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man reading newspaper

If spelling tests weren’t always your strong suit in school, fear not! Today’s legal word of the day is an easy one that’s having a momentary editorial heyday.

Ripped From the Headlines

As you probably heard, The New York Times took the highly unusual step of publishing an unsigned, anonymous op-ed entitled, “I am Part of the Resistance Inside the Trump Administration.” The person was identified only as follows:

“…. a senior official in the Trump administration whose identity is known to us and whose job would be jeopardized by its disclosure. We believe publishing this essay anonymously is the only way to deliver an important perspective to our readers.”

man with newspaper near train

Whodunnit?

The article led to a nationwide guessing game. Who is the senior official in the Trump administration who penned this “explosive” piece? Suspicion fell onto, of all people, Vice President Mike Pence. This is because the op-ed writer uses the word “lodestar,” and Pence has used this obscure word multiple times. (Pence vehemently denied he was the author, by the way.)

I don’t know who wrote the op-ed, and we may never know, but the real winner out of this news cycle is the word you never knew you needed in your vocabulary—lodestar!

So, What DOES Lodestar Mean?

Lodestar means “a star that leads or guides,” and is especially used in relation to the North Star.

timelapse of stars

Now, Let’s Talk About a Similar Kind of “Star”

At this point you’re like, “Gordon, this is a cool word I can def use in playing Scrabble, but what does it have to do with the law?”

Well, “lodestar” is a synonym and practically interchangeable with the word “polestar,” which is defined as a “directing principle; a guide.”

A court will use the term polestar like so: In this case, our polestar must be this principle . . .

Basically the court will use such-and-such as its guiding principle.

direction sign on a mountain

For example, in the law of wills, the Iowa Supreme Court stated In the Estate of Twedt that “the testator’s [maker of the will’s] intent is the polestar and if expressed must prevail.” You’ll see the same in the law of trusts, the intent of the settlor of a trust must be the polestar.

The word is also used in the law of charitable giving. The intent of the donor is the polestar which courts must follow if there are any issues. For example, suppose a donor posthumously donates $100,000 to a nonprofit, but the nonprofit no longer exists. What was the donor’s intent? Is it stated anywhere what the donor wanted to happen to the charitable funds if the nonprofit was no more? If not written, did the donor discuss the matter with anyone? To resolve any dispute involving a charitable gift, the guiding principle–the polestar–must be the donor’s intent.

Practical application of the Word Polestar

A major reason to have an estate plan is that YOU get to control your own future, rather than being controlled by outside forces or outside events. Through proper estate planning, you can be in total control of the answers to the following questions:

And if there are any questions or issues regarding your estate plan, lawyers and judges looking at your estate plan will make decisions based on YOUR intent. Your intent will be the polestar!

Don’t delay any longer – thank your lucky (North) stars you still have time to make a proper estate plan. I’d be happy to talk with you about your estate plan any time, or you can get started on organizing your important info in my free Estate Plan Questionnaire. I can be reached via email (gordon@gordonfischerlawfirm.com) or by cell (515-371-6077). I’d truly love to hear from you.

September calendar

Recently my social media feeds were alight with friends and family member’s grinning kiddos holding signs announcing their first day of a new grade. It made me nostalgic! While I wouldn’t want to repeat law school all over again, I do think it’s never too late to head back to the classroom—proverbial or real. So, the GFLF is heading back to school with lessons in English (like legal words/phrases of the day), reading (GoFisch book club) history, finance and the like. Today’s lesson on planned giving crosses over between business and economics, and it’s super important for donors of all gift amounts and nonprofit pros alike.

Back to school

What is planned giving?

Planned giving is the process of charitably donating planned gifts. A planned gift is a charitable donation that is arranged in the present and allocated at a future date. A planned gift is often, but not always, donated through a will or trust. (I would say this is true 80-90% of the time; put another way, planned gifts are bequests 80-90% of the time). As such, planned gifts are very often granted after the donor’s death.

Besides charitable gifts made through wills and trusts after death, other planned gifts include charitable gift annuities; charitable remainder trusts (along with the entire alphabet soup of CRATS; CRUTS; NIMCRUTS; FLIPCRUTS; etc.); charitable lead trusts, and remainder interest/life estates in real property. All these gifting tools/techniques/vehicles I’ve discussed previously, sometimes numerous times.

What is a Nonprofit?

