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stop hand on sign

Based on every statistic I’ve seen, the majority of Americans don’t want anything to do with estate planning or the perceived headaches that come with it. However, making excuses to avoid investing in a valuable legal set of documents (that comes with numerous benefits) will do nothing to cement your legacy and intent for transfer of assets.

Here are some of the excuses I’ve heard from people about why they don’t have an estate plan:

  • “I don’t have any assets, and just a whole bunch of debt.”
  • “Isn’t that just for rich, older people?”
  • “I don’t need an estate plan my wife and kids are going to inherit everything I own.”
  • “I’m super healthy, so I don’t think I would ever need a health care power of attorney.”
  • “My spouse can take care of it.”
  • “Getting a will made for myself is too expensive and time consuming.”
  • “If I talk too much about it, I might jinx myself.”

Yet, everyone over 18-years old, regardless of age, debts, assets, and marital status should have an estate plan in place. (Here are the six “must have” estate planning documents you can focus on initially.) In the beginning it may feel uncomfortable talking about the details of your estate plan—that’s normal. But, there is deep and lasting peace of mind in knowing that there is a plan in place in the event of your incapacitation or untimely death, which far outweighs any discomfort.

So, cast off all excuses by embracing the benefits of having a strong estate plan in place. The benefits include, but are certainly not limited to, peace of mind, financial security for your family, established guardianships for your children, reducing taxes, fees, and costs, and saving your family and friends untold time, trouble, and heartbreak.

Have questions? Need more information?

A great place to start is the Estate Plan Questionnaire. Of course, feel free to reach out any time. You can contact me by email at Gordon@gordonfischerlawfirm.com or give me a call at 515-371-6077.

Flag in field with sun

“True heroism is remarkably sober, very undramatic. It is not the urge to surpass all others at whatever cost, but the urge to serve others at whatever cost.” -Arthur Ashe

On Veterans Day and every day, I want to say a heartfelt thanks for our veterans’ sacrifice and service. I work with many veterans on estate planning and in nonprofit-related work, and it’s always an honor. There are not enough “thank you’s” in the world to express my gratitude for what they have done for our country.

Veterans Day flags

As a veteran your story is important. Your legacy is important. To preserve that legacy 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 my gratitude I would like to offer 25% off the cost of an estate plan package to all Iowan active duty or retired service members. The discount will be honored through 11/30/2019. Contact me via email or by phone (515-371-6077) to discuss your estate planning needs.

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 necessitate estate plan revisions.) Also, don’t forget about assets with your beneficiary designations. For most Iowans, that’s good – six documents, keeping them current, and also remembering about those assets with beneficiary designations.

American flag on chair

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 takes into full consideration YOUR situation. (This is why you need an experienced estate planner to draft your documents.) Speaking very generally, an estate plan from my Firm usually costs a single person about $790, and a family about $990. So, with this Veterans Day discount, that’s a saving of about $197.50 for singles to $247.50 for a family.

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.

Contact

If you’ve been making excuses or have an extremely outdated estate plan now’s the time to check it off your list (and get a discount while doing so!).

How to get started? Contact me by the end of the month (11/30) via email (gordon@gordonfischerlawfirm.com) or phone (515-371-6077) and fill out my free Estate Plan Questionnaire.


DISCLAIMERS

The “Veterans Day discount” is only applicable for estate plans created by active or retired veterans (and their spouses). Availability of the discount ends after November 30, 2019 at which point the prospective client must have contacted Gordon Fischer Law Firm and indicated an intention to make an estate plan.
Veterans Day discount merely relates to pricing and in no way creates an attorney-client relationship, nor any other kind of professional relationship. The Veterans 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 Veterans Day discount may not apply to individuals or families with a high net worth of around/more than a million-plus dollars. (You still need an estate plan, very much so, but it necessarily needs to be more “complex” to adequately account for all assets.).
Gordon Fischer at desk

How much does an estate plan cost? It’s an important question that you’ll rarely get a straight answer to. Fortunately, you can easily find the answer (specific to my services) here on this rate sheet.

All parties benefit from transparent information regarding costs. You’re writing an estate plan so there are no surprises regarding your assets after death. Certainly, the last thing you want is to be surprised at the cost of estate planning documents while you’re living!

Cost of an estate plan as an issue

When I talk with folks who want to complete an estate plan, but are procrastinating, a common concern that comes up is cost. People are concerned (and rightly so) about how much money they must fork over for an estate plan. So, no matter what lawyer you hire to draft or update your estate plan (and you do indeed need a lawyer to have this done right) make sure they’re completely upfront with you about what it will cost.

