Rows of 100 dollar bills

There’s that pragmatic, and slightly depressing saying that the only sure things in life are death and taxes. But what about taxes on death? Just like you can’t escape taxes in life, they government can tax your estate at death. Indeed, it’s often referred to as the “death tax.”  And, just like taxpayers file both federal and state income taxes, there are both federal and state estate taxes.

People having a meeting at a desk with papers

What is an Estate Tax?

When a U.S. resident dies, an estate tax may be levied against the gross estate, which includes the fair market value (FMV) of all owned property, as well as any assets the deceased had interest in (e.g. assets like life insurance). Think of it like the gross income figure you calculate for income tax returns.

Federal Estate Tax

Let’s start with federal estate taxes. Because this is a federal tax, this applies regardless of what state you die in.

Not too long ago, I reviewed the Tax Cuts and Jobs Act’s (TCJA) impact on estate planning. (Why? Because smart estate planning accounts for taxes and employs strategies that minimize said taxes.) One of the most significant changes from the “new tax law” was with the estate tax exemption. This is the figure subtracted from an estate’s gross value in order to calculate federal taxes.

For tax years 2018 through 2025, the exemption from estate, gift, and generation-skipping taxes was raised from $5.49 million per individual to an approximated $11.2 million. (Why do I say approximated? Because the exemption base is indexed, so the base for the 2017 tax year was $5 million; for the 2018 tax year, the base is now $10 million and indexed for inflation.) In plain terms, this means each individual should be able to pass over $11 million to their heirs before any estate, gift, and generation-skipping taxes apply.

If you’re married, this means your estate exemption now equals $22.4 million. (Or, you could think of it like each couple now has an additional $11.2 million in assets available to gift or make a testamentary transfer with thoughtful estate planning.)

The bottom line: if your estate is worth less than the federal exemption rates, it will be free from the estate taxes after you die. If you have an estate valued at more than the exemption threshold (and smart estate planning strategies are not appropriately implemented to shield assets from being counted in your estate’s gross value), your taxable estate will met with a tax rate of up to 40 percent.

State Estate Taxes

The caveat (and good news for residents of the majority of states) is that not all states have a state estate tax…including Iowa! Currently, 12 states and D.C. also impose an estate tax on residents. It’s important to note that the exemption rates for these state estate taxes are much lower than the federal exemption rate. For instance, our neighbors to the east in Illinois have an exemption rate of $4 million and a graduated marginal tax rate of of o.8 to 16 percent.

Here’s an incredibly helpful map from Tax Foundation that illustrates this.

estate tax map

Note: figures may have changed since time of publication of this map.

Is there any reason an Iowan would need to account for state estate taxes in their estate planning? Only if they own real estate in another state. Let’s consider a hypothetical example to explain this better.

Alice with her Minnesota Lake House

Alice is an Iowa resident. She died in March 2018 owning a vacation home on her favorite lake in Minnesota. Alice’s gross estate totals $2.8 million. What estate taxes will Alice’s estate be responsible for?

Iowa’s Inheritance Tax

While Iowans largely escape the state estate tax, there is a state inheritance tax. The inheritance tax is different than the estate tax (although they they are often incorrectly used interchangeably). The estate tax is based purely on gross value and regardless of who inherits what; the inheritance tax is only charged against the share of inheritance of certain estate beneficiaries.

There’s a lot to note about Iowa’s inheritance tax, so I’ll do a deep dive into that here on the GoFisch blog later this week!

Questions about how taxes (and other fees) may affect your estate plan? Need to revise your current plan after changes to the tax code? Don’t hesitate to contact me via email at gordon@gordonfischerlawfirm.com or by phone (515-371-6077).

red chairs in conference room

Undoubtedly knowledge is power when it comes to understanding how different laws directly affect you. Indeed, living in a modern society mean that an interplay of laws govern pretty much every aspect of our lives in one way or another—even when it comes to death. That’s why I’m dedicated to breaking down terms (like in my “legal word of the day” series) and explaining processes (like how to form a 501(c)(3) in Iowa) related to GFLF’s core services. Because even if you’re not an attorney, that doesn’t mean you shouldn’t/can’t learn about the interplay of different laws  Similarly, I think it’s important to get the word out about events in the community that can help grow knowledge on important topics like estate planning.

