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Before The Will: Have You Forged Your Family Wealth Letter of Intent?
10-24-2003 - Cleveland, OH - In this world, where death and taxes are the only absolutes, the government makes absolutely certain that, without an estate plan, philanthropists are made at the moment of death. The government helps you give - and give generously - to the taxman.
Richard Tanner, president of Ownership Advisors, Inc., a wealth advisory firm, is a contributing author of "Giving...Philanthropy for Everyone" - a question and answer reference book written for attorneys and advisors and a technical resource for making charitable contributions. Tanner believes there are ways to settle family issues and map out your heart, its wishes and beliefs, things important to you, your family situation and how you want your wealth to live on after you die. It's the foundation and it makes the difference in financial harmony or discord between parents and children.
Tanner's family wealth financial retreats consist of a one-day, personal and often deeply emotional, one-of-a-kind opportunity for couples to talk about their individual and shared desires for passing on their wealth to their families and funding charitable organizations.
"Essentially, the idea of the retreat is to help people hone in on what is their life purpose. If they have all the money they need to survive in the future, what is it that will give them significance and success going forward? I ask them, 'What is it that you want to do with your life?' If I'm meeting a business owner, another big question is about succession. I ask, 'What are you going to do with your life if you should sell your business?'" Richard explains. "We help people see that their values - not just their valuables - are transferred".
Tanner tells the story of a billionaire Cleveland businessman who, in his more than 90 years on this earth, made a name for himself as a person who cared deeply for others. His generosity was legendary - rather than investing in lavish clothing, luxury cars or even in such commonplace creature comforts as air conditioning in his home, he opted instead to share his wealth with others. He gave to the institutions that supported his concern for humanity, he gave to the employees who helped him achieve corporate success, he gave to the schools that taught children the value of giving. And when he died, he gave to the government.
"The objective is for the family to avoid legal challenges to a will because more time and attention has been put into gaining clarity and communicating the intent of the individual. Affluent people find they can redirect 100% of their social capital to causes they choose, rather than simply allowing Uncle Sam to disperse at will. Most couples say this is the first time they have ever gone this deep into their desires for using their family wealth, and they did not know they could use more of their wealth to help others."
If everyone used the process Tanner advocates, they would pay no estate taxes at all and capital gains and estate fees would be significantly reduced.
"When families make this choice the entire country benefits significantly because the wealth tends to stay in their local communities and families stay involved. There is a much greater chance that your money will go to helping people as opposed to supporting bureaucracy," Tanner says.
As a leader in the financial services industry, Tanner has over fifteen years of experience and has authored numerous articles on business succession and charitable estate planning. Richard is a recognized authority on the use of ESOPs in family held companies and has written and lectured extensively on subjects pertaining to: Executive Benefits, Family Wealth Counseling™ and Insurance.
Contact:
Richard Tanner
President
Ownership Advisors, Inc.
6100 Oak Tree Blvd., South
Park Center Plaza 1, Ste. 420
Independence, Ohio 44131
Phone: 216-328-5538
E-mail: rtanner@ownershipadvisors.com
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