Recently I asked the above question by posting on several social networks. As you might think, there was a variety of responses.
One of my friends actually responded that the phrase “estate planning” makes him think that I am posting again! In this article, I list some of the more prevalent and interesting responses and again ask for your thoughts.
It has always interested me how people who are not immersed day to day in estate planning think when they hear that phrase.
1. When I hear “estate planning” I think about a Will.
This is the most common response and one that I think of as well. Is that what you thought of?
2. When I hear “estate planning” I think about my family.
This is my favorite response and the one I suggest to all of my clients. To me estate planning is about family and family represents the reasons people plan their estates.
3. When I hear “estate planning” I think about taxes.
It is true, for many, thinking about their estates brings up thoughts about taxes. The impact of taxes on estate planning is a function of the size of the federal exemption against the estate tax, not a subject for this article.
Those are the three most common responses that people have when I ask them what comes to mind when they hear, “estate planning”. What comes to your mind? Please respond and share your thoughts on this topic and join our conversation.