  • You give $20 to a person you meet on the street who lost his bus ticket home.
  • At your local gas station, there is a collection jar for a local child with leukemia. You donate your change.
  • You leave money in your will for your niece Jane, hoping she uses it to continue her collegiate studies in engineering.
  • You have a neighbor who suffers from dementia. You and your friends decide to have an informal walk to raise awareness about the disease and raise money for your neighbor’s health care needs.

While noble, these are not examples of “charitable giving,” as we use the term here. In this context, we are talking about charitable giving to an organization formed under 501c3 of the Internal Revenue Service Tax Code. A 501c3 agency can be known by several terms in general usage, including “nonprofit organization” and “public charity.” For simplicity’s sake, we’ll use the term nonprofit throughout.

Nonprofits cover an extremely broad swath of types of organizations, including schools, churches, hospitals, museums, social services organizations, animal welfare groups, and community foundations.

Nonprofits Must Embrace Planned Gifts

Sometimes nonprofits are overwhelmed at the thought of expansive planned giving because of the number and complexity of some of the planned giving vehicles. How does this match up when you want to donate a less obvious gift than cash, such as stocks and bonds or grain? Nonprofits need to expand their ability to accept gifts of many varieties for at least three reasons:

Craft Beer Factor

The first reason I call the “craft beer factor.” (Bear with me here for a moment). I’m old enough to remember when there were just two kinds of beer. Don’t believe me? You should, as it was immortalized in one of the most famous advertising campaigns of all time–“tastes great, less filling!” This ad campaign strongly implied there were really just two types of beers.

craft beer on table

Then came the craft beer movement. I’m not sure whether craft beers were a response to consumers, or whether craft beers created a demand; presumably both. In any case, now a place like Toppling Goliath Brewing Company in Decorah, Iowa, has about thirty varieties of beers (this is based on an informal count from their website).

Now any retail establishment which sells beer must offer lots and lots of different kinds of beer. Any retail establishment which isn’t able to offer its customers wide variety risks irrelevance, or worse.

This is true not just of beer, but of everything. Another quick example– McDonald’s has around 145 menu items, that’s up from about 85 items in 2007. Also, McDonald’s now offers breakfast items not just in the morning, but all day-long.

Consumers want what they want, when they want, how they want.

Donors expect and often demand the opportunity to use many different options to assist their favorite charities. No longer can nonprofits simply ask folks to pony up cash, or just accept credit cards. Donors want to be able to converse with their fave charity and discuss using their whole portfolio. Nonprofits need to be able to accept, and intelligently discuss, gifting of many different types of non-cash assets.

A nonprofit which doesn’t offer its supporters a wide variety of giving options risks irrelevance, or even worse fates! So, as a donor, if you’re interested in donating an asset that your favorite nonprofit doesn’t typically facilitate, connect them with an experienced nonprofit attorney to make the gift a reality.

Planned Gifts Consist Overwhelmingly of Bequests

Second, planned giving is still mostly about wills and trusts. As already stated, I estimate 80-90% of planned gifts are bequests. Simple! Nonprofits should put substantial efforts to encouraging increased, larger testamentary bequests. Donors who already have an estate plan, but didn’t realize they could designate their favorite organizations as beneficiaries should contact an estate planning attorney.

Everyone can Understand Planned Giving!

Be it strategies for a monthly giving program or facilitating complex planned giving vehicles like NIMCRUTs, the opportunities for continuous learning about different planned giving technique are seemingly endless! And, there are so many different options, that all donors should feel great about supporting their fave causes with tax-wise gifts that work best for them. I strive to offer free information that breaks down different aspects of planned giving in human terms, as well as promoting community opportunities/events for nonprofit professionals.

heart on blue wood

Still need help understanding planned giving or any particular tool or technique? Want assistance coordinating a complex gift? Reach out to me anytime. I offer a free one-hour consultation to anyone and everyone. You can contact at my email (gordon@gordonfischerlawfirm.com) or on my cell (515-371-6077). I’d truly love to hear from you.

money in wallet

We talk about taxes and fees a lot in estate planning because if you don’t have a quality plan in place your estate will likely be hit with taxes and fees to a varying degree. Actual figures depend on the gross value of your estate, what state you lived in, and what strategies you employed (such as a living revocable trust) that help to reduce or even eliminate taxes and fees.

Recently I wrote about one specific tax that only applies to states—the state estate tax. If you don’t have time to read the full post and live in Iowa, the bottom line is that generally you won’t need to worry about it. Unlike places like Minnesota and Illinois, Iowa does not have a state estate tax. However, Iowa DOES have a special “death tax” that only six states in the U.S. have.

