A wise practitioner once told me that estate planning sits on a three-legged stool. Those three legs are the client’s goals, the client’s family and the client’s assets. The legs are interdependent, and if one is broken or given less emphasis, the stool can topple over and leave a mess for later generations to clean up.
One common class of assets that many of our clients own is rental real property. When our clients own rental real estate, our job as planners