One Size Does NOT Fit All

There is no such thing as a “one-size-fits-all” estate plan. Estate plans—their terms, coverage, ins, and outs—depend on a myriad of individual circumstances and indeed preferences.

clothes on hanger

This is why filling out an Estate Plan Questionnaire (EPQ) is such an important first step. You can gather the important and relevant information, all in one place, and think through some of the decisions you must make when building your estate plan. Plus, I can see from your EPQ what you might want and need to meet your planning goals. Once you complete the EPQ, you and I meet for a free one-hour consultation.

Let’s Talk About Your EPQ

In the free, one-hour consultation, we’ll talk about your estate planning situation I usually meet clients in my office, but I’ve also met folks at coffee shops, restaurants, hospitals, and their houses. (I do make house calls!) Regardless of place, we’ll walk through your EPQ and I’ll listen carefully as you describe your intentions. I’ll answer your questions and address your concerns. Once we are both satisfied understand each other, I’ll give you my estate planning recommendations. I’ll tell you in plain language what I think you need and why I think you need it. I’ll also tell you the exact cost. As you can see from my fee schedule above, I use a flat fee approach. So, you’ll get a 100% reliable figure.

Only Then, My Bill

It is important to note I don’t bill you until the end of this process. Only once you have a fully executed estate plan (i.e., signed, notarized, witnessed), only then will I provide you my bill for services. And again, because I work on a flat fee basis, the bill will exactly match the figure I provided you earlier. Some clients write a check on the spot, and we’re done. Other folks want to pay along with all their other bills, so they pay me later. You may take the estate plan documents without paying. I trust you’ll pay me.

change and wallet on table

So, now the cost of an estate plan has been demystified, why not take control of your future and set your family and friends up for a smooth transition of all your assets in the case of illness, incapacitation, or death? As stated before, a great place to get the ball rolling is with my free EPQ. Also, feel free to reach out at any time by email, gordon@gordonfischerlawfirm.com, or on my cell, 515-371-6077.

slayer rule

In honor of Halloween, I thought it appropriate to explain the ominous-sounding principle of the slayer rule. [Cue a full moon, bats, and a high-pitched cackle here.]

It’s a plot you may come across in murder novels or movies: someone kills someone else in order to inherit money, a house, artwork, or anything else of assumed value. Or, in some cases, the intent might not specifically be an inheritance, but nevertheless, the “slayer” will inherit as a result of the other’s death.

This scheme hits at very core of what most people think is unfair and unjust–why should someone who cuts another’s life short be entitled to benefit from their criminal act? This is why most states have adopted “slayer statutes.”

For example, Iowa adopted such a law (Iowa Code § 633.535) in 1987. It says primarily:

A person who intentionally and unjustifiably causes or procures the death of another shall not receive any property, benefit, or other interest by reason of the death as an heir, distributee, beneficiary, appointee, or in any other capacity whether the property, benefit, or other interest passed under any form of title registration, testamentary or nontestamentary instrument, intestacy, renunciation, or any other circumstance. The property, benefit, or other interest shall pass as if the person causing death died before the decedent.

Note that states differ as to specific provisions and different factors like considerations of an insanity defense, and whether or not a slayer’s heirs are also disinherited. The information in the blog post is meant to speak generally. For slayer rule specifics, it’s important to consult with an experienced attorney in the jurisdiction in question.

Main Principles of the Slayer Rule

Generally speaking, the principle of the rule is that an estate plan beneficiary cannot inherit any property, fiduciary appointment, or power of appointment from a testator who the beneficiary intentionally and feloniously kills. The rule also applies if the beneficiary kills someone else (besides the testator) who had to die before they could inherit. In the case of an estate planning document (like a will), the entire will is interpreted by the court as if the slayer died before the testator. (This causes the gifts to said slayer-beneficiary to lapse.)

What if there is no will? The slayer rule still applies. So in the case of non-probate transfers (like a trust or a checking account with a beneficiary designation) the slayer could not inherit. The same goes if the slayer is an heir at law set to inherit under the state’s intestacy laws.

What Kind of Killing Triggers the Slayer Rule?

Typically the killing must be: 1) intentional; 2) felonious; and 3) without legal justification, like valid self-defense. Murder and some forms of manslaughter (such as voluntary manslaughter) tend to fulfill these requirements. Negligent homicide and involuntary manslaughter typically won’t qualify, as the slayer lacks the required element of intent.