The Iowa State Bar Association (ISBA) announced they’re producing a seminar series called the “People’s Law School.” The first public information event will focus on three super important estate planning elements:

While the seminar is being billed as one for “older Iowan issues,” I have to remind that everyone needs an estate plan! Even young professionals and definitely married couples. Definitely people with kids and people with pets! Even college students can benefit from putting a power of attorney in place. And, especially working and middle-class folks need a up-to-date estate plan.

At the seminar, attendees can have a living will or medical power of attorney form notarized at the event if they bring their completed documents.

The session will be held 5:30-7 p.m. on September 19 at the ISBA Headquarters in Des Moines. Interested? You can register online here.

According to their website, the ISBA will “identify other topics of public interest and host similar seminars in the future,” so be on the look out for other upcoming opportunities to learn more about the law as a part of your life.

If you’ve dropped all the excuses and committed to making your estate plan happen, that’s great! It’s easy to get started with my free Estate Plan Questionnaire. Questions or want to discuss your estate? Don’t hesitate to contact me via email or by phone at 515-371-6077.

Better Call Saul's Bob Odenkirk

Yesterday was the season four premiere of AMC’s Better Call Saul, the highly acclaimed “dramedy” which features slippery lawyer Jimmy McGill.

If you have yet to watch this great series, don’t worry no spoilers are needed; the lessons we can learn from the series still make sense even if you know a few basics.

Better Call Saul is a prequel series to Breaking Bad, and if you’ve seen that, you know the character Jimmy (played masterfully by Bob Odenkirk) eventually transforms himself into the very ethically challenged Saul Goodman. In either show, Jimmy/Saul is not someone you want to emulate.

The characters both finds and creates conflict in his life from his warring moral compass against his ambition. What do Jimmy’s complicated character flaws have to do with your estate planning? In the show Jimmy focuses in on elder law, including counseling senior citizens on how to make and reach their estate planning goals. While that’s great, he also makes ample, costly mistakes along the way with his important cases and clients. If there is anywhere in life to avoid preventable, silly mistakes it’s in estate planning. Here are five of the worst mistakes you should avoid like a Jimmy McGill scam with your estate plan.

Thinking you only need a will

As I’ve stated before, but bears repeating, you need more than a will. You need an estate plan. An estate plan consists of several legal documents to prepare for your death or incapacitation and a will is just one of these several documents, although an important one. I’ve written at length about the six “must have” estate planning documents. Don’t get just a will, it’s not enough. Get an estate plan.

Settling for a DIY estate plan

Why would you not hire an Iowa lawyer—particularly one well versed in wills, trusts and estates—and go it alone? Yet, folks write their own “estate plans” all the time. There are at least nine excellent reasons, among many others, to hire an attorney to draft your estate plan.

The question is not, whether you can you write your own “estate plan.” Given the Internet and YouTube, with some training and practice you could no doubt perform oral surgery on yourself. The question is whether that decision is a wise one and will it turn out well? The plain truth is you need a lawyer to help you with your estate plan.

Failing to keep your estate plan updated

The only constant in life is change, and as your life changes your estate plan must adapt. Common events that should cause you to re visit your estate plan include:

  • The birth or adoption of a child or grandchild
  • Marriage or divorce
  • Illness or disability of your spouse
  • Purchasing a home or other large asset
  • Moving to another state
  • Large increases or decreases in the value of assets, such as investments
  • If you or your spouse receives a large inheritance or gift
  • If any family member, or other heir dies, becomes ill, or becomes disabled

There are many other life events that ought to cause you to update your estate plan. Be sure to keep your estate plan current.

Not getting an estate plan at all

Surveys show that about 50% of Americans don’t have even a basic will. Oy. When you consider the bad, even terrible consequences of not having an estate plan, if you don’t have one, get on it stat. A great start would be to download my Estate Plan Questionnaire. My EPQ is free and easy, and truly a terrific first step.

