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Sibling closeness I, as a mother and estate planning attorney, seek to preserve.  Take control and let them know your wishes.  If not, unpleasant disputes tend to arise. As the mother of two young children and as an estate planning and probate attorney, I can tell you that the "stuff" in your life is most likely to ignite sibling rivalry when you die.  From jewelry to collectibles to hunting gear -- the items that hold little to no monetary value often ignite the most intense disputes when a loved one dies. And apparently leaving tangible personal property, what we in the legal practice call your TPP, is the number one thing Baby Boomers care about leaving at death , not money.  Who gets what, that is the essential question.  When I work with my clients documents generally say "I may create an inventory form the disposes of my tangible personal property" , if so, the personal representative is obligated to distribute accordingly.  And then I add t...

The Badger State (aka Wisconsin) is known for many things: die hard Packer fans; cheese; cows, just to name a few.  Low taxes are not something Wisconsinites associate with this verdant state in the heart of our country -- especially at the moment when property tax bills arrive in mail boxes.  But in the area of probate, we rank towards the bottom. Here in Wisconsin the fee (or tax) assessed on a probate is 0.2 percent. That is zero point two!  In other states it is as high as 8 or 10 percent.  The fee is assessed on the total inventory of a probate estate, things outside of probate are not subject to the fee.  Even though it is quite low when compared with other venues, routinely I receive calls on "how to avoid probate".  There are options: Give it away during life.  If you do not own it at death, the tax does not apply.  This can be tricky on several levels.  One, you do not know how long you will live and cannot be certain how m...

Looking for motivation to face the question of your illness and or death?  Look no farther than the word "control".  That is what I tell audiences when I speak on the topic of estate planning.  It's about taking control.  If you do not, you are leaving key decisions to be made by someone other than yourself.  For some, this is what they need to hear to plow forward into writing powers of attorney and a will.  For others, no amount of prep talk will work, giving rise to the yin and yang of estate planning.  For every person resistant to completing papers, there is a loved one urging them on. No matter how eager a loved one may be for you to complete your estate plan, they cannot force it to be done.  Over the weekend I spoke at our church and referenced the fact that we are assisting my mother with some stressful health issues.  Afterwards another member approached me about being in the "sandwich generation" and wondered what she could do...

Lawyers are suppose to give back to their communities, and one of my favorite vehicles for meeting this obligation is to provide free, education seminars on the topics of wills, powers of attorney, trusts, probate and related issues. My speaking engagements for 2013 have come to an end, but there are already several for 2014 on my calendar.  Most are two hours in length, sponsored by a local nonprofit entity, and are free and open to the public.  Take a look, sign up, and start the new year informed and in control.  Details are posted on the events page of the firm web site.  Click here for a link.

Today marks the 2nd annual #GivingTuesday, an international effort to encourage people to give back during the holiday season.  In celebration of this nonprofit fundraising spirit, I will be holding my first ever book reading of Middle Class Philanthropist: How anyone can leave a legacy.  Join me at 6:30pm, Mystery to Me books on Monroe Street here in Madison.  There will be hot cider, cookies, and charitable inspiration! If you cannot make it, check the book out on-line by visiting the publishing web site , Goodreads, or various on-line book sellers.  Everyone can make a difference, and it is the size of our hearts that matters, not our wallets.

It is upon us, the week of Thanksgiving.  Hands down this is my favorite holiday.  The change of season is still new (at least here in Madison, Wisconsin).  The verdant colors of summer long gone.  Only a few burst of gold can be seen on a tree here and there.  And a blanket of white snow covers the ground.  Soon we'll gather in kitchens, sit around tables adorned with a feast, and chat by the fire.  Yes, it is my favorite holiday.   And given how I spend my work days, I see it as the perfect time of year to cover some basics in estate planning with the friends and loved ones you'll spend the holiday with. Okay, so these are not my suggestions for conversations over the actual turkey meal (or tofu if that is your preference), but sometime over the long weekend you might want to: Tell loved ones that you have completed a will, power of attorney, and or beneficiary forms.  They do not need to know the specifics, but they do need to know whe...

