If you’ve visited my blog before you know I can talk often and always about the importance for all Iowans to make a will as a part of a complete estate plan. I highly recommend enlisting an estate planner with good recommendations to draft your individualized estate plan. But even the best estate planner cannot write another type of will you should deeply consider—an ethical will. This is a document that’s best written by the person who knows you the best . . . you.
What is an Ethical Will?
An ethical will isn’t a legal document like a last will and testament or a living trust. An ethical will won’t transfer assets won’t be admitted to a probate court to evidence testator intent. But an ethical will can be extremely meaningful and useful to the loved ones you leave behind. It’s a document where you can transfer immaterial assets—think words of wisdom, lessons learned, stories, documentation of heritage, and values.
Let me be clear, an ethical will certainly does not replace the need for a legal will, but it serves as a compliment or an addition. Rather, an ethical will is the place you can provide explanations for what decisions you make in your estate plan if you so choose. For instance, if you think there will hurt feelings or confusion if a certain family member is selected as the executor of your will, you could articulate your reasoning in an ethical will.
There’s no hard and fast definition for what should go in your ethical will. Unlike a last will and testament, there are no specific formalities. You may consider your ethical will as a collection of documents like journal entries, letters to loved ones, or even just your favorite quotes you live by. Curious about how to get started compiling an ethical will? I would recommend thinking about last words and a lasting legacy. What do you want to make sure gets said, even after you’re gone? For my own ethical will, I would start by just writing a letter to my wife.
One question I often get is where to store estate planning documents? For your ethical will, I recommend storing a physical and digital copy with your other estate planning documents or letter of instruction (if the estate planning documents are only accessible by certain executors). The most important thing will be that the people you want to have access to the ethical will do indeed have access to it.
Need an estate plan? There’s no day like the day for investing a roadmap for your loved ones after you pass. An estate plan can save money, time, bureaucratic red tape, and a whole lot of heartache for your beneficiaries. Don’t hesitate to contact me with any questions about estate planning via email (gordon@gordonfischerlawfirm.com) or by phone (515-371-6077).
https://www.gordonfischerlawfirm.com/wp-content/uploads/2020/01/Screen-Shot-2020-01-05-at-10.52.57-PM.png691921Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2020-01-05 22:52:032020-05-18 11:28:38Great Goals: Make an Ethical Will
Martin Luther King Jr. Day and Valentine’s Day aren’t the only days worth recognizing in January and February. I like to help spread the word about all the awesome events, awards, and grants available in Iowa. There are so many great opportunities for nonprofit pros, board members, volunteers, and donors, that range from seminars to galas. But, life is busy, and it can be hard to keep track of what you should register for or put on your calendar. That’s why I compiled a list for your convenience!
Learning Seminars, Trainings, & Workshops
1/9/20; 1/23/20; 2/6/20; 2/20/20; 3/5/20 – Hosted by Volunteer Iowa: “The online Volunteer Management series will enhance best practices training and provide a consistent curriculum to be used within your organization. The webinar series is live, interactive, and the online classes are presented by leading experts across the state. Registration fee to attend all six sessions: $125.”
1/15/20 – Head to Cedar Rapids for “Nonprofit Know-How: Grants at the Community Foundation in 2020.” A taco bar followed by a panel discussion to offer insights about the grantmaking process at the Greater Cedar Rapids Community Foundation. Panelists include a former grant committee member, a former grant writer, and Community Foundation Program Officers. The event will also include a review 2020 grant opportunities at the Community Foundation for local charitable nonprofits that provide services in Linn County.
1/21/20- At the Des Moines Fundraising Institute’s “Capital Campaigns I” class, participants will develop a framework for building a successful campaign that includes planning, timelines, and resources. This session will explore feasibility studies, hiring outside counsel, and creating a case statement for the campaign.
1/28/20- Nonprofit professionals (executive directors, program staff and others) that train adult learners may want to register for “Train the Trainer” session covering everything that goes into planning a successful training session. Attendees will receive all the slides, handouts and a Train the Trainers toolkit. Morning coffee, snacks and lunch will be provided.
2/17/19- At the Des Moines Fundraising Institute’s “Capital Campaigns II” class, attendees will focus on the implementation of the plan including the private and public phases of the campaign, unrestricted and restricted giving (purpose and time), pledge payments, and complex gift vehicles including blended gifts.
