What do you think of when you think of July? I think about family picnics, vacations, fireworks, the MLB All Star Game, the beach, hometown festivals, and a cold bottle of beer on a hot day.
But mostly I think of Independence Day!
The Fourth of July means a great deal to me as the son of immigrants, with both a mother and father who risked all by leaving home forever, crossing an ocean, and coming to a country they didn’t even begin to yet know.
My parents were from in East Germany. Neither knew English. Neither had been outside of Germany. Indeed, neither had travelled at all very far from their homes—my dad’s small farming town and my mom’s city life in nearby Dresden.
In 1960, the wall divided East and West Germany, but was still just a bit porous. It wasn’t yet the Iron Curtain of the forthcoming years, where leaving was all but impossible.
My parents saw what was coming, or sensed it at least, and decided escaping was worth the enormous gamble. The dream was to make it to America, and become Americans.
With a day-long work visa, my dad went to West Germany. From there, you could pretty much do what you want – West Germany was a democracy with complete freedom of travel.
A Cabinet Maker’s Journey
My dad had the following possessions for a trip halfway around the world: a small suitcase of clothes and personal items; a rolled-up master’s degree in cabinet making; and $500 (in the form of five $100-dollar bills) squirreled away. That was all.
My dad arrived at Ellis Island with the good word from family acquaintances (from Czechoslovakia), who had emigrated to Chicago, that there was plenty of available work in the Windy City.
So, he took a Greyhound Bus from New York to Chicago. When he arrived at Chicago, no doubt feeling somewhat disoriented and overwhelmed, he almost had his suitcase (his one possession!) stolen by the bus driver.
(The bus driver had given him a claim check ticket, but now claimed the claim check ticket didn’t match, and that my dad couldn’t have his suitcase until this could all be figured out by the home office. My dad didn’t know about any home office, but he did know he couldn’t possibly even let the suitcase out his sight. The driver tried some more flim flam…my dad insisted on his suitcase…there was a standoff, and eventually the driver realized he’s needed to find a more gullible tourist, and relented.)
He lived in downtown Chicago with his family friends, worked two jobs, and wrote my mom often. It was understood by all that the mail was being opened and read, both by the East Germans and the Americans.
Eventually, my dad decided he was settled enough to have my mom come over. My mom followed the same path—day-long work pass to West Germany, boat trip to New York, bus to Chicago.
American Dream
They worked four jobs between them, trying to save money. The dream, of course, was to save enough money to live in their very own apartment, buy a house, and ultimately raise a family.
They learned English by watching TV and trying to read the newspaper during the small windows of time when they weren’t working. But the folks they were in daily contact with, both at work and at home, were Czech.
Consequently, they ended up learning some pretty good Czech first! When they realized Czech as a second language was helpful, but not nearly as helpful as learning English was, they began speaking only in English. They would force themselves in all social situations to use English. They even opted for more TV, and forced themselves to go out into the city, to put themselves in situations where they would have to use English.
Of course, with this background, July 4th always held special meaning for my family. It was a holiday we always celebrated with a huge picnic, along with my parent’s other immigrant friends. And eventually the talk always circled back to giving thanks for being American, living in America, breathing free air. Every Independence Day I give a silent thanks to my parents for giving me the chance to be where I am today. All the work I do, to maximize charitable giving in Iowa, is a celebration of the opportunities we have to make our own lives and the lives of others better.
So, this Fourth of July take a moment to think about what being an American means to you. How does philanthropy and giving charitably fit into your vision for a better-together nation? I’d love to hear your thoughts as well as your family’s immigration story. Share in the comments below or reach out to me at any time!
Spread out your beach towel (even if it’s just in your own backyard) and crack open this month’s GoFisch Book Club pick: The Bettencourt Affair, by Tom Sancton.
The book takes its readers on twists and turns through an all too real French soap opera of the rich, powerful, and famous. Its characters including Liliane Bettencourt, one of the richest women in the world and heiress to the L’Oreal cosmetics fortune; former President of France, Nicolas Sarkozy; an intriguing (or scam) artist; a worried (or jealous) daughter; and a whole slew of lawyers, judges, and other professionals wrapped into the web this story weaves. There’s also some interesting WWII back story that comes into play as well as political payoffs and quid pro quo. It’s a quick read and sumptuous in the surrounding luxury of private jets, islands, and Swiss bank accounts. Yet, entirely sobering when remembering that all this wealth caused the emotional heartache, numerous lawsuits, and ruined careers in its wake.
Why is this the GoFisch book club pick of the month? Despite its tabloid-esque plot, legal aspects of estate planning are plentiful throughout the life and times of the players with multiple types of trusts, a will that’s being constantly updated, transfer of long-term capital assets, questions of testator incapacitation, multiple conflicts of interest, and impressive charitable giving tools and tactics.
