There are a lot of people who really need to read this book. It is an easy, non-technical read that uses lots of entertaining analogies, but it gets across to readers some of the most important principles of financial, retirement and estate planning. While some of these might sound simple, that should not be construed as minimizing their importance. You will not succeed in transferring your wealth to your heirs if you don't assimilate and adhere to many of these principles.
The mere fact that you have accumulated wealth won't insure descendants are financially secure. The book explains some of the steps that form a foundation of a viable plan to transition wealth. You will need to properly use legal, tax, accounting, and strategic planning techniques. This will require a team-oriented approach to planning. In the game of wealth transfer putting the right team together is critical. Getting the right players is a key to winning the game of wealth transfer. The author shares many aspects of his personal planning. One incredible insight is that he and his wife have planned to make sure that the survivor of him and his wife is left with monetary and advisor resources. BRILLIANT!
Proper planning is essential if all you have is a modest home, or even if you are worth billions. Too often those with lesser wealth mistakenly believe they do not have enough net worth to plan. Terrible mistake! Too often those of substantial means presume that they have no financial worries. While wealth can permit less stringencies, if the goal is to maximize wealth transfers to the next generation, planning is critical even at significant levels of wealth. Not being prepared, not heeding this lessons in this book, can have dire consequences. If you don't want that to be your legacy, take the lessons of this book seriously.
One caution is in order. The Tax Cut Jobs Act of 2017 made significant changes to estate and tax planning and this book was completed before that law. So be mindful that some planning will have to change.
-Martin M. Shenkman, CPA, MBA, PFS, AEP, JD