What is an Inheritance Tax and how is Different than an Estate Tax?

At first glance the inheritance tax seems mighty similar to the estate tax (both state and federal). Indeed, both are collected after someone’s death. However, an estate tax is assessed by the overall gross value of a person’s estate. This figure totals up all assets passed to all beneficiaries, regardless of their relationship to to the decedent (the person who passed away).

Any estate taxes owed are paid out of the estate assets before beneficiaries receive their distributions. And, the estate executor is responsible for making certain any state or federal estate taxes owed are fulfilled.

The inheritance tax, instead, is a tax levied on assets and property certain beneficiaries have inherit from someone who has died. I say “certain” because in most states the relationship of the beneficiary to the person who died determines if inheritance tax is owed or not. Amount of tax owed is calculated on each eligible beneficiary’s share of the estate and the beneficiary’s relationship to the decedent.

The beneficiary subject to estate taxes is personally responsible for filing the tax. In Iowa this means filling out Form 706 and filing before the due date on the last day of ninth month after death.

Iowa’s Inheritance Tax

The good news in light of all this tax talk is that Iowa’s inheritance tax only applies in certain situations. Not every Iowan who passes away will render their heirs subject to more taxes. For instance, Iowa’s inheritance tax does not apply if the estate is valued at $25,000 or less.

The following, among others, are exempt from Iowa’s inheritance tax:

  • Spouses
  • Beneficiaries who are descendants including children (biological and legally adopted), stepchildren, grandchildren, and great-grand-children.
  • Beneficiaries who are lineal ascendants such as parents, grandparents, and great-grandparents.
  • Life insurance
  • Annuities purchased under a retirement or employee pension plan
  • Assets left to U.S. charitable, religious, and educational organizations

As you can see, most people won’t ever have to deal with Iowa’s inheritance tax. So, who isn’t exempt as a beneficiary? Domestic partners, friends, and non-lineal relatives such as nieces, nephews, siblings, aunts, uncles, and cousins are all subject to the inheritance tax on the assets they inherit. Assets bequest to corporations or social/fraternal organizations don’t fit the qualifications as “educational, religious, or charitable” and are therefore not exempt.

Iowa’s max inheritance tax rate is 15%. (Which is better than our neighboring state of Nebraska, which has the highest top inheritance tax rate of 18%.)

In case you were wondering, there is no federal inheritance tax to worry about.

How do I Know if my Estate or Beneficiaries will owe Taxes?

pyramid on a US bill

Consult with an experienced estate planner and other professional advisors so that may they thoroughly evaluate if your estate will be subject to estate or inheritance taxes. Regardless, it’s a good idea to start looking into strategies and estate planning tools to reduce the burden of (all) taxes on your beneficiaries.

One way to do that during your lifetime is to gift (cash or non-cash) assets during your lifetime. The gift tax rate is currently at $15,000. Meaning the IRS will allow you to give away up to that amount, per donee (person receiving the gift), every year, without facing a gift tax.

I also highly recommend consulting an estate planner and other related trusted professional advisors to review your estate planning goals, financial situation, and assets. There are all sorts of unique considerations people face in that demand a thorough review and thoughtful solutions.

Have any questions or owe inheritance taxes yourself? Don’t hesitate to contact me at gordon@gordonfischerlawfirm.com or by phone at 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.

woman reading on phone with red nails

The July edition of GoFisch is live! This month’s edition features:

Spotify playlist cover art

 

  • A rundown on the website’s new features and fresh look
  • A curated Spotify playlist for when you’re working hard, but want to feel like you’re on summer vacation
  • Iowa-based nonprofit & philanthropy news
  • Must-read blog post highlights
  • Facebook Live video featuring me and the subject of estate planning

Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. Here at GFLF we like to think of it as the least boring law firm newsletter you could hope to read.

Buckingham Palace with gate

Britain’s Royal Family has been very much in the news lately. There was the recent wedding of Prince Harry and Meghan Markle. There’s also the hit Netflix series The Crown. (Who else can’t wait for season 3?!) Trump broke royal protocol multiple times on his recent trip. Prince George just turned five. And, earlier this summer (June 2 to be precise), Queen Elizabeth II marked the 65th anniversary of her 1953 coronation ceremony.

In front of more than 8,000 guests, including prime ministers and international heads of state, she took the Coronation Oath to serve her people. She was handed four symbols of authority—the Sovereign’s Orb, royal sceptreRod of Equity and Mercy, and the royal ring of sapphire and rubies. The Archbishop of Canterbury, Dr. Geoffrey Fisher, then placed St Edward’s Crown on her head to complete the ceremony.

