Coach John Wooden died last week at age 99, having lived a full and rich life. According to Bill Walton, Coach Wooden "never let us forget what he learned from his two favorite teachers, Abraham Lincoln and Mother Theresa, that a life not lived for others is not a life." Coach Wooden’s positive influence on those he touched would have impressed even President Lincoln and Mother Theresa.
In commenting on Coach Wooden, Walton also had this to say:
"John Wooden represents the conquest of substance over hype, the triumph of achievement over erratic flailing, the conquest of discipline over gambling, and the triumph of executing an organized plan over hoping that you’ll be lucky, hot or in the zone.
"John Wooden also represents the conquest of sacrifice, hard work and commitment to achievement over the pipe dream that someone will just give you something, or that you can take a pill or turn a key to get what you want."
What do Walton’s comments have to do with estate planning? Nothing really, I just admire Coach Wooden and Walton’s comments. (The fact that Walton was a role player on the greatest professional basketball team of all-time, the 1985-86 Boston Celtics, in the waning days of his Hall of Fame career, doesn’t hurt.) However, since this is an estate planning Blog, the metaphor is the following:
If you are waiting for Congress to solve your estate problem by eliminating the estate tax – the "pipe dream" that there will be a magic "pill" - it is not going to happen. In 2011, there will be estate tax, we just don’t know the exemption amount. It could be $1 million, $3.5 million, or $5 million. But you do need "an organized plan over hoping that you’ll be lucky." Without "commitment" to a plan your family will be the losers.
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