1/11/19- Make valentines for veterans in Oskaloosa. Supplies are provided and The American Legion members will be on hand to share there stories with guests as they make cards. Valentines will be sent to active-duty members, veterans in local nursing homes and the Iowa Veterans Home in Marshalltown.
1/17/20- Head to The Ron Pearson Center in West Des Moines for “Feast for Your Senses” supporting Variety Iowa. An individual ticket is a donation of $300 and in return, attendees will enjoy scrumptious dishes and beverages; a mini-concert from Girls Rock; and inspirational stories from Jay Byers. Additionally, an art therapy session will be specially curated by YESS, and an educational talk will be offered by food insecurity expert, Michelle Book from Food Bank of Iowa.
1/17-1/18/20- “Kidsfest, presented by Veridian Credit Union, is a fundraising event for Children & Families of Iowa. The event will be held at the Varied Industries Building on the Iowa State Fairgrounds. Entertainment for the little ones includes three stages of live entertainment, bounce houses, superheroes and cartoon characters, games, crafts, and exhibitors.
2/15/20- Nonprofit Iowa Team B.L.U.E. will be hosting its first annual fundraising dinner, Hearts and Handcuffs, in Ankeny. 100% of the funds raised will be to fulfill requests for equipment and training for local Iowa law enforcement officers. Jason Brown, an incredible country music artist and supporter of law enforcement, will perform a private concert for attendees’ enjoyment during dinner.
1/24/20 – Iowa & Minnesota Campus Compact is seeking host sites for next year’s VISTA Community Corps program, which strives to eliminate poverty through community-campus partnerships by placing full-time capacity-building support in nonprofit organizations and higher education institutions. Deadline for applications is January 24.
1/31/20- Applications are due at the end of January for the Bank of America Student Leaders Program, which connects community-minded high school juniors and seniors with paid summer internships with local nonprofits and a national leadership summit in Washington, D.C.
1/31/20- Each year, dsmHack holds a 48-hour hackathon to help a local nonprofit organization solve their technology problems. This flagship event connects technology enthusiasts including developers, designers, and project managers and partners them with nonprofits selected through an application process. Nonprofit applications are open through January 31.
2/28/20 – Prairie Meadows Community Betterment Grants fund small-to-medium-sized projects with grants ranging from $100 to $99,999. These grants support qualified organizations seeking to improve the lives of those in their communities. Submissions are due by February 28.
There are so many great events and opportunities for nonprofits and the people that advance them that there is no doubt I missed some in the list above. Don’t hesitate to email me at gordon@gordonfischerlawfirm.com to notify GFLF of any upcoming nonprofit-focused events and opportunities in the coming months.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2020/01/Screen-Shot-2020-01-04-at-6.49.25-PM.png687925Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2020-01-03 18:48:442020-05-18 11:28:38Nonprofit Events & Opportunities in January and February 2020
In December 2019 the Internal Revenue Service (IRS) announced that tax-exempt organizations are now required to electronically file certain documents. This comes after the passage of the Taxpayer First Act in July 2019, which affected tax-exempt organizations in tax years beginning after July 1, 2019. This is a change from the previous option where organizations had the option to mail in paper forms. Organizations that have previously filed paper forms should receive a notice from the IRS telling them of the change.
The following IRS forms should now be filed electronically:
• Form 990, Return of Organization Exempt from Income Tax
• Form 990-PF, Return of Private Foundation (or Section 4947(a)(1) Trust Treated as Private Foundation)
• Form 8872, Political Organization Report of Contributions and Expenditures
• Form 1065, U.S. Return of Partnership Income (if filed by a Section 501(d) apostolic organization)
I’ve written about Form 990 in-depth before. While nonprofits don’t generally file annual tax returns (hence the tax-exempt status) most nonprofits need to file an important annual information return (a version of Form 990). If you want to learn more, I recommend giving these posts a read:
Interested in other aspects of successful nonprofit operations and great governance? Confused about any other regulatory changes? Don’t hesitate to contact me for a consult at gordon@gordonfischerlawfirm.com and 515-371-6077.
Great Goals: Make an Ethical Will
Estates & Estate PlanningIf you’ve visited my blog before you know I can talk often and always about the importance for all Iowans to make a will as a part of a complete estate plan. I highly recommend enlisting an estate planner with good recommendations to draft your individualized estate plan. But even the best estate planner cannot write another type of will you should deeply consider—an ethical will. This is a document that’s best written by the person who knows you the best . . . you.
