Let’s be for real for a minute. The relationships we have with our pet(s), be they a dog, cat, amphibian, pocket piglet, parrot, or pony are some of the most comforting and consistent. Who else will lick your face, eat snacks out of your hand, demand belly rubs, or get the most Instagram likes? Our pets are a part of our family and it only makes sense to include them in estate planning documents and decisions concerned with the continued care for our loved ones.
The best way to include your furry and feathered friends in your estate plan is with an animal care trust (sometimes known as a pet trust). This is a special kind of trust different from a living revocable trust or an inter vivos trust. An animal care trust specifically provides for the care of your pet in the event that something were to happen to you. In the trust you’ll likely want include the following information:
Sufficiently identify your pets and include a provision that describes your pets as a class through phrasing such as “the pet(s) owned by me at the time of my death or disability.”
Describe your pet’s standard of living, care, and include any regular and special instructions. You can get as specific or general as you want at this point. For example, if your bird only likes a particular brand/type of food, or your dog thrives when she plays catch once a day, this can be specified in a trust agreement. If you want your pet to visit the veterinarian for check-ups three times a year, this can also be written in.
Determine the amount of funding that’s needed to adequately cover the expenses for your pet’s care. Generally, this figure can’t exceed what may reasonably be required given your pet’s standard of living.
Designate a trustee, caregiver, and remainder beneficiary. Also, designate successor trustees and caregivers if for some reason either becomes unable or unwilling to fulfill their role. The remainder beneficiary is who receives the trust assets if trust funding outlives the beneficiary (your pet).
Specify how the funding should be distributed to the caregiver from the trust.
Provide instructions and wishes for the final disposition of your pet (for example, via burial or cremation).
Valentine’s Day is coming up, so let’s discuss how to show your continued love for your pets, even if something unexpected were to happen to you. Contact me via email or phone (515-371-6077).
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/02/Screen-Shot-2019-02-07-at-11.23.04-PM.png6701027Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2020-02-11 12:55:112020-05-18 11:28:36Animal Care Trust: Continued Care & Love for Your Pet
One major way we can show our loved ones how much we care about them is by making our wishes known for when we’re no longer there to tell them. Estate planning is one of the best ways to do that, especially concerning wishes regarding what’s to be done with the physical body after death. One of the six main documents a part of any estate plan is called the “disposition of final remains.” In this document, you can detail how you want your body to be treated after you pass away, along with any ceremonial aspects. You may be as specific or as general as you wish.
If you’ve ever had someone close to you die and have been tasked with making arrangements for the wake, funeral, and burial or cremation (or otherwise), you know it can be difficult. Not only are you dealing with heartache and grief of losing that loved one, but now you’re also dealing with the organizational aspects of death. If you die without an estate plan, and without clear instructions in a disposition of final remains document, you’ll be leaving your loved ones with a headache on top of the inevitable heartache. The ambiguity surrounding final remains can lead to fighting between family members if they disagree over what would be best. That’s why taking the time to think through your final services is a wonderful gift and a great way to show your loved ones how much you care.
Let’s go through some of the basics related to this important, valuable document.
What Does “Final Disposition” Mean Anyway?
Final disposition sounds, well, conclusive. Indeed, this is about what you ultimately want to be done with your physical body following death and can include burial (sometimes referred to interment), cremation, removal from the state (if you want to be buried in a different state), and other types of disposition. You may also detail if you wish, a funeral or other type of ceremony (maybe even a party) to be held. If you’ve purchased a burial plot or want to be laid to rest in the family mausoleum, you would include those details here.
Choose a Designee
In the disposition of final remains document, you can designate one or multiple adults to assume responsibility for carrying out your wishes, similar to how you designate an executor to carry out the wishes as written in your will. Your designee (or designees) can be whomever you choose, just be sure to speak with them to make certain they are comfortable and accepting of the role.
Of course, the designee must be a competent adult. The Act also allows for alternate designees to be named in the event the primary designee is unable to act. The Declaration is not allowed to include directives for final disposition of remains and arrangements for ceremonies planned after death.
If something were to happen to you without a disposition of final remains document in place, the surviving spouse (if there is one) assumes the role as designee. If there is no surviving spouse, then the designee role passes to any surviving children. If there are no surviving children then the role would pass to the parents of the decedent, then grandchildren, surviving siblings, and finally surviving grandparents.
