Frankly, I was unprepared. And although my dad had a will, it had been hastily prepared. I had a very difficult time learning the parts of the business I didn't know and at the same time facing this tax that the company couldn't afford. Because of that experience I've faced estate planning differently than most entrepreneurs. I think I've done somewhat the opposite.
Estate planning is something that needs to be addressed and updated every few years.
Circumstances change and there are always changes in the tax laws. It's prudent to do that from time to time. Let me go back again. What happened was that shortly after my father died, in January of 1964, there was a World's Fair in Flushing, New York. It was a stroke of luck for us.