Before the new year is rung in with champagne flutes and fireworks, take these last few days of December to reflect. What do you like about your life? What do you want to change? In years past maybe you set out with the best of intentions to do something different or new, but it fell by the wayside by mid-February. Don’t worry; we’ve all been there. But if you’re looking for a resolution or goal (or whatever you want to call it) that you can actually “keep” I have just the suggestion—make an estate plan.
Like your more average resolutions to lose weight, eat healthier, be nicer, the resolution to create an estate plan can sound daunting at first, but estate planning is actually one of the best goals you can make. Here are a few of the many reasons why:
Estate planning is actually achievable.
The best goals are actionable, realistic, and sustainable. Estate planning is all of those things. With tools like a free estate plan questionnaire, this description of different documents that comprise an estate plan, and the useful checklist, you have the useful tools at your fingertips to reasonably achieve this goal without having to go to too much trouble. Plus, achieving a goal of executing an estate plan can give you a beneficial confidence boost that can inspire you to accomplish other resolutions.
Enlist an experienced attorney who can help guide your estate planning experience from start to finish and tailor your documents to strategically meet your needs and wishes for the future. Sure, you could try to go it alone, and use some sort of messy (potentially inaccurate) DIY documents off the internet. But, why would you potentially threaten the validity of this important set of legal documents when you can bring in an expert who will help you best achieve your wishes? Think, if you were serious about getting in shape, you may hire a personal trainer or wellness coach…an estate planner is like that.
Estate planning is a resolution that can relieve stress!
Many new year’s resolutions also come with a dose of stress. Changing habits can be stressful. Something like a diet can make you crabby. Estate planning is one of the few (if only) resolutions I can think of that gives you both peace of mind and relieves future stress your loved ones. If you pass away or are incapacitated without certain documents (like health care and financial powers of attorney in place) it makes things incredibly difficult, confusing, and stressful for your family members. For most folks, that’s the last thing they want for their loved ones when they’ll already be having a tough/grieving time. Basically completing estate planning is the gift that keeps on giving!
Want to get a head start on making this new year your best year yet? You don’t have to wait for the ball to drop! Start in on this free, no-obligation estate plan questionnaire or contact me to discuss your situation.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/12/Screen-Shot-2018-12-28-at-12.14.26-PM.png649971Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2019-12-28 12:17:432020-05-18 11:28:38New Year's Resolutions: Why Estate Planning is a Great Goal
With ringing in the new year comes the inevitable resolutions to be happier, healthier, more productive…all good intentions. But, what if this year you make a different kind of resolution—an actionable goal that could make a difference in the causes you care about? How about a goal that goes beyond yourself and could also have a positive impact on your community? This year I implore you to make at least one charitable giving goal. A giving goal can be a “resolution” you actually keep after the snow melts. How? With the right plan in place!
Similarly, I encourage my clients to determine their estate planning goals. These goals help guide me in drafting a personalized estate plan and determining which documents and provisions are needed. After all, every Iowan, family, and business is unique. Charitable giving goals can work the same way as a guiding blueprint for the who, what, when, and why of giving.
Use the following information to set your charitable giving goals for the new year!
Set a budget.
Of course, to begin, you’ll need to examine your entire budget including income, committed expenses (such as rent/mortgage payments, all bills, healthcare costs, etc.), to determine your discretionary income—this is the money you have left over after your committed expenses.
Along with your budget you should also consider whether larger one-time donations or recurring (perhaps monthly) donations work better for your budget, personality, and spending habits. A one-time donation may help prevent money from being spent on other discretionary choices. On the other hand, a repeated, monthly donation may help divide the total amount up into manageable sums. And, monthly donations can often be configured to automatically be made from your account which makes it easy to set the figure at the beginning of the year and make it a regular expenditure. Nonprofit organizations are grateful for all charitable contributions, but recurring, monthly gifts make their budgeting easier.
Look at the big picture.
Step back from the accounting weeds for a moment and sit down with a plain piece of paper. Write down the causes and organizations you care about. If you feel passionate about a certain issue, but don’t know of a specific charity off the top of your head that is addressing the issue, make a note of it. Your list doesn’t have to be long, just true to you.
Then, commit to research to determine which organizations are going to invest your money toward a mission that aligns with your own ethos. Some things to consider about a charity:
Financial health. Tax-exempt organizations have to file Form 990 (officially, the “Return of Organization Exempt From Income Tax”) with the IRS. This form details the organization’s financial information and is available to the public. Do a search on a database such as the Foundation Center, for a charity you’re considering donating to, and review the financial data.
