Host: What age should I start planning?
William Conway: Well, most of the problems of planning are not age related. If anybody has assets at all, occasionally people have assets who are given to them by parents, who are given to them by grandparents in the form of accounts that were set aside when they were small. Sometimes, these accounts become worth tens of thousands, perhaps even hundreds of thousands that always when the people are still rather youthful. Savings, investment, purchase of real estate, all those assets still have as bigger problem in the circumstance of a disability or incapacity of a 20 year old, as they do in the circumstance of the disability or incapacity of a 52 year old or an 85 year old.
So, the planning aspects of what one should do, the nature and the importance of that doesn t change. Of course, many youthful persons of course, will marry and have children. All the issues that we have talked about are not age related, they are all related to the ownership and transfer of property to the people we would like to transfer to and for the protection and use of the people to whom we want it transferred to. It s really all again and once about, giving what I have to whom I want, the way I want, how I want with the least amount of fees and taxes. So, even though there may not be some of the issues that are out there, the issues of disability, the issues of incapacity, the issues of transfer of assets on death and control by the family, the way they want assets control, the issues of accidental disinheritance, the issues of other youthful people perhaps children of now, these relatively young people then themselves becoming older and receiving assets at ages that might be considered inappropriate. All those assets and all those issues are just as important for a younger person as they are for older people.