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Today most estate plans are woefully outdated and dangerous in that they do not protect the assets of families. Why, because most estate plans were drafted with two primary objects in mind, one is to protect against probate and the other is to protect against estate taxes. Estates are presently taxed at $11 million per individual; although the federal law is expected to sunset that number down to 3.5 million in 2026, yet most clients either individually or married are not near that amount and taxes are therefore mainly irrelevant. The other issue is probate and although, it can be costly, the expenses incurred are nowhere near the devastation of long-term care expenses and other pre-mortem events, such as a beneficiary getting divorced with the exposure of litigation from an ex-spouse creditor, or perhaps dad dies and mom remarries a man who cleverly gets mom to sign a deed to property out of the trust and into Joint tenancy with right survivorship. The secondary concern that I raise in this forward is that the real risk to the loss of assets is not estate taxes and probate; the real threat is from the pre-mortem human activity that affects an estate plan. With life expectancy a century ago at 50 years of age for the average man yet today life expectancy has reached the low to mid-90s with the advent of modern technology such as by-pass surgery, pace-makers, and many other sophisticated medical devises and medications that keep people alive years well beyond their natural biological life span.So, the good news is that we’re living longer but the problem is that most of us haven’t prepared properly for this longer life and its affect upon our assets and our estate plans. Published statistics report that those aged 65 and older can anticipate a 50% probability of spending some time in a long-term care facility (LTC) at approximately $10,000 month per month. Statistics also report that if we live to our mid-80s, we can expect a 70% likelihood of matriculating into an LTC. Further, we’ve learned that most LTC convalescence services focus mostly with mental issues such as Alzheimer’s and dementia diseases. These types of illnesses can often lead to very long periods of tenancy in LTC facilities. Many live well past 10 to 12 years in LTC with an average monthly cost of $10,000 to $15,000 (for memory care services) and that can last for over a decade. Some might recall President Ronald Reagan who lived with dementia for over 12 years before his death in 2004. So, you can see what the real risk is regarding protecting assets. The risk is primarily pre-mortem lack of planning and the post-mortem planning is easy to analyze but again, that’s not where the risk is. This forward was written to highlight the focus of this book on issues that are mainly the true threat to our financial health and its affect within our estate plan consultation and planning. I’ll speak very little regarding issues of estate taxes and probate costs as they’re immaterial to the real costs and risks of aging. And so now we go forward…

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Traditional Estate Planning Is Finished: a Refined Focus on Modern Asset Protection

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