What’s the charity’s commitment to transparency? How about accountability?
What’s the organization’s Charity Navigator rating, if any? Charity Navigator’s rating system examines a charity’s performance in the areas of financial health and accountability/transparency, and presents it in an easily discernible way.
Is the organization based in the U.S. or is it a foreign charity? (Generally, if the donee is a foreign charitable organization, an income tax deduction is unavailable.)
Of course, if you’re personally involved with an organization through volunteering, fundraising, or the like, that’s a good way to “know” the charities as well. Research will empower and embolden your charitable goals if you know your donation is going to an upstanding, trustworthy operation.
Seek advice.
If you made a goal to increase muscle mass, you would likely seek the services of a personal trainer. If your goal is to eat healthier? Maybe a nutritionist. When the goal is to be committed to smart charitable donations, you’ll want to enlist the likes of your lawyer, accountant, and/or financial advisor. Seek out a professional who has experience working with nonprofits, the tax code, and strategies for intelligent giving. This pro can and should be able to help you put your plan into action.
(This tip also applies to practicing charitable giving through your estate plan—something you should definitely hire an estate planning lawyer to make sure the estate plan is properly, legally executed.)
Smart charitable giving means a vested commitment toward a cause or organization’s advancement, as well as financially beneficial tax deductions for you. Unlike investments where the general advice is to diversify to reduce risk, in the realm of charitable giving the opposite may well be true. You may well receive the greatest “return” by concentrating your giving on a fewer, rather than more, organizations. Consider giving to two or three nonprofits to magnify your impact.
If you’re ready to commit to charitable giving goals you can actually keep I’m happy to offer advice and strategy. Don’t hesitate to reach out via email (gordon@gordonfischerlawfirm.com) or by phone (515-371-6077).
Estate planning is one of those pesky things you know you absolutely should do, but it tends to get pushed to the bottom of your continuous to-do list. Even the best plans to make this the year of finally getting your estate plan in order, life happens and things can get hectic. Unfortunately, when you or your loved one needs an estate plan the most, such as in the tragic situation of unexpected disability or death, it’s not readily available.
Together, we’re going to make this year your most prepared one yet! In the spirit of a fresh start, a new year and a new decade, here are six resolutions to set you up for estate plan super success.
Overcome Your Excuses.
It’s understandable why I often hear the same excuses from folks who should have an estate plan (aka everyone older than 18, regardless of age, debts, assets, and marital status), but don’t. Procrastination is a natural part of human nature, especially when you’re putting off perceived conversations on uncomfortable topics like money, death, and taxes. Yet, most people, once they learn the benefits which accrue to a completed estate plan, initial discomfort fades. So, let’s eliminate the three most common excuses:
Not enough time or too busy.
Let’s be honest, there’s never enough time. There never will be. The (sometimes cruel) irony of estate planning is that it’s there for you and your family when you’ve literally run out of time. You’ll be happy to know the bulk of time needed for an estate plan (if you work with a professional…and you should) is thinking about and communicating, what you want to happen with your assets upon passing. Who do you want to be your named as beneficiaries? Who do you want to serve as guardians to your kids? Also, you’ll need to consider carefully who you want to be your financial and health care agents in the case of disability.
There’s no one-size-fits-all for estate plans. Therefore, costs will depend on your estate’s size, complexity, and your goals. I’ll be completely clear on the exact costs upfront, and that’s a guarantee. This is a major reason why filling out the estate plan questionnaire is such an important first step. Through your completed questionnaire, I can tell what you need, make a recommendation, and give you an exact price.
Keep in mind that it will almost certainly be more expensive for your family and loved ones if you die intestate (without a will). It will not only cost them monetarily, but also, much worse, emotionally as well, the process can be shockingly slow, tedious, and create unnecessary conflict.
Organize your digital asset information.
Think of all the information pertinent to your personal and professional life and the finances that you have on your computer. Think of all the important data that’s held entirely in online accounts. Often things like your email accounts, online banking, and storage accounts, for example, are referred to as digital assets. Access to these digital assets will be important for your chosen executor or trustee to handle and settle your estate. A solid estate plan will account for these digital assets and specify who you want to have access to all this data information in order to transfer/settle/close accounts appropriately. Additionally, you’ll want to have a separate, secure document or account (like LastPass, for instance) that lists your all accounts and their login information.
If you already have an estate plan, do a happy dance! You are way ahead of about 60% of the population, which doesn’t even have a basic will (or trust) in place.
