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, 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.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/07/Screen-Shot-2018-07-15-at-1.54.39-PM.png6971054Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-07-16 06:44:052020-05-18 11:28:53July GoFisch Book Club Read: The Nest
While I’m far from any type of soccer expert, I closely watched the FIFA 2018 World Cup final, and it struck me that there were three evident lessons from the victorious French team’s play that are transferable to your favorite nonprofit.
The Need for Speed
Croatia is a truly great team and played extremely well. But it seemed to me France was simply the faster and quicker team. Faster to loose balls, faster down the field, faster to set up defensive and offensive plays.
Does your favorite nonprofit have the requisite speed to operate in our hyper-digital, I-want-it-yesterday world?
Of course, there’s most definitely times for quiet, sure-but-steady deliberation. You don’t want to be rushed into making bad decisions.
But let me ask you: How fast is your fave nonprofit in getting out thank you notes after a donation or event?
When a potential donor contacts you, how fast is your response time?
When a potential donor contacts you with an unusual gift, a non-cash gift, how quickly can you respond as to whether you take such gifts and that you’ll take this particular gift? (A gift acceptance policy and a gift acceptance committee can work wonders here).
How quickly do you respond to someone who contacts you and wants to become more involved in your nonprofit as a volunteer, committee member, or board member?
To take the simplest example of how being quick and “on the ball” can make a difference, think about if you receive a thank you note just a couple days after a donation is made. It means more and makes a lasting impression rather than a thank you note received a month after a donation is made.
Even the most rabid fan of Les Bleus, would probably agree that Croatia’s Luka Modric is/was the best individual player on the pitch today.
Nonprofits often rely on superstars, too–the executive director who toils for decades; the board president with the knack of bringing board members together, and the volunteer who shows up every week to keep the database totally updated.
But, soccer is a team sport, and in the long game, so is philanthropy.
You don’t need just one of the “superstars,” you need all three…plus many other active staff, volunteers, board members, and stakeholders.
As awesome and spectacular as Modric is as a soccer player, he’s just one player. You need a whole supporting cast to win the match, every match, and stay consistent.
As commentators noted even before the game, France has such a litany of stars that anyone could step up to be counted on a given day. Griezmann, Mbappe, Giroud, Pogba, and others make France champions because they came to the field with such a deep bench.
One of France’s coaches said he wanted his team to remember just three things during the match today: calm, confidence, and concentration. The same could be said by a leader at your favorite nonprofit.
Calm
On any day, at a small (or even large) nonprofit, all heck can break loose. Instead of one big problem, five, six, or 10 “fires” may break out. In these times, calm is needed. Don’t panic. Panicked people are not productive people. Work your way through each problem in order of importance. Communicate with the others that you’ll be back with them as soon as possible. It will get better. We all have bad days, don’t make a bad day even worse or last all week by not remaining cool and collected.
Concentration
Don’t be constantly distracted by our uber busy, get-it-to-me-yesterday work culture. Decide what’s most important and try to stick to not only tackling it but finishing it, despite the myriad of distraction that no doubt will be thrown at you.
Confidence
If you are not fully confident in your mission, goals, and objectives, potential donors and other stakeholders will be able to sense this. I believe expert legal counsel can help tremendously in this regard. To take just one prominent example, there is no such thing as being too compliant. How many of the policies and procedures the IRS asks about on Form 990 do you have? Were they copied off the Internet willy nilly or personally crafted for the unique needs of your nonprofit? When was the last time they were reviewed and updated? Demonstrate confidence by taking charge of your compliance.
What lessons did you and your favorite charity take from today’s World Cup championship game?
Also, what was your favorite part of the match? I’d love to hear from you! Leave your thoughts in the comments below, or contact me by email, gordon@gordonfischerlawfirm.com or on my cell, 515-37-6077.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/07/Screen-Shot-2018-07-15-at-2.27.35-PM.png6971248Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-07-15 14:29:542020-05-18 11:28:543 Lessons Your Favorite Charity Should Take from 2018 World Cup Champions
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.
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.
The “manstress” gets everything, John gets nothing.
John gets everything; the lover gets nothing.
The lover gets everything, but only after a lengthy, awkward, and hard-fought court battle.
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.
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.
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!