Failure to think about including your favorite charity in your will.

Your estate plan is a great way to fund the causes you care about most. Whether it be a church, hospital, school, social welfare agency, whatever nonprofit you feel strongly toward, why not make a gift to them in your estate plan? You may well make a real difference, perhaps even one large enough to transform your fave charity and affect generations to come.

If you have kids, of course you want to make sure they are well provided for. I certainly understand that. But perhaps your kids are now grown adults, successful in their own careers. Perhaps you are affluent, in which case, maybe you need to ask yourself, How much is enough for the kids? Consider generously giving to that charity (or charities) at your final farewell through charitable bequests as a part of a lasting legacy and impact.

Unlike the Jimmy McGill or Saul Goodman style of attorney, I am honest, ethical, and working with a mission in mind . Be the judge for yourself—I offer a free one-hour consultation and transparent estate planning package rates. Questions or simply want to talk about how great this show is? I can always be reached via email at gordon@gordonfischerlawfirm.com, or by phone at 515-371-6077.

Irrevocable life insurance trust clipboard

The August 2018 issue of the Iowa State Bar Association’s The Iowa Lawyer magazine was recently published. This edition includes GFLF’s piece on how irrevocable life insurance trusts (ILITs for short) can be a valuable estate planning tool. While the magazine is an industry publication for lawyers, this information is also incredible useful for anyone with life insurance as an asset.

Iowa Lawyer August 2018 cover

This month’s ISBA publication also includes interesting pieces on:

So, put on your reading glasses, click here, and scroll to page 22 to learn more about the challenges life insurance can pose in estate planning and the major benefits of ILITs. I would love to hear your feedback on the piece either in the comments below, or via email at gordon@gordonfischerlawfirm.com. Also, we’re open to any suggestions you may have for specific topics you would like to read about related to GFLF’s core services

Before we dig in to the details of what role a health care power of attorney document is and how it fits into the grand estate plan scheme let’s consider three hypotheticals.

Health hypothetical #1

Jill is in a serious car accident. While chances of recovery are good, it will take time. In the meantime, Jill is necessarily on serious painkillers and in recovery she’s sleeping much more than usual. Between her injuries, medications, and need for sleep, Jill isn’t particularly communicative.

Health hypothetical #2

Sam is beginning to suffer from early onset dementia. Things become harder to remember. He feels almost as if a fog is falling around him. It’s growing worse. Even simple concepts, or simple choices, are becoming more difficult for him.

Health hypothetical #3

Elizabeth suffers from manic depressive disorder. Most of the time, drugs, therapy, and a regime of proper exercise and sleep keep the disease in check. But, still she has “episodes” of an exhilarating, super energizing high, followed by a dark crash into deep depression.

Common Legal Need for Jill, Sam, and Elizabeth?

Jill, Sam, and Elizabeth have very different diagnoses and face very different challenges. But, in at least one way, Jill, Sam, and Elizabeth are the same. All three would be wise, for multiple common-sensical reasons, to execute a a health care power of attorney (“health care PoA”).

We’ll come back to Jill, Sam, and Elizabeth shortly, but first let’s discuss the basics of an estate plan and in particular a health care PoA.

Health Care PoA: One of Six “Must Have” Estate Plan Legal Documents

An estate plan is a set of legal documents to prepare you (and your family and loved ones) for your death or disability. There are six basic estate plan legal documents that nearly everyone should have:

1. Estate plan questionnaire
2. Last will and testament
3. Health care power of attorney (option for living will)
4. Financial power of attorney
5. Disposition of personal property
6. Disposition of Final Remains and Instructions

There are numerous other important estate planning tools, such as trusts, but these six documents are a common part of most everyone’s complete estate plan. And, the health care power of attorney document is certainly an important part of your overall estate plan.

