About the Authors
BRAD GALBRAITH
Brad is an attorney with Hahn Loeser & Parks LLP. He is a recognized national expert in advanced estate planning, and speaks frequently on planning and business succession to both families and professionals. Brad is board certified in Wills, Trusts and Estates by the Florida Bar Association.
Brad began his professional career as a Certified Public Accountant. After switching to the practice of law and seeing the ineffectiveness and inefficiency of traditional planning methods, he endeavored to find a better way to assist his clients with estate, tax, and business planning. As an estate planning attorney, he developed a model designed to provide clients with comprehensive, personalized estate, tax, and business succession plans that withstand the test of time. Brad is the co-author of an extensive continuing education program for CPAs which has been published and distributed nationally. That program, titled Estate Planning for CPAs, has also been presented to thousands of CPAs throughout the United States. Brad is the co-author of The Florida Domicile Handbook, Second Edition, a 197-page guide that simplifies the process of moving to Florida and becoming a permanent resident. In addition to The Four Corners, Brad recently authored two books for attorneys titled Family Limited Partnership Agreements Line by Line and Family Limited Liability Operating Agreements Line by Line.
Brad can be reached at
MIKE KILBOURN
Mike Kilbourn, CLU, ChFC, CCIM, AEP, MSFS, president of Kilbourn Associates, Naples, Florida, has over 30 years experience as a family wealth transfer planning specialist and holds over 20 professional designations.
Mike is also the founder and chairman of the Wealth Protection Network, a national network of estate planning professionals who work in concert to create and manage comprehensive estate plans.
Mike is a frequent expert guest on national financial network programs and has contributed to and authored numerous books and articles on investment, estate, and financial planning topics.
In addition to co-authoring The Four Corners, Mike is the author (with Brad Galbraith) of The Florida Domicile HandbookVital Information for New Florida Residents. He is also the author of Disinherit the IRS.
Mike can be reached at
ROBERT ODELL
Rob ODell, CFP, is a principal with Wheaton Wealth Partners, a wealth advisory firm with offices in the Chicago area and in Naples, Florida.
Robs 20+ years of experience have helped shape Wheaton Wealth Partners Planning Process, which involves the discovery and clarity of goals to formulate a detailed wealth management plan that is unique to each client. Prior to co-founding Wheaton Wealth Partners, Rob developed the financial planning arm for LVM Capital Management, Ltd. In the mid-90s, he worked in planning strategies and administration for the nations leading charitable planning firm.
Rob can be reached at
Acknowledgments
T HIS BOOK IS THE CULMINATION OF YEARS OF GOOD INTENTIONS to put on paper many of my out-of-the box ideas about estate planning. When I started this project, I wanted to write something differentsomething more meaningful to the reader than just another book that explains the rules of estate planning. If you find that this book accomplished my goal, the thanks should be given to Greg Perry. Greg not only worked with me to write the text, but he filtered through countless ideas and stories to highlight those that would educate and inspire the reader.
My parents also deserve credit. Both of them spent the bulk of their careers as educators and, genetically, I think I am predisposed to educating others. If this book educates without reading like a textbook, Les and Marge Galbraith are responsible.
Finally, my beautiful wife, Lissa, and our five wonderful children, Maxwell, Cameron, Benjamin, Tatiana, and Callie, played a role as well. Each of them is quick to remind me that the books Ive written previously are boring except to my fellow lawyers, and that if I want my family to read more than the first page of this book, it better be different than the others.
Well, different it is. I hope you enjoy the read.
Brad Galbraith
December 2011
Introduction
I dont want to achieve immortality through my work;
I want to achieve immortality through not dying.
Woody Allen
I T S UNFORTUNATE THAT THE LANGUAGE OF ESTATE PLANNING IS SO weighted down by death. Theres the death tax, death planning, deceased parties... and if our own human mortality wasnt heavy enough, how about some probate and incapacitation to cast a pall over your last will and testament? Estate Planning 101: Death and Disempowerment. And we wonder why people procrastinate.
Its time to re-frame the conversation with life and empowerment at the center of a precise estate plan configuration. We call it the Four Corners and its a map for families who want to stay on offense, not defense. The Four Corners helps families explore how an estate can cultivate, create, and inspire.
Some families simply navigate the complexities of wealth better than others. What they do with their money now, and how they plan for it passing to their heirs, is guided by principles that transcend conventional thinking. In our individual practices we have encountered and advised families who possess an innate understanding that wealthoften great wealthis merely the raw material for an enduring and thriving legacy. These families understand that, just as they define their wealth, they can also define their legacy.
Are they more financially savvy than others? Sometimes, but even that knowledge is often an organic product of the choices theyve made. Theyve learned how to be smart, in other words. Is their emotional intelligence higher than the norm? After all, wealth creates at least as much stress as it alleviates, right? Its true that these families can have high degrees of emotional intelligence, but the very question places too much emphasis on emotional responses. These families have discovered a way to keep their emotions focused on an enriching legacy, not merely riches.
WE CAN DO THAT?
It can be an eye-opening, even mind-expanding, experience when the full range of estate planning possibilities is revealed. Some clients even question our scruples with furrowed brows and an is that really legal? look, as if we were recommending an exotic offshore tax haven. Theres nothing exotic about the strategies in this book, but they have come from another world, specifically the rarified world of the super-affluent.