An estate plan is simply a set of legal documents to prepare for your death or disability. The specific documents you’ll need depends on various factors, including the number, size, type of your assets, and your overall estate planning goals.
If forced to list the top 10 major components and the associated goals of a comprehensive estate plan, I’d list the following (in rough order of importance):
A plan for orderly disposition of all your property of your choosing.
Naming fiduciaries to handle minor children’s assets.
A plan to help fund the charities you supported during your lifetime.
A financial power of attorney so you can name an agent to manage your financial decisions, if you are ever unable to do so, with as specific (or non-specific) directions to the agent as you desire.
A healthcare power of attorney so you can name an agent to manage your financial decisions, if you are ever unable to do so, with as specific (or non-specific) directions to the agent as you desire.
A plan for succession or sale of a business (often a close corporation or family business).
A plan to dispose of property in a tax advantaged manner.
Planning for life insurance to support those economically dependent on you and/or to provide liquidity for the estate.
Of course, any order of importance is unique to that individual. Someone with, say, minor children will find items #2 and #3 incredibly important. Someone else with adult children, or no children at all, but with a very large estate may look at #8 as quite significant. One list doesn’t fit all, just like there’s no one-size-fits-all solution for estate planning.
What are your estate planning goals? Feel free to share with others in the comments below.
Estate planning is a smart step you can take today. The easiest way to get started is with my free, no-obligation estate plan questionnaire. If you have questions or want to discuss your individual situation, don’t hesitate to reach me by phone (515-371-6077) or email.
For every Golden Globes show, a consensus emerges as to who The Big Winner was, the Biggest Winner of all the Big Winners. And, without any doubt, the most favored of the star-studded night (beyond the impressive Sandra Oh)…was “Fiji Water Girl.”
In case you haven’t heard, Fiji Water Girl (AKA model Kelleth Cuthbert) traversed the pre-show carpet in a bold blue dress and had a knack for finding the perfect camera angles while carrying a tray of Fiji Water. Her immediate job was to hydrate the stars on the red carpet, but, she went above and beyond. By working strategically, she made it into the background of photo after photo of high profile stars. Fiji Water Girl was so noticeable she soon became a meme-worthy “celebrity” herself, and her employer undoubtedly appreciated the free/extra publicity.
Fiji Water Girl’s moment of fame is also a moment for nonprofit pros to learn three important lessons.
I don’t have to tell you not every job in the nonprofit world is glamorous. Sure, sometimes you’re receiving accolades from your peers, scoring that massive grant, or your board is celebrating a particularly successful program you started. But, often your day is taken up by gobs of paperwork, stay atop of fundraising, field messages from donors and potential donors, and handling a veritable ocean of other administrative tasks. But, when you do have to do mundane tasks, do them unceasingly well! When you keep up an enthusiasm for tasks, no matter how seemingly small, your reputation for being dependable will bode well with colleagues, donors, and board officers.
Stay Current With Your Calendar
There are certain community events that nonprofit leaders must attend. You likely know what they are in your situation, for example, the grand opening of a donor or potential donor’s business or the big annual gala in your town. Make certain that you, or representatives from your nonprofit, are properly seen at these must-attend events. The vast majority of such events will be publicized well in advance, so it might be good to do a little brainstorming at a board meeting, to identify must-attend events and decide who’ll attend on your nonprofit’s behalf. Before anyone does attend on the nonprofit’s behalf it’s a good idea to be sure they are well versed on talking points, and fully understand the connection the nonprofit has with the event.
Think about doing conventional things in unconventional ways. As many have written before, sending a receipt to a donor is mandatory – but that doesn’t mean it can’t be fun, imaginative, or convey a meaningful message in a memorable way. Make waves! Or, let’s say your fellow board members or staff are hesitant to invest in a set of influential, important policies. Maybe they’re dragging their feet on updating a set of outdated formational documents. Make your mark by explaining the many benefits and how it will further the organization’s mission. Or, bring in a speaker (like me!) to explain the legal consequences of NOT having quality policies and procedures in place.
