Trust Beneficiary: Break it Down

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Stacked books and notebook

What’s It All For?

In Hamilton: An American Musical, a perplexed Alexander Hamilton asks Aaron Burr, “What was it all for?” Regarding trusts, we know that all the work is for the beneficiary.

Classic Definition of “Trust” and “Beneficiary”

A trust is created when a property owner transfers property to a person with the intent that the recipient hold the property for the benefit of someone else. There are three parties to a trust: (1) the settlor (also called donor or grantor); (2) the trustee; and (3) the beneficiary. Every trust must have at least one beneficiary – a person for whose benefit the trust property is being held and who therefore has legal rights to enforce the trust.

Beneficiaries Must Be Sufficiently Definite

 

two people standing against white wall laughing

The beneficiaries must be described with sufficient detail that their identities can be determined. If the description of the beneficiaries is too vague or indefinite, then the trust will fail and the property will be returned to either the settlor or the settlor’s estate.

Let’s take two simple examples.

  • Alan establishes a trust for the benefit of his then-living children. The beneficiaries are sufficiently definite.
  • Sara establishes a trust for the benefit of all her friends. The beneficiaries are insufficiently definite.

Easy, right?

Exception: Charitable Trusts

There is one narrow, but critically important exception to the rule beneficiaries of a trust must be sufficiently definite. Charitable trusts–trusts established to fulfill a recognized charitable purpose – can be for the benefit of an indefinite group. For example, a charitable trust set up to provide scholarships to disadvantaged youth will be held valid.

Multiple Beneficiaries: Concurrent Interests or Successive Interests

Trusts can have more than one beneficiary and they commonly do. In cases of multiple beneficiaries, the beneficiaries may hold concurrent interests or successive interests. An example of concurrent interests is a group of beneficiaries identified as grandchildren of the settlor, who all receive distributions after their grandparents’ deaths. An example of successive interests is a trust in which one beneficiary has an interest for a term of years, and the other beneficiary holds a future interest, to become possessory only after the present interest terminates.

 

dad swinging children on beach

Special Remedies for Beneficiaries

There are several remedies available to an aggrieved beneficiary in the event of a breach of trust by a trustee. Such remedies include claims for damages, injunction to restrain a breach, tracing and/or recovery of trust property, among others. A beneficiary may be able to recoup damages, perhaps even from the trustee’s personal assets. If the trustee wrongfully disposes of trust property, the beneficiaries may be able to reclaim the property from a third party. Again, legal remedies for a breach of trust by a trustee are broad.

Let’s Talk More About Trust Beneficiaries

Interested in establishing a trust or having difficulty deciding on beneficiaries? Don’t hesitate to reach out; email me at gordon@gordonfischerlawfirm.com. I offer a free one-hour consultation to everyone, without any obligation. I’d be happy to talk to you any time.

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When is a Trust Not a Trust?

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question mark cards

Similar to the bad joke, “When is a door not a door? When it’s a jar!” Ha! Similarly, but not as punny, we might well say, “When is a trust not a trust? When it’s a Totten trust!”

A Totten trust, also known as a savings account trust or a poor man’s will, is not a trust at all. Rather a Totten trust is simply a name given to a type of savings account. In this savings account, the depositor opens an account with her name designated “as trustee for” someone else. In a Totten trust, there is nothing stopping the depositor from withdrawing the funds for her own use, at any time during her life. Upon her death, any funds remaining are distributed to the so-called “beneficiary.”

Despite the confusing terms, no trust exists. The so-called “trustee” is not obligated to hold the property for the benefit of anyone, including the so-called beneficiary. Rather, the depositor can withdraw funds for her own use at any time during her life.

A Bit of History

The name—Totten trust—came from a New York case where their legality was tested, called In re Totten. The court ruled it was fine for one to open a banking account as a trustee for another person, who had not right to the funds until the account owner passed away. Previously courts had not allowed this under the objection that the situation could take the place of a will, which required more formality than this bank account scenario. To legally maneuver around this the Totten court called the account a “tentative trust” in which the account owner acts as trustee of the funds that will someday go to the trust’s beneficiary. After this decision other state legislatures authorized and regulated such accounts. Often they were referred to payable-on-death accounts in lieu of the term Totten trusts, but regardless of name, the result is the same.

Iowa & Totten Trusts

In states like Iowa, where Totten trusts are recognized, the proceeds for the account pass to the named beneficiary outside of the probate process. The treatment is just like a POD (“payable on death”) account or TOD (“transfer on death”) account.

