Traditional estate planning is death planning not life planning. Why is it for most business owners that an estate plan may not cover the everyday liabilities of life or sudden impactful events that no one sees coming. Ike says, “Not a week passes when he doesn’t talk to someone who says, “I’ve got this covered, I think. I have my home, cars, and investments all titled in my Trust.” But the real reality is with a little probing on Ike’s part the layperson he’s speaking to feels that the transfer of their assets to a vehicle like an estate planning trust, commonly referred to as Revocable Living Trust, is effective protection.  But Ike says, “It’s not!” The first word in the trust is “revocable” and in most cases a judge will simply order you to revoke the trust and tender the assets for a judgment. All good financial advisers and estate attorneys favor estate planning; and estate tax exposure is one of the issues on many a client’s checklist. But that’s death planning. What have you done about life planning and the exposures everyone faces on a daily basis while practicing your profession or driving a car or through the activities of   Read more…