Serious Incapacitation

A health care PoA becomes critically important when you’re seriously incapacitated and unable to make health care decisions for yourself. This new state of incapacitation, preventing you from making your own health care decisions, might be the result of serious illness, injury, lack of mental capacity, or some combination of all of these.

alarm clock with red cross on it

How Health Care PoA Works

A health care PoA is a legal document that allows you to select the person (your “agent”) that you want to make health care decisions on your behalf, if and when you become unable to make them for yourself.

Once your health care PoA goes into effect (typically most people elect to have this be the case only if an attending physician certifies you are unable to make medical decisions independently), your agent will then be able to make decisions for you based on the information you provided in your health care PoA. If there are no specifics in your health care PoA relating to a unique situation, your agent can and should make health care decisions for you based on your best interests. Obviously, the person you select as a your health care PoA agent should be someone in whom you have the utmost trust.

Equally important, your agent will be able to access your medical records, communicate with your health care providers, and so on.

Many Types of Health Care Decision

Keep in mind your health care PoA isn’t just about end-of-life decisions; it can cover many types of medical situations and decisions. For instance, you may choose to address organ donation, hospitalization, treatment in a nursing home, home health care, psychiatric treatment, and other situations in your health care PoA.

For people who feel strongly about not wanting to be kept alive with machines, specifically covered in a document that can be thought of as a part of your health care PoA known as a living will. brightly colored pills

What Happens Without Health Care PoA?

If don’t have a health care PoA and you should become disabled to the degree where you are unable to make health care decisions for yourself, your doctor(s) will ask your family and loved ones what to do.

You might disagree with the decision your family makes. Or, your family members may not be able to agree on how to handle your medical care.

Ultimately, if your immediate family members cannot agree on a course of action, they would have to go to an Iowa Court and have a conservator/guardian appointed for you. It may, or may not, be someone you would have chosen. Further, the conservator/guardian may make decisions you wouldn’t have made.

Going to court to plead for a guardianship and conservatorship is all very complicated, time consuming, and expensive. This is especially true when compared with the convenience of simply putting a health care PoA in place should the need arise. A healthc are PoA gives you control over how decisions are made for you, and the agent you choose will carry out your wishes.

No “One-Size-Fits-All” Health Care PoA

All Iowans are special and unique and have special and unique issues and concerns. It’s completely up to YOU as to what’s contained in your health care PoA. You name the agent(s). You decide what medical decisions will be covered and how. It’s all up to you.

Health Care PoAs in our Hypothetical Examples

Speaking of everyone’s unique needs, a health care PoA would help Jill, Sam, and Elizabeth, despite their disparate diagnoses and circumstances.

Jill, who suffered severe injuries in a car accident, could use a health care PoA.

Sam, who has early onset dementia, needs a health care PoA.

Elizabeth, with her mental health diagnosis, would benefit from a health care PoA.

Do you have a Health Care PoA Yet?

We never know when or if an accident or illness will befall us and if it will render us incapacitated. Of course, we all hope that’s never a reality, but it’s better to be prepared in the off chance the unexpected becomes existence.

Do you have further questions about a health care PoA for you or your family? You can email me anytime at gordon@gordonfischerlawfirm.com or call me on my cell at 515-371-6077.

Are you interested in securing your future through putting into place a solid estate plan? A great first step is to download my helpful (and free!) Estate Plan Questionnaire.

cash and checkbook

When estate planning you’re answering many of the unknowns for the future by deciding to whom you want your stuff—your cash assets, real estate, personal property, physical body, to name just a few—to pass to and when. You also have to consider some tough topics about your own mortality and imagine a future for your loved ones that doesn’t involve you in it. Estate planning also has a little bit of a learning curve—figuring out what strategies and documents you may need to help you meet your tax, financial, charitable giving, and estate goals and why. (Just one of the many reasons a qualified estate planner is a must.)

The one thing that shouldn’t be a mystery or an unknown cost is the cost of an estate plan. If you’re going to invest in a quality set of legal documents that never expire, tailored to your personal situation and intentions, you should know what you’re getting yourself into. Rate Sheet Checklist

That’s why Gordon Fischer Law Firm is always transparent with estate planning package rates. You can find them at the end of my Estate Plan Questionnaire (the first of many important documents a part of your plan) and you can also find them on this (super shareable!) estate plan package rate sheet.

