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Now through Valentine’s Day I’m highlighting how “gifting” an estate plan can show true love and commitment with the #PlanningForLove series. Of course, Valentine’s Day can be about celebrating many different types of love, not just romantic love. There’s adoration for your furry friend, love for your children, respect for yourself…but, it’s Super Bowl Sunday, so let’s focus on the love of the game! 

football estate plan

For two formidable teams (New England Patriots vs. Philadelphia Eagles), it’s the culmination of a season. (And for us, it’s a great excuse to indulge in all the best tailgating snacks.) It’s a grueling seven-month schedule with tons of variables from pre-season training camp to regular season kick-off to post-season play-offs.

Just like all the games leading up to the Super Bowl, a lot can happen throughout a lifetime. So many variables, so many strategies, upsets, and so many potential outcomes.

While it may be difficult to ponder the inevitably of your own timer running out, preparation for what happens after your season ends is indeed necessary.

The Main Players

Estate plan – An estate plan is the whole playbook, generally containing the following documents: your will; healthcare power of attorney; financial power of attorney; disposition of personal property; and final disposition of remains.

Will – A will is a superstar which can accomplish so much for your team. For example, who will quarterback the distribution of your property at the end of the game? You need to make certain the will is well drafted, solid, and can stand up in court. Keep in mind though, important assets such as retirement assets and investment accounts may well contain beneficiary designations that actually trump your will.

Health care power of attorney  & financial power of attorney – Don’t let a sudden disability completely take you out of the game. Have someone strong come off the bench to carry you to your personal goals.

Trust – You have lots of different options with this multi-tool MVP. A trust can help your team in so many different ways and provide you huge advantages in every facet of the game.

Get a Good Playbook!

Thorough planning is the best way to plan for the end of your season, so that you and your family are never caught unprepared. When you are no longer around to coach and care for the rest of your “team,” make sure they are both provided for and are provided training on how to keep pushing forward by settling your affairs. A comprehensive estate plan, written by an experienced estate planner, is the best way to do this.

No ‘I’ in Team

Your loved ones and close friends are all a part of your team; part of being a strong team player is including them on the plays you’re making. Discuss important aspects of your estate plan with the people it involves to avoid any confusion or conflict when it comes times for them to carry out your wishes. For instance, if you have minor children (under age 18) you’re going to want to establish legal guardianship if the worst happens and you’re no longer around to care for them. You’ll want to discuss with your chosen guardians ahead of time to make sure they’re willing and available to carry out the responsibility.

Lineup Adjustments

Pro football coaches switch up who’s starting for the best winning strategy. Similarly, you may well need to make adjustments to your estate plan “lineup” as things inevitably change over the course of your life. Big events like marriage, birth of a child/grandchild, moving to a different state, a large change in financial status, divorce, and other significant changes are good reason to review your designated representatives, beneficiaries, and overall goals.

Charity Factor

Pro football players make bank, but many also make significant contributions to charities they care about. Some NFL players have founded their own charitable foundation, while other focus on a few nonprofits whose missions they care deeply about. For instance, Chris Long, the Eagles defensive end, announced last fall he will donate his entire salary ($1 million) from the season to educational charities. Most players also work together as a team to give back to their communities. The league as a whole also supports building awareness for nonprofits though initiatives like “My Cause, My Cleats.”

Given their high profile sports status, these players also help inspire folks across the country to do the same. (In one great example, these football fans donated to NFL players’ favorite nonprofits!) You too can be a fierce philanthropist, but without actually having to sprint, throw, or sweat! You can include your favorite charities in your estate plan as beneficiaries. Then there are the other charitable giving tools that can be included as a part of your “end game” like charitable gift annuities and the charitable remainder trust.

Winning Score

I cannot predict who will win the Super Bowl today, but I can say without a doubt that you never know when the game is going to change. You never know when you (and/or your team members) are going to need any one of the documents a part of your estate plan. So, you need to have your “playbook” written out ASAP…well, you can wait until after the big game!

The best place to start on your estate plan is with my free, no obligation Estate Plan Questionnaire. You can also shoot me an email or give me a call at 515-371-6077 to discuss your situation (or football).

You’ve probably heard you need to have a financial power of attorney in place, but the whole thing seems a little ambiguous…what does this important document (which is an important part of a complete estate plan) actually mean? Let’s cover the basics.

What is a financial power of attorney?

A financial power of attorney (“POA”) is a legal document that designates someone to handle your financial decisions on your behalf, if you are unable to do so while living, due to incapacitation. (Note that upon death, your financial power of attorney terminates and your will and/or trust kick in to guide decision making in your absence.)

There are two main types of financial power of attorney I offer my clients.

