Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. I like to think of it as the least boring law firm newsletter you could hope to read! Also, if you ever have any suggestions for content you would like to see, do not hesitate to contact me.
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).
Read GoFisch: December Edition of GFLF’s Newsletter
NewsletterThe December edition of GoFisch is live! This month’s edition features:
Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. I like to think of it as the least boring law firm newsletter you could hope to read! Also, if you ever have any suggestions for content you would like to see, do not hesitate to contact me.
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).