July GoFisch Book Club Read: The Nest

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 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.

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June GoFisch Book Club Read: The Bettencourt Affair

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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!

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Read Across America Day: Introducing the GoFisch Book Club

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Happy Read Across America Day! Coinciding with Dr. Seuss’ birthday, the “holiday” encourages kids to get excited about reading and read more books. Created by the National Educational Association and first celebrated in 1998, the day is marked by reading events at libraries, bookstores, and schools, among other community spots, to celebrate the joy of reading.

While the day was originally intended for school children, I like to celebrate it by taking some time out from legal work and curl up with any one of the good books that have been piling up on my bookshelf begging to be read. As an attorney, reading is a regular part of my work, but unfortunately reading State of Iowa code just isn’t the same experience in the way that a fiction adventure sucks you in or a nonfiction account expands your world. On top of that, I enjoy book clubs (and have tried my fair share of them), but it’s hard to be a steady, regular attendee at a book club! Life happens, work happens, and before you know it, you’re the person pretending to have read the book and adding little to the discussion…

GoFisch Book Club Flyer

That’s why I’m starting the GoFisch book club! Just like Read Across America Day is about getting students excited about reading, I want this club to get Iowans excited about different aspects of charitable giving, estate planning, and nonprofits. The titles chosen will be in some way or another related back to Gordon Fischer Law Firm’s core services, but they’ll be books you would want to read to learn and grow from regardless. Plus, you’ll never have to clean the house in order to host, make treats, or worry about being on time! Sounds good right? (Of course, you’re more than welcome to make treats to eat while you read and share your opinions on the book!)

So, if there are no meetings, how does a digital book club like this work?

Three months of book selections will be listed at all times. So, today the titles for this month, April, and May will be available. (See below.) June’s title will be announced in April and so on. This way you can read ahead, or pick and choose which titles you wish to read.

At the beginning of each month an intro to the book will be posted. All readers are invited to post their own discussion questions in the comments for me and all other readers to consider as we read the book together. At the end of the month I’ll post a follow-up with some discussion questions (including those posed by readers in the comments) and corresponding thoughts; all readers can add to the discussion in the comments. Simple enough. Two posts: one at the beginning of the month introducing the book and one at the end with questions and thoughts. Suggestions for discussion questions and future books are HIGHLY encouraged.

March GoFisch Book Club Pick

What’s the first read to kick the GoFisch book club off? Drumroll please… The Gentle Art of Swedish Death Cleaning: How to Free Yourself and Your Family from a Lifetime of Clutter.

It seems to me that with words like “hygge” all over Instagram, natural materials integrated into interior design, and “lagom” as a philosophic life approach, borrowing life tips for the Scandinavians is all the rage as of the past few years. I don’t see why “death cleaning” would be any different—taking smart, practical steps in preparation for something that will inevitably happen to us all. Without a doubt this book ties in with estate planning as a complementary, future-focused action you may take during life to prepare your loved ones for your death. 

Written by the artist Margareta Magnusson, the book explores the Swedish practice of döstädning, the practice of taking stock and clearing out any unnecessary stuff before others have to do it for you. It’s minimalistic in theory and extremely considerate to your family and friends in practice. At a short and sweet 128 pages, the text is a quick read with a healthy dose of humor and wisdom sprinkled throughout the guide.

Magnusson’s approach also encourages you to begin the sometimes difficult or sensitive conversations around death with family members. Ultimately, the author wants to help her readers take the question “will anyone I know be happier if I save this” and apply it to a process that’s uplifting, rather than depressing or overwhelming.

How you acquire the book is up to you. You could check the book out from your local library, read it on your Kindle or tablet, or buy a nice hardcover addition for your reading nook.

April & May Book Picks

After you get schooled on how to prep for death like a Swede, dive into the following reads:

Calling all Bibliophiles: Make a Book Club Suggestion

What books would you like the GoFisch book club to read beginning in June? Add your book suggestions (along with any discussion questions) to your comments below. You can also share your thoughts on Twitter, Facebook, and Instagram with the tag, #GoFischbookclub.

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