For example, let’s say Anna has a son named Billy. Anna’s husband (Billy’s father) had passed away previously and Billy was set to inherit his mother’s entire estate under her will. Billy loved his mom and liked to make sure she still got out and did fun things in her older age. One night Anna and Billy go out to dinner and order some wine. Billy drinks a bit too much, but because his mother’s eyesight is impaired, Billy still chooses to drive his mother home even though he’s impaired. The car crashes and Anna, unfortunately, dies as a result, but Billy lives. Even if drunk driving is a felony in the jurisdiction, Billy lacked the intent element as there’s no evidence that shows he intended to kill Anna. Thus, the slayer statute would not prohibit Billy from inheriting Anna’s estate.

Does There Have to be a Trial and a Conviction?

For the slayer rule to come into play, there doesn’t need to be a criminal trial or a criminal conviction. It is enough for a civil litigation court to find the slayer responsible for the other’s death by a preponderance of the evidence. Interestingly enough, even if an alleged slayer is acquitted of a crime, it does not stop the civil court from applying the slayer rule and barring the inheritance.

That said, if there is a final, unappealable criminal conviction finding the killing to be intentional and felonious, it would establish all the requirements of the slayer rule. There would be no other need for other proof because such a criminal conviction requires proof beyond a reasonable doubt.

 Smart Estate Planning 

Of course, the odds that the slayer rule will apply to most of our estates is (thankfully) extremely rare. But it’s analogous to a more common situation — the beneficiary dying before the testator. An issue that then complicates donative intent is if the testator fails to or doesn’t have time to update their estate plan and there’s no remainder (or back-up) beneficiary to inherit instead. When working with an experienced estate planner it’s a wise idea to name secondary beneficiaries, as well as “back-up” will executors or trust trustees. That way distribution or administration of your hard-earned assets is not left up to the court.

Questions about the slayer rule or other somewhat obscure estate planning laws? Need to get started on your estate plan? Don’t hesitate to contact me for a free consult!

goodbye blue

It’s the saddest day of the year. You all know what I am talking about: the last day of National Estate Planning Awareness Week.

Here in Iowa, the weather this weekend was bright and shiny in that perfect fall day kind of way. Almost as if the universe itself was celebrating NEPAW 2019.

All good things come to an end, we sure had fun, didn’t we? We took a deep dive into the history of estate planning itself. Estate planning, in some form or another, has been an important aspect of societies in the world for hundreds and hundreds of years. In almost every society folks wanted to pass along their assets to the people they care about and want to provide for.

We were reminded of the importance of powers of attorney. In particular, everyone should have a power of attorney for health care, a legal instrument that allows you to select the person that you want to make health care decisions for you, if and when you become unable to make such decisions for yourself.

We delved into a hypothetical situation that is fairly improbable (but it can and does happen) regarding the death of a buyer or seller during sales of real estate.

The ultimate estate planning checklist makes it easy to visualize your completion rate of the important documents and estate plan-related tasks. It’s an easy-to-read, handy dandy cheat sheet of items to accomplish to get you from zero to hero in the estate planning world.

While we’ll have to wait a whole year until the next National Estate Planning Awareness Week, let’s always choose to be aware of the importance of estate planning regardless of the day. With a quality estate plan crafted by an experienced lawyer, every single day of our lives can be like a day of National Estate Planning Awareness Week!

Here are three things you can do to keep the spirit of National Estate Planning Awareness Week alive regardless of the date on the calendar:

  1. If you don’t yet have an estate plan, get one. NOW. Filling out my Estate Plan Questionnaire is a great and easy way to start the process.
  2. Talk to your family, friends, colleagues, and others, about your own estate planning experiences. If it was easier and less expensive than you thought it might be, share that info. If having six basic documents, brought you great peace of mind, tell them so.
  3. Subscribe to my free e-newsletter, GoFisch, delivered to your inbox every month. It’s chock full of helpful information and may be the least boring legal newsletter ever.

I’d love to talk with you (even if you’re not as disappointed to see National Estate Planning Awareness Week pass as I am). Contact me by phone or email at any time to discuss your estate planning situation and goals.

famous hat

It’s National Estate Planning Week and while it doesn’t involve costumes or gourds full of candy, celebrating can still be fun. Which brings us to these examples of “unique” (i.e. over the top, kooky, crazy, or weird) estate plan provisions of the rich and famous. In the past we’ve highlighted the unfortunate circumstances of celebrities who died without a valid estate plan dictating to whom they want their assets to go. The lesson there? Don’t leave it up to others what should happen with your property!