  • Immediate power—effective from the moment you sign it, without any medical certification; while immediate, you do not lose control of your affairs. (This is typically what I recommend.)
  • Springing power—becomes effective only upon medical certification that you are unable to carry on your legal and financial affairs.

What happens if I don’t have a financial POA?

If you don’t have a financial POA, and you were to become incapacitated, any financial decisions would need to be made by a court-appointed conservator. Under a court’s direction, the conservator would handle your financial matters. It’s a quite expensive and time consuming process, especially compared with the relative simplicity of executing a financial POA. Also, needless to say, most people would elect to trust their important financial decisions to a person they love and trust, over someone the court appoints.

After I die, can my agent continue to operate under my financial POA?

A common misperception is that your agent will be able to use this power after your death. Instead, at your death, any of the agent’s powers will be automatically revoked. The representative appointed through the probate process will carry out your estate plan.

Who should I choose to serve as my “attorney-in-fact?”

two people talking on the beach

The agent (or attorney-in-fact) you choose will be managing your finances, so it is critically important to choose someone trustworthy; someone who will not abuse or exploit this power; someone who will listen to your wishes, goals, and objectives, as included in the document or otherwise communicated; and someone who will look out for your best interests.

You also have the option of designating a successor agent who can take over if the original agent is unable or unwilling to serve. This is highly recommended.

Who should receive a copy of my financial POA?

The person named as agent and any person named as a successor agent should receive a copy. It may also be wise to share a copy with your financial institution(s), such as your bank/credit union, as well as with your financial advisor and/or accountant.

Can I revoke my financial POA?

Yes, you may revoke the financial POA at any time. You can also amend the financial POA (change it, revise it, etc.) at any time.

Are there other estate planning documents I need?

Yes, definitely! There are six “must have” estate planning documents. The financial power of attorney is one of these documents that create a comprehensive estate plan.

Who needs a financial power of attorney?

I’m a staunch believer that every adult Iowan needs an estate plan—including young professionalsnewlyweds, the non-wealthy, and especially people with minor children—and, therefore a financial power of attorney. A financial power of attorney can even be incredibly important (but often overlooked) for college students.


Do you have a financial POA? How about a full estate plan in place? Why or why not? I’d love to hear from you. Email me at gordon@gordonfischerlawfirm.com or call (515-371-6077).

woman doing photo at sky

You’ve almost certainly had to designate your beneficiaries on savings and checking accounts, life insurance plan, annuity, 401(k), pension, or IRA. All of these accounts are passed along at the time of death via beneficiary designation (sometimes referred to as payable on death (PODs) or transfer on death (TODs) accounts). It’s easy to forget, but beneficiary designations take precedence over whatever is written in your will. So, even if you have the six basic “must have” estate planning documents in place, you still need to address who is named as your beneficiaries.

I have a few simple tips for reviewing and protecting your important accounts:

  1. Be sure to name a primary beneficiary (or beneficiaries), using the appropriate beneficiary designation forms.
  2. Be sure to also name an alternate beneficiary in case the first beneficiary dies before you.
  3. Don’t name your estate as the beneficiary (not without lots of expert advice).
  4. Review the beneficiary forms once a year to make sure they still reflect your wishes.
  5. Update the beneficiary forms more often if there has been a change in your life circumstances, such as a birth, adoption, marriage, divorce, or death. For example, if you’ve gotten a divorce you may not want your ex-spouse to be the beneficiary of your life insurance.
  6. Each time you change the beneficiary designation form, send it to the organization that holds the account, and request they acknowledge receipt.

 

couple holding hands in green space

Checking your beneficiary designations is a smart estate planning step you can take today. But, of course, you’re going to need a solid estate plan to account for all of your assets that are not transferred via beneficiary designation. A great way to get your key estate plan documents started is by downloading my free, no-obligation Estate Plan Questionnaire. You can also contact me by phone (515-371-6077) or email with any questions or concerns.

update estate plan blank page

The great thing about your estate plan is that once you have one, it never expires. However, it does need to be kept current with your life as well as applicable laws. Why? Keeping your estate plan updated and current is simply a smart part of planning. An outdated estate plan could more easily be challenged in probate court or create unnecessary tensions between your loved ones.

Because of this, I advise Iowans to review estate plans on an annual basis. Simply check in with your lawyer, and other professional advisors, every year or so. Some clients like to do this around the first of the year, others choose to do so on an easily remembered date like a  birthday or anniversary. Others pick a random date. Any date will work, just stick with it every year.

Seek the help of a professional advisors to update your estate plan, most especially when you undergo a major life change. A few of the most prominent examples:

  • You get married or divorced.
  • A birth or death occurs among your family  or other beneficiaries of your estate.
  • A person you chose to be a guardian, trustee, or executor dies or becomes critically disabled and unable to fulfill their responsibilities.
  • There is a change in the value and/or kind of property you own. Examples of this could be receiving an inheritance of some kind or right-sizing as retirement age approaches).
  • You move to another state or country, or you acquire significant property in another state or country. (A common example of this is buying a second home, like a condo in Mexico or lake house in Canada).

