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Bridging the Gap from Planning to Implementation

posted June 9, 2016

In a recent edition of Forbes Magazine Russ Alan Prince wrote an article titled "Why The Wealthy Do Not Implement Their Estate Plans."

In the article he begins, "Once a trusts and estates lawyer has designed and discussed a client’s estate plan, the next step is implementation. This is characterized by the drafting of documents, the creation of trusts and partnerships, and so forth. It is interesting that some wealthy clients put a stop to the process before implementation. In a study of 619 trusts and estates lawyers, every one of them had run into situations where a wealthy client did not implement. The invoices for the design of the estate plan were paid, but no other action was taken.

To better comprehend why some affluent clients choose not to take action, a survey was conducted of 288 wealthy families who had engaged a trusts and estates lawyer to design their estate plans, but who never followed through to the end." (read more)

The article goes on to point out nearly 90% of the families felt the estate plan did not deal with their goals, wants, and objectives. This gap in understanding may be a place where the Community Foundation can be an effective partner for you and your clients. We are uniquely qualified to help donors identify what issues they care about most and help them match their passion with a purpose. Together we can help them create a lasting impression.

Connect with Steve Wade, Director of Donor Relations, at swade@gtrcf.org or 231-935-4066 or visit our online Professional Advisor Resource Center.


Steve Wade, Director of Donor Relations
e: swade@gtrcf.org | p: 231-935-4066

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