Can I Change My Mind?
Your wishes may change over time and that’s OK because the disposition of final remains is revocable. That means you can change your designee if one becomes unable or unwilling. (Regardless of whether or not you want to amend your disposition of final remains document, you should review your estate plan annually to see if any major life events require updates.)
Because the disposition of final remains document is a key part of your estate plan, it’s best to get started with my free Estate Plan Questionnaire. Questions or want to discuss your personal situation? Contact me at any time via email or phone (515-371-6077).
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/02/shaira-dela-pena-532810.jpg23043456Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2020-02-10 18:12:512020-05-18 11:28:37Disposition of Final Remains: Save your Loved Ones Headache & Ambiguity
Pop the popcorn, uncork the champagne, and put on your best red-carpet duds to tune into the 92nd Academy Awards tonight! In between award envelopes and amazing performances, consider how your 2020 Oscar ballot has some surprising connections with estate planning. It may sound like a stretch, but hear me out while you watch the pre-show coverage.
Anything Could Happen
If you’re a film buff who has managed to watch all nine of the Best Picture category nominees (first off, I’m jealous), you may have a strong opinion about which one deserves to win. However, just like life, anything could happen! You may bet that 1917 most certainly will be victorious, but in the end, You know one of the films will win, just like you know someday you’re going to pass away. However, you cannot know which one of the films will win ahead of time, just like you cannot know how and when your final scene will be.
Expecting the unexpected is what estate planning boils down to. With something fun and entertaining like the Academy Awards, surprises can make for ready Oscar party fodder. But, when it comes to your estate—all of your assets you worked hard to acquire—surprises can make for frustration and confusion, in fighting for your family, extended probate time and fees, and assets being distributed in a way that you wouldn’t have chosen.
Estate planning allows you to make certain your loved ones and the charities you care most about “win,” regardless of when you pass away.
Some of the films nominated this year have familial relationships as a central plot device in the scripts. For instance, the Greta Gerwig take on the Louisa May Alcott classic, Little Women, explores the relationships between four sisters, each unique in their talents and interests, from childhood through young adulthood.
The scenes of Jo, Amy, Meg, and Beth remind us that people are considered minor children until they turn 18, and parents should have guardianship defined through their estate plans. That way, if something were to happen to the minor’s legal guardian(s), they could be immediately placed under the care of another trusted adult. Unless guardianship has been established, the Iowa Courts must choose guardians for the minor child if the legal guardian died or was incapacitated. Unfortunately, with no clear choice as to what the former caregivers would have preferred, the Court must basically make its own and best determination as to who the parent(s) would have preferred and what would be in the best interest of the children. The Court may or may not, choose who the parent(s) would have actually named.
Some of the greatest films of all time have won the “Best Picture” category and left a cinematic legacy that has lasted well beyond their premiere date. These movies and the stories they tell live on in infamy, as generation after generation experiences their contribution to the entertainment industry. Indeed, the plot of the nominee Ford v Ferrari explores what kind of lasting reputation a team can build in their attempt at besting the dominator of the day.
Perhaps one or more of the 2020 Best Picture nominees will join this upper echelon of cinema (and maybe not), but estate planning also allows you to also make a mark on your world—a chance to leave a lasting legacy. A legacy can be interpreted differently by different people. A legacy to you could mean leaving a sizable charitable bequest to your church or alma mater. It could also mean bequeathing your art collection to your favorite museum. It could mean establishing college funds for all of your children and grandchildren to represent your belief in continuous learning. Whatever you envision your legacy to be, an estate plan will allow you to shape it…think of it as your own star on the Hollywood Walk of Fame!
Retain Your Control
Power is a common theme in some of the films nominated this year. Whether it’s the Joker with its implicit theme on how the power of kindness can change the cycle of bad events for someone or De Niro in The Irishman detailing the inner politics and power grabs of the mob, there is something to be said for retaining control over your assets. I like to tell my clients that estate planning really just allows you to direct who inherits what, when, and how. For most folks, they want to choose where their hard-earned property goes, not the government via Iowa’s intestacy laws.
