How to Create an Estate Plan to Last Generations

Rod Yancy
May 22, 2023

Have you ever read the book Rich Dad Poor Dad by Robert Kiyosaki?

For those of you that haven’t, the author writes about assets and liabilities, and the main differences between the two. And quite plainly, about how the “poor” families buy liabilities instead of assets. They buy cars and boats, and they eat out at expensive restaurants. They shop for things they don’t really need. Their money just disappears to pay for these liabilities, and in the long-run, they don’t have much to show for it. It hurts their loved ones, and themselves, for generations. Meanwhile, the “rich” families put their money into assets, like investments, and those decisions earn them even more money.

You want to put your money into assets, instead of liabilities, so that you can reap the benefits for generations to come. And this is something you probably already knew, right? With all of the financial and retirement education resources available at the tips of our fingers these days, this isn’t really breaking news. But, having assets isn’t enough. Having and creating assets is not a complete “plan.” You have to a plan to protect those assets, so that they aren’t squandered or exposed to predators – i.e. divorce, the government, irresponsible loved ones, or lawsuits, to name a few.

The planning that we're talking about is itself a great investment - it’s also an asset.

When you have the unique type of planning that creates a union between your assets and your estate plan (trust and will), you reduce generational exposure to unnecessary taxes, court costs, attorney fees, and from any of the other pitfalls that, without a good plan, your family may fall into.

At Oath, we ask our clients to consider diverting a small portion of their disposable income, that they otherwise often just spend on those liabilities we talked about earlier (cars, boats, fancy restaurants, and shopping), and invest it into a unified asset and estate plan. Because that plan is going to end up giving them so much more value while they're alive, and also in the long-term, than other liabilities would. And it creates a lasting plan for their kids' lives and even throughout their grandkids' lives.

Seems like a no-brainer, right?

Well, if only it were so simple. Procrastination, or the “big P word”, is the enemy that prevents so many American families from getting this kind of planning done before it’s too late. Clients frequently tell us that they've been meaning to get a living will, a revocable trust, or a retirement plan done for a long time.

And why haven’t they already?

Imagine, you're about to go on a trip and you think, "Oh, I need to get that done." And then what happens? Well, nothing for most people. That’s where their effort ends. So they get on the airplane or the cruise ship, and they don’t have a plan in place to protect their assets and loved ones if something unexpected were to happen. That’s the sad part – because it's really not that hard to take that first step. We’ve created a system that makes it simple, affordable, and quick to get your planning done. We've even used it to help thousands of people protect their money and their families.

And a lot of people in these situations, they just keep on procrastinating. Old habits are hard to break – we can all understand that. But, the only way that you're going to be successful is if you choose to break that old habit right now. By investing a little bit of time in the process, and making that call to Oath, or even finding a different estate planning and investment attorney – it doesn't have to be us.

What’s important is that you find an attorney that is going to be able to take your long-term vision for the future (for yourself, your assets, and your family) and put together a plan that is going to protect the things you care about for generations to come. That is the first step in creating a lasting plan.

Take the first step by finding a local estate and retirement workshop near you by visiting www.oath.law/workshops or request a free consultation with an Oath attorney now.