06/26/2006

If you can't beat'em; join'em

Hello:

Warren Buffett announced that he will donate approximately $30 billion to the Bill and Melinda Gates Foundation over a period of years. Three cheers for his philanthropic spirit! We support his decision heartily! Who better to manage the donations, than the man that has played "Hertz" to Mr. Buffett's "Avis" in the friendly competition for wealthiest man in the world. If you can't beat'em; join'em.

Mr. Buffett's donation will approximately double the amount of assets that the Bill and Melinda Gates Foundation manages. To put this amount in perspective, the donation will put the total value of the foundation somewhere between the estimated annual GDP of Guatemala and Syria. May they do a great deal of good to our troubled world!

Today, many do-it-yourself estate plans are being marketed, complete with boilerplate will and trust documents. Such cookie-cutter plans rarely include philanthropic intent, and can frequently prove disastrous as they are not customized to the needs of a particular family or individual, and sometimes do not take into account the laws of the particular state of residence. We recommend working with professional estate planning attorneys.

Terri G. Millson, CIMA, CIMC President

Ray Dicius, CSA, GEPC LPL Branch Manager