Iowa recognizes Totten trusts generally, but specifically excludes them from the Iowa Trust Code. Iowa law describes legal trusts as follows:

‘Trust’ means an express trust, charitable or noncharitable, with additions thereto, wherever and however created, including a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. ‘Trust’ does not include [a] Totten trust account. Iowa Code 633A.1102(18)(a) (emphasis added).

When is a trust not a trust? Hopefully, thanks to this blog post, you now know that Totten trusts are not true trusts. I’ve written quite a bit on real trusts and would be happy to talk with you about what sort of trust may be right for you. Give me a call at or shoot me an email.

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Survey Results: You Spoke, I listened

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Two men having a conversation near the ocean

Several weeks ago, I held a survey about estate planning, through my GoFisch newsletter, blog, and social media platforms. I received over a hundred responses! Considering the sensitive and, indeed difficult subject matter, I thought this was a very significant number.

Action Time

You spoke loud and clear, and I heard you.

Child yelling into microphone

You don’t understand what an estate plan is. You’re not sure why you need an estate plan. You don’t know the process of putting together an estate plan. That’s understandable! Estate planning isn’t something most people deal with every day.

So, I wrote a series of short, but relatively thorough blog posts on each of these subjects, in plain English, free from legalese.

I explain what an estate plan is and outlined the six “must-have” documents everyone needs. I also detailed what a trust is, and about its benefits, here.

I wrote on the consequences of dying without an estate plan.

I also set forth my simple five-step process to get to a complete estate plan here.

But, that wasn’t enough, not nearly enough, by my own standards. Plus, actions always speak louder than words.

Cost Concerns Resolved

One of the most common concerns survey respondents cited was cost. There was tremendous confusion about how much an estate plan could/should cost. Some worried about the price being unaffordable for middle class Iowa folks. Worse, some respondents were genuinely fearful they would be told one price, and then pressured to a more expensive “package.” Or, that there would be a bunch of hidden fees and costs. Then there was the fear that you wouldn’t even know how much the estate plan would cost, until it was all over, and you got a bill (and by then, presumably, it would be too late to do anything about it if you thought the bill high or otherwise unfair). This approach, or the other with hidden fees, simply won’t fly with me; it’s advantageous for me to be transparent with my fee structure.

Estate Plan Sale

Again, actions always speak louder than words. You said you were concerned with cost, so I’m holding an estate plan sale.

estate plan sale image

For a limited time only (June 15 to July 15, 2017), you can receive a standard estate plan (which consists of the six “must-have” estate planning documents) for only $500. You will be billed only at the conclusion of this process, when you are executing the documents. So, obviously, you won’t pay anything until you are completely satisfied with both the plan and your understanding of the plan.

What if you need, or want, something more than the standard estate plan? Like, say, a revocable living trust? A standard estate plan, including a revocable living trust, will only cost you $1,000.

Let’s Talk…and Talk & Talk

I should note that either package comes with as many consultations (meetings, emails, and phone calls) with me as you reasonably feel we need to finish your estate plan. Again, you’re not sitting down to execute the documents, and so you’re not being billed (let alone paying anything!), until you are completely satisfied with both the process and the results of the process.

Now! Right Now!

Again, the special deal of $500 for a standard estate plan, and $1,000 for a standard estate plan plus a revocable living trust, will last only a limited time, June 15 to July 15, 2017. So, ACT NOW and do not wait!

Gordon Fischer discussing an Estate Plan with a Client

Contact Me

You can reach me most easily by email at gordon@gordonfischerlawfirm.com or call my cell, 515-371-6077. Don’t delay, write or call today.

A great place to begin thinking about estate planning is with my free, no-obligation Estate Planning Questionnaire.

Disclaimers
The Estate Plan Sale merely relates to pricing and in no way creates an attorney-client relationship, nor any other kind of professional relationship.
The Estate Plan Sale merely relates to pricing and does not create a contract or agreement of any kind.
GFLF, P.C. retains full and total discretion as to who it chooses to serve as clients and why. GFLF, P.C. retains the right to refuse service to anyone it chooses.
The Estate Plan Sale may not apply to individuals or families with a net worth of more than $1 million dollars. (You still need an estate plan, very much so, but it necessarily needs to be much more “complex.”).
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Estate Sale? No. It’s an Estate Plan Sale!

