Build a Bridge or Buy an Ambulance

A couple of weeks ago, I presented at a seminar on the topic of the new estate, gift and GST tax law (transfer tax) as enacted by Congress and signed by the President on December 17, 2010. I planned a two hour presentation to be held in the evening on a Thursday night. 


It was quite an undertaking, as I discovered, because there is so very, very much to report on, teach about and then discuss in a way that lay people could grasp it, but not need to learn nitty-gritty detail and store it in their memory banks.


The thrust of the new law, basically, is that never before in recent history in this Country have we had the freedom and opportunity to engage in meaningful planning that we have now. The exemptions are large, giving our clients the chance to look at what is really in their hearts in terms of leaving their legacies to loved ones without being totally driven by the need to avoid transfer tax.


The other side is that the tax is not totally eliminated;  under the current law, it will expire, or “sunset” or just plain go away in two years. Should that happen, our transfer tax burden will be far greater than it is now and it will have popped up unexpectedly and snapped us. This wonderful new law has other, hidden, pitfalls that most people are not being educated to prepare for.


So, we have the makings of a powerful, and badly needed educational opportunity. I have the pleasure to report that ours, our seminar, went splendidly. How do I know that? Well, we met at 7:00 pm, on a work night, we served only decaf coffee and tea and we held the attention of 40 people for two hours. At the end of the evening, people were as engaged as they had been at the beginning.  That tells me people recognized a need to know about this.


I did manage to have the entire presentation videoed. I am considering editing it and then making it available to those who might find it interesting or want to use it to educate their own clients and professional advisors. 


By the way, I named it “Build a Fence or Buy an Ambulance,” to illustrate the critical difference between proactive and reactive planning.


If you have an interest in learning more about the possible DVD, just contact me.