Grandma AnnaLee is in her late 70s, living in a Midwestern town.  Like many people, over the years she has acquired some art work.  Paintings to be specific.  Some she purchased, others were inherited from an uncle who was an artist. Unlike many people, Grandma AnnaLee is comfortable with the fact that one day she will be gone, but her art work will remain.  Wanting to take control of the situation now, when she still has a say, she contacted the big art museum in town.  One she enjoys visiting and thought would be a good home for her paintings when her time comes.  To her surprise the museum said "thank you for thinking of us, but do know that if you leave them to us they will essentially be put in storage...in our basement, we have more than we can display." By now you know that Grandma AnnaLee is a savvy woman, and she took this cue from the museum and tried another approach.  After some thought and research she located a smaller, more regional (...

Reviewing headlines posted in an email summary of important news in the world of estate planning, one caught my eye.   Gift tax limits to increase in 2014 per an IRS announcement . What -- I thought the amount was going to remain the same in 2014, what's going on?  This is what immediately popped into my mind. As I dug into the article clarity hit. Oh, the lifetime gift tax exemption is increasing in 2014, not the annual gift tax exemption.  Got it! And then I realized, this is the type of news that makes sense to me, but not many of Americas middle class. Annual exclusion, lifetime exclusion, what....?   I have given enough seminars to know this is the type of distinction that makes people roll their eyes and throw their hands up on frustration. Here is my breakdown: The annual gift exemption is the amount any one person can give another person in one calendar year and not worry about telling the IRS.  In 2013 that amount is $14,000, and it will re...

M. Gustafson Gervasi, 2012 -- Author's son in 2012 Halloween Costume Lawyers go to school for a long time, and once they become an attorney they are usually required to continue attending legal education classes every year.  Here in Wisconsin attorneys are required to attend 30 hours of continuing legal education, three of which must be ethics credits, every two years.  As my reporting year draws to a close I have been attending quite a few seminars this fall.  And the topic that uniformly makes the hairs stand up on the arms of an attorney is legal malpractice. Just like medical doctors, attorneys can be sued if they fail to provide a client with competent representation. Have you ever found yourself at a social event talking with someone who is an attorney, and your mind jumps to a legal issue from your life?  Chances are you said "hey, your a lawyer!  What should I do about x, y, or z?"  If the attorney was wise, he or she would have said one of ...

It is with great joy that I announce the pending release of my first book publication, Middle Class Philanthropist: How anyone can leave a legacy . It will be available for purchase November 1, 2013. Predating democracy, capitalism, organized religion, and as old as humanity itself, philanthropy exists because things often go wrong, and things can always be better in our world.  Nothing about philanthropy requires a person to have excessive amounts of money to make a difference.  In Middle Class Philanthropist: How anyone can leave a legacy, Melinda Gustafson Gervasi redefines the conventional view of philanthropy, providing simple and practical tools by which anyone can leave a legacy. Purchases can be made by clicking on this image of the book cover.

M. Gustafson Gervasi, 2013 Not even death can protect someone from having his or her identity stolen.  In fact, death may just make it easier.  Last week I attended an interesting seminar on identity theft, which generates over$20 billion in lost dollars a year.  Florida tops the list for offenders and my home state of Wisconsin ranks 31st, but not matter the state of residence it is an issue for surviving loved ones to consider. According to the presenter, a representative from Wisconsin's Office of Privacy Protection, there are various types of identity theft.  There is the obvious, financial, where someone runs off with your funds or makes purchases under your name.  But there is also theft of a child's identity, often not uncovered until the child reaches age 18 and sets off into the world to discover someone has been using his or her SSN for years. There is medical identity theft, where a thief uses your medical insurance  And in the case of the...