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estate plan sale

WHAT IS AN ESTATE PLAN SALE?

For a limited time only (June 15 to July 15, 2017), you can receive a standard estate plan (which consists of six “must-have” estate planning documents) for only $500 (five hundred dollars). You will be billed only at the conclusion of this process, when you are executing the documents. So, obviously, you won’t pay anything until you are completely satisfied with both the plan and your understanding of the plan.

man working at desk on computer

What if you need or want, something more than the standard estate plan? Like, say, a revocable living trust? A standard estate plan, including a revocable living trust, will only cost you $1,000 (one thousand dollars). A revocable living trust accrues several benefits, including avoiding probate; saving costs, taxes, and fees; getting bequests to beneficiaries more quickly; and privacy.

I should note that either package comes with as many consultations (meetings, emails, and phone calls) with me as you reasonably feel we need to finish your estate plan. Again, you’re not sitting down to execute the documents, and so you’re not being billed (let alone paying anything!), until you are completely satisfied with both the process and the results of the process.

Gordon Fisch Estate Plan

WHY?

Why have an estate plan sale? Several reasons, actually.

To begin, the mission of my law firm is to promote and maximize charitable giving in Iowa. Straight up, the more estate planning Iowans do, the more charitable giving will occur.

Sure, not everyone who constructs an estate plan uses it to give to charities, but many do. Again – it’s simply a numbers game; the more estate planning, the more money flowing to worthwhile causes.

Also, 60% of Americans don’t have a will/estate planning. I want to help combat that statistic in Iowa. We can do better. Working together, we will do better.

Grandpa face

Finally, everyone deserve access to a secure future and a legacy. For these reasons, I’m offering very special rates.

HOW?

How much money are you saving? Quite a bit actually!

Speaking very generally, an estate plan from my Firm usually costs a single person about $700, and a family about $850. So, under this Estate Plan Sale, that’s a saving of about $200 for singletons to $350 for your family!

Family: mom, son, and dad

Also, speaking very generally, an estate plan including a revocable living trust, from my Firm, usually costs a single person about $1,300, and a family about $2,200. So, under this Estate Plan Sale, that’s a saving of about $300 for singletons and a whopping savings of $1,200 for your family!

WHERE?

Any Iowan is eligible. I am licensed to practice law in Iowa, and I have clients all over the state. In our modern age of emails, scanning, and cell phones, mere physical distance is not an issue.

I have clients from Burlington and Carroll to Sioux City and Urbandale. If you want to work with me, I want to work with you, and we can easily find ways to do so.

HOW?

I write about my process at length, but it’s just five steps! Seriously, it’s not that painful, it truly isn’t. My clients report back to me that they have such relief and peace of mind when it’s completed.

Peace signs at the golden gate bridge

WHEN?

NOW! RIGHT NOW!

Again, the special deal of $500 for a standard estate plan, and $1,000 for a standard estate plan plus a revocable living trust, will last only a limited time, June 15 to July 15, 2017. I’m already backlogged, so ACT NOW. Do not wait!

We all know, of all the seasons, summer goes by the fastest. Time can run out on you; don’t let that happen.

You can reach me most easily by email at gordon@gordonfischerlawfirm.com or call my cell, 515-371-6077. Don’t delay—write or call today.

A great place to start in on the process is with my Estate Planning Questionnaire.

mom and son on street

DISCLAIMERS

The Estate Plan Sale merely relates to pricing and in no way creates an attorney-client relationship, nor any other kind of professional relationship. The Estate Plan Sale merely relates to pricing and does not create a contract or agreement of any kind.
GFLF, P.C. retains full and total discretion as to who it chooses to serve as clients and why. GFLF, P.C. retains the right to refuse service to anyone it chooses.
The Estate Plan Sale may not apply to individuals or families with a net worth of more than $1 million dollars. (You still need an estate plan, very much so, but it necessarily needs to be much more “complex.”).
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Retirement Benefit Plans: A Case Study of Four Beneficiaries

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Investment stones

With regard to charitable giving, not all assets are equal. For tax reasons, some assets may be better to pass on to heirs, while others may be better to give to your favorite causes. Consider the potential tax treatment of retirement benefit plans such as IRAs, 401(k)s, etc. A simple story illustrates why, for example, an IRA may make a better charitable gift, while other assets may be better for heirs, based on tax provisions.

