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sad man

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 is appropriate to everyone’s mood. It’s grey and drizzly and overcast and cold. Almost as if the Universe itself was acknowledging the melancholy of ending NEPAW 2017.

woman standing in road in raincoat

But 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 talked modern lit, too. Kazuo Ishiguro won the 2017 Nobel Prize for Literature and so we explored how his novel Never Let Me Go contained lessons for estate planners. After all, our lives are all too short. What should be our legacy?

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.

Ultimate Estate Planning Checklist

The Gordon Fischer Law Firm 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 estate planning world.

Yes, we sure had fun. [Sigh…looking out of rain streaked window, thinking]. 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, fellow churchgoers, and so on, 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 piece 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 about Wills, Trusts, Powers of Attorney for Health Care, Powers of Attorney for Financial Matters, pet trusts, and really every aspect of estate planning.

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.

Believe it or not, National Estate Planning Awareness Week is a very real thing. Let’s kick it off with a brief history on the Week and estate planning in general.

National Estate Planning Awareness Week was an effort spearheaded by the National Association of Estate Planners & Councils (NAEPC) and Rep. Mike Thompson (D-CA) (with 49 other Representatives on board). In September 2008, Congress passed H. Res. 1499 which designated the third week in October as a week for assisting the public in understanding the importance and benefits of estate planning, as well as how to assemble a qualified team of experts to assist in the process.

Sure, you won’t see decorations for sale for National Estate Planning Awareness Week…but, you can still celebrate by discussing your estate planning needs and goals with a qualified, experienced estate planning attorney. This goes for your first (much needed) estate plan, but also revisions on existing estate plans. (Remember, estate plans never expire!)

Time Warp: A Brief History of Estate Planning

For as long as people have had property, that property has been distributed or passed along in some manner or another. In early cultures property was considered to be owned collectively by a family or tribe and when a leader of the group perished the assets were divided in accordance with family/tribal customs.

Estate planning was apparent in ancient Rome under the Code of Justinian which recognized oral and written wills that were approved by a public official. In the Anglo-Saxon period of England, royalty had to approve land transfers. That changed in the 12th century when property would automatically pass to the eldest son. Under English law, the Statute of Wills was established in the 16th century which allowed landowner to pass along their land as they wished, whether that was to the eldest or not.

Current state intestacy laws are a modern iteration of British common law in which property inheritance passed to the spouse and children in pre-defined percentages.

Unfortunately, women were often excluded entirely from estate planning; assets were only distributed amongst male heirs at law and women were disinherited. At certain points throughout history, women (such as a wife or daughter) could be provided for through a trust upon the death of the husband/father, but often that trust was dissolved if/when the woman married/remarried. Thankfully policy and society progressed, and now women and men have equal right to inheritance and ability to distribute assets.

To that point, the individual American citizen of today has the freedom to plan for distribution of property as wished without approval needed or mandate defining who can and cannot be a beneficiary.

Estate Planning in the United States

Statue of Liberty

In U.S. history estate planning has been intricately linked with estate taxes because estate planning techniques are tools to reduce or even eliminate the Federal estate tax. To understand that in full you could go all the way back to the Stamp Act of 1797, where a tax was passed to fund the Navy in an “undeclared war with France.” The estate tax was subsequently abolished and then reinstated with corresponding wars including the Civil War and Spanish American War.

The estate tax, more or less as we think of it today, was instituted in association with World War I in 1916. To bypass this, people would gift parts of their estates to their families to which the lawmakers responded to by passing a gift tax in 1924. It was briefly repealed and then re-enacted in 1932 and remained that way until 1976 when the gift and estate tax were consolidated.

In modern political history the estate tax has seen a few major changes; it was entirely revoked in the 2010 calendar year after 2001 legislation phased out the tax. However, that didn’t last long. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 meant a return of the estate tax, but raised the exclusion to $5 million for 2011 and 2012. Then came the American Taxpayer Relief Act of 2012 which kept the $5 million inflation-adjusted exclusion figure, but increased the maximum rate of the tax to 40 percent from 35 percent. In 2017, the exclusion rate sits at $5.49 million per individual. This means an individual can leave $5.49 million to heirs and pay no federal estate or gift tax.

Final Footnote

All of this history is to say that estate planning, in some form or another, has been an important aspect of societies in the world for a long time. Regardless of the size of your estate, and just like the ancient Romans or Americans of the early 1900s, you want to pass along your assets to the people you care about and want to provide for. Claim your right to distribute your property in accordance with your wishes by ensuring you have an up-to-date, quality estate plan. The best way to get started is with my free (and no obligation) Estate Plan Questionnaire. It’s a great tool for organizing all the important information you and your estate planner need to know when creating your custom estate plan.

U.S. Dollars


This is the first of a week’s worth of articles all dedicated to the topic of estate planning as a part of National Estate Planning Awareness Week. Want to discuss your estate plan or talk about the history of the estate tax? Don’t hesitate to contact me.