In today’s ever-shifting legal and regulatory environment, it’s very easy for families to lose money to taxes, outdated or poorly stated intentions or incomplete/ill-conceived planning structures. On the other hand, it is often very difficult for attorneys, accountants and risk advisors to get clients to focus on the inevitable.
All of this became very clear to me when I had a recent serious health scare. As a lifelong CPA, I thought I had just about everything in place to ensure that my family would be cared for and that my wishes would be followed when I couldn’t readily express them myself. In looking at all the various components, however, I found that some things were outdated, while others had fallen through the cracks and were either non-existent or only partially complete. Fortunately, I wasn’t out of commission for too long and was able to turn my attention to these matters, consult the legal and financial experts I needed, and bring things current.
This is not an uncommon situation. Over the years, I’ve had countless conversations with clients who postponed addressing these issues, as well as attorneys, financial and risk advisors who found themselves frustrated in trying to assist clients who simply wouldn’t focus. Nobody wants to think about what it ultimately means. People may also be reluctant to incur unknown hourly attorney fees – or to speak candidly with those who make a living by selling financial and risk products.
We need a new model in which the clock isn’t ticking and there are no commissions to be earned. Imagine clients being free to revisit objectives and documents with no pressure and then connect with professionals who can help them realize their visions. This is the next chapter for me – and maybe for all of us.