Page 10 - Ultimate Guide to Estate Planning Third Edition_Neat

Chapter 1. What is estate planning?

What is estate planning? What does leaving a
legacy mean? Most people explain that it’s
about transferring their assets after they die. I
believe leaving a legacy means sharing what
you have “earned” in a manner that is
consistent with what you have “learned.” I have
interviewed hundreds of clients. They have core
values that are important to them. Sometimes
it’s entrepreneurship, other times it’s real
estate investing, it might be a strong work ethic
or family unity. I sometimes discover what the
core values of my clients are by understanding
how my clients have given money to their
children during their lifetime. I find out how
some people truly value education because
they have sent their children to private schools,
paid for their college education, assisted their
children with postgraduate studies. While
others hold homeownership in high esteem by
providing them funds for a down payment to
purchase a home. Others have helped their
children with down payments on the purchase
of income-producing real estate, recognizing
that it may provide them with financial

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