While estate plans never expire, they do need to be updated and kept current. If you have a major life event, it may well warrant revisiting your estate plan. Such life events include marriage or divorce if you establish residency in a new state, the birth of a child, the loss of one of your beneficiaries/executors, or if your financial situation changes significantly.
Speaking of change, remember too that state and federal laws are perpetually changing and when certain rules change, so too must your estate plan. For instance, under the new tax law passed in 2017, the changes to the federal transfer tax exemptions could impact decisions as to if a certain type of trust is applicable. Again, this is where an experienced professional estate planner, whose job it is to stay up on these policy changes so you don’t have to, is beneficial.
There is a multitude of ways to practice impactful charitable giving. One incredibly easy way is to name charities near and dear to your heart as beneficiaries in your estate plan. The resolution here? Think about what charities you would like to give to, how much (a figure or percentage), and, if you already have an estate plan, review it. If it doesn’t include your chosen charities, it’s time for an update!
When making estate planning decisions it’s important to discuss said decisions with your family (and others included in the plan). Communicating in advance and ensuring your loved ones fully understand the “what” and “why” means there’s a significantly better chance your wishes will be respected and executed fully as you intended. The worst-case scenario in estate planning is litigation over what the deceased (or critically disabled) individual wanted. For instance, if you have an end-stage medical condition, the last thing you want is family fighting over your health care power of attorney or living will. These conversations can be challenging, but ultimately should be conducive to a peaceful transition of assets, reduction of tension between beneficiaries, and a clear understanding of what was communicated and recorded.
Creating an estate plan that achieves your goals is a resolution you can DEFINITELY keep this year (even if that low-carb diet resolution doesn’t quite make it past January). The time it takes is nothing in comparison to the time it will save your loved ones in time, money, and stress! Plus, the peace of mind that comes with knowing your affairs are in order if something were to happen is invaluable. This is your year to be prepared. Let’s get started. Contact me at any time via email (gordon@gordonfischerlawfirm.com) or phone (515-371-6077) and in the meantime fill out the estate plan questionnaire.
New Year’s Resolutions: Why Estate Planning is a Great Goal
Estates & Estate PlanningBefore the new year is rung in with champagne flutes and fireworks, take these last few days of December to reflect. What do you like about your life? What do you want to change? In years past maybe you set out with the best of intentions to do something different or new, but it fell by the wayside by mid-February. Don’t worry; we’ve all been there. But if you’re looking for a resolution or goal (or whatever you want to call it) that you can actually “keep” I have just the suggestion—make an estate plan.
Like your more average resolutions to lose weight, eat healthier, be nicer, the resolution to create an estate plan can sound daunting at first, but estate planning is actually one of the best goals you can make. Here are a few of the many reasons why:
Estate planning is actually achievable.
The best goals are actionable, realistic, and sustainable. Estate planning is all of those things. With tools like a free estate plan questionnaire, this description of different documents that comprise an estate plan, and the useful checklist, you have the useful tools at your fingertips to reasonably achieve this goal without having to go to too much trouble. Plus, achieving a goal of executing an estate plan can give you a beneficial confidence boost that can inspire you to accomplish other resolutions.
You don’t have to go it alone.
Enlist an experienced attorney who can help guide your estate planning experience from start to finish and tailor your documents to strategically meet your needs and wishes for the future. Sure, you could try to go it alone, and use some sort of messy (potentially inaccurate) DIY documents off the internet. But, why would you potentially threaten the validity of this important set of legal documents when you can bring in an expert who will help you best achieve your wishes? Think, if you were serious about getting in shape, you may hire a personal trainer or wellness coach…an estate planner is like that.
Estate planning is a resolution that can relieve stress!
Many new year’s resolutions also come with a dose of stress. Changing habits can be stressful. Something like a diet can make you crabby. Estate planning is one of the few (if only) resolutions I can think of that gives you both peace of mind and relieves future stress your loved ones. If you pass away or are incapacitated without certain documents (like health care and financial powers of attorney in place) it makes things incredibly difficult, confusing, and stressful for your family members. For most folks, that’s the last thing they want for their loved ones when they’ll already be having a tough/grieving time. Basically completing estate planning is the gift that keeps on giving!
Want to get a head start on making this new year your best year yet? You don’t have to wait for the ball to drop! Start in on this free, no-obligation estate plan questionnaire or contact me to discuss your situation.
