Christopher K. Caswell Estate Planning Law Blog on Lawyers.com

Plan Is a Four Letter Word; Planning Is Not(TM)

Friday, January 7, 2011 by Christopher K. Caswell

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Recent articles (including in the New York Times) have
discussed the long-term ineffectiveness of financial and wealth plans due to the
outside independent events, changes in the law, changes in financial instruments
and strategies and changes in family circumstances over the years covered by the
plan.

But the same articles go on to recognize the value of "planning". So while
the written plan may not be as effective over the long term, the process of
planning turns out to be a valuable process and discipline.

Planning as a
process makes us aware of our circumstances in the world that surrounds us,
educates us as to external factors and events that may affect our plans and plan
results, allows us to modify and adapt our financial business and life
strategies to deal with changes and gives us the discipline and focus to revisit
our plans and not only track our progress, but more importantly, redirect us to
address our anticipated circumstances, goals and threats.

So maybe we should not
worry so much about our "plans", and spend more time on our "planning".

 
Posted at 22:33 PM
Topic: Estate Planning
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