To assist you with that gift, BridgeBuilder has developed the Family Wealth & Legacy Planning Blueprint, which effectively captures and protects your life experiences and wealth and shares them with those who love most. This unique estate planning and legacy building process is designed to help you define the story of your life, create a bridge to future generations and preserve your assets, values, and heritage. Here is a brief overview of the phases we take our clients through in order to create the best plan for their individual needs.
Phase One: Share
Our first meeting is your opportunity to share with us everything you think we should know about you unique situation and it is our opportunity to share with you what proper planning can do for you. Together we will create your personalized definition of legacy and move forward with your plan.
Phase Two: Capture
In a focused thinking environment we design the details of the legal tools that transform your wished into a sound legal plan, including trusts, wills, health care directives, powers of attorney, and asset protection strategies.
Phase Three: Implement
We meet to review and sign all documents and discuss the legal strategy we have crafted for you. We evaluate your assets and undertake the process needed to make sure your property is titled properly and beneficiary designations are in alignment with your goals and objectives.
Phase Four: Record
This distinctive element of our process provides you with an unparalleled opportunity to provide your family with cherished stories and memories for years to come in a secure digital format.
Phase Five: Preserve
Throughout the first year, we engage in frequent communications, conduct your Family Care Meeting, and follow through on funding issues to ensure your individualized strategy is accomplished as promised.
Phase Six: Enhance
We continue to provide you with an opportunity through our Plans for Life program to review and revise your legal documents, maintain trust funding, update our audio recordings and capture the highlights of each year.
This is a brief overview of our Family Wealth & Legacy Blueprint. If you have any questions, please contact us.
Jason Salinardi
BridgeBuilder
Thought for the Week
“Nothing is a waste of time if you use the experience wisely”
- Auguste Rodin Sunday, February 13, 2011 "...And Built a Bridge to Span the Tide"
I’m going to follow Jason’s lead and reveal the inspiration that led to BridgeBuilder’s formation and why I practice the way I do. I’ve got several attorneys in my family, and in fact, I am a third generation attorney. Yet all of the attorneys in my family had litigation practices and backgrounds. When I was preparing to graduate from law school, I had no desire to do my work in the courtroom. I set my eyes on a more transactional practice and so that’s what I did. I joined a firm in the Liberty area and my practice gravitated toward business and estate planning. I’ve maintained these areas of focus since then.
Yet, the longer I practiced, the more I desired to limit my practice to estate planning. In part, that desire likely originated when I was in high school. At the time, my family owned a small commercial bank and was in the process of working on tax and succession planning with tax attorneys. I was fascinated with the planning even though I nowhere near understood the complexities.
Fast forward to May of 2008. I was working for my present firm and beginning stages of narrowing my practice to estate planning. At the time, my grandfather was ill and one day I was scheduled to take in an exit planning seminar at a local bank. At the seminar, the presenter offered a poem. The name of the poem was The Bridge Builder by Will Allen Dromgoole.
An old man, going a lone highway,
Came at the evening cold and gray,
To a chasm, vast and deep and wide,
Through which was flowing a sullen tide.
The old man crossed in the twilight dim-
That sullen stream had no fears for him;
But he turned, when he reached the other side,
And built a bridge to span the tide.
"Old man," said a fellow pilgrim near,
"You are wasting strength in building here.
Your journey will end with the ending day;
You never again must pass this way.
You have crossed the chasm, deep and wide,
Why build you the bridge at the eventide?"
The builder lifted his old gray head.
"Good friend, in the path I have come," he said,
"There followeth after me today
A youth whose feet must pass this way.
This chasm that has been naught to me
To that fair-haired youth may a pitfall be.
He, too, must cross in the twilight dim;
Good friend, I am building the bridge for him."
Something about that poem resonated deep within me and I saw my grandfather as the “old man” in the poem. The struggles that he had endured and the sacrifices that he made, they all benefited me…they gave me the opportunities that I have had to succeed. Later that May my grandfather passed away and I had the poem read at his funeral.
So when Jason and I were searching for an identity to our practice group, the poem’s imagery mirrored the type of planning we sought to serve our clients with. As Jason recently mentioned in one of his posts, “planning is not something you do for yourself; it is something you do for your loved ones.” No one knew that better than the “old man” in the poem…no one knew that better than my grandfather.