Earlier this week I teased my associate on what was her last day in the office before taking time off for her wedding and honeymoon -- oh, you'll be relaxing in Costa Rica next week and miss National Estate Planning Awareness Week ! "  We both gave a soft laugh, and then returned our focus to the ever important work we perform assisting clients with the creation, update and execution of estate planning documents. Looking ahead to next week I wonder how many people will recognize that this is an issue for every American? No matter your net worth, every one of us will face illness, death and taxes.  All to commonly I hear people quip "I don't have much, so I don't need an estate plan!"  If only they knew what I knew, their answer may be quite different.  Estate planning is not solely an issue for those wishing to preserve a family fortune, it is for anyone who desires to take control of what happens when he or she falls ill and/or dies.  Consider the followi...

Image by M. Gustafson Gervasi, 2013 Fall colors may be at peak brilliance as I type, but our friends at the Internal Revenue Service have already thought ahead to calendar year 2014.  When January 1st arrives Americans should keep two things in mind. First, the federal estate tax exemption will increase to $5,340,000, up from $5,250,000 in 2013.  What this means is any one person who dies in 2014 with an estate worth less than $5,340,000 does not need to worry about an estate tax.  Those who have a net worth in excess may face a federal estate tax being applied to any amount in excess.  Note, exceptions are married for married couples as well as those naming nonprofits in their estate plan. Second, the world of the gift tax will not change.  Unlike the federal exemption, the amount will not increase in the new year and will remain at $14,000.  An important number to keep in mind when gifting assets.  If the amount you gift to any one person i...

Image by M. Gustafson Gervasi, 2013 Paper -- it is becoming a relic in many parts of modern society.  Thanks to the digital world, fewer and fewer people receive and/or keep hard copies of important papers.  However, in the world of estate planning, I think that is a huge mistake.  For example, take the case of beneficiary forms associated with either life insurance policies or retirement accounts.  Routinely I advise clients to keep a hard copy of each form with their estate plan for three reasons: Printing it out and reviewing the form confirms that the form says what you think it does.  If not, and someone is named that you no longer wished named, you have a chance to make updates. Remember, what is on the form controls no matter what a will says; The form is proof that at one time you did indeed have a beneficiary listed, directing the asset to an heir outside of the probate process.  Organizations can and do loose beneficiary forms. ...

Air and Space Museum, Washington, D.C. 2013 -- M. Gustafson Gervasi Lawyers are known for giving the dreaded answer of "it depends" when asked a question.  But it is true, unsatisfying, but true.  Case in point -- the a ability to leave frequent flier miles and other loyalty perks to family and friends upon your death depends on the service agreement you have with the company.  Sure, your will may say "I leave my Delta Frequent Flier miles to my spouse" , but the will does not control distribution.  It's the service agreement with the company, and according to recent news, Delta is one of 5 major airlines that prohibits passing frequent flier miles at death .  Other airlines, as well as companies with loyalty perks, may allow limited transfers to a spouse or domestic partner.  In the end, it really depends on the agreement with the company. In the end, read your agreement.  If you do not like the terms, seek out another company.  But watch...

Earlier this week I took a call from a financial planner I know.  She was calling for advice to give an elderly client.  In her eighties, the client's health was beginning to decline and the question came up, who would be right to take over the finances when the time comes?   The planner wondered what general advice I might have.  The women had no family nearby.  From my vantage point as an estate planning and probate attorney, I offered the following thoughts: Trust and competency are more important than proximity.  Go with someone who does not have his or her own financial problems, lessen the chance they will either steal or simply drop the ball and create a mess. Finances can be managed from a distance thanks to fax machines, the internet, and smart phones. A remote power of attorney can hire a local daily money manager if local or on-site financial duties are required. Consider skipping over family and friends and naming a professional, such a...

As fall settles over the country and children return to the classroom, we have a clear understanding how one federal agency will treat same-sex couples in a post-DOMA world.  Last week, within an hour or two of dropping my Summer/Fall newsletter off at the printers, I received an alert from my associate back in the office.  The IRS released a statement clarifying its position on how it will treat married same-sex couples for estate and income tax purposes.  The newsletter had indicated that each agency would make a decision, and up until then, the IRS treatment depended on a couple's state of residence.  And then it changed.  My plans to start the Labor Day weekend were delayed, a few sentences were re-written, and back to the printers it went. According to the Internal Revenue Service, same-sex married couples will receive: all federal tax benefits no matter where they live.  This is significant for same-sex couples in my home state of Wisconsin...