Don’t have an estate plan? Don’t let any questions about costs hold you back. Get in touch with Gordon at gordon@gordonfischerlawfirm.com or by phone at (515) 371-6077.

 

two hands with wedding rings

Asking if your current spouse of many years can disinherit you is a question I hope you never have to ask. But, it’s an interesting query to say the least, and the answer may astound and amaze you.

It’s super uncomfortable, even for an estate planner like me, to think about my wife leaving me out of her estate plan, let alone her passing away. So, I’m going to use a hypothetical example.

Mr and Mrs sign

Scenario: John, Mary, and the Lover

Let’s say John and Mary are legally married. One sad day, Mary has a massive heart attack and dies. John is shocked to discover that Mary had a valid will he knew nothing about. Far worse, Mary specifically disowned John, said John should get absolutely nothing, and instead Mary left her entire estate to her paramour (aka lover); someone John knew nothing about!

Wow, ice cold, Mary, ice cold.

What result? I’ll give you four options, pick which you think is most correct.

  1. The “manstress” gets everything, John gets nothing.
  2. John gets everything; the lover gets nothing.
  3. The lover gets everything, but only after a lengthy, awkward, and hard-fought court battle.
  4. The lover gets some of the estate, but so does John.

Have you picked?

Answer “D” is most correct, at least under Iowa law.

You see, under Iowa law, a spouse cannot completely disinherit another spouse (assuming they have a valid marriage and they are married at the time of the first spouse’s death).

Elective Share Law

Iowa has an “elective share” law. (You can read the specific Iowa Code Section here if you’re curious. The citation is Iowa Code § 633.237).

In Iowa, a surviving spouse chooses between inheritance under a will OR elective share in the deceased spouse’s estate. Until the surviving spouse files an affidavit for claiming elective share, it will be presumed that the surviving spouse will take the inheritance under the will.

In Iowa, the elective share of the surviving spouse comprises of all of the exempt personal property and 1/3 of the value of all real estate, after the debts have been paid off and 1/3 of whatever is remaining of personal property. The surviving spouse may occupy the homestead in lieu of taking the 1/3 share of real estate of the deceased spouse.

So, Can My Spouse, Disinherit Me?

Bottom line, my wonderful wife, Monica, cannot disinherit me so long as we are legally married. Even if she (or her lawyer) writes a will that states I should get not one single penny from her estate no matter what, I would still have the option of choosing an elective share. Obviously, in this case, just like in John and Mary’s situation, the decision will be an exceedingly easy one. The will give me zero, zilch, nada, nothing—of course I am going with the elective share option.

Gordon and Monica wedding day

This is Monica & I on our wedding day!

But you know what? The elective share is a narrow exception that proves the general rule. By that, I mean the following: one of the great reasons to do proper estate planning, is that you can give what you want, to whom you want, how you want, when you want. (And if you do NOT do proper estate planning, well, then, you leave it up to the Iowa Legislature and Iowa Courts to dispose of your property).

Again, it bears repeating: estate planning allows to give what you want, to whom you want, how you want, when you want. On top of accounting for your loved one in you estate plan, you also have the wonderful opportunity to help the cause or causes that you are most passionate about through charitable bequests in your will.

Want more on this subject? Check out this Facebook live video of me explaining this “in person.”

Have more questions about you will and estate planning? Maybe how you and your spouse can achieve your collective and individual goals? How about avoiding conflicts of interest? I offer everyone a free one-hour consultation. You can reach me anytime through email at gordon@gordonfischerlawfirm.com or call my cell at 515-371-6077. I’d truly love to hear from you!

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

american flag and hat

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.

pie with sparklers

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!

book club june

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.

Bettencourt Affair book cover

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.