New Year’s Resolutions: Tips for Setting Charitable Goals
Charitable Giving, NonprofitsWith ringing in the new year comes the inevitable resolutions to be happier, healthier, more productive…all good intentions. But, what if this year you make a different kind of resolution—an actionable goal that could make a difference in the causes you care about? How about a goal that goes beyond yourself and could also have a positive impact on your community? This year I implore you to make at least one charitable giving goal. A giving goal can be a “resolution” you actually keep after the snow melts. How? With the right plan in place!
Similarly, I encourage my clients to determine their estate planning goals. These goals help guide me in drafting a personalized estate plan and determining which documents and provisions are needed. After all, every Iowan, family, and business is unique. Charitable giving goals can work the same way as a guiding blueprint for the who, what, when, and why of giving.
Use the following information to set your charitable giving goals for the new year!
Set a budget.
Of course, to begin, you’ll need to examine your entire budget including income, committed expenses (such as rent/mortgage payments, all bills, healthcare costs, etc.), to determine your discretionary income—this is the money you have left over after your committed expenses.
Along with your budget you should also consider whether larger one-time donations or recurring (perhaps monthly) donations work better for your budget, personality, and spending habits. A one-time donation may help prevent money from being spent on other discretionary choices. On the other hand, a repeated, monthly donation may help divide the total amount up into manageable sums. And, monthly donations can often be configured to automatically be made from your account which makes it easy to set the figure at the beginning of the year and make it a regular expenditure. Nonprofit organizations are grateful for all charitable contributions, but recurring, monthly gifts make their budgeting easier.
Look at the big picture.
Step back from the accounting weeds for a moment and sit down with a plain piece of paper. Write down the causes and organizations you care about. If you feel passionate about a certain issue, but don’t know of a specific charity off the top of your head that is addressing the issue, make a note of it. Your list doesn’t have to be long, just true to you.
Then, commit to research to determine which organizations are going to invest your money toward a mission that aligns with your own ethos. Some things to consider about a charity:
Of course, if you’re personally involved with an organization through volunteering, fundraising, or the like, that’s a good way to “know” the charities as well. Research will empower and embolden your charitable goals if you know your donation is going to an upstanding, trustworthy operation.
Seek advice.
If you made a goal to increase muscle mass, you would likely seek the services of a personal trainer. If your goal is to eat healthier? Maybe a nutritionist. When the goal is to be committed to smart charitable donations, you’ll want to enlist the likes of your lawyer, accountant, and/or financial advisor. Seek out a professional who has experience working with nonprofits, the tax code, and strategies for intelligent giving. This pro can and should be able to help you put your plan into action.
(This tip also applies to practicing charitable giving through your estate plan—something you should definitely hire an estate planning lawyer to make sure the estate plan is properly, legally executed.)
Focus efforts / limit charitable targets.
Smart charitable giving means a vested commitment toward a cause or organization’s advancement, as well as financially beneficial tax deductions for you. Unlike investments where the general advice is to diversify to reduce risk, in the realm of charitable giving the opposite may well be true. You may well receive the greatest “return” by concentrating your giving on a fewer, rather than more, organizations. Consider giving to two or three nonprofits to magnify your impact.
If you’re ready to commit to charitable giving goals you can actually keep I’m happy to offer advice and strategy. Don’t hesitate to reach out via email (gordon@gordonfischerlawfirm.com) or by phone (515-371-6077).
6 Estate Planning Resolutions You Can Actually Keep
Estates & Estate Planning, Wills, Trusts & EstatesEstate planning is one of those pesky things you know you absolutely should do, but it tends to get pushed to the bottom of your continuous to-do list. Even the best plans to make this the year of finally getting your estate plan in order, life happens and things can get hectic. Unfortunately, when you or your loved one needs an estate plan the most, such as in the tragic situation of unexpected disability or death, it’s not readily available.
Together, we’re going to make this year your most prepared one yet! In the spirit of a fresh start, a new year and a new decade, here are six resolutions to set you up for estate plan super success.
Overcome Your Excuses.
It’s understandable why I often hear the same excuses from folks who should have an estate plan (aka everyone older than 18, regardless of age, debts, assets, and marital status), but don’t. Procrastination is a natural part of human nature, especially when you’re putting off perceived conversations on uncomfortable topics like money, death, and taxes. Yet, most people, once they learn the benefits which accrue to a completed estate plan, initial discomfort fades. So, let’s eliminate the three most common excuses:
Not enough time or too busy.
