Charitable Giving... of Someone Else's Money?

This article from the AP today made me chuckle. I certainly applaud the Pratts for their generosity. That is, they could have simply stolen the bank's money and NOT given any to charity....

I was amused not only by the fact that they took the money and ran, but by their speculation that they could retire to Florida on $177,000. I don't mean to imply that this is a small sum. For me and most of my estate planning clients, this sum would certainly go a long way towards alleviating the multitude of tiny financial pinches we are all feeling these days. But I think that any financial planner worth their weight will tell you that the income produced off of $177K is certainly not sufficient to support you in retirement.

So, here's a little free legal & financial advice: 1) Even if you believe that a bank error is divine providence, it is probably not legal for you to keep the money, and 2) If you are going to abscond with $177,000, try some Central American country instead: your money will go a lot further and it will be harder for the authorities to find you. ;)

Of course that is a joke, since being on the up-and-up is the best legal advice I have to offer. What isn't a joke is planning for your future, which means consulting with a professional like me for your estate plan, and a financial planner who can help you get on track for a proper retirement, divine intervention or not.