Do You Need An Estate Plan?

What drives my passion for estate planning? Author Edicio dela Torre writes:

“If we look at our life as some precious treasure we must hoard, the demands made by others of our life are like losses. And death is a final loss, a final failure to hold on to our life. But if we look at our life as a treasure we must share, every service we give to others is a fulfillment of our life's purpose. And death is the final giving, the total giving.”

I first heard this quote at a funeral packed with people remembering the life of a generous person who loved to uplift and encourage people every day of their life.  Although there was sorrow and loss at that funeral, there was also a sense of celebration over the richness of how well their life was lived.   I still recall my sober-mindedness in thinking, that’s how you do a purposeful and generous life! We walk on the shoulders of those who have gone before us.

June 16, 1922 my grandfather, Francis J. Loughran, graduated from the University of DePaul Law School in Chicago.  Francis was a first-generation American born of Irish immigrants.

I, right here and now, live in the direct benefits of the generosity of those people who helped my grandfather to complete Law School.  One of my grandfather’s older brothers worked for the local railroad line and was able to help pay for his commute from our local city into Chicago.  Another brother was a fireman and he helped support his younger brother while he studied law.

The foresight, generosity and service that was given by two older hardworking brothers, to the benefit of their then fatherless kid brother, who also grew up on the wrong side of town, opened the opportunity for my father to go to college and then law school and for me to also freely pursue a career as an attorney.  I am so grateful for their generosity. Just a pinch of planning, a scoop of encouragement and a cup of financial support has now impacted 5 generations of Francis J. Loughran descendants.

With all that being said, Why is it difficult for many to talk about estate planning?

One of life’s most mysterious and emotional challenges involves confronting our fear of mortality. Humans are the only creatures who understand that our lives are fragile and finite. This knowledge that we won’t be around forever has profound effects on what we do and why we do it. Author and philosopher, Ernest Becker, in his book Denial of Death, described this challenge in these poignant words:

“Man cannot endure his own littleness unless he can translate it into meaningfulness on the largest possible level.”

Before they come to see me, many clients feel diverse concerns – many of which they have trouble even expressing clearly – regarding the future and the next generation. We need to address and sort through with this confusion, uncertainty, and lack of confidence. Why? Because those future concerns and desires have ramifications for the present!

If you don’t feel prepared and protected, it’s harder to concentrate on the present – to be spontaneous, confident and free in your personal and business life. Helping my clients protect their hard work and assets and wishes is a great honor. To me, the work is not just about creating documents and putting together the estate planning “puzzle” – it’s also about providing peace of mind and freedom from worry for people who really need it.

Of course, estate plans are also puzzles – and fascinating ones at that. Solving them requires many skills: facility with financial instruments; knowledge of the law; a good “bedside manner”; an ability to listen and empathize; and creativity. What I do is really fun and interesting and I’d love to share with you a free copy of my eBook, Take Control of Your Future as an extra bonus 👇