Lawyers perform many tasks throughout the course of a workday, and the role of translator happens quite often.  By translator I mean taking legalese and converting it into plain English.  Of the legal terms I translate on a weekly basis is the word "issue". Within the context of estate planning and probate (wills, powers of attorney, trusts) the word issue means a person's children and or offspring.  Here's an example:  Mary Lou is 92 and has a daughter, Sharon who is 70.  Sharon has a daughter Melinda age 40.  Finally, Melinda has a daughter Maeve, who is 3.  Mary Lou's issue are: Sharon, Melinda and Maeve.  Note, issue is not just children, but all offspring by birth or adoption, step-relations are not included. Recently I explained this term to a client as we reviewed the couple's estate plan.  It was a blended family; he had children from a previous marriage, she had no children.  Wondering why his will referred to "issue" I expl...

Image by M. Gustafson Gervasi, 2013 Creating an estate plan does not require working with a professional who wears a pin striped suit and sits behind a mahogany desk with an expensive view of the city skyscape. Yes, a visit to a lawyers office may be needed, or maybe not, but keep in mind there are attorneys who shun the suits and fancy trappings as much as you do. My tips for finding a quality yet down-to-earth attorney include: Ask friends and family if they had an attorneys help with a will or powers of attorney. If so, they either love them or hate them, and will gladly tell you about the experience. Get a referral from your CPA, financial planner, insurance agent or banker. If you like that person's style, they may know of an attorney who operates the same way. Interview three to four attorneys. Yes, interview them. They will be working for you, so take the time to get to know them first. If they are unwilling to talk briefly or are not forthcom...

At 5 years old, Kiki the Cat was loving life.  The focus of her human companion's attention, they shared a lovely condo in downtown Madison.  Filled with sun, toys, and napping baskets, life was good.  And then life happened.  Suddenly her human companion was sick, really sick.  So sick that long-term care was needed, life in the condo became something of the past.  Kiki needed a new home, and a new family. Not unlike countless other animals, her path may have led to a shelter.  Instead, the promise of a family friend to that human companion secured Kiki a new home.  And that home is mine.  She is now one of three cats in a home, has 5 and 3 year old humans scampering about, and a bay window overlooking a lush green yard...filled with birds.  Kiki's story turned out well.  If you are a pet owner, what would happen if you suddenly fell ill and could not provide care, or if you passed?  Unpleasant question -- sure, but an es...

Image by M. Gustafson Gervasi, 2013 Earlier this week, while meeting with some long standing clients, the conversation turned to my children's forthcoming venture into "the school years".  Saying good-bye to a nanny, and hello to backpacks and lunch boxes.  And in my mind it also means embracing the fact that they will get sick.  And sick days will present a new challenge -- who stays home?  The clients, who raised four lovely children offered "don't plan for the worst, plan for the best".  To which I chuckled and said "remember, I spend my days planning for people's deaths....planning for the worst is in my blood!" Sick days are in our future, putting both mom and dad on to plan B for the day. Sure, it hasn't happened yet, but it will, and I'm planning for it.  And I do the same with my clients.   That is what estate planning is, at least to me.  It is not something reserved for the upper crust of society. One does not need a s...

My phone chimed, indicating either a text or a New York Times news bulletin.  It was the later, and to my shock, announced the all too soon death of James Gandolfini.  At 51, the star of the superb show The Sopranos was gone.  In the days that have followed the news has covered his career, his funeral, and now his will. My admiration for the actor continues to increase.  Not only did he die with a will, he died with an up-to-date will.  News reports say Gandolfini left upwards of $70 million , including provisions for his 13 year old son from a prior marriage, his current wife, and his infant daughter.  The only detail that struck me as odd was that his sons trust ends at age 21, a relatively young age in my opinion.  Working with clients I often toss out the ages of 25 or 28, and then add the comment that in my will a trust would not end until my youngest is 30. While I may question a relatively young age for termination of a trust, I commend Mr....