GoFisch Book Club Flyer

 

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:

  1. What role did estate planning play in the Bettencourt Affair?
  2. Do you think Liliane Bettencourt;s estate was taken advantage of and if so, by whom?
  3. 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?
  4. 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?
  5. 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?

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.

 

coffee-book-table-word-nerd

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!

red poppies memorial day

On Memorial Day (and every day), we at Gordon Fischer Law Firm want to give a deep expression of gratitude for the fallen heroes and military veterans who have served America. Indeed, we can enjoy the land of free only because of these brave individuals.

Memorial Day quote with red poppies

While Memorial Day is the unofficial start to the summer season, ushering in the much awaited season with a long weekend of sunshine and BBQs. A Monday off of work is always a cause for celebration, but throughout all this we must not forget the true meaning of this important day—to praise, to thank, and to remember.

GFLF has worked with many veterans on estate planning and in nonprofit formation/compliance, and it’s always an honor. There are not enough “thank you’s” in the world to express our gratitude for what the veterans (and their families) have done for our country. We would also like to extend this sentiment to first responders who have served on the front lines of protecting the public including police, firefighters, and EMS personnel. A special and sincere thanks to those who have sacrificed in the line of danger and their families.

As modern day heroes, our veterans and first responders’ stories are important. Their legacy is important. To preserve that tradition of strength and service, you need an estate plan to ensure your property and assets are distributed to your loved ones, and favorite charities in accordance with your wishes.

So, in an attempt to express our gratitude we would like to offer 25% off the cost of an estate plan package to all Iowan active duty or retired service members and first responders. The rate also extends to spouses. The discount will be available through 6/30/2018. Contact me via email or by phone (515-371-6077) to lock in the rate and discuss your estate plan needs.

us flag marching band

What Does an Estate Plan Include?

There are six documents that should be part of most everyone’s estate plan.

  1. Estate planning questionnaire
  2. Will
  3. Power of attorney for health care
  4. Power of attorney for finances
  5. Disposition of personal property
  6. Disposition of final remains

You should keep these documents updated and current. (Here are a few common “big” events that may necessitate estate plan revisions.) Also, don’t forget about assets with your beneficiary designations. For most Iowans, that’s good enough—six documents, keeping them current, and also remembering about those assets with beneficiary designations.

Special Estate Planning Consideration for Veterans

It’s super important that military veterans work with an attorney that specializes in estate planning as veterans have some unique assets and situations to consider. This can make the estate plan more complex and there can be unintended serious legal consequences if your plan is not drafted properly. A few examples of inputs to consider for a veterans involve:

  • Retirement benefit pay (considered guaranteed income)
  • Survivor Benefit Plan (if so elected)
  • Pension benefits
  • Life insurance
  • Dependent Indemnity Coverage (if applicable)

American flag on window

Cost of an Estate Plan

Because I want every Iowan to have an up-to-date estate plan I’m very transparent with the cost of an estate plan that that takes into full consideration YOUR situation. (This is why you need an experienced estate planner to draft your documents.) With the Memorial Day estate plan discount, that translates into significant savings.

Estate Planning Process

I write about my process at length, but it’s just five steps! Seriously, it’s not that painful. My clients report back to me that they have such relief and peace of mind when it’s completed.

Washington Memorial with man in front

DISCLAIMERS

The “Memorial Day discount” is only applicable for estate plans created by active or retired veterans and first responders (and their spouses). Availability of the discount ends after June 30, 2018 at which point prospective client must have contacted Gordon Fischer Law Firm and indicated an intention to make an estate plan.
Memorial Day discount merely relates to pricing and in no way creates an attorney-client relationship, nor any other kind of professional relationship. The Memorial Day discount does not create a contract or agreement of any kind.
Gordon Fischer Law Firm, P.C. retains full and total discretion as to who it chooses to serve as clients and why. Gordon Fischer Law Firm, P.C. retains the right to refuse service to anyone it so chooses.
The Memorial Day discount may not apply to individuals or families with a net worth of more than $1 million dollars. (High net worth families definitely need an estate plan, very much so, but the applied strategies and tools will be more complicated.)