I’d love to hear your take on films nominated this year, but I’d also like to discuss your estate plan! Don’t hesitate to contact me via email or by phone (515-371-6077). You can also get started on the creation of an estate plan by filling out my free, no-obligation Estate Plan Questionnaire.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/03/Screen-Shot-2019-02-24-at-6.36.12-PM.png587982Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2020-02-09 11:19:192020-05-18 11:28:37What the Academy Awards & Estate Planning Have in Common
Animal Care Trust: Continued Care & Love for Your Pet
Estates & Estate Planning, Trusts, Wills, Trusts & EstatesIn the lead up to Valentine’s Day, I’m exploring here on the blog how love can translate to estate planning. Thus far we’ve covered the best V-Day gift to give your spouse, advice on where to store your estate plan (and it’s not a chocolate heart box!), and how an affinity for football makes understanding estate planning easy. Romance and gift guides aside, this #PlanningForLove series would be incomplete without featuring the love for your pet.
Let’s be for real for a minute. The relationships we have with our pet(s), be they a dog, cat, amphibian, pocket piglet, parrot, or pony are some of the most comforting and consistent. Who else will lick your face, eat snacks out of your hand, demand belly rubs, or get the most Instagram likes? Our pets are a part of our family and it only makes sense to include them in estate planning documents and decisions concerned with the continued care for our loved ones.
The best way to include your furry and feathered friends in your estate plan is with an animal care trust (sometimes known as a pet trust). This is a special kind of trust different from a living revocable trust or an inter vivos trust. An animal care trust specifically provides for the care of your pet in the event that something were to happen to you. In the trust you’ll likely want include the following information:
Check out and feel free to share this infographic with your fellow pet parents. (Click here to see the pdf version.)
Valentine’s Day is coming up, so let’s discuss how to show your continued love for your pets, even if something unexpected were to happen to you. Contact me via email or phone (515-371-6077).
Disposition of Final Remains: Save your Loved Ones Headache & Ambiguity
Estates & Estate Planning, Wills, Trusts & EstatesOne major way we can show our loved ones how much we care about them is by making our wishes known for when we’re no longer there to tell them. Estate planning is one of the best ways to do that, especially concerning wishes regarding what’s to be done with the physical body after death. One of the six main documents a part of any estate plan is called the “disposition of final remains.” In this document, you can detail how you want your body to be treated after you pass away, along with any ceremonial aspects. You may be as specific or as general as you wish.
If you’ve ever had someone close to you die and have been tasked with making arrangements for the wake, funeral, and burial or cremation (or otherwise), you know it can be difficult. Not only are you dealing with heartache and grief of losing that loved one, but now you’re also dealing with the organizational aspects of death. If you die without an estate plan, and without clear instructions in a disposition of final remains document, you’ll be leaving your loved ones with a headache on top of the inevitable heartache. The ambiguity surrounding final remains can lead to fighting between family members if they disagree over what would be best. That’s why taking the time to think through your final services is a wonderful gift and a great way to show your loved ones how much you care.
Let’s go through some of the basics related to this important, valuable document.
What Does “Final Disposition” Mean Anyway?
Final disposition sounds, well, conclusive. Indeed, this is about what you ultimately want to be done with your physical body following death and can include burial (sometimes referred to interment), cremation, removal from the state (if you want to be buried in a different state), and other types of disposition. You may also detail if you wish, a funeral or other type of ceremony (maybe even a party) to be held. If you’ve purchased a burial plot or want to be laid to rest in the family mausoleum, you would include those details here.
Choose a Designee
In the disposition of final remains document, you can designate one or multiple adults to assume responsibility for carrying out your wishes, similar to how you designate an executor to carry out the wishes as written in your will. Your designee (or designees) can be whomever you choose, just be sure to speak with them to make certain they are comfortable and accepting of the role.
Of course, the designee must be a competent adult. The Act also allows for alternate designees to be named in the event the primary designee is unable to act. The Declaration is not allowed to include directives for final disposition of remains and arrangements for ceremonies planned after death.
If something were to happen to you without a disposition of final remains document in place, the surviving spouse (if there is one) assumes the role as designee. If there is no surviving spouse, then the designee role passes to any surviving children. If there are no surviving children then the role would pass to the parents of the decedent, then grandchildren, surviving siblings, and finally surviving grandparents.
Can I Change My Mind?