Old Man Lear and his Four Beneficiaries

Consider the simple story of old man Lear and his four beloved daughters: Cordelia, Goneril, Regan, and Ashlee. (Feel free to take a break and go brush up on your King Lear!)Lear, no fool, engages in estate planning with the intention of helping each of his daughters in the future. He has four major assets: his house, stock, a painting, and his IRA. Each asset is worth roughly the same (plus/minus just a few dollars).

four sisters

  • Lear’s house is worth $100,003. He purchased it for only $20,000.
  • Lear owns shares of stock in Acme Company, valued at $100,002. He bought the stock for just $50,000.
  • Lear has a famous painting of a castle. It’s valued at $100,009; he purchased it for $35,000.
  • Lear has dutifully paid into an IRA that’s now up to $100,020.

Nothing if not fair, Lear divvies up the four assets to each daughter. Do all four daughters get more or less the same deal?

Three Tax Concepts

Before answering, we need to consider three important tax concepts:

(1)        Inheritance as income

(2)        Income in respect of a decedent

(3)        Step-up in basis (also called, stepped up basis)

The interplay of these concepts may make charitable gifts of retirement plan assets more attractive to your clients than charitable gifts of other kind of assets.

Inheritance as Income

Under our federal income tax rules, receipt of almost every type of asset counts as income. One of the rare exceptions in inheritance of property. Generally speaking, inheritance is not income, for federal tax purposes. Most inherited property passes tax-free. (It’s true there is an Iowa inheritance tax. To keep this article simple(r), I’ll focus on federal tax).

Income in Respect of a Decedent (IRD)

Of course, with every rule in federal tax law, there’s an exception. Most inherited property passes tax-free, but not all. IRD is income that the deceased was entitled to, but had not yet received, at time of death. IRD can come from various sources, including:

(1)        Unpaid salary, fees, commissions, and/or bonuses;

(2)        Deferred compensation benefits;

(3)        Accrued but unpaid interest, dividends, and rent; and

(4)        Distributions from retirement benefit plans

That’s right – retirement benefit plans are IRD.

Federal tax law provides for IRD to be taxed when it’s distributed to the deceased’s beneficiaries. IRD retains the character it would have had in the deceased’s hands.

Step-up in basis

Step-up in basis is a critically important concept. It refers to the readjustment of value of an appreciated asset for tax purposes upon inheritance. With a step-up in basis, the value of the asset is determined to be the market value of the asset at the time of inheritance, and not the value at which the original party purchased the asset.

Four Beneficiaries and Four Assets

Cordelia’s inherits the house. As we discussed, there’s no federal tax on inheritance. Cordelia sells the house for $100,003. Still, no federal tax. Although Lear purchased the house for only $20,000, recall that Cordelia receives a step up in basis. Cordelia’s basis is $100,003, the fair market value (FMV) of the house. Since she sells it for $100,003, there’s nothing to tax.

House key

When Goneril inherits the stock, there’s no tax—as there’s no taxable event. Soon, Goneril sells the stock. Although Lear purchased the stock for just $50,000, Goneril receives a step up in basis. Goneril’s basis is $100,002, the stock’s FMV. Since she sells the stock for its new stepped-up basis, there’s nothing to tax.

Stocks going up

Regan inherits the painting, with the same result. There’s no federal tax on inheritance of the painting. When Regan immediately sells the art for FMV, there’s nothing to tax, as the FMV, and step-up in basis, are the same.

Paintbrushes

How about Ashlee and the IRA? If Ashlee withdraws money from the IRA, it’s a different story. Ashlee will have to pay federal income tax of up to 39.6 percent. (It is true that Ashlee could defer withdrawals from the IRA for a long time, and of course such deferral reduces the impact of taxes.)

Ira egg in nest

To sum up, in this hypothetical, the house, stock, and art passed to the beneficiaries without any taxable event, and the daughter were able to sell without tax consequences. The IRA passed to the fourth daughter, but she will have to pay taxes when she withdraws funds.

When considering charitable gifts, also consider the tax code. And, considering talking to your kids about these issues. After all, not all assets are equally beneficial to heirs. In this case, retirement benefits plans may make an ideal gift to your favorite cause.

Magnifying glass over charity

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St. Patrick’s Day Special: Erin G. Bragh’s Trust

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Top of the morning to you! On this happy St. Patrick’s Day, let’s discuss a great charitable giving tool that we are lucky to have—the Charitable Remainder Trust (CRT).