One of the central questions asked throughout the legal battle that ensues throughout the latter half of the 416 pages is: did one man (François-Marie Banier) take advantage of a wealthy old woman or was he simply the supportive friend and recipient of numerous unsolicited gifts. In this course of all of this, multiple other advisors, employees, and politicians get implicated in “l’affaire Bettencourt” as the courts question who did and did not unduly benefit from Bettencourt’s supposed generosity, and who may or may not have had unethical influence over her decisions. The answers to these are answered in part from the decisions of the courts, but
Also, for anyone interested in the legal systems of other countries The Bettencourt Affair offers a sort of crash course on explaining how France’s judiciary operates and how it.
As you’re reading this book consider the estate planning-related questions:
What role did estate planning play in the Bettencourt Affair?
Do you think Liliane Bettencourt;s estate was taken advantage of and if so, by whom?
Do you believe Liliane Bettencourt was of sound mind and body in order to make the financial decisions and gifts she did? What characteristics come into play when proving incapacitation and need for guardianship or conservatorship?
Just for fun…if you had the kind of wealth that the Bettencourts did, what kind of trusts would form and who would the trusts benefit? What organizations would you like to benefit from your tax-wise philanthropic efforts?
What are your thoughts on the French judicial system as exemplified through this book? How does it compare to the U.S. for both the better and the worse?
Leave your thoughts on the book in the comments below and let us know if you have any estate planning or nonprofit-related book picks for the upcoming months!
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/06/bookclubjune.jpg8531280Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-06-04 23:20:582020-05-18 11:28:54June GoFisch Book Club Read: The Bettencourt Affair
how important the annual information filing (Form 990) is for tax-exempt organizations;
top policies and procedures highlighted on the form
why investing in sound policies and procedures means investing in success
deadlines and failure to file for Form 990
While targeted toward the attorneys who subscribe to the magazine, this article provides excellent information for all nonprofit board members, officers, staff, donors, volunteers, and other stake holders. Give the article a read and then get a jump start on top notch compliance well in advance of next year’s due date for the Form 990!
If your nonprofit hasn’t yet adopted all of policies outlined in the article (or they are in dire need of an update), what are you waiting for? Contact Gordon about the 10 for 990 deal (10 essential policies asked about of Form 990) for just $990. The rate includes a consultation, documents drafted to fit the unique needs of your organization, and one full review round. The benefits are numerous and the compliance risk is frankly too great to NOT have these important policies and procedures in place.
Red, White & Blue: Happy Independence Day!
Estates & Estate Planning, From Gordon's Desk...What do you think of when you think of July? I think about family picnics, vacations, fireworks, the MLB All Star Game, the beach, hometown festivals, and a cold bottle of beer on a hot day.
But mostly I think of Independence Day!
The Fourth of July means a great deal to me as the son of immigrants, with both a mother and father who risked all by leaving home forever, crossing an ocean, and coming to a country they didn’t even begin to yet know.
My parents were from in East Germany. Neither knew English. Neither had been outside of Germany. Indeed, neither had travelled at all very far from their homes—my dad’s small farming town and my mom’s city life in nearby Dresden.
In 1960, the wall divided East and West Germany, but was still just a bit porous. It wasn’t yet the Iron Curtain of the forthcoming years, where leaving was all but impossible.
My parents saw what was coming, or sensed it at least, and decided escaping was worth the enormous gamble. The dream was to make it to America, and become Americans.
With a day-long work visa, my dad went to West Germany. From there, you could pretty much do what you want – West Germany was a democracy with complete freedom of travel.
A Cabinet Maker’s Journey
My dad had the following possessions for a trip halfway around the world: a small suitcase of clothes and personal items; a rolled-up master’s degree in cabinet making; and $500 (in the form of five $100-dollar bills) squirreled away. That was all.
My dad arrived at Ellis Island with the good word from family acquaintances (from Czechoslovakia), who had emigrated to Chicago, that there was plenty of available work in the Windy City.
So, he took a Greyhound Bus from New York to Chicago. When he arrived at Chicago, no doubt feeling somewhat disoriented and overwhelmed, he almost had his suitcase (his one possession!) stolen by the bus driver.
(The bus driver had given him a claim check ticket, but now claimed the claim check ticket didn’t match, and that my dad couldn’t have his suitcase until this could all be figured out by the home office. My dad didn’t know about any home office, but he did know he couldn’t possibly even let the suitcase out his sight. The driver tried some more flim flam…my dad insisted on his suitcase…there was a standoff, and eventually the driver realized he’s needed to find a more gullible tourist, and relented.)
He lived in downtown Chicago with his family friends, worked two jobs, and wrote my mom often. It was understood by all that the mail was being opened and read, both by the East Germans and the Americans.
Eventually, my dad decided he was settled enough to have my mom come over. My mom followed the same path—day-long work pass to West Germany, boat trip to New York, bus to Chicago.