Your wishes may change over time and that’s OK because the disposition of final remains is revocable. That means you can change your designee if one becomes unable or unwilling. (Regardless of whether or not you want to amend your disposition of final remains document, you should review your estate plan annually to see if any major life events require updates.)
How do I Start?
Because the disposition of final remains document is a key part of your estate plan, it’s best to get started with my free Estate Plan Questionnaire. Questions or want to discuss your personal situation? Contact me at any time via email or phone (515-371-6077).
What the Academy Awards & Estate Planning Have in Common
Estates & Estate Planning, EventsPop the popcorn, uncork the champagne, and put on your best red-carpet duds to tune into the 92nd Academy Awards tonight! In between award envelopes and amazing performances, consider how your 2020 Oscar ballot has some surprising connections with estate planning. It may sound like a stretch, but hear me out while you watch the pre-show coverage.
Anything Could Happen
If you’re a film buff who has managed to watch all nine of the Best Picture category nominees (first off, I’m jealous), you may have a strong opinion about which one deserves to win. However, just like life, anything could happen! You may bet that 1917 most certainly will be victorious, but in the end, You know one of the films will win, just like you know someday you’re going to pass away. However, you cannot know which one of the films will win ahead of time, just like you cannot know how and when your final scene will be.
Expecting the unexpected is what estate planning boils down to. With something fun and entertaining like the Academy Awards, surprises can make for ready Oscar party fodder. But, when it comes to your estate—all of your assets you worked hard to acquire—surprises can make for frustration and confusion, in fighting for your family, extended probate time and fees, and assets being distributed in a way that you wouldn’t have chosen.
Estate planning allows you to make certain your loved ones and the charities you care most about “win,” regardless of when you pass away.
It’s All in the Family
Some of the films nominated this year have familial relationships as a central plot device in the scripts. For instance, the Greta Gerwig take on the Louisa May Alcott classic, Little Women, explores the relationships between four sisters, each unique in their talents and interests, from childhood through young adulthood.
The scenes of Jo, Amy, Meg, and Beth remind us that people are considered minor children until they turn 18, and parents should have guardianship defined through their estate plans. That way, if something were to happen to the minor’s legal guardian(s), they could be immediately placed under the care of another trusted adult. Unless guardianship has been established, the Iowa Courts must choose guardians for the minor child if the legal guardian died or was incapacitated. Unfortunately, with no clear choice as to what the former caregivers would have preferred, the Court must basically make its own and best determination as to who the parent(s) would have preferred and what would be in the best interest of the children. The Court may or may not, choose who the parent(s) would have actually named.
Leave a Lasting Legacy
Some of the greatest films of all time have won the “Best Picture” category and left a cinematic legacy that has lasted well beyond their premiere date. These movies and the stories they tell live on in infamy, as generation after generation experiences their contribution to the entertainment industry. Indeed, the plot of the nominee Ford v Ferrari explores what kind of lasting reputation a team can build in their attempt at besting the dominator of the day.
Perhaps one or more of the 2020 Best Picture nominees will join this upper echelon of cinema (and maybe not), but estate planning also allows you to also make a mark on your world—a chance to leave a lasting legacy. A legacy can be interpreted differently by different people. A legacy to you could mean leaving a sizable charitable bequest to your church or alma mater. It could also mean bequeathing your art collection to your favorite museum. It could mean establishing college funds for all of your children and grandchildren to represent your belief in continuous learning. Whatever you envision your legacy to be, an estate plan will allow you to shape it…think of it as your own star on the Hollywood Walk of Fame!
Retain Your Control
Power is a common theme in some of the films nominated this year. Whether it’s the Joker with its implicit theme on how the power of kindness can change the cycle of bad events for someone or De Niro in The Irishman detailing the inner politics and power grabs of the mob, there is something to be said for retaining control over your assets. I like to tell my clients that estate planning really just allows you to direct who inherits what, when, and how. For most folks, they want to choose where their hard-earned property goes, not the government via Iowa’s intestacy laws.
I’d love to hear your take on films nominated this year, but I’d also like to discuss your estate plan! Don’t hesitate to contact me via email or by phone (515-371-6077). You can also get started on the creation of an estate plan by filling out my free, no-obligation Estate Plan Questionnaire.