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Financial Literacy - Planning for your heirs
SPOTLIGHT
Celebrities talk about estate planning
Being famous doesn't get them out of the important task of planning for their families' futures after they're gone.
Planning for your heirs
 
 Celebrities:
Christopher Buckley
Michael Connelly
Ken Jennings
Don LaFontaine
Jodi Picoult
Ian Rankin
Celebrity Q&A
Who: Christopher Buckley
Notable:
Author ("Thank You for Smoking," "Boomsday")
Fame & Fortune Q&A:
Bankrate: As you point out in "Boomsday," Social Security is surely headed for a major adjustment when the ratio of working to retired Americans goes from 15-to-1 to 2-to-1.
Christopher Buckley: Consider the economic ramifications of that, and also the cultural ramifications of having 77 million seniors. Of course, it won't happen all at once. Unless certain things are done, it's going to have calamitous economic ramifications for the poor dears following us who have to pay for all this. The kernel of anger in the book is the idea that we try to leave the world better off for the next generation -- that would be the American ideal, you work hard to provide for the next generation -- but what we're actually doing is writing checks on their bank accounts. At some point, there's going to be a reckoning, and do we trust the government to make correct decisions?
Lesson learned: 
Think about what life will be like for future generations.
Next >> 
 
  What's your secret to success with estate planning?
Or, are you struggling? Share your story.
-- Posted: Nov. 19, 2007
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