In short, when you’re working with a nonprofit, you could just keep to the status quo. Or, you can seize this moment, your moment, to find your light and shine. Sure, the Internet may not make a meme of you, but you can smile knowing you’re making a difference where it matters. Want to strategize? Don’t hesitate to contact me or to read more information useful for nonprofit pros.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2019/01/Screen-Shot-2019-01-09-at-10.50.48-AM.png697972Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2019-01-08 08:44:542020-05-18 11:28:49What Nonprofit Pros Can Learn From Fiji Water Girl
Smart nonprofit boards adopt, in writing, crucial values such as honesty, integrity, transparency, confidentiality, and equity. Sure a policy or two cannot “create” a certain culture or ethical operations by itself. But, well-drafted policies CAN actively promote and reinforce ethics in conduct and decision-making to all involved within the organization.
The realities of modern communication and social media mean that just about anyone can be a publishing “journalist.” This also means that organizations, especially nonprofits, can be subject to intense scrutiny. Because of tax-exempt status and dependence on charitable donations, nonprofits tend to be held to a higher standard than their for-profit counterparts.
An ethical issue—even the illusion of one—can split boards, cause stakeholders to pull back, snap donors’ wallets shut, and even result in expensive litigation. Fortunately, there are policies and procedures that can prevent your hardworking organization from having to deal with such controversy, by deterring unethical situations from every occurring. These policies include:
Code of Ethics
Every nonprofit should adopt a set of ethical principles to guide its decisions and conduct of its board members, officers, employees, independent contractors, volunteers, and other stakeholders. These ethical principles are typically called a “code of ethics,” “statement of values,” or “code of conduct.” Regardless of the title, the purpose of formally adopting a set of ethical principles is to provide guidelines for making ethical choices and to ensure that there is accountability for those choices. When board members adopt a code of ethics, they are actively expressing their deep commitment to ethical behavior. Making such a commitment can help earn and maintain the public’s trust.
Confidentiality
Respecting the privacy of donors, prospective donors, employees, and volunteers, as well the nonprofit itself, must be a paramount value. For example, financial information of a donor must be treated as highly confidential, and not be disclosed or discussed with anyone without the express, explicit permission.
Care should also be taken to ensure that unauthorized individuals do not overhear any discussion of confidential information and that documents containing confidential information are not left in the open or inadvertently shared. In short, it is critical to adopt a confidentiality policy regarding identity, financial institution accounts, credit card numbers, and all such information about finances.
Ethical Fundraising
Federal and state law significantly impact nonprofit fundraising. Beyond merely meeting what the law requires, nonprofits can demonstrate a first-class commitment to legal compliance by adopting an ethical fundraising policy. This would codify, for example, that all communications to donors and potential donors are honest and accurate. Another example: requirements to provide attributions for marketing imagery and never include information with minors that could be considered personal identifying information.
Nonprofit board members, both individually and collectively, owe a fiduciary duty to ensure the organization’s assets are used in accordance with donors’ intent and the charitable mission. To ensure prudent financial management, nonprofits should adopt financial management policies.
Financial management policies clarify the roles, authority, and responsibilities for essential activities and decisions. Examples of nonprofit financial policies commonly used include a description of how cash is handled; whether and how travel expenses will be reimbursed; and the board’s role in reviewing executive compensation.
Financial Transparency
Nonprofits also should adopt a financial transparency policy. An example of a fundamental financial transparency practice is to make information accessible to interested individuals regarding the nonprofit’s budget, sources of revenue, and information about board composition, programs, outcomes/impact, and staffing.
Basic “Good Governance” Practices
There are several basic practices every nonprofit should engage in to maintain “good governance”:
If you already have some (or all) of the above-listed policies in place, seriously consider the last time they were updated. How has the organization changed since they were written? Have new legislative policies impacted these policies at all? It may be time for a new set of ethics policies for your organization.
Additional Policies Need
Note nonprofits also need additional policies for optimal compliance. In addition to the ten major policies and procedures that support the best possible IRS Form 990 (such as public disclosure, gift acceptance, and whistleblower) nonprofits should have documents in place covering the topics of employment; grantors and grantees; endowment management; and legal training for directors.
Questions? Please don’t hesitate to contact me via email (gordon@gordonfischerlawfirm.com) or on my cell phone (515-371-6077). I’d be happy to discuss your nonprofit’s specific needs and policies promoting ethics, with you at your convenience.