Today’s lesson? Your estate plan is unique and you can employ different planning strategies and tools to make whatever (legal) requests and bequests about your estate you wish…even if they’re a little different.

Gene Roddenberry, Creator of Star Trek

Roddenberry created the original Star Trek television series and was obsessed with space. So, it was actually fitting he requested a celestial burial. He passed away in 1991 and his request for a disposition of his final remains in deep space was fulfilled in 1997. Roddenberry was cremated and a part of his remains was put on a rocket and launched into orbit. His wife Majel, who played Christine Chapel in the original Star Trek and died in 2008, also elected for a space burial with the same company (Celetis).

Harry Houdini, Magician

Famous magician Houdini conducted séances during his life and wanted his wife, Bess, to continue the practice upon his own death. A clause in Houdini’s (otherwise “normal”) will requested his wife conduct an annual “session” with the afterlife. Houdini had his wife memorize a secret “code” that he thought would use identification to prove communication from the “other side.” She honored the request for 10 years on Halloween, the anniversary of her husband’s death.

magic in hand

Oprah, Media Mogul

Oprah is the living (thank goodness, let’s not imagine a world without Oprah in it) spokesperson of the benefits of an animal care trust! Reportedly, Oprah has established a trust funded with $30 million for her pet dogs, so that they will continue to have a high level of treatment and care. Sure, a cool $30 mil is more than you or I will ever see in our lifetimes, but compared to Oprah’s total estate it’s just a drop in the bucket. Plus, she plans to give the bulk of her $3 billion estate to charitable causes! “When I’m gone, everything that I have is going to go to charity because I don’t have children. And I believe that that’s what you should do,” she said. “To whom much is given, much should be given back.”

Janis Joplin, Rock Singer-Songwriter

The infamous Joplin tragically passed at the age of 27 in 1970 from a drug overdose. Joplin carried her nonstop party spirit into her will where she left behind $2,500 (which is like the 2018 equivalent of $16,000) for her best friends to have a rocking wake party. A few weeks after her death, the party was indeed thrown in California.

Adam Yauch, Singer, Beastie Boys Co-Founder

The talented artist’s will set the record straight for the future of his music. He provided limitations in the use of his likeness and his music with the provision: “in no event may my image or name or any music or any artistic property created by me be used for advertising purposes.” (Whether or not this request is enforceable, regarding a legal difference between publicity rights and copyrights is whole other story.)

casette tape

William Randolf Hearst, Publisher

Apparently there were rumors circulating that the publishing powerhouse/politician who died in 1951 had fathered illegitimate children. He unequivocally denied this even in his last will and testament, offering anyone who could prove such would inherit $1: “that he or she is a child of mine . . . the sum of one dollar. I hereby declare that any such asserted claim . . . would be utterly false.” No claims came forward alleging paternity, so there must have been something true behind the provision!

Benjamin Franklin, Founding Father/Politician

Franklin devised a picture frame to his daughter containing more than 400 diamonds. He left the frame (and thus the gems) to his daughter Sarah under the express provision that she “not engage the expensive, vain and useless pastime of wearing jewels.” He apparently didn’t want her to remove the diamonds from the frame…apparently the request was not honored.

Just like these interesting wills, your estate plan is entirely your own. You can elect to pass your assets on to whomever you wish including your pets, kids, and favorite charities. But, you can’t record these requests until you execute an estate plan! (Remember, a will is one of the multiple documents found in an estate plan.) Get started with my free Estate Plan Questionnaire and contact me for a free consult!

Checklist with coffee and croissant

It’s National Estate Planning Awareness Week! In an effort to break down the barriers, myths, and excuses surrounding estate planning, I’ve created this handy dandy ultimate estate planning checklist. It runs down just about everything you need in terms of a comprehensive, quality estate plan including the six major documents, reviewing beneficiary designations, considering if a trust is applicable to you, and discussing your estate plan with your loved ones.

Estate Planning Checklist GFLF

 

I would love to help you check these items off your list. If you want to get started, download my Estate Plan Questionnaire. Or, you can contact me to discuss your individual situation and what estate planning provisions make the most sense for you!

final resting place black balloons

There are six main documents that should be part of almost everyone’s estate plan. One of these is called “Disposition of Final Remains.” This document is where you tell your loved ones exactly how you want your body to be treated after you pass away.

