"Obviously, the cost of drafting a will through the use of a pre-printed form is likely substantially lower than the cost of hiring a knowledgeable lawyer. However, as illustrated by this case, the ultimate cost of utilizing such a form to draft one’s will has the potential to far surpass the cost of hiring a lawyer at the outset."

So often in our estate planning the focus is on the material things: money, property, and business. But, when we leave this earth these things will not follow us.

I was struck this past Monday as I watched the championship game about the successful succession each of these schools seems to have when it comes to there basketball programs. Kentucky is a traditional powerhouse that has won championships under many coaches, Adolph Rupp, Joe B. Hall, Rick Pitino, Tubby Smith and John Calipari. Connecticut does not have near the history, but with this years win they now have four title teams under two coaches, Jim Calhoun and Kevin Ollie. The success of these two programs is in contrast with many coaching legends that have been followed closely by a successor who just couldn't measure up.

Like many of you I saw my NCAA Tournament brackets blown up by the upsets that inevitably come during the first weekend of the tourney each year. Duke loses to Mercer. Stanford shocks Kansas. Dayton moves to the Elite Eight. When considering passing along your business to the next generation you may feel like a "small school David" such as Mercer facing a "power conference Goliath" like Duke.

Today, March 21, 2014 is World Down Syndrome Day. I thought it would be a good day to revisit the subject of special needs planning. Often “special needs planning” devolves into "poverty planning” - how do we impoverish our son or daughter so they do not lose needed government assistance? Special needs planning can be so much more.

I just finished the new John Grisham book Sycamore Row. I am not normally a big fan of legal fiction because I spend so much of each day in legal reality; however, this story intrigued me because it involved a dispute over an estate. The story begins when a wealthy businessman, Seth Hubbard, who is dying from cancer, commits suicide. Quickly we learn that just days before his death he had revoked a will that had been carefully prepared to provide significant tax benefits and replaced it with what is known as a “holographic” will. A holographic will is a will that is in the handwriting of the person making the will (the Testator) and the will signed by the Testator generally without witnesses

When I meet with a farm or ranch client they often speak of the stewardship they feel concerning the farm business. The stewardship is not just about the land, but also what that farm or ranch represents. The business is a connector between the generations past, present, and future. In so many ways, it defines the families shared heritage as well it's aspirations for the future.

After the premature news of his passing, writer Mark Twain was once purported to have said: “Reports of my death have been greatly exaggerated.” Lately I have read several articles on the death of living trust based planning for all but the super wealthy. I would echo Twain’s sentiments and state that the reports of the death of the living trust have been greatly exaggerated. While the higher estate tax exemption amount and the dawn of portability have made the estate tax a non-factor for many individuals and couples, the usefulness of living trust based plans was never solely about estate taxes and most of the benefits continue unabated.

I am a huge college football fan. This past week of bowl games and the upcoming national championship are a football feast. I love watching well coached teams come out and execute a well conceived game plan. It's like watching a masterpiece being painted before your eyes.