From The Headlines: Famous Actors Die Without a Will

From the Headlines: Famous Actors Die Without a Will

By Melinda Gustafson Gervasi

December 29, 2020

The year 2020 stoked our awareness of immortality.  The entire world became painfully aware that even the young, strong and healthy could fall victim to Coivd-19.  Yet, while there was a spike for estate planning services, 62 percent of Americans still do not have a will.  And it is not just the average American without these essential documents; the wealthy and famous are members of this group of procrastinators.  

At age 43, Chadwick Boseman (most recently known for his role as The Black Panther) died after a several year battle with cancer.  He died without an estate plan.  Then on November 27, 2020, Tony Hsieh (age 46) died due to smoke inhalation.  He also died far too young, and without an estate plan.

Intestate, when you die without a will, means that state legislation and a judge's oversight will dictate where your probate property will go.  Probate property is anything you own with no co-owner or named beneficiary.  Not creating a plan is likely not caused by a lack of resources, even Prince, who died in 2016, who took extreme legal measures to protect his music died with no estate plan.

So why the lack of action?

• believing you are too young to die
• thinking you'll dodge death by not planning for it
• avoiding the unpleasant topic of your demise
• having no clue where to even start wrapping your mind around the topic

Does the reason for avoidance really matter?  The point is, make a plan and take control.  Read more about the artists mentioned here and you'll uncover a trove of information about excessive taxes, family infighting, and wishes that never materialized.  As we welcome the New Year, consider where the proper place on your To-Do-List the task "create (or update) an estate plan" should fall.

Thanks for reading.  Remember that a blog is not legal advice; it is meant to spark thought and discussion.  Always seek legal counsel from an attorney licensed in your state of residence for advice specific to your situation.  Best wishes for 2021.

A North Star in Estate Planning

 A North Star in Estate Planning

December 24, 2020

By Melinda Gustafson Gervasi

Estate planning attorneys spend a lot of time listening to their clients, or at least they should.  I use a flat-fee system with my estate planning clients. Doing so gives them the freedom to talk without one eye on the clock, fearful of the almighty billable hour.  And talk they do.  Telling one story here, expressing a concern there, circling back to a fact they overlooked.  During our first meeting to talk I have a completed client questionnaire, but the conversation breathes much more life into the clients wishes than a few sheets of paper.

Quite often a client will open up to me which allows me to see that the client has several priorities.  This can be problematic.  Priority, defined means one thing is more important than other things.  When you have multiple priorities in estate planning the path to final documents can be convoluted, overwhelming, and sometimes impassable. When this situation develops in a meeting I mention the role of a North Star.

The North Star, also known as Polaris, has been used as a navigational tool since antiquity.  It is said that when you locate the North Star, you know where you are headed.  Finding your "North Star" when doing an estate plan forces you to isolate what is most important, and guide you towards that point.

From "simplicity" to "dead hand control" to "tax efficiency" there are many motivators behind a client updating or creating an estate plan.  From my side of the desk, narrowing the focus to one top priority often allows a plan to unfold neatly for a client.  This may be the difference between a client growing frustrated and giving up and a client smoothly sailing to a final meeting to sign an estate plan.

Thank you for reading.  A blog is meant to spark conversation, and should not be taken as legal advice.  Please work with a licensed attorney in your area for advice specific to your situation.

It's The House With The Creepy Santa -- Estate planning during a pandemic

 It's The House With The Creepy Santa -- Estate planning during a pandemic

December 18, 2020

By Melinda Gustafson Gervasi

Pivot.  It may be "the word" of 2020.  And pivot we did.  Being and estate planning and probate attorney during a global pandemic has been challenging, rewarding, and ever changing.  When I started my practice in 2005, I never imagined that in my 15th year of solo practice I would be holding client meetings outdoors at my home office with my spouse as the witness.  Yet, that has become a reality.  I pivoted away from a conference room, offers of fresh coffee, witnessing by my administrative staff, and closing with a Frango Mint to go.  Instead I now commonly say ".....go North on Whitney Way through the intersection of Whitney and Mineral Point Rd., then make a U-turn at Marathon.  Go about 10 houses South on Whitney.  Our house is the white ranch with a yellow front door and a creepy 1980s (possibly older) plastic Santa Claus."  This is how I currently give directions to clients with in-person meetings.  

Back at Thanksgiving when we put up our holiday lights I forgot that our front yard had become my alfresco office, so appropriately coined by a client who visited in last Summer.  We have a simple display.  Green lights around the front and garage door as well as our Little Free Library.  There is a Rudolph spinning in the wind while he rides a bike.  It was a nod towards my husband's commitment to commuting via bike.  And then there was Santa.  Standing nearly 5 feet tall he is made of that hard, indestructible plastic of my childhood.  I cannot remember a year without this Santa standing in my parents' front yard.  When both of them had passed and I emptied their home, Santa stayed with me rather than being donated.  Santa was not really my style, but he was my parents.  

My children, now 12 and 10, have little to no memory of my parents who died in 2009 and 2014, but they know this Santa was Grandma and Grandpas.  And they LOVE it despite the crack in one arm and the fact you need to prop him up with a garden stake or he will fall and possibly blow down the road. 

When a home is cleared out as the result of a move or a death, I urge you to pause for a moment or two and ask "what here captures the spirit of [insert name of your loved one]?"  In retrospect I may have tossed, donated or recycled too much of my parents' personal items.  It was a massive job following 10 years of their declining health, and I was stressed.  I wanted it to be done.  Knowing what I know now, you may want to consider:

• look around your home and make gifts out of family heirlooms, keepsakes, and special items;
• determine what items capture family tradition - dishes, cookie cutters, table coverings, etc. and make plans about who those should go to when you are done with them;
• note the story behind the item -- I bought this necklace during our trip to Iceland; this was my great-grandmother's needle point, you gave this to me as a mother's day gift when you were in Kindergarten.  

Creepy Santa, as he has become to be called, will continue to have a place in our holiday decorations for years to come. He does not fit into the "classic" holiday decorations that adorn so many houses in our area.  While those may be stunning, they could easily be any house in any holiday magazine.  Our abode is unique and easy to spot thanks to Creepy Santa.

Best wishes for a safe and peaceful winter holiday season.

Thank you for reading.  Remember that a blog aims to spark conversation and should not be taken for legal advice.  Please consult a licensed attorney in your home state for advice specific to your situation.