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What should be my greatest concerns when planning?

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Host: What should be my greatest concerns when planning?

William Conway: Well, I think the biggest concerns in planning are when people are out of control. The whole element of planning is all about maintaining control. We do not actually have to have a plan in the circumstance that we are alive and well. It is only at the point of time we are out of control that a plan becomes important. People come out of control in a circumstance of an incapacity or disability.

Clearly, they are not going to be able direct where their property goes. They can not pay their bills and have to rely upon others to do so. People are out of control when they passed away. Obviously, by definition, but the bigger issue is, is those plans or are those assets going to go to people the way they want, are they going to go how they want, are they going to go in the matter that they directed or believe they are going to go, are they even going to go the right people? That clearly is a point where people are out of control.

The last point in time where people are out of control is when assets which otherwise might go to somebody without any taxation, have taxes applied to them that otherwise might be avoided. So, the three points of being out of control are in the circumstances of an incapacity, in the circumstance of death and the circumstance of taxation.