Navigator

Today, April 28th, marks the anniversary of the day I left the world of employment to focus exclusively on building my own legal practice.  Seven years ago today I broke free and found a career that I adore.  Constantly learning through research, writing documents for hours at a time, providing educational seminars that feed my need to teach, and meeting amazing and wonderful people -- that is my life now when I am "at the office". Not once I have a I dreaded going to work since embarking on this journey.  And I know that if it were not for the constant stream of clients and seminar attendees, I would simply be talking to myself.  This career path requires relationships.  So today I want to say thank you to all of those who have secured my legal services, sat through a seminar on the first warm sunny evening of Spring, or read my writing.  I look forward to many more years of legal service!  Grateful, that sums up my feelings today. Image by M. ...

Stagnation -- a word used to define a process that has slowed or stopped.  Often associated with economic analysis, it can be applied to describe the process of too many people's efforts to create an estate plan.  In fact, a former client used it today when calling to schedule an appoint for a parent who is ailing. The will is from 1965 and nominates a bank as personal representative. The bank is defunct and the back-ups, sisters of testator, long dead.  It is obvious to all involved that a real mess is brewing, but yet no action is taken.  Why?   Information overload can be blamed.  We live in the information age, and information is great.  But it can also be vast and endless.  Attempting to inform oneself before going to see an attorney for that first meeting puts you at risk of never going.  There is always one more book to read, article to underline, or video to watch. Too many options are dizzying. Should I go with a trust?  Wh...

It's official, I am now a parent with children who raise funds for causes.  And the first is their non-profit school, Madison Waldorf .  Currently in the sprint towards the finish of it's Spring on-line auction, one can bid on a variety of items and services: yoga, Beerfest, baseball tickets, drawing lessons, and thanks to me a free will and powers of attorney .  Valued at $350, it can be had for less based on this morning's winning bid.  Save some money on necessary papers, and help a non-profit school at the same time.

Last week I read a commentary by a fellow estate planning attorney, and I shook my head in disagreement.  His position is that upon creating an estate plan, the client should hold a  family meeting .  Ideally the lawyer and financial planner would be present as well, and the gathering would allow for those nominated in the plan to receive a tutorial on "what happens when illness or death strikes".  Of course, said attorney facilitates such meetings, most likely at his billable rate. Why was a shaking my head?  This blanket approach will not work with all families.  I routinely advise my clients to let those nominate know 1) you have created documents, 2) where those documents can be found, 3) provide copies of powers of attorney to those nominated, and 4) keep the details to yourself.  If you want to share the details fine, but what if you change your mind?  It happens, and it happens more than you might think. Air out your decisions may be a ...

This past April my family took traveled to Washington, D.C. for a few days.  While exploring the city I once called home, we walked past the Internal Revenue Service Building.  I quipped, I wonder if they have a drop box....I'd kind of like to pay our taxes in person.  Joking of course, but when looking around I spotted these lovelies and knew I need an image to share here, today, tax day 2013. IRS Flowers, DC, M. Gustafson Gervasi, 2013 And since the focus of my writing is education on the issues of illness, death and taxes for the middle class, I offer you a link to a very useful article.  The 11 things you pay tax on that might surprise you.  Educational fees surprised a client of mine this past week; they are tax free if paid to the institution only.  Paying kids directly, for fees they paid a decade ago does not count.  And number 2 is one I see far too often, people add loved ones to the deed of a home or a bank account, and bam, they've ...

Image by M. Gustafson Gervasi, 2013. April showers bring May flowers -- Happy thoughts for a hard dicussion Next Tuesday is not just the day after your 2012 income tax return was due.  It is a day when doctors, lawyers, and others who work with the public on matters of health pause and observe the important of making advanced health care decisions. Planning for illness, death and taxes does not likely rank in the Top 50 List of what you want to do this weekend.  While not fun, it is important.  And it is a gift to your loved ones.  Need motivation to face these hard questions?  It can be found in one word, "control".  By sitting down and creating your own documents you are taking control over 1) who acts for you if you cannot, and 2) what you want to happen if you are in an end of life state. In terms of the "who", do not go with your knee-jerk reaction.  Your oldest child should not be named just because he was born first.  Your sist...

Enjoy this blog?  Then "like" Gustafson Law Office on Facebook .  Posts include news stories, cartoons, quotes, and other useful information related to illness, death and taxes for the middle class!  Thanks for reading!

Image credit:  free image, www.sxc.hu Making the effort to draw up a will is not common practice for most Americans.  The numbers range a bit, but reports state that between 50 and 70 percent of Americans do not have a will.  So if you are in the minority who do, ask yourself -- is it safe! Gone are the days when lawyers should offer his or her office safe as a repository for your will (it gives them an unfair advantage when changes are needed or a death occurs).  A safe deposit box posses problems because when you die the document that states who can get into the safe deposit box is in the safe deposit box.  What to do? Option one -- have a fireproof box at home.  Small safes or guns safes are popular choice among my clients.  Many already have one, or it can be purchased for a small fee.  Kept in the home, it is accessible when needed and affordable. Option two - file the will at the probate court in the county where you reside. ...

Save a tree, save money -- stop the mailings!  Image by M. Gustafson Gervasi, 2013 When a client decides to make a bequest to a non-profit in his or her will, a smile is guaranteed to emerge on my face.  What a lovely way to plant the seeds of a legacy, and you don't have to be millionaire to make a difference (the theme of my upcoming book).  Such a smile made an appearance on my face earlier this year when a client, facing a terminal diagnosis, took his belief in stewardship and named a list of nearly 40 non-profits he had supported during his lifetime. Stewardship was his motivation; carefully overseeing the distribution of his final estate.  Sadly, my smile has faded.  Not only did this kind man loose his battle, passing away quite quickly.  Many of the non-profits he listed have poured a jaw dropping amount of literature into my office.  Some have been via email, but most have been hard copies. Yes, contacting the attorney who informed th...

The purchase of a first home triggers many things: a sharper focus on property taxes in your area; selecting color schemes for dinning rooms; and in my case, finding a gentle way to say "thank you, but no thanks" to a mother wishing to transfer all the family "heirlooms" occupying her home to mine. Yes, the toss to the next generation.  A discussion of this crops up in my seminars, but focuses on issues related to step-up in basis and or capital gains tax when those items are later sold by the next generation.  Of great important when stock in Coca-Cola, the family farm, or a Monet is changing hands.  The finances surrounding great-grandmas salt and pepper collection are non-existent.  But still, handling the desire of one generation to pass along items to the next can be a tricky situation. My parents were keepers.  Born into families with little resources, stuff was hard to come by.  As such, they have a strong emotional attachment to rolling pins, va...