Let’s be honest, there’s never enough time. There never will be. The (sometimes cruel) irony of estate planning is that it’s there for you and your family when you’ve literally run out of time. You’ll be happy to know the bulk of time needed for an estate plan (if you work with a professional…and you should) is thinking about and communicating, what you want to happen with your assets upon passing. Who do you want to be your named as beneficiaries? Who do you want to serve as guardians to your kids? Also, you’ll need to consider carefully who you want to be your financial and health care agents in the case of disability.
(Note that such communicating can be easily done through a tool like my estate plan questionnaire.)
I don’t know where to start.
As excuses go, this has some validity but is easily quashed with a few tools that are available to everyone for free. First, read my post on all the basics of estate planning to get familiar with the six key documents. Second, fill out my free, no-obligation estate plan questionnaire. Truly, estate planning (at least my process), is just five easy steps from start to finish.
It’s too expensive to make an estate plan.
There’s no one-size-fits-all for estate plans. Therefore, costs will depend on your estate’s size, complexity, and your goals. I’ll be completely clear on the exact costs upfront, and that’s a guarantee. This is a major reason why filling out the estate plan questionnaire is such an important first step. Through your completed questionnaire, I can tell what you need, make a recommendation, and give you an exact price.
Keep in mind that it will almost certainly be more expensive for your family and loved ones if you die intestate (without a will). It will not only cost them monetarily, but also, much worse, emotionally as well, the process can be shockingly slow, tedious, and create unnecessary conflict.
Organize your digital asset information.
Think of all the information pertinent to your personal and professional life and the finances that you have on your computer. Think of all the important data that’s held entirely in online accounts. Often things like your email accounts, online banking, and storage accounts, for example, are referred to as digital assets. Access to these digital assets will be important for your chosen executor or trustee to handle and settle your estate. A solid estate plan will account for these digital assets and specify who you want to have access to all this data information in order to transfer/settle/close accounts appropriately. Additionally, you’ll want to have a separate, secure document or account (like LastPass, for instance) that lists your all accounts and their login information.
Be Resolute with Revisions
If you already have an estate plan, do a happy dance! You are way ahead of about 60% of the population, which doesn’t even have a basic will (or trust) in place.
While estate plans never expire, they do need to be updated and kept current. If you have a major life event, it may well warrant revisiting your estate plan. Such life events include marriage or divorce if you establish residency in a new state, the birth of a child, the loss of one of your beneficiaries/executors, or if your financial situation changes significantly.
Speaking of change, remember too that state and federal laws are perpetually changing and when certain rules change, so too must your estate plan. For instance, under the new tax law passed in 2017, the changes to the federal transfer tax exemptions could impact decisions as to if a certain type of trust is applicable. Again, this is where an experienced professional estate planner, whose job it is to stay up on these policy changes so you don’t have to, is beneficial.
Check your Marks
The Gordon Fischer Law Firm Ultimate Estate Planning Checklist makes it easy to visualize your completion rate of all the important documents and related tasks. It’s easy to read, a handy dandy cheat sheet of items to accomplish to get you from zero to superhero in no time.
Plan for an Impact
There is a multitude of ways to practice impactful charitable giving. One incredibly easy way is to name charities near and dear to your heart as beneficiaries in your estate plan. The resolution here? Think about what charities you would like to give to, how much (a figure or percentage), and, if you already have an estate plan, review it. If it doesn’t include your chosen charities, it’s time for an update!
Transform Talk into Trust
When making estate planning decisions it’s important to discuss said decisions with your family (and others included in the plan). Communicating in advance and ensuring your loved ones fully understand the “what” and “why” means there’s a significantly better chance your wishes will be respected and executed fully as you intended. The worst-case scenario in estate planning is litigation over what the deceased (or critically disabled) individual wanted. For instance, if you have an end-stage medical condition, the last thing you want is family fighting over your health care power of attorney or living will. These conversations can be challenging, but ultimately should be conducive to a peaceful transition of assets, reduction of tension between beneficiaries, and a clear understanding of what was communicated and recorded.
Creating an estate plan that achieves your goals is a resolution you can DEFINITELY keep this year (even if that low-carb diet resolution doesn’t quite make it past January). The time it takes is nothing in comparison to the time it will save your loved ones in time, money, and stress! Plus, the peace of mind that comes with knowing your affairs are in order if something were to happen is invaluable. This is your year to be prepared. Let’s get started. Contact me at any time via email (gordon@gordonfischerlawfirm.com) or phone (515-371-6077) and in the meantime fill out the estate plan questionnaire.