American Dream
They worked four jobs between them, trying to save money. The dream, of course, was to save enough money to live in their very own apartment, buy a house, and ultimately raise a family.
They learned English by watching TV and trying to read the newspaper during the small windows of time when they weren’t working. But the folks they were in daily contact with, both at work and at home, were Czech.
Consequently, they ended up learning some pretty good Czech first! When they realized Czech as a second language was helpful, but not nearly as helpful as learning English was, they began speaking only in English. They would force themselves in all social situations to use English. They even opted for more TV, and forced themselves to go out into the city, to put themselves in situations where they would have to use English.
Of course, with this background, July 4th always held special meaning for my family. It was a holiday we always celebrated with a huge picnic, along with my parent’s other immigrant friends. And eventually the talk always circled back to giving thanks for being American, living in America, breathing free air. Every Independence Day I give a silent thanks to my parents for giving me the chance to be where I am today. All the work I do, to maximize charitable giving in Iowa, is a celebration of the opportunities we have to make our own lives and the lives of others better.
So, this Fourth of July take a moment to think about what being an American means to you. How does philanthropy and giving charitably fit into your vision for a better-together nation? I’d love to hear your thoughts as well as your family’s immigration story. Share in the comments below or reach out to me at any time!
June GoFisch Book Club Read: The Bettencourt Affair
Book Club, Estates & Estate Planning, Wills, Trusts & EstatesSpread out your beach towel (even if it’s just in your own backyard) and crack open this month’s GoFisch Book Club pick: The Bettencourt Affair, by Tom Sancton.
The book takes its readers on twists and turns through an all too real French soap opera of the rich, powerful, and famous. Its characters including Liliane Bettencourt, one of the richest women in the world and heiress to the L’Oreal cosmetics fortune; former President of France, Nicolas Sarkozy; an intriguing (or scam) artist; a worried (or jealous) daughter; and a whole slew of lawyers, judges, and other professionals wrapped into the web this story weaves. There’s also some interesting WWII back story that comes into play as well as political payoffs and quid pro quo. It’s a quick read and sumptuous in the surrounding luxury of private jets, islands, and Swiss bank accounts. Yet, entirely sobering when remembering that all this wealth caused the emotional heartache, numerous lawsuits, and ruined careers in its wake.
Why is this the GoFisch book club pick of the month? Despite its tabloid-esque plot, legal aspects of estate planning are plentiful throughout the life and times of the players with multiple types of trusts, a will that’s being constantly updated, transfer of long-term capital assets, questions of testator incapacitation, multiple conflicts of interest, and impressive charitable giving tools and tactics.
One of the central questions asked throughout the legal battle that ensues throughout the latter half of the 416 pages is: did one man (François-Marie Banier) take advantage of a wealthy old woman or was he simply the supportive friend and recipient of numerous unsolicited gifts. In this course of all of this, multiple other advisors, employees, and politicians get implicated in “l’affaire Bettencourt” as the courts question who did and did not unduly benefit from Bettencourt’s supposed generosity, and who may or may not have had unethical influence over her decisions. The answers to these are answered in part from the decisions of the courts, but
Also, for anyone interested in the legal systems of other countries The Bettencourt Affair offers a sort of crash course on explaining how France’s judiciary operates and how it.
As you’re reading this book consider the estate planning-related questions:
It’s worth noting here that there almost an endless number of different types of trusts and an adept estate planning attorney can help their clients form a trust that fits with their estate planning, financial, and charitable giving goals.
It’s also important to remember that trusts are certainly not just for the wealthy. Indeed many regular folks like you and I can stand to benefit from creating different types of trusts. After (or before) you dive into this GoFisch Book Club pick for the month, don’t hesitate to contact Gordon Fischer Law Firm with your trust-related questions or for a consultation if a trust fits your individual needs.
Leave your thoughts on the book in the comments below and let us know if you have any estate planning or nonprofit-related book picks for the upcoming months!
Fresh Iowa Lawyer Mag Read: Policies & Procedures Iowa Nonprofits Need
From Gordon's Desk..., NonprofitsHave you read GFLF’s latest contribution to the Iowa Bar‘s monthly publication, The Iowa Lawyer? The piece, “IRS Form 990: 10 Policies and Procedures Most Iowa Nonprofits Need” covers:
While targeted toward the attorneys who subscribe to the magazine, this article provides excellent information for all nonprofit board members, officers, staff, donors, volunteers, and other stake holders. Give the article a read and then get a jump start on top notch compliance well in advance of next year’s due date for the Form 990!
If your nonprofit hasn’t yet adopted all of policies outlined in the article (or they are in dire need of an update), what are you waiting for? Contact Gordon about the 10 for 990 deal (10 essential policies asked about of Form 990) for just $990. The rate includes a consultation, documents drafted to fit the unique needs of your organization, and one full review round. The benefits are numerous and the compliance risk is frankly too great to NOT have these important policies and procedures in place.