Top 10 Estate Planning Goals
Charitable Giving, Estates & Estate Planning, Powers of Attorney, Wills, Trusts & EstatesAn estate plan is simply a set of legal documents to prepare for your death or disability. The specific documents you’ll need depends on various factors, including the number, size, type of your assets, and your overall estate planning goals.
If forced to list the top 10 major components and the associated goals of a comprehensive estate plan, I’d list the following (in rough order of importance):
Of course, any order of importance is unique to that individual. Someone with, say, minor children will find items #2 and #3 incredibly important. Someone else with adult children, or no children at all, but with a very large estate may look at #8 as quite significant. One list doesn’t fit all, just like there’s no one-size-fits-all solution for estate planning.
What are your estate planning goals? Feel free to share with others in the comments below.
Estate planning is a smart step you can take today. The easiest way to get started is with my free, no-obligation estate plan questionnaire. If you have questions or want to discuss your individual situation, don’t hesitate to reach me by phone (515-371-6077) or email.
What Nonprofit Pros Can Learn From Fiji Water Girl
NonprofitsFor every Golden Globes show, a consensus emerges as to who The Big Winner was, the Biggest Winner of all the Big Winners. And, without any doubt, the most favored of the star-studded night (beyond the impressive Sandra Oh)…was “Fiji Water Girl.”
In case you haven’t heard, Fiji Water Girl (AKA model Kelleth Cuthbert) traversed the pre-show carpet in a bold blue dress and had a knack for finding the perfect camera angles while carrying a tray of Fiji Water. Her immediate job was to hydrate the stars on the red carpet, but, she went above and beyond. By working strategically, she made it into the background of photo after photo of high profile stars. Fiji Water Girl was so noticeable she soon became a meme-worthy “celebrity” herself, and her employer undoubtedly appreciated the free/extra publicity.
Fiji Water Girl’s moment of fame is also a moment for nonprofit pros to learn three important lessons.
Everything you do, do well
There’s an old saying in Hollywood regarding bit parts, “there are no small roles, only small actors.”
I don’t have to tell you not every job in the nonprofit world is glamorous. Sure, sometimes you’re receiving accolades from your peers, scoring that massive grant, or your board is celebrating a particularly successful program you started. But, often your day is taken up by gobs of paperwork, stay atop of fundraising, field messages from donors and potential donors, and handling a veritable ocean of other administrative tasks. But, when you do have to do mundane tasks, do them unceasingly well! When you keep up an enthusiasm for tasks, no matter how seemingly small, your reputation for being dependable will bode well with colleagues, donors, and board officers.
Stay Current With Your Calendar
There are certain community events that nonprofit leaders must attend. You likely know what they are in your situation, for example, the grand opening of a donor or potential donor’s business or the big annual gala in your town. Make certain that you, or representatives from your nonprofit, are properly seen at these must-attend events. The vast majority of such events will be publicized well in advance, so it might be good to do a little brainstorming at a board meeting, to identify must-attend events and decide who’ll attend on your nonprofit’s behalf. Before anyone does attend on the nonprofit’s behalf it’s a good idea to be sure they are well versed on talking points, and fully understand the connection the nonprofit has with the event.
Go Ahead and Rock the Boat
Think about doing conventional things in unconventional ways. As many have written before, sending a receipt to a donor is mandatory – but that doesn’t mean it can’t be fun, imaginative, or convey a meaningful message in a memorable way. Make waves! Or, let’s say your fellow board members or staff are hesitant to invest in a set of influential, important policies. Maybe they’re dragging their feet on updating a set of outdated formational documents. Make your mark by explaining the many benefits and how it will further the organization’s mission. Or, bring in a speaker (like me!) to explain the legal consequences of NOT having quality policies and procedures in place.
In short, when you’re working with a nonprofit, you could just keep to the status quo. Or, you can seize this moment, your moment, to find your light and shine. Sure, the Internet may not make a meme of you, but you can smile knowing you’re making a difference where it matters. Want to strategize? Don’t hesitate to contact me or to read more information useful for nonprofit pros.