In Memory of
Melvin Eugene Griffin
1925-2008
BridgeBuilder – Plans for Life
Garrett Griffin Tuesday, February 08, 2011 How Did I Get Here?
As I was thinking about possible topics for my blawg this week it occurred to me that I have not discussed very much about whom I am and how I got into Family Wealth and Legacy Planning. It is so important for my clients to be comfortable with me, as this area is such a personal one. I want my clients to get to know me and feel comfortable with me as we go through the process. Thus far my blawg postings have tended to focus on specific facts of “estate planning”. So I wanted to give some background on who am I, and how I got here. As I mentioned last week creating a Family Wealth and Legacy Plan is not all about the money. It is also about building a bridge to future generations.
When I entered law school with a background in Accountancy, I knew I wanted to focus on tax law, so the next logical step was to obtain a master’s in tax law. So I decided to move to Kansas City and attend UMKC. If I could have continued being a student forever, I would have, but the loans were racking up a little too fast, and it was time I started to live in the real world. After I obtained my Master’s I moved back to St. Louis, my hometown, started practicing, and got married to my wonderful wife. We have one beautiful daughter and a second on the way.
After living and working in St. Louis for 2 1/2 years, a number of factors converged that led me to Kansas City. My brother and his family moved to Kansas City, my wife is from Kansas City and a job opportunity I could not pass up came my way- my current position.
So I was hired as a tax attorney with Kevan D. Acord, P.A. It was at this time that I met my partner Garrett. After working together for some time, we discussed where we wanted to focus our careers. We both had extensive experience with “estate planning” in our previous positions and saw a need with the firm’s clients. More importantly, we both had a passion to practice a different type of “estate planning”; we wanted to practice Family Wealth and Legacy Planning. My passion stemmed from my personal experience with the sudden, tragic death of my brother who was killed in the attacks on 9/11. I saw firsthand the continual toll taken on a family without proper planning. As a husband, father, son, and brother, I do not want my family to have to go through that again. Planning is not something you do for yourself; it is something you do for your loved ones.
And from this, BridgeBuilder was born. BBridBridge dh
Jason Salinardi
BridgeBuilder- Plans for Life
P.S. I have decided to add a thought for the week section.
Thought for the week
"We make a living by what we get, but we make a life by what we give."
- Winston Churchill Sunday, February 06, 2011 What to look for in an advisor
So you’ve decided that you’ve put off some critical Family Wealth & Legacy Planning (not to be mistaken for “estate planning” – see Jason’s blog, “A Different take on Estate Planning: Family Wealth & Legacy Planning”) for far too long. Yet, you’re not sure what to look for in an advisor. There are many factors that should be considered when choosing. When you are working with a Family Wealth & Legacy attorney, be sure to find an advisor who will help you to share, capture, preserve and pass on not just your financial capital, but your family’s human and intellectual capital as well.
There’s long been a deficiency in the delivery of estate planning services. The reality is that traditional estate planning merely focuses on the financial assets of a family, offering only transactions, numbers, techniques, information and advice. This type of planning is very one dimensional. Scott Farnsworth in his book, “Closing the Gap,” explains that traditional client service or “Level One” service that an advisor offers may seem complete, but such an approach is void of what clients want in a relationship. There’s a revolutionary advancement in the delivery of estate planning services and modern families are seeking it out. In fact, many of us are becoming aware that our intangible assets are much more valuable. Some planners call that Family Wealth & Legacy planning.
So one question that you might ask a prospective advisor is the following:
Do you have a process for helping me capture, convey and pass on my intangible wealth, such as my purpose for planning, spiritual and human assets or who I am and what's important to me or do you primarily focus on financial assets?
Many advisors will tout that they offer this type of service. Dig a little deeper. Your advisor should have in place an actual process so that when your planning is complete, you have created a plan that has meaning and purpose. In fact, rather than just receiving documents that offer technical solutions, the relationship with your advisor should create connection, significance, vision, wisdom and trust…and all of these intangibles should also be reflected in your plan.
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