Our nation’s history is marked by turbulent periods—the American Revolution, Civil War, World Wars, Great Depression, and Sixties revolutions. Today’s era, with political corruption, wars, inflation, riots, constitutional challenges, data breaches, AI upheaval, and declining birth rates, may be remembered as equally “interesting.” Amid blurred lines between good and evil, fact and fiction, how do we plan our estates?
The Burning Fire
The world rages with challenges, yet planning is more critical now than ever. The need for estate, business, and tax planning rises in turmoil. Without a plan, families and finances risk higher taxes and confiscation by hostile forces.
The Escape Hatch
Planning prepares us for the unknown, like a fire escape on a building or airbags in a car—valuable even if unused. When trouble arrives, planning time is over. Those who plan to survive and thrive are more likely to succeed, regardless of global shifts.
Plant Trees
In the turbulent 1960s, my father advised, “Plant trees,” a symbol of future confidence. As an adage says, “the best time to plant trees was twenty years ago. The second best time is now.” Estate planning mirrors this, envisioning a future where your efforts bear fruit.
Start With the Basics
Tim and Jane, in their eighties, came to us reluctantly after Jane’s medical event compromised her capacity. With a large family and a multi-million-dollar estate, they lacked a Will or Trust, assuming planning wasn’t needed. Their late start increased costs, limited options, and diluted effectiveness, requiring years to mitigate tax impacts. Most people are like them—don’t be.
Update or create your Will and Trust now. Ensure your Trust is funded. Consult financial, tax, and legal advisors, and follow their guidance.
Level Up
Basic planning suffices for some, but most benefit from more, especially those with significant assets or unique family dynamics. Consider multi-generational dynasty planning, building equity outside your taxable estate, or advanced asset protection. Explore starting a business, expanding investments, ROTH conversions, long-term care planning, leveraging life insurance, tax-favored investments, annuities, or reducing capital gains via charitable trusts or DSTs. If a “level up” option resonates, consult professionals to navigate these tools.
Get a Coach, Not a Referee
Referees enforce rules between players; coaches help you win within them. Tax preparers merely report past events, acting like referees for tax collectors. Tax planners, like coaches, shape future outcomes to favor you. Similarly, some estate planners fill out standard forms, while others design custom plans to achieve your goals. Olympic athletes excel with great coaches, not referees. Evaluate your advisors—keep coaches, replace referees.
Run to the Finish Line
Reaching the finish line matters most. More wealth, sooner, preserved across generations as a blessing, not a curse, is the goal. This requires basic planning, advanced strategies, and coaches to optimize your plan. Aligned elements lower taxes legally, stabilize wealth cycles, and enable long-term growth. Wealthy dynasties aren’t luckier—they follow better advice.
So What?
As Billy Joel sings, “We didn't start the fire. It was always burning, since the world's been turning.” In a high-risk building, seek fire suppression and exits before flames arrive. The best time to plan was twenty years ago; the second best is now. Keep Moving Forward.
Estate Planning in Turbulent Times © 2025 by Rick Durfee is licensed under CC BY 4.0 
Estate Planning in Turbulent Times