Any of these changes require careful (re)analysis of your estate plan.

If you have experienced any major life changes (including one not listed here), don’t hesitate to reach out to me at any time. If you’re not quite at this stage yet and first need the important key documents that comprise an estate plan, get started with my free, no-obligation Estate Plan Questionnaire.

Discussion of will and estate plan

Yes, YOU need a will. If you don’t have a will, it can cost your family and friends not only a lot of time and money, but also lots of anxiety and even heartache.

Here are four major (and certainly not the only) reasons wills are one of the most essential estate planning documents that you should most definitely have.

#1 Without a will, probate courts and the Iowa Legislature decide everything about your estate.

If you die without a will, you are leaving it up to the legislature/courts to decide who will receive your property. In some situations, even who will get to raise your children.

#2 Without a will, you cannot choose a guardian for your children.

You read that right. Without this essential estate planning document, the court will choose guardians for your children. One of the most important aspects of a will is that it allows you to designate who will be the guardian for minor children. This can ensure your children are cared for by the person that you want, not who the court chooses for you.

#3 Without a will, the probate court will choose your estate’s executor.

If you die without a will, the probate court is forced to name an executor. The executor of your estate handles tasks like paying your creditors and distributing the rest of your assets to your heirs. Of course, if the probate court has to pick who will be your estate’s executor there is always a possibility that you would not have approved of that person if you had been alive.

However, if you have this ever important document, it will name an executor who will be responsible for carrying out all of your final wishes, pay your bills, and distribute your assets just as you wanted.

Couple sitting on bench talking about wills

#4 Without a will, you can’t give your favorite nonprofits charitable gifts from your estate.

If you die without a will, your estate assets—your house, savings, automobiles, property—will pass to your heirs under Iowa’s statute. This excludes you from the enormous potential to do good by donating charitable gifts to your favorite nonprofits in your will. Testamentary gifts can help ensure causes you care about are supported well into the future.


Do you have a will? Why or why not? I’d love to hear from you in the comments below.

For Iowans looking for a place to start their estate planning, check out my estate plan questionnaire. It’s free, and provided to you without any obligation. I’m also happy to discuss your individual situation to help determine what estate planning tools are best for you. Reach out via email or phone at any time.

Financials in book

What is a financial power of attorney?

A financial power of attorney is a legal document that designates someone to handle your financial decisions on your behalf.

What happens if I don’t have a financial power of attorney?

If you do not have a power of attorney and you were to become incapacitated, any financial decisions would need to be made by a court-appointed conservator. At a court’s direction, the conservator would handle your financial assets. It’s a quite expensive and time consuming process, especially compared to the relative simplicity of executing a power of attorney.

After I die, can my agent continue to operate under my financial power of attorney?

A common misperception is that your agent will be able to use this power after your death. At your death, any power of the agent is automatically revoked and it will be necessary to switch management to the representative appointed through probate.

Laptop with finance info on it

Who should I choose to serve as an agent?

The agent you choose will be managing your finances, so it is critically important to choose someone trustworthy; someone who will not abuse or exploit this power; someone who will listen to your wishes, goals, and objectives, as included in the document or otherwise communicated; and, someone who will look out for your best interests.

You also have the option of designating a successor agent who can take over if the original agent is unable or unwilling to serve. This is highly recommended.

Who should receive a copy of my financial power of attorney?

The person named as agent and any person named as a successor agent should receive a copy. It would also be wise to share a copy with your financial institution(s), such as your bank or credit union.

Can I revoke the financial power of attorney?

Yes, you may revoke the document, at any time. You can also amend the document (change it, revise it, etc.) at anytime.


Financial power of attorney is one of the six main documents which comprise Iowans’ estate plans. To get started on establishing your financial power of attorney contact me by phone at 515-371-6077 or email.

healthcare power of attorney

What is a healthcare POA?

A healthcare power of attorney (“POA”) is a legal instrument that allows you to select the person that you want to make healthcare decisions for you if and when you become unable to make them for yourself. The person you choose is your agent/representative for purposes of healthcare decision-making.

What types of healthcare decisions can be covered by a healthcare POA?

healthcare power of attorney hands

A healthcare POA can govern any kind of decision that is related to your health that you want to address. A healthcare POA may include decisions related to organ donation, hospitalization, treatment in a nursing home, home health care, psychiatric treatment, and more.

For example, if you don’t want to be kept alive with machines, you can make this clear in your POA for healthcare. But keep in mind your POA for healthcare isn’t just about end-of-life decisions – again, it can cover any medical situation.