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/07/Screen-Shot-2018-07-15-at-12.29.56-PM.png6671018Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-07-14 12:38:392020-05-18 11:28:54Elective Share Law: Can my Wife Disinherit me in her Estate Plan?
July GoFisch Book Club Read: The Nest
Book ClubLast 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, 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 planning; nonprofit formation and guidance; nonprofit employment law; or donations and complex gifts? Let me know in the comments or contact me by email or phone.
3 Lessons Your Favorite Charity Should Take from 2018 World Cup Champions
NonprofitsWhat a game! Instant classic!
While I’m far from any type of soccer expert, I closely watched the FIFA 2018 World Cup final, and it struck me that there were three evident lessons from the victorious French team’s play that are transferable to your favorite nonprofit.
The Need for Speed
Croatia is a truly great team and played extremely well. But it seemed to me France was simply the faster and quicker team. Faster to loose balls, faster down the field, faster to set up defensive and offensive plays.
Does your favorite nonprofit have the requisite speed to operate in our hyper-digital, I-want-it-yesterday world?
Of course, there’s most definitely times for quiet, sure-but-steady deliberation. You don’t want to be rushed into making bad decisions.
But let me ask you: How fast is your fave nonprofit in getting out thank you notes after a donation or event?
When a potential donor contacts you, how fast is your response time?
When a potential donor contacts you with an unusual gift, a non-cash gift, how quickly can you respond as to whether you take such gifts and that you’ll take this particular gift? (A gift acceptance policy and a gift acceptance committee can work wonders here).
How quickly do you respond to someone who contacts you and wants to become more involved in your nonprofit as a volunteer, committee member, or board member?
To take the simplest example of how being quick and “on the ball” can make a difference, think about if you receive a thank you note just a couple days after a donation is made. It means more and makes a lasting impression rather than a thank you note received a month after a donation is made.
One Superstar Is Not Enough, Not Even Luka Modric
Even the most rabid fan of Les Bleus, would probably agree that Croatia’s Luka Modric is/was the best individual player on the pitch today.
Nonprofits often rely on superstars, too–the executive director who toils for decades; the board president with the knack of bringing board members together, and the volunteer who shows up every week to keep the database totally updated.
But, soccer is a team sport, and in the long game, so is philanthropy.
You don’t need just one of the “superstars,” you need all three…plus many other active staff, volunteers, board members, and stakeholders.
As awesome and spectacular as Modric is as a soccer player, he’s just one player. You need a whole supporting cast to win the match, every match, and stay consistent.
As commentators noted even before the game, France has such a litany of stars that anyone could step up to be counted on a given day. Griezmann, Mbappe, Giroud, Pogba, and others make France champions because they came to the field with such a deep bench.
Calm, Concentration, and Confidence
One of France’s coaches said he wanted his team to remember just three things during the match today: calm, confidence, and concentration. The same could be said by a leader at your favorite nonprofit.
Calm
On any day, at a small (or even large) nonprofit, all heck can break loose. Instead of one big problem, five, six, or 10 “fires” may break out. In these times, calm is needed. Don’t panic. Panicked people are not productive people. Work your way through each problem in order of importance. Communicate with the others that you’ll be back with them as soon as possible. It will get better. We all have bad days, don’t make a bad day even worse or last all week by not remaining cool and collected.
Concentration
Don’t be constantly distracted by our uber busy, get-it-to-me-yesterday work culture. Decide what’s most important and try to stick to not only tackling it but finishing it, despite the myriad of distraction that no doubt will be thrown at you.
Confidence
If you are not fully confident in your mission, goals, and objectives, potential donors and other stakeholders will be able to sense this. I believe expert legal counsel can help tremendously in this regard. To take just one prominent example, there is no such thing as being too compliant. How many of the policies and procedures the IRS asks about on Form 990 do you have? Were they copied off the Internet willy nilly or personally crafted for the unique needs of your nonprofit? When was the last time they were reviewed and updated? Demonstrate confidence by taking charge of your compliance.
What lessons did you and your favorite charity take from today’s World Cup championship game?
Also, what was your favorite part of the match? I’d love to hear from you! Leave your thoughts in the comments below, or contact me by email, gordon@gordonfischerlawfirm.com or on my cell, 515-37-6077.
Elective Share Law: Can my Wife Disinherit me in her Estate Plan?
Estates & Estate Planning, Wills, Trusts & EstatesAsking 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.
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.
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.
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!