1. If you understand #SelectionSunday, and #MarchMadness, you can most certainly understand estate planning.
When I meet people who say they’re confused about estate planning I love to see their faces when I tell them understanding the basics of wills, trusts, and even business succession planning may sound intimidating, but the basics are as simple as understanding NCAA March Madness. Seriously! Many folks know what teams are on the bubble, which teams were playing well at end of the season and which weren’t, what the most likely upsets are, and so on.
2. If you have time to fill out a March Madness bracket (and you do), you also have time to fill out an Estate Plan Questionnaire.
Most everyone I know fills out a March Madness bracket in a (mostly) friendly competition with family, friends, co-workers, or sometimes all three. If you have time to fill out a bracket, why not also put serious thought into securing your future with estate planning? No, I’m not trying to guilt you. It’s just, again, it’s not that hard! You can find my Estate Plan Questionnaire here. It’s a great place to start.
We all know that a huge part of the fun of NCAA March Madness is the upsets. The super thrilling and/or gut-wrenching endings that shouldn’t have happened, but somehow did. It’s a reminder that life, for better or worse, is quite unpredictable. Why not make sure that plans are in place in case something unexpected happens?
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/03/select.png342742Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2019-03-16 06:17:142020-05-18 11:28:483 Things #SelectionSunday Can Teach You About Estate Planning
Want to help make your favorite charity a winner? Encourage the charity to discuss the potential of charitable gifts of non-cash assets with donors. Donee charities can gain access to what has been called prospective donors’ “treasure chest” of non-cash assets. After all, the vast majority of a potential donor’s net worth will not be in cash, but in non-cash assets such as a home, retirement benefit plan, life insurance, etc.
Inspired by the start of NCAA March Madness, and the number of bracketed teams, here are 64 non-cash assets that could be used for charitable gifting.
Please note the alphabetized listing, I’m not recommending one gift over another, since so much depends on the individual circumstances of the donor.
Airplanes
Antique Automobiles
Antiques
Artwork
Assets held by C Corporation
Assets held by S Corporation
Autograph Books
Barn Doors
Beach House
Beanie Babies
Boats
Bonds
Books
C Corporation Stock
Coin collections
Comic books collection
Commercial and residential real estate
Condominiums
Credit Card Rebates
Depression-era Glass
Dolls
Enamelware
Equestrian Ribbons
Farmland
Gold Bullion
Grain
Guitars
Hedge Fund Carried Interest
Historic Papers
Installment Notes
Intellectual Property
Life Insurance
Limited Liability Partnerships
Livestock
Marbles
Mineral Rights
MLB Team
Mutual Funds
Oil and Gas Interests
Operating Partnership Units
Paint-by-number Landscapes
Painted Planks
Paintings
Patents
Photographs
Pooled Income Funds
Racehorses
Real estate
Restricted Stock (144 and 145)
Retained Life Estate
Retirement benefits
Royalties
S Corporation Stock
Sculpture
Sculpture Garden
Seat on New York Mercantile Stock Exchange
Seats at Events
Stamp Collection
Stocks
Tangible Personal Property
Taxidermy
Timber Deeds
Vacation Home
Vehicles
Pretty exhaustive list right? Like stamps and dolls, there are so many assets that you likely never even considered could be a charitable gift. And, that’s where I come in and can assist! If you’re a donor or donee nonprofit do not ever hesitate to contact me. I can always be reached at gordon@gordonfischerlawfirm.com and 515-371-6077.
There can be many reasons to use a trust, and specific benefits can accrue from specific trusts. In general, there are four great reasons to initiate a trust.
1. Save money
Using a trust, you avoid probate, which can save you lots of money. Probate will generally take two percent-plus of your estate, and even “just” two percent of your entire estate can add up to a lot of money. Avoiding probate also helps you avoid fees, costs, and taxes.
2. Save time
Using a trust, you avoid probate, which can save you lots of time. Going through probate, even here in Iowa, can take several months, to a year, or even more. Your heirs and beneficiaries may not receive their inheritances until the end of this probate process. Again, with trusts, you bypass probate. With trusts, your beneficiaries can get their inheritances in mere days, or weeks, rather than several months.
3. Flexibility of distributions
Don’t want your 18-year-old to inherit half-a-million dollars in one fell swoop? I agree it’s not a good idea. Trusts offer flexibility for the payout of inheritances. You set the ground rules of when and how distributions are made. For example, you might decide your children can receive distributions at certain ages. (For example, one-third at age 25, one-third at age 30, and the remaining at age 40). Or, you might decide your children can receive distributions at the attainment of certain milestones, such as marriage, the birth of a child, buying a first home, or receiving a certain degree
4. Privacy
Probate proceedings are public. Your will, once you pass and it is filed in court, is a public record. Some desire privacy about financial matters (say, about their family business) even after death.
Also, privacy can prevent hurt feelings among family members. For example, do you really want your Cousin Joe to know he received significantly less than all the other cousins?
What are the drawbacks to a trust?
It’s more expensive to set up a trust than basic estate plan documents, although I would say those costs are greatly outweighed by the money you’ll save your estate in the end. It’s also a bit of an administrative hassle, as your assets (such as car, house, stock funds, etc.) have to be retitled in the name of the trust. Again, though, I believe this inconvenience is much outweighed by the smooth operation of a trust at death.
Have an asset that didn’t make the list of 101 items? It can probably still go in a trust (even if it isn’t chocolate related!). Sometimes it’s hard to know if a trust may be right for your personal situation. It certainly doesn’t hurt to take me up on my offer for a free one-hour consultation. Give me a call at 515-371-6077 or shoot me an email at gordon@gordonfischerlawfirm.com.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/08/WritingToDoList.jpg600900Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2019-03-09 06:19:112020-05-18 11:28:48101 Assets You Could Place in a Trust
3 Things #SelectionSunday Can Teach You About Estate Planning
Estates & Estate Planning, Events, Wills, Trusts & Estates1. If you understand #SelectionSunday, and #MarchMadness, you can most certainly understand estate planning.
