Today was the big day. I’ve been committed to acquiring a legacy plan, now, for almost a year and a half. Of course, I don’t merely want a plan; I want to implement a plan. But simply to get a proposal in hand so Sarita and I can look at it and (hopefully) say, “Yay, verily, this is what we want to do . . . ” –It’s been just shy of a year and a half.
So our legacy planner and his assistant came to our office and we spent about 3 1/2 hours going through their proposed plan. And it includes:
How do you change the way you think and feel and behave?
I’m not talking about the “oops!” kind of mind alteration–y’know, the revelatory, slap-your-forehead, “Oh! Of course! How could I have been so stupid!?!” mental shift.
I’m talking about knowing what you need to do–or, even, having a sneaking suspicion that you need to change your way of thinking, but not being able to turn on the light bulb in your brain–i.e., a mind-shift that requires real work. How do you make purposeful, premeditated alterations in your habits of mind, how you view the world, how you think, how you behave?
Legacy planning and estate planning, at its very root, I think, requires this kind of mental change. I mean, if you’re going to do a really good job at writing a plan, it takes more than a couple of hours of casual thinking to work out what you desire to achieve with your wealth; if you have young children: where you want them to go, who you want to take care of them, how you want them to be cared for, etc.; how you want to be cared for if, God forbid, you find yourself incapacitated and requiring long-term care or–forget you finding yourself incapacitated– . . . Suppose your relatives find you incapacitated and incapable of speech or communication: How shall they care for you?
These kinds of questions require some deep and serious thought. And even the most patient attorneys or other professionals–even if you could afford their fees–cannot draw your finessed thoughts out of you in a 2- or even 8-hour interview. And, I dare say, even a week-long retreat dedicated to these matters won’t quite do whatever-it-is you require to come to peace about your true thoughts and beliefs in these matters.
Hey. I’ve been working on my legacy plan–not full-time, but dedicating a few hours a week, on average–for close to three years, now. And, I am embarrassed to admit, my wife and I still haven’t gotten down to business on one of the most important pieces of the plan: the documentation (that would be so helpful to our executors) of where all our key papers are, the list of all our professional advisors, where our safe deposit boxes are and how to gain access, where all of our accounts are–and user names and passwords to gain access, etc., etc.
I thought I’d share a bit about how I’m doing with my own story-telling . . . and what I’m doing, specifically, to make my story-telling simply happen.
(It’s not easy! You definitely have to decide you’re going to take the bull by the horns and make him move in the direction you want him to.)
A fire broke out in the engine room of the Insiko 1907, an unregistered tanker, as it passed about 800 miles south of the Hawaiian Islands. The fire swept through the ship so quickly that the crew wasn’t even able to radio for help.
When the fire subsided, 11 men and the captain’s dog found themselves safe, with good supplies of food and water, in the ship’s forward quarters. But they had no engines, no radio, and no means for contacting the outside world.
So the ship drifted aimlessly for days, eventually coming within 220 miles of Hawaii–at which point a cruise ship picked up the crew. Hokget, the dog, however, was left behind.
One of the cruise ship passengers who heard Hokget barking called the Hawaiian Humane Society to see if they would do something to rescue him. The Society alerted fishing boats, but the operation seemed hopeless.
As Vedantam explains,
The problem . . . was that no one knew where the Insiko was. The U.S. Coast Guard estimated it could be anywhere in an area measuring 360,000 square miles.
I don’t need to tell the whole story. A month and a half after the fire broke out, and over $300,000 of private and public taxpayer money later, Hokget was finally rescued.
In the meantime, letters and contributions had poured into the Humane Society from 39 states and four foreign countries. One was a check for $5,000. The notes expressed deep anguish and concern:
“This check is in memory of the little dog lost at sea.”
“Thank you for pulling my heartstrings and for reminding me of all the hope there is left in this world.”
And so forth.
This episode raises a series of disturbing questions, however, writes Vedantam.
A homeschooling acquaintance of mine who goes by the online moniker “Prairie Chick” posted a story that inspired me about how to pass on and reinforce family values even among elementary school-age children (let alone older children and adults).
I saw her story on the Sonlight forums. When I asked her permission to share it here, she noted that she had also posted it on one of her blogs, The Prairie Schoolhouse.
The majority of foundations defrauded by [Bernie] Madoff had four or fewer trustees. More than 80% of foundations that lost between 30 to 100% of their assets to Bernard Madoff’s Ponzi scheme had
As I prepare for the inevitable, I am realizing how important it is to consolidate my records. I haven’t done this. I have plans. . . for what is to happen with my estate when I die. I have all the paperwork in order. Or so my advisors tell me.
But I haven’t prepared the kinds of records that will enable my survivors easily to tie up whatever loose ends my death will create. And that’s where
I’ve been writing about some tools that can help you record your personal, family history.
I recently finished Bill Gates, Sr.’s book Showing Up for Life: Thoughts on the Gifts of a Lifetime. It’s not a particularly remarkable book among all the books one might read. But it struck me, as I read it: It is one man’s testament, one man’s summation of “lessons from life,” and it’s a good model of the kind of thing parents might do for their children in terms of memorializing family history, values, purpose, and so forth.
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I recently finished Bill Gates, Sr.’s book 
