In Trust Issues, you address the most common mistakes made in estate planning, sharing cautionary tales and offering sound advice on the basics from Grantors and Beneficiaries to charitable structures. Why was this an important book for you to write?

In working with clients and their families for nearly four decades, I have seen every one of the unfortunate stories in the book play out. When I saw that my own professional work had the potential to harm the families of my clients, it triggered a crisis of existential proportion. I wanted my life’s work to be positive and helpful. I went looking for examples of families that successfully grew wealth over multiple generations, and examined what they did differently from those who dissipate and destroy their wealth. I have worked to integrate that into what I do for my clients. I think it is important enough that I want others who may never become my client to turn the potential failure of their own estate planning into a multi-generational success.

One of your central arguments is that many families mistake document creation for legacy creation. Why do you think that misconception is so common?

First, because I have seen it. People think that having a binder full of paper means they have a “plan” and that the plan is going to be good for their family, but then they take no action beyond the paper. Any documents are better than no documents, and there are varying degrees of quality in the documents that attorneys produce. But even with the best of documents, if the family does not develop a culture of wealth creation and preservation, the consumption of the next generations will destroy the wealth.

You suggest that money without wisdom can become a burden rather than a blessing. What experiences led you to that conclusion?

All the examples in the book, although fictionalized, are based on real events I have witnessed.

What is one thing you hope readers take away from Trust Issues?

I like car metaphors. Driving a nice, well-made car is far better than driving a shabby one. Driving any car skillfully and safely is better than driving it recklessly. The best option is driving a top-of-the-line car with great skill. The same works for Trusts. A good one is better than a poor one. Using a Trust well is better than using it poorly. The best option is for a high-functioning family to use a well-structured trust.

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