What is an Ethical Will?
An ethical will isn’t a legal document like a last will and testament or a living trust. An ethical will won’t transfer assets won’t be admitted to a probate court to evidence testator intent. But an ethical will can be extremely meaningful and useful to the loved ones you leave behind. It’s a document where you can transfer immaterial assets—think words of wisdom, lessons learned, stories, documentation of heritage, and values.
Let me be clear, an ethical will certainly does not replace the need for a legal will, but it serves as a compliment or an addition. Rather, an ethical will is the place you can provide explanations for what decisions you make in your estate plan if you so choose. For instance, if you think there will hurt feelings or confusion if a certain family member is selected as the executor of your will, you could articulate your reasoning in an ethical will.
There’s no hard and fast definition for what should go in your ethical will. Unlike a last will and testament, there are no specific formalities. You may consider your ethical will as a collection of documents like journal entries, letters to loved ones, or even just your favorite quotes you live by. Curious about how to get started compiling an ethical will? I would recommend thinking about last words and a lasting legacy. What do you want to make sure gets said, even after you’re gone? For my own ethical will, I would start by just writing a letter to my wife.
One question I often get is where to store estate planning documents? For your ethical will, I recommend storing a physical and digital copy with your other estate planning documents or letter of instruction (if the estate planning documents are only accessible by certain executors). The most important thing will be that the people you want to have access to the ethical will do indeed have access to it.
Need an estate plan? There’s no day like the day for investing a roadmap for your loved ones after you pass. An estate plan can save money, time, bureaucratic red tape, and a whole lot of heartache for your beneficiaries. Don’t hesitate to contact me with any questions about estate planning via email (gordon@gordonfischerlawfirm.com) or by phone (515-371-6077).
Nonprofit Events & Opportunities in January and February 2020
NonprofitsMartin Luther King Jr. Day and Valentine’s Day aren’t the only days worth recognizing in January and February. I like to help spread the word about all the awesome events, awards, and grants available in Iowa. There are so many great opportunities for nonprofit pros, board members, volunteers, and donors, that range from seminars to galas. But, life is busy, and it can be hard to keep track of what you should register for or put on your calendar. That’s why I compiled a list for your convenience!
Learning Seminars, Trainings, & Workshops
Events
Grants/Scholarships
There are so many great events and opportunities for nonprofits and the people that advance them that there is no doubt I missed some in the list above. Don’t hesitate to email me at gordon@gordonfischerlawfirm.com to notify GFLF of any upcoming nonprofit-focused events and opportunities in the coming months.
Good Governance: Tax-Exempt Organizations to File Forms Electronically
NonprofitsFrom online donations to individually-tailored policies and procedures there’s a lot for nonprofit professionals to stay on top of. One of the ways I like to serve my mission of promoting and maximizing charitable giving in Iowa is to help nonprofits leaders in the state understand the ever-changing regulatory landscape to be the most successful they can.
In December 2019 the Internal Revenue Service (IRS) announced that tax-exempt organizations are now required to electronically file certain documents. This comes after the passage of the Taxpayer First Act in July 2019, which affected tax-exempt organizations in tax years beginning after July 1, 2019. This is a change from the previous option where organizations had the option to mail in paper forms. Organizations that have previously filed paper forms should receive a notice from the IRS telling them of the change.
The following IRS forms should now be filed electronically:
• Form 990, Return of Organization Exempt from Income Tax
• Form 990-PF, Return of Private Foundation (or Section 4947(a)(1) Trust Treated as Private Foundation)
• Form 8872, Political Organization Report of Contributions and Expenditures
• Form 1065, U.S. Return of Partnership Income (if filed by a Section 501(d) apostolic organization)
I’ve written about Form 990 in-depth before. While nonprofits don’t generally file annual tax returns (hence the tax-exempt status) most nonprofits need to file an important annual information return (a version of Form 990). If you want to learn more, I recommend giving these posts a read:
Interested in other aspects of successful nonprofit operations and great governance? Confused about any other regulatory changes? Don’t hesitate to contact me for a consult at gordon@gordonfischerlawfirm.com and 515-371-6077.