On this holiday, we see lots of depictions of green clover. Like most clovers, this series will come in three parts. Today, we’ll discuss the very basics of trusts. In Part Two (coming soon), we’ll discuss all the ins and outs of CRTs. Part Three will feature a simple but powerful case study to illustrate how beneficial—both to donors and donee charities—a Charitable Remainder Trust can be.

Why Are Charitable Remainder Trusts So Grand?

When it comes to the legal tool we call “trusts,” I can be said to be like Molly Bloom, the heroine in James Joyce’s Ulysses:

“[my] heart was going like mad and yes I said yes I will Yes.”

Why though? What is so great about trusts, anyway?

Trusts come in an almost limitless variety, but some of the key benefits include:

  • Saving taxes
  • Avoiding probate
  • Getting assets to your beneficiaries more quickly and easily
  • Maintaining privacy

Trusts also make challenges to your property more difficult. Since they can be so useful, let’s toast trusts with a pint of Guinness. Sláinte!

Sláinte Scottish Toast

Simplest Terms

In simplest terms, a trust is a legal agreement between three parties: grantor, trustee, and beneficiary. Let’s look at each of these three parties.

Grantor

All trusts have a grantor, sometimes called the “settler” or “trustor.” The grantor creates the trust, and also has legal authority to transfer property to the trust.

Trustee

The trustee can be any person or entity that can take title to property on behalf of a beneficiary. The trustee is responsible for managing the property according to the rules outlined in the trust document, and must do so in the best interests of the beneficiary.

Beneficiary

The beneficiary is the person or entity benefiting from the trust. The beneficiary can be one person/entity or multiple parties (which is also true of grantor and trustee). Multiple trust beneficiaries can have different interests in the trust property. Also, trust beneficiaries don’t have to even exist at the time the trust is created.

Trust property

A trust can be either funded or unfunded. By funded, we mean that property has been placed “inside” the trust. This property is sometimes called the “principal,” “corpus,” or the “res.” By unfunded, we mean that no property has yet been placed inside the trust.

Any Asset

Any asset can be held by a trust. Trust property can be real estate, intangible property, personal property—a farm, building, vacation home, money, publicly traded stocks, closed corporation stocks, bonds, collections (such as say, shamrocks or Guinness mugs), business interests, personal possessions (such as an antique hard owned by Nana), vehicles, and so on.
Glasses of Guinness

“Imaginary Container”

Leprechauns, some may argue, are imaginary. Think of a trust as an “imaginary container.” We speak of putting assets “in” a trust, but assets don’t actually change location. It’s not a geographical place that protects, say, your car, but a form of ownership that holds it for your benefit. For example, on your car title, the owner blank would simply read “The Erin G. Bragh Trust.” It’s common to put real estate such as farms, homes, vacation homes and entire accounts like bank, credit union, and brokerage accounts into a trust.

After the trust is funded, the trust property will still be in the same place before the trust was created—your land where it always was, your car in the garage, your money in the bank, your stamp collection in the study, and so on. But the property will have a different owner: “The Erin G. Bragh Trust,” not Erin G. Bragh.

Transfer of Ownership

Putting property in trust transfers it from personal ownership to the trustee, who holds the property for the beneficiary. The trustee has legal title to the trust property. For most purposes, the law treats trust property as if it were now owned by the trustee. For example, trusts have separate taxpayer identification numbers.

But, trustees are not the full owners of trust property. Trustees have a legal duty to use trust property as provided in the trust agreement and permitted by law. The beneficiaries retain what is known as equitable title, the right to benefit from trust property as specified in the trust.

Assets to Beneficiary

The grantor provides terms in a trust agreement as to how the fund’s assets are to be distributed to a beneficiary. The grantor can provide for the distribution of funds in any way that is not against the law or against public policy.

Almost Limitless Possibilities

The types of trust are almost as limitless as rainbows. Trusts can be classified by their purpose, duration, creation method, or by the nature of the trust property. Next time, let’s look at the specifics of a very helpful trust—the Charitable Remainder Trust. Until then, may the road rise up to meet you!

