After decades of focus on any area of law, patterns begin to emerge. That is certainly true for our estate planning and probate practice.

One of the most obvious is the common mistakes we continue to see in estate plan documents. For the purpose of this article I am focusing attention on the second of the three biggest mistakes we find; what we call the Asset Problem.

If you discover any of these mistakes in your existing plan documents, or you don’t have a plan at all, reach out to us and book a free introductory call with our founder, Joe Breshears, or an initial meeting to consult with Joe. We know you will be glad you did.

It’s rare that I think there is anything to add to advice from Warren Buffett, a man who is currently sitting on $25 billion in just cash alone. But Mr. Buffett stepped into the estate planning world in a surprise letter to investors this week, and I think his well-intentioned advice falls short. Here’s why.

After decades of focus on any area of law, patterns begin to emerge. That is certainly true for our estate planning and probate practice.

One of the most obvious is the common mistakes we continue to see in estate plan documents. For the purpose of this article I am focusing attention on the first of the three biggest mistakes we find. The DIY document.

If you discover any of these mistakes in your existing plan documents, or you don’t have a plan at all, reach out to us and book a free introductory call with our founder, Joe Breshears, or an initial meeting to consult with Joe. We know you will be glad you did.

A lot of our conversations start this way …

“We just need something simple. We don’t have much, just our home, some savings, a small investment account, and our retirement account. What do we need to do, and how much would that cost?”

Most families don’t have an estate tax problem, unless they own a successful small business. As recently as 1997, the estate tax was 55% on everything over $600,000 assets. Fast forward to 2024, and we enjoy a generous $13,610,000 limit per person and a top rate of 40%. Married couples enjoy a combined $27,220,000 that they can give or leave to heirs at their deaths.

Estate taxes are about to become a bigger problem in 2025, unless Congress acts, as the current law is scheduled to sunset, or expire. If the current law does sunset, the limit will revert to $5 million per person.

If you are like our frequent callers, and don’t have a taxable estate, do you really need an estate plan? The short answer is yes, for a host of reasons. Read on to learn why.

There is one indispensable key to a great estate plan. If this element is present, anything is possible. Without it, there is likely to be no plan at all; or one that is flawed, often fatally flawed.

What is this desirable element that drives a great planning process? Is it a big budget? Outstanding legal counsel? A proven planning process? Attention to detail? World-class documents?

All of those things are helpful, even important. But they are not the most critical element in the planning process. In fact, the only indispensable ingredient in a great estate plan is a simple, but all-too-rare realization by our client.