By Doreen Rosevold
Farm and Ranch Guide
I never met this smart man, but I recently heard about him from my friend, Richard, and he seems like a man of vision anyone would like to know. This smart man, “James,” had a very successful business in the Minneapolis, Minn., area. When James was advancing in years and about to retire, he talked to Richard about his estate planning. This is what James, the father of four adult children, told my friend about his plans for the massive estate he had built over many years of hard work.
James said, “Since my children were small, I told them that they will never inherit anything financial from me. Nothing. I told them that what I haven’t spent will be put into carefully-researched charitable trusts whose purposes are to make the world a better place. Everything but three dollars will go to those trusts upon my death.”
My friend Richard was stunned at the response. After all, James was worth multiple millions of dollars and he had four children. His life’s work would not be carried on by his children? How could he justify not sharing his hard work with his children? How did his children receive this news? Were they alienated by this? And what was with that last three dollars, anyway?
If you’d like to discuss estate planning/asset protection, contact Laura Bianchi, Director RLG’s Estate Planning/Asset Protection Department., lbianchi@roselawgroup.com