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Your Farmland and the Future: Setting Goals, Taking Action

Your Farmland and the Future White Paper

I had the chance to write an article pertinent to modern Iowa farmers in a new white paper published by Peoples Company entitled, Your Farmland and the Future: Setting Goals, Taking Action. My piece is focused on the basics of wills, trusts, estates, and estate planning for farmers, farm families, and farm businesses. Peoples Company President, Steve Bruere wrote a great introduction that sums up the need for the paper:

With approximately 30 million crop acres in Iowa, farmland represents over $234 billion of asset value in Iowa alone. According to the latest land tenure study at Iowa State University, 55 percent of Iowa farmland is owned by someone age 65 or older. Using conservative estimates, nearly 50 percent of Iowa farmland could transfer in some form or fashion over the next 20 years. These statistics are similar throughout most of the major agricultural areas in the United States. The future of farmland ownership and agriculture as a whole will look dramatically different than it does today as this wealth transfer occurs. Keeping land in families and local communities is the ideal result, and the only way for this to happen is proper planning.

Regardless if you are a farmer or not, the majority of the estate planning basics apply to ALL Iowans. Scroll to page 26 of this PDF to read the article in full.  Also, scroll to page 32 for a great guide to “Write Your Own Farm Legacy Letter.”

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Five Legal Lessons You Can Take Away from The End of Oscars 2017

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Winning an Oscar Award Academy Award leaves a legacy

I, along with all of you, just watched the totally wild end of Oscars 2017. Here are five legal lessons you can take away from this debacle.

(1) Absolutely, positively ANYTHING can happen at ANY time. So, be smart, plan ahead, and secure your future and your family’s future. A major way to do that is through estate planning.

(2) Planning is paramount. Somewhere along the line, protocols weren’t met, and a wrong envelope was handed out at the wrong time. Proper planning would have — SHOULD HAVE — prevented that.

(3) Double check EVERYTHING. Are you SURE your will is updated? Are you POSITIVE your estate planning documents are still in that safety deposit box, and your kids have access? Are you CERTAIN you updated your estate planning documents after your third kid was born? Go see your estate planning lawyer. 

(4) Did Warren Beatty seem a bit confused? He and his family might consider a medical checkup, and might also consider a Healthcare Power of Attorney. I explain all about healthcare PoAs and their importance here: LINK. And I’m not picking on Warren, I’m really not. A Healthcare PoA is good for everyone. Seriously, everyone should strongly consider a Healthcare PoA.

(5) Download my Estate Planning Questionnaire. The Oscars may end in total confusion, but you shouldn’t. The Estate Planning Questionnaire will ensure a smooth and predictable ending, just like you want.

 

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The Oscars & Estate Planning

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Winning an Oscar Award Academy Award leaves a legacy

What could the Oscars possibly have to do with the estate planning?

Actually, a lot. The most celebrated films – the Best Picture Award nominees – all feature themes of death and legacy. Certainly, in some films, this theme is more pronounced than in others. But in all the films, death and legacy are present, almost as if unseen actors just offstage.

In Fences, an ex-ballplayer openly mocks death, wryly declaring more than once, and always with a wink, “Death ain’t nothing but a fastball on the outside corner.” Later, confronted with a sudden tragedy, he throws open a window and shouts into a storm, daring death to take him on.

In Manchester by the Sea, the tragedy of premature deaths washes over the entire story. Like waves relentlessly pounding the beach during a storm, the characters cannot escape memories of tragic loss.

Hacksaw Ridge is of course about death in war. The protagonist struggles, with tremendous courage, to save lives during the horrific carnage of battle.

Arrival actually features a “canary in a coal mine.” In movie’s dénouement, the characters are given a whole new way of looking at life and death, at past and present.

We shouldn’t be the least bit surprised by any of this, of course. Great art so often wrestles with the meaning of death and legacy. Think about Homer’s The Iliad and The Odyssey, to Shakespeare’s plays, all the way to recent novels like Marilynne Robinson’s Lila and Anne Tyler’s A Spool of Blue Thread.

In movies, characters so often face the riddles of death and legacy, because we do so in real life. How to give life meaning? How best to leave a legacy? Allow me to suggest that one very practical, and even relatively easy, way to secure your legacy is through estate planning.

For all of us, at some point, the credits will roll and the screen will go dark. Before that time comes, diligently plan so that your loved ones are protected and taken care of.

Perhaps most importantly for the question of legacy, through estate planning we can leave meaningful charitable gifts to our favorite charities. Without estate planning, it’s just not possible to make charitable gifts at death.

Do estate planning, do it right, so your testamentary gifts can help nonprofits for decades to come – quite a legacy for you. One might even say, proper estate planning, with a charitable component, is deserving of an award.

Now, pass the popcorn, and enjoy the show. Tomorrow, take some time to get started on your own legacy, by downloading my Estate Planning Questionnaire.

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