Once again I will be participating in the annual American Heart Walk.  This year the event for Southwestern Wisconsin will be held the morning of October 5th at the lovely Warner Park.  My hope is not to walk alone, but with a team formed through my law office.  Those interested in walking with us, or making a donation, can visit our team page on the AHA . Why walk?  Heart disease is the number one killer of women in the United States.  It nearly claimed the life of my mother in 1991, when she was 47 years old.  Thanks to medications, treatments, and a pacemaker her two decade struggle continues.  And every year it seems someone else in my circle of family and friends falls victim to heart disease and or stroke, with this past year bringing my father-in-law near the brink with congestive heart failure.  He is still here, stronger than ever, thanks to outstanding cardiac care. So for my family, friends, clients, and myself.....I pledge to walk...

News broke last fall that Wisconsin's Funeral Trust was broke.  Risky investments brought the fund down, way down, down past the point to ensure 100% payment on monies deposited by consumers.  In raw numbers, it had $48 million, but $70.7 million in obligations. Since an investigation has commenced as well as a court appointed receiver.  News this week indicates that in a proposed settlement in the funeral trust , consumers will receive the full services they paid for.  Funeral homes are not required to sign on to the agreement, and have until September 30, 2013 to do so. While all of this sounds favorable, one glaring question rings in my ears -- what options are there for those who had not yet created a funeral trust, but want or need one?  Answer is unknown to me, so I'll email John Wirth, the attorney appointed by the court to be the receiver.  Check back for an update! Author's note: my posts here have been sporadic because I have been devoting s...

Image by M. Gustafson Gervasi, Poppies, 2013 Poppies -- the flower associated with Memorial Day because of its connection with the poem In Flanders Field , which honors those killed in war.  Memorial Day, a day to pause and remember, and day to celebrate freedom, day off from work.  Over the long weekend I will be spending time with family and friends, visiting the Veteran's Museum in downtown Madison, and calling my Grandfather to say hello and thank you for his service in WWII (winning a Purple Heart for a battle on Iwo Jima).  May you have a lovely Memorial Day weekend, and I'll be May 28th with more thoughts on illness, death and taxes for the middle class.

Image by M. Gustafson Gervasi, 2013 Recent news stories out of Ohio underscore the importance of selecting a power of attorney for finance.  In the story a WWII veteran transferred power of attorney for finances to his daughter, and then the daughter transferred his house to her and her husband's names .  A few years later a family rift developed, and the daughter sought to evict the father from his home.  Thanks to his granddaughter and an on-line fundraising campaign, he was able to buy back the home he'd lived in for over 50 years.  It is hard to believe that members of the Greatest Generation could be treated in such a manner, but the reality of life can often be harsh. From my vantage point behind a lawyer's desk, I would keep the following in mind when it comes to nominating someone to act as your power of attorney for finance: use a form that says the power is transferred upon your incapacity (legal standards will vary from state to state) as oppose...

Okay, so it is not quite Memorial Day, but this Type A attorney is busy putting healthy and inspiring events on the family calendar.  When you spend your working hours counseling clients on the ins and outs of illness, death and taxes, you need some uplifting things to look forward to.  And the Capital City 5K is fast becoming an annual favorite of mine. Held on a Saturday evening, the event raises funds as well as awareness for those with chronic kidney disease or people requiring a transplant.  Unlike the testimonials on the events web site and blog, I have no personal connection to kidney disease; it is heart disease that spreads like wild wife in my family tree.  So why this event? First, it is a 5k.  A doable run.  I'm an attorney, so I sit, a lot, too much.  I'm the mother of two little kids, so sleep is not plentiful.  While I admire those running a 10k, a half-marathon, triathlons, etc., I am realistic.  Training for a 5k is re...