When I meet people who say they’re confused about estate planning I love to see their faces when I tell them understanding the basics of wills, trusts, and even business succession planning may sound intimidating, but the basics are as simple as understanding NCAA March Madness. Seriously! Many folks know what teams are on the bubble, which teams were playing well at end of the season and which weren’t, what the most likely upsets are, and so on.
Just like all those details are a part of #SelectionSunday and #NCAAMarchMadness, there are multiple inputs that go into a quality estate plan. For starters, there are your personal goals, the six main estate planning documents, and then personal considerations for, say, children, a family with special needs, pets, and charitable bequests. Feel free to read into these estate plan elements (like you would check out the stats of your favorite teams!) in between sweating out your bracket. And, speaking of your bracket…
2. If you have time to fill out a March Madness bracket (and you do), you also have time to fill out an Estate Plan Questionnaire.
Most everyone I know fills out a March Madness bracket in a (mostly) friendly competition with family, friends, co-workers, or sometimes all three. If you have time to fill out a bracket, why not also put serious thought into securing your future with estate planning? No, I’m not trying to guilt you. It’s just, again, it’s not that hard! You can find my Estate Plan Questionnaire here. It’s a great place to start.
3. Weird stuff happens.
We all know that a huge part of the fun of NCAA March Madness is the upsets. The super thrilling and/or gut-wrenching endings that shouldn’t have happened, but somehow did. It’s a reminder that life, for better or worse, is quite unpredictable. Why not make sure that plans are in place in case something unexpected happens?
Want some more sports to legal analogies in your life? Check out this read on preparing your favorite nonprofit for top-notch compliance.
Regardless of who you’re slating to win it all, I would love to hear from you; let’s schedule an initial free one-hour consultation (at no obligation, of course). Email me at gordon@gordonfischerlawfirm.com or give me a call at 515-371-6077.
March Madness Inspired: 64 Charitable Gifts of Non-Cash Assets
Charitable Giving, Taxes & FinanceWant to help make your favorite charity a winner? Encourage the charity to discuss the potential of charitable gifts of non-cash assets with donors. Donee charities can gain access to what has been called prospective donors’ “treasure chest” of non-cash assets. After all, the vast majority of a potential donor’s net worth will not be in cash, but in non-cash assets such as a home, retirement benefit plan, life insurance, etc.
Inspired by the start of NCAA March Madness, and the number of bracketed teams, here are 64 non-cash assets that could be used for charitable gifting.
Please note the alphabetized listing, I’m not recommending one gift over another, since so much depends on the individual circumstances of the donor.
Pretty exhaustive list right? Like stamps and dolls, there are so many assets that you likely never even considered could be a charitable gift. And, that’s where I come in and can assist! If you’re a donor or donee nonprofit do not ever hesitate to contact me. I can always be reached at gordon@gordonfischerlawfirm.com and 515-371-6077.
101 Assets You Could Place in a Trust
Estates & Estate Planning, Trusts, Wills, Trusts & EstatesJokes aside, you can fit just about any asset into a trust. Here is a “short” list of assets actually placed into trusts:
*Yes, this is a cry for help. I love sweets, especially chocolate, way too much.
Why put assets in trust?
There can be many reasons to use a trust, and specific benefits can accrue from specific trusts. In general, there are four great reasons to initiate a trust.
1. Save money
Using a trust, you avoid probate, which can save you lots of money. Probate will generally take two percent-plus of your estate, and even “just” two percent of your entire estate can add up to a lot of money. Avoiding probate also helps you avoid fees, costs, and taxes.
2. Save time
Using a trust, you avoid probate, which can save you lots of time. Going through probate, even here in Iowa, can take several months, to a year, or even more. Your heirs and beneficiaries may not receive their inheritances until the end of this probate process. Again, with trusts, you bypass probate. With trusts, your beneficiaries can get their inheritances in mere days, or weeks, rather than several months.
3. Flexibility of distributions
Don’t want your 18-year-old to inherit half-a-million dollars in one fell swoop? I agree it’s not a good idea. Trusts offer flexibility for the payout of inheritances. You set the ground rules of when and how distributions are made. For example, you might decide your children can receive distributions at certain ages. (For example, one-third at age 25, one-third at age 30, and the remaining at age 40). Or, you might decide your children can receive distributions at the attainment of certain milestones, such as marriage, the birth of a child, buying a first home, or receiving a certain degree
4. Privacy
Probate proceedings are public. Your will, once you pass and it is filed in court, is a public record. Some desire privacy about financial matters (say, about their family business) even after death.
Also, privacy can prevent hurt feelings among family members. For example, do you really want your Cousin Joe to know he received significantly less than all the other cousins?
What are the drawbacks to a trust?
It’s more expensive to set up a trust than basic estate plan documents, although I would say those costs are greatly outweighed by the money you’ll save your estate in the end. It’s also a bit of an administrative hassle, as your assets (such as car, house, stock funds, etc.) have to be retitled in the name of the trust. Again, though, I believe this inconvenience is much outweighed by the smooth operation of a trust at death.
Let’s talk about trusts!
Have an asset that didn’t make the list of 101 items? It can probably still go in a trust (even if it isn’t chocolate related!). Sometimes it’s hard to know if a trust may be right for your personal situation. It certainly doesn’t hurt to take me up on my offer for a free one-hour consultation. Give me a call at 515-371-6077 or shoot me an email at gordon@gordonfischerlawfirm.com.