“But I love all my kids equally and I want to treat them fairly!” exclaimed Ted, the exasperated business owner who was trying to figure out his estate plan. This sentiment is voiced over and over by my dealer clients leading to many discussions on ‘why equal is not fair’! It’s easy to relate to this concern as most of us have experienced what I call ‘the Christmas/Hanukkah Syndrome.’ That happens as you lay out your gifts on your bed or table and start figuring out whether you have bought the right number of gifts. “Let’s see, I have 3 gifts for John, but only 2 for Hannah, but the 2 for Hannah cost more than the 3 for John – how do I make this work?” When we apply the same thinking to our estate planning it can really get crazy.
I believe it is important to remember that when your children were growing up, you didn’t say, “I just paid $5,000 for braces for Ken, therefore I need to spend $5,000 on each of my other kids.” Clearly, you spent money for braces for Ken because they were needed and would do the same for your other children depending on their needs.
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