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Lost 401Ks and Pension Accounts - In Estate Planning Everything Needs a Home By Melinda Gustafson Gervasi July 13, 2021 Pop culture routinely tells us that the human mind is meant to be creative, solving problems, and dreaming up new ideas.  The brain, they claim, is not meant to hold a laundry list of to-do items or an inventory of our assets.  Attempts to go against the grain inevitably leave us standing in the produce aisle of a grocery store scratching our heads about what items we need to buy in order to fix dinner.  The same pit-fall captures quite a few of us when it comes to our retirement dollars.  According to CNBC from 2004 to 2013 more than 16 million 401K and pension accounts, with a balance of $5,000 or less, were left with a former employer.  In total, $8.5 billion was lost and not usable by retirees.  As a result, there is a current legislative proposal aimed to help connect individuals with lost accounts through a national “lost and found” ...

Estate Planning - Does Your Filing System Make Sense By Melinda Gustafson Gervasi June 14, 2021 What makes sense to you today does not mean it will make sense to others or even to yourself a few years down the road.  This is problematic for your important documents, including your estate plan.  A half-dozen years or so ago I answered my phone to hear a client having a mini-panic attack.  We had worked together a year or two prior, and now the client simply could not find the estate plan we had created. "I looked EVERYWHERE!  It's not under A for Attorney.  It's not under E for Estate Plan.  And it's not under W for Will!  I guess I am going to need you to redraft everything for me......"  With a sigh the client scheduled a meeting for the following week.  Fifteen minutes later the client called back, this time with joy.  "I found it! It was under D for Death!!!!" Here are a few take-aways from that client call: Not being able to find you...

When to Update an Estate Plan By Melinda Gustafson Gervasi June 1, 2021 Image by M. Gustafson Gervasi 2021 June has arrived.  Gone are the drab brownish lawns and tree branches.  Lush green foliage is juxtaposed by the light blue skies.  When you live in Madison, Wisconsin, with is harsh winters and drastically different seasons, you tend to stop and appreciate when the verdant landscape arrives on your doorstep.  June also ushers in three common life events that illustrate times when it may be appropriate to update your estate planning documents: Graduations -- has a younger person in your life reached a more mature life stage to allow them to serve as your health care agent, personal representative, etc; Weddings -- has someone nominated in your estate plan had a name change?  If it has been "awhile" since you updated your documents, this name change may be the extra nudge towards updating your documents; and Retirements -- have you moved out of state?  I...

Tips for Managing Your Beneficiary Forms By Melinda Gustafson Gervasi April 12, 2021 Image by M. Gustafson Gervasi, 2021, Dandelions! Signs of Spring 2021 are popping up all around us.  Before warmer weather pulls you outdoors and offers an abundance of activities, there is one Spring Cleaning Task I urge you to consider.  Making sure your beneficiary forms are in order.  I few weeks back I contacted my Brokerage with a question about its management fees.  The call was short, efficient, and eye opening.  The call started with my questions about how management fees are calculated and ended with the representative telling me that one of my IRA's did not have a beneficiary form listed.  "Seriously?" was my response.  I knew with certainty that I had completed those beneficiary forms, taking great care to name my spouse as primary and our children's trust as the contingent.  "No Ms. Gustafson Gervasi, I am sorry.  We have no record of a beneficia...

What Makes a Good Estate Plan? Being Organized By Melinda Gustafson Gervasi March 12, 2021 What is that old saying, life happens suddenly on a Tuesday morning?  For me, life happened on a Friday morning earlier this month.  Settling down on our sofa with a hot cup of coffee and a new book, my plan was to start the day reading.  Then the phone rang.  Yes, an actual call.  "Husband" flashed across the screen.   Me: "Hey, what's up?  Did you find your wallet? Husband: "......Melinda?" came a dazed voice,  unlike my spouse's energetic way of speaking. Me: "What's the matter?" came out of my mouth as my gut told me something was wrong. Husband: "um, um,.....I fell off of my bike".  After 16 years together the call I dreaded had arrived.  I am married to a bike commuter, and year-round bike commuter.  The weather had just begun to warm up and he had returned to his 8 mile bike ride to work, using the recommended studded tires.  ...

Will Safekeeping Your Compass Series By Melinda Gustafson Gervasi February 22, 2021 Image by M. Gustafson Gervasi, 2021 Creating an estate plan is one thing, maintaining one is a completely different issue. Recent news stories indicate that fewer than 35% of Americans have an estate plan.  Entering this group deserves a pat on the back, well done!  If you can, muster the focus and energy to go further and to maintain your plan.  An estate plan that is out of date or cannot be found is not much of an estate plan. From that concept grew my new series, Your Compass , where I will explore what it means to manage your estate plan once the ink is dry. Where is the dang will?  After fifteen years of working with estate planning and probate clients I can tell you a fact.  People lose their wills: accidentally shredded; misfiled and found years after it was needed; dementia takes the memory of where it was kept; it was packed with "important stuff" prior to the move, bu...