It’s best to approach the subject of final disposition of remains with thoughtfulness, consideration, and, yes, indeed, even a little levity. Discussing your passing can feel morbid or even downright creepy. However, taking the time to think through your final services (whatever it is you want) is a wonderful gift to your family. It ensures that clear instructions are passed on, and alleviates, perhaps even eliminates, the avalanche of headaches that inevitably accompanies such planning.

Your estate plan’s disposition of remains directs your family and friends as to how you want your remains handled after you have passed away. This includes your funeral, service, and maybe a place of internment. If you want a party complete with a piñata you can detail that in the disposition of remains. Choices for what to do with your physical remains can include earth burial, above-earth burial, or cremation . . . or you could always go with something unique to you, like being made into a diamond. Some of my clients have insisted that there be only the shortest and simplest of memorial services. Others have wanted a marching band and fireworks shooting their ashes into the sky. (Yes, that is a thing). It’s completely up to you.

fireworks final disposition

What is incredibly important is that you leave clear instructions of your desires, whatever they may be. That way, your loved ones won’t have to guess as to what you would have wanted, during a time that is already stressful, turbulent, and full of grief. Again, leaving behind a fully thought out “disposition of final remains” is a wonderful gift to your loves ones.

Have questions? Need more information?

A great place to start is the free Estate Plan Questionnaire. Feel free to reach out at any time; you can contact me by email at Gordon@gordonfischerlawfirm.com or give me a call at 515-371-6077.

scary jack-o-lantern

It’s the season for everything pumpkin, Hocus Pocus reruns, and “accidentally” eating all the trick-or-treat candy before the actual trick-or-treaters arrive. It’s the time when I’m reminded that the scariest notion of all is not Dracula, ghosts, or even the overpriced costumes, but rather the downright terrifying reality that nearly every six out of 10 Americans do not have estate planning documents in place. Yikes. Despite the numerous benefits, advantages, and financial savings that comes with a proper estate plan, it’s all too common to push the process off. It’s like the equivalent of the dusty, cobwebby attic of your to-do list. Here are five scary excuses I’ve heard as to why people procrastinate creating an estate plan:

I’ll be dead, so I won’t be around to care.

Downright hair-raising!

A friend’s mother said this when my friend brought up estate planning. The mother has a point…I guess. Yes, after she dies she won’t be able to “care” about where her assets go. However, most of us would like to have a set plan of where our hard-earned money and personal property will go and to whom. Why? Because we care while we’re living and like to think we’re taking care of the ones we love even after we’re gone. So, why wouldn’t she (even as an act of love) take a simple measure to save her loved ones money (and time) instead of dealing with the sluggish probate process that would occur if she were to die intestate (without a will)?

graveyard with gravestones

I don’t own enough assets to need an estate plan.

I hear this one all the time and it’s terrifying to think someone would sacrifice their right to pass along their estate (as small or as big as it may be) as they choose. The fact is that having a (small) bank account, minor children, owning a home (of any size), or even having a pet is enough to necessitate estate planning…if even just to be prepared. Of course, the larger and more complex the estate, the more tools and documents may be needed, but that’s why you need to have an experienced estate planner to help determine the tools you need.

I don’t have time right now to do estate planning.

Unnerving and chilling. Sure, estate planning doesn’t sound like the most fun thing to deal with on top of everything else you have going on in your life. But, the time it takes to create an estate plan will be significantly less than the time it will cost your family if your estate goes through probate. Additionally, most (good) estate planning attorneys will work around YOUR schedule. They are willing to make house calls and conduct conversations essential to crafting your individualized estate plan over the phone or email—whatever works best for you.

It’s too expensive to make an estate plan. 

Eerily wrong. It will almost certainly be more expensive for your family and loved ones if you die intestate (without a will). It will not only cost them monetarily, but also emotionally as the process can be shockingly slow, tedious, and can create unnecessary conflict. Part of living is loving, so show your family, children, friends, and favorite charities the love by taking the time to craft a quality estate plan.

I don’t even know where to start, so I’m not going to.

Getting started on your estate plan is actually incredibly easy, so continuing to make this excuse is alarmingly unnerving! Use my free (without obligation) Estate Plan Questionnaire. It’s an excellent tool for organizing all the essential information you (and your spouse, if applicable) and your estate planner need to have on hand in order to reach your estate planning goals.


Do any of these sound like you? Fear is for werewolves and zombies, not estate planning! Break the procrastination cycle and contact me via email or phone to discuss your situation.