Looked at tax from both sides now..
Every quarter, back in the early 2,000’s, I flew to Chicago, Il, for meetings of 49 very clever business people, and me
The close proximity of elite performers from the USA, Australia, Canada, South Africa, etc provided challenging mental stimuli, even before we got to the coaches and mentors, who likely were among the best anywhere
In one task we were asked to: Imagine you are 100 years old, with a few minutes left to live, and your great grandchild says, ‘before you die, tell me what I should do with my life..’
The time allowed was sixty seconds, with no prior warning, to answer a question on ‘what life is all about, to you’
Curiously, most defaulted to ‘tell ‘em what they want to hear’ and tripped out ‘life’s not fair, things change, nothing is guaranteed’ etc,
Second time of asking, person after person recounted their stored beliefs and behaviours, and the mechanisms they used to make decisions, typically making the assumption that what worked for them, should work for future generations
It’s a clever question, but it’s not what it seems..
Here’s the thing; the advice you’re giving to your grandchild is really the track you should be running on yourself as, by definition, it’s the very essence of your existence
The lesson for everyone in that room; if you’re not living by your own advice, then maybe you’re living a lie? Powerful stuff
That’s not taught at any accounting, tax, or law school, but it’s an example of the level of thinking that’s fundamental to how our team of Chartered Tax Advisors undertake legacy tax planning for our clients
Tax planning is about much more than just tax!
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