Lessons from Dad

Apr 22, 2014 | Wealth Management

Sometimes, it’s just better to learn from the mistakes of others. Liz Ozaist had a hands-on education on managing an estate with inadequate, or in this case, no estate plan. Last year she wrote an article in Forbes titled “What My Dad’s Death Taught Me About Money” in an effort to help people understand the importance of planning. It’s a good article, except for the part where she discusses doing your own estate plan using an online company.

NO! My first recommendation is: Do it right! See a qualified estate planning attorney!

Now back to our regularly scheduled story: By all accounts Liz’s father was a very smart and successful businessman who was just so busy growing his wealth he didn’t have time (or make the time) to plan for his assets after his death. When he died, Liz was thrown headfirst into owning a business she didn’t want and didn’t understand. She also had to track down and was surprised to discover different assets her father had scattered about. Ultimately, unwinding the nuances of this estate cost far more in legal fees than a properly prepared plan. It’s almost like a self-imposed death tax! Liz’s father should have made a plan and sat down with his daughter to discuss exactly what was going to happen when he died as well as providing a detailed listing of assets. Finally, and sadly, dad apparently never took time to enjoy his success. He worked hard until the end, always with his eyes on the next dollar.

Work hard but take time to live and take time to love…and get your estate plan in order…TODAY!

If you would like to discuss your situation in more detail, please give me a call.


Jeff Schriefer
Wealth Management
859-233-8929 Office
859-252-0304 Fax

Bank of the Bluegrass & Trust Co.
215 Southland Drive
Lexington, KY 40503

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