An Unavoidable Unknown: Life Expectancy

I doubt very few of those dignitaries present would have guessed that Queen Elizabeth would reign for 65 years (and counting). In fact, I’ll bet if you told folks present at the ceremony that she would continue as Queen for well more than six decades, they would have thought you were, in English parlance, “crackers!”

But, one never knows about any one person’s life expectancy. Queen Elizabeth’s reigning longevity is surprising, but so, in reverse, is life of both celebrities and our family/friends alike cut too short.

There is a macabre and unfunny joke among estate planners: “Not everyone dies when they are supposed to.”  We all hope to live to be a ripe old age, like Queen Elizabeth II, and look back on a happy, fulfilling life. But it doesn’t always happen.

Ultimately Queen Elizabeth will pass away too. Everyone does. That’s why everyone needs an estate plan, even though you’re not the Queen of England and even if you’re not wealthy; even if you’re single; and even if you’re young.

Be prepared for the best, or be prepared for . . . less than the best. Have an estate plan in place so that your loved ones will not have to deal with the stress, ambiguity, and heartache of struggling with the confusion that comes with of intestate succession and not knowing your wishes or wants.

queen's crown

Royal Benefits of Revocable Living Trusts

A revocable living trust may make sense for many folks, not just royally wealth. The benefits of trusts are many, but one of the main ones is that assets avoid probate. This saves time and means distribution of assets to heirs more quickly and easily. Trusts avoiding probate generally mean less costs at death—less attorneys’ fees, less court costs, and, typically, less taxes. Living revocable trusts are also super flexible; in a single trust instrument you can name guardians for your minor children; protect assets from creditors; give to your favorite charities; and set up an endowment.

Along with a living revocable trust, you’ll also want several other legal documents: a power of attorney for health care; a power of attorney for financial matters; and a disposition of final remains, to name a few.

You don’t have to be a royal to know that estate planning is a smart, strategic, crowning achievement you can be proud of. Just like Queen Elizabeth’s longstanding legacy, you too can cement your place in history (if even just within your immediate family and with the charitable causes you care for). If you don’t have an estate plan yet, the best way to get started is by filling out GFLF’s free Estate Plan Questionnaire, or contact Gordon. If you already have an estate plan and want to invest in the benefits of a living revocable trust, don’t hesitate to reach out via email or by phone (515) 371-6077.

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.

 

Wraparound bookshelf

Last month’s GoFisch book club pick was a real life soap opera-esque story of estate planning, inheritance, and complex affairs tied to extreme wealth. This month’s read is also about estate planning, but is a fiction story with the quick pacing of a comedy and dialogue of a melodrama. I bet you could fly though this one while lounging poolside or swinging in the backyard hammock!

The Nest book

The Nest, by Cynthia D’Aprix Sweeney, follows the dysfunctional Plumb Family siblings around New York City as they deal with the unexpected fallout from the eldest Plumb’s major, costly mistake. All the while, the four adult siblings are the beneficiaries to a trust fund they have deemed “the nest” (like a nest egg, so to speak). The “nest,” thanks to sound investing and a generous market, grew larger than the grantor (the Plumb’s father) ever expected. Indeed, he intended for it to be helpful, but not a pot of gold to depend upon.

Leo’s accident (the oldest brother) and the unintended consequences that follow, puts a “crack” in the nest egg all had come to count on. (All four siblings had to wait to have access to their share of the funds until the youngest child turned 40.) Tensions flare, grudges are dredged up, and each of the Plumb siblings will have to reckon with their own poor financial decisions. Indeed, they were all depending on the trust fund in different ways to help bail them out of their own missteps.

This New York Times bestseller masterfully sets an engaging domestic drama filled with familial love and letdowns midst important estate planning elements. The Nest (at least for me) naturally leads its readers to want to learn more about different types of trusts, explore why estate planning is super important, and to whom they’re leaving their money to and how. It also reminds us that it’s super important to honestly discuss estate planning decisions and intentions with your loved ones who are named in the estate plan, so everyone is on the same page.

I would love to hear your thoughts about this book in the comments below! Did you love this book or not so much? Do you have any recommendations of books (fiction or non) related to Gordon Fischer Law Firm’s core services of estate planningnonprofit formation and guidancenonprofit employment law; or donations and complex gifts? Let me know in the comments or contact me by email or phone.

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!

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!