When Chicago attorney Mike Whitty recently helped a client plot how to dispose of his considerable estate, the client imagined a big send-off for his prized vintage wines. He planned to write into his will that his friends and family would hold a casino night: Guests would each get a kitty of play money for gambling and end the evening bidding in a wine auction.

This is estate planning far from the drafting of endless documents detailing which friends get which bequests and minimizing taxes. Estate planning is usually not considered a particularly glamorous or intriguing part of financial planning, but it has its entertaining moments. Planners report that they occasionally have to walk a fine line between talking clients out of distasteful or even illegal estate planning techniques and facilitating eccentric requests.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access