The Ethical Nonprofit: Beneficial Policies
NonprofitsActing ethically as a charitable organization is paramount to success. Even the illusion of unethical operations can cause lasting damage to your organization. (Case in point: Look at what happened to the Donald J. Trump Foundation and, by association, Eric Trump’s foundation.)
Smart nonprofit boards adopt, in writing, crucial values such as honesty, integrity, transparency, confidentiality, and equity. Sure a policy or two cannot “create” a certain culture or ethical operations by itself. But, well-drafted policies CAN actively promote and reinforce ethics in conduct and decision-making to all involved within the organization.
Major Benefits of Promoting Ethics
The realities of modern communication and social media mean that just about anyone can be a publishing “journalist.” This also means that organizations, especially nonprofits, can be subject to intense scrutiny. Because of tax-exempt status and dependence on charitable donations, nonprofits tend to be held to a higher standard than their for-profit counterparts.
An ethical issue—even the illusion of one—can split boards, cause stakeholders to pull back, snap donors’ wallets shut, and even result in expensive litigation. Fortunately, there are policies and procedures that can prevent your hardworking organization from having to deal with such controversy, by deterring unethical situations from every occurring. These policies include:
Code of Ethics
Every nonprofit should adopt a set of ethical principles to guide its decisions and conduct of its board members, officers, employees, independent contractors, volunteers, and other stakeholders. These ethical principles are typically called a “code of ethics,” “statement of values,” or “code of conduct.” Regardless of the title, the purpose of formally adopting a set of ethical principles is to provide guidelines for making ethical choices and to ensure that there is accountability for those choices. When board members adopt a code of ethics, they are actively expressing their deep commitment to ethical behavior. Making such a commitment can help earn and maintain the public’s trust.
Confidentiality
Respecting the privacy of donors, prospective donors, employees, and volunteers, as well the nonprofit itself, must be a paramount value. For example, financial information of a donor must be treated as highly confidential, and not be disclosed or discussed with anyone without the express, explicit permission.
Care should also be taken to ensure that unauthorized individuals do not overhear any discussion of confidential information and that documents containing confidential information are not left in the open or inadvertently shared. In short, it is critical to adopt a confidentiality policy regarding identity, financial institution accounts, credit card numbers, and all such information about finances.
Ethical Fundraising
Federal and state law significantly impact nonprofit fundraising. Beyond merely meeting what the law requires, nonprofits can demonstrate a first-class commitment to legal compliance by adopting an ethical fundraising policy. This would codify, for example, that all communications to donors and potential donors are honest and accurate. Another example: requirements to provide attributions for marketing imagery and never include information with minors that could be considered personal identifying information.
Financial Management
Nonprofit board members, both individually and collectively, owe a fiduciary duty to ensure the organization’s assets are used in accordance with donors’ intent and the charitable mission. To ensure prudent financial management, nonprofits should adopt financial management policies.
Financial management policies clarify the roles, authority, and responsibilities for essential activities and decisions. Examples of nonprofit financial policies commonly used include a description of how cash is handled; whether and how travel expenses will be reimbursed; and the board’s role in reviewing executive compensation.
Financial Transparency
Nonprofits also should adopt a financial transparency policy. An example of a fundamental financial transparency practice is to make information accessible to interested individuals regarding the nonprofit’s budget, sources of revenue, and information about board composition, programs, outcomes/impact, and staffing.
Basic “Good Governance” Practices
There are several basic practices every nonprofit should engage in to maintain “good governance”:
Updating Ethics Policies
If you already have some (or all) of the above-listed policies in place, seriously consider the last time they were updated. How has the organization changed since they were written? Have new legislative policies impacted these policies at all? It may be time for a new set of ethics policies for your organization.
Additional Policies Need
Note nonprofits also need additional policies for optimal compliance. In addition to the ten major policies and procedures that support the best possible IRS Form 990 (such as public disclosure, gift acceptance, and whistleblower) nonprofits should have documents in place covering the topics of employment; grantors and grantees; endowment management; and legal training for directors.
Questions? Please don’t hesitate to contact me via email (gordon@gordonfischerlawfirm.com) or on my cell phone (515-371-6077). I’d be happy to discuss your nonprofit’s specific needs and policies promoting ethics, with you at your convenience.