When would I use a healthcare POA?

A healthcare POA is used when you become unable to make healthcare decisions for yourself. Your agent will then be able to make decisions for you based on the information you provided in your healthcare POA. Equally important, your agent will be access your medical records, communicate with your healthcare providers, and so on.

What happens if I don’t have a healthcare POA?

doctors in operating room

If don’t have a healthcare POA, and you should become disabled to the point where you are unable to make healthcare decisions for yourself, your doctor(s) will ask your family and friends 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 loved ones can’t 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.

This is all very complicated, time consuming, and expensive, especially compared with the convenience of simply having a healthcare POA in place. A healthcare POA gives you control over how decisions are made for you, and the agent you choose will carry out your wishes.

Is there a “one-size-fits-all” POA for healthcare?

No! All Iowans are special and unique and have special and unique issues and concerns. Consequently, this article is presented for informational purposes only, not as legal advice. Consult your lawyer for personal advice.

Do I need other estate planning documents in addition to a healthcare POA?

Yes, definitely! There are six “must have” estate planning documents most Iowans need; healthcare POA is just one of those documents.


Do you have a healthcare POA? Do you have an overall estate plan? Why or why not? Want to get started on crafting your healthcare POA (and other essential estate planning documents) let’s talk. Email me anytime at gordon@gordonfischerlawfirm.com or give me a call at 515-371-6077.

Football

This upcoming weekend college football fans in Iowa will all seem to converge in the annual colossal clash of Hawkeyes versus Cyclones. (It’s a tradition that dates back to 1977 and has been extended through 2023.) Even the University of Northern Iowa fans tend to take sides in this match-up that has the energy of a statewide holiday.

cyclones vs. hawkeyes

Talking tailgating and reviewing the predictions got me thinking that although this game is huge in the ongoing (usually fun) banter battle between Iowa and ISU fans (and coaches), it represents just a small part of the season. Both teams endure grueling pre-season training and both have a long regular season ahead of them, not even counting any playoff games. Plus, a lot can happen over the course of a football team’s season. Star players can get hurt, strategies can change, and unexpected variables get tossed into the mix. But, great coaches have solid plans in place for when the game changes.

And, that’s why if you can understand even the basics of football you can understand estate planning!

Just like every football season eventually comes to an end, your (hopefully long and healthy) season will also come to a close. When it does, you need a special kind of playbook for the rest of your team…AKA an estate plan. In this analogy an experienced lawyer is the great coach who is going to help you put plans in place for when the game changes unexpectedly or the stadium lights turn off for the last time. And, just like so much can change over the course of a season, a lot will happen over the course of your lifetime. That’s where annual reviews and revisions after significant events fit in.

football stadium

While it is often difficult for people to ponder their unavoidable exit off their own fictitious field, preparation for what happens after your season is over can be one of the most comforting aspects of financial and legal planning.

The Main Players

Let’s take this analogy a bit further and put some estate planning terms into football speak.

  1. Estate – An estate is the whole playbook, containing the following documents: your will; healthcare power of attorney; financial power of attorney; disposition of personal property; and final disposition of remains. (Go more in depth with this blog post.)
  1. Will – A will deals primarily with the distribution of assets and care for minor children. You need to make certain the will is well drafted, solid, and can stand up in court. Keep in mind though, important assets such as a life insurance policy payouts, retirement assets, and investment accounts may well contain beneficiary designations that trump your will.
  1. Trust – You have lots of different options with this player. A trust can dictate how your assets will be dispersed, the timeline and manner in which they are dispersed, and who’s overseeing the process.

Mid-Season Starting Lineup Adjustments

Just as a coach may switch up who’s starting partway through the season, you’ll may need to make adjustments to your estate plan as things inevitably change over the course of your life. Big events like marriage, birth of a child/grandchild, moving to a different state, a large change in financial status, divorce, and other significant changes are good reason to review your “playbook.”

No ‘I’ in Team

Your loved ones and close friends are all a part of your team; part of being a strong team player is including them on the plays you’re making. Discuss important aspects of your estate plan with the people it involves to avoid any confusion or conflict when it comes times for them to carry out your wishes. For instance, if you have minor children (under age 18) you’re going to want to establish legal guardianship if the worst happens and you’re no longer around to care for them. You’ll want to discuss with your chosen guardians ahead of time to make sure they’re willing and available to carry out the responsibility.

referee

Final Score

There are probably at least a few more good football analogies I could tie into the conversation of why you need an estate plan, but the most important takeaway is that you never know when the game is going to change. So, you need to have your “playbook” written out ASAP. The best place to start is with my free, no obligation Estate Plan Questionnaire. You can also shoot me an email or give me a call at 515-371-6077 to discuss your situation (or football).