Image by M. Gustafson Gervasi, 2013 May started out for me be attending an event at the local courthouse.  May 1st marked Law Day, celebrating the legal profession, offered free continuing legal education for attorneys, and of course there was cake.  Inspired after listening to a session entitled Lincoln - A Lawyer for the Ages, I returned to my office.  There I found the monthly newsletter from the Dane County Bar Association.  Included was a piece about May being National Mental Health Month, and the fact that members of the legal profession suffer from depression, stress, anxiety, and suicide at levels higher than the average population.  This was a fact I knew. What struck me was mention that both President Lincoln as well as Fighting Bob LaFollette, both members of the profession, suffered from bouts of depression over the course of their lives and careers.  In the week that followed headlines broke stating that the suicide rate among middle aged ...

Image by M. Gustafson Gervasi, 2013 The snow has hardly retreated here in Wisconsin, but my fall calendar for seminars has filled up nicely.  Starting in August and going into November you will find a variety of seminars on the ins and outs of wills, trusts, probate and other mattes associated with illness, death and taxes !  Most are free and open to the public, some are shorter appearances as part of a retirement planning workshop. If you belong to a group or organization that would like to hold a seminar for its members, please contact Attorney Melinda Gustafson Gervasi to coordinate.

Image by M. Gustafson Gervasi, 2013 -- Milwaukee, Wis. Commonly I am asked, which is better, a will or a trust.  My answer usually surprises people.  "The type of documents matters far less, what matters is how organized are your papers."  Probate, a simple word yet one that pushes people to take steps to avoid loved ones have to slog through the process.  Wills do not avoid probate, rather they facilitate probate.  Trusts on the other hand avoid probate (when created and funded properly) because they are a vessel to hold property outside of probate.  At this point most people's eyes will glaze over: probate, non-probate, funding a trust....it's too much. From my vantage point as an attorney, the choice between a will and probate is not key.  Both have pluses and minuses, and you should evaluate those with an attorney licensed in your state.  But what really gives loved ones a headache after you die tends to be things like: knowing a wil...

Image by M. Gustafson Gervasi, 2013 According to this report , Americans gave more to non-profits in 2011 than the prior year: the amount of claimed deductions rose from $3.1 billion to $4.4 billion; and total gifts given increased from $37.9 billion to $51 billion in 2011. Reading this one cannot help but wonder if the President's budget proposal to cap the amount of the charitable deduction , allowing only 28 cents on the dollar.  Keep in mind that only tax payers who exceed the standard deduction can actually take the deduction.  It will be interesting to monitor the numbers in the years ahead should the budget proposal be adopted.  Stay tuned.

Image by M. Gustafson Gervasi, 2013 -- Keeping Cool in the summer sun May 8th -- just a typical day for most people, but in my family we celebrate my husband's birth.  So, of course my post today plays off of his years growing up in the Sunshine State -- where "everyone has a dermatologists". May, the month of my husband's birth is also National Skin Cancer Awareness Month, a fact that came to my attention when reading a newsletter from our local hospital.  It offers 9 steps to reduce exposure.  For example, avoid being in the sun during peak hours, 10am - 4pm.  Where clothing that covers your skin, including a hat.  Click here for the complete list of ways to reduce the risk of skin cancer . Avoiding the sun from 10-4 makes sense, but how practical is it?  I cannot help but remember my summers growing up in Madison, and all of the t-ball practices and games I had smack dab in the middle of the afternoon!

Image by M. Gustafson Gervasi, 2013 -- Mount Vernon Yes, there is Google+, Gmail, Google Docs, and now the trailblazing company has introduced Google Heirs .  Users now have an account setting that allows users to direct where data should go when the account has been inactive for a set period of time.  What I find shocking is that the article describes this as novel.  No, the idea of directing an asset upon your death is not novel, it is called estate planning and has been around centuries.  It is only novel in the world of tech companies. Beyond Google, companies like Facebook do not allow users to direct a person to be in charge of an account beyond death.  It simply isn't an option.  A will does not give one the authority to turn off an account for example. Internet companies, so often on the cutting edge, appear to be behind the times in my book.  Creating a simple label on data that says what happens when you die is not new.  However...

Due to the budget compromises in the American Tax Payer Relief Act of 202, cuts are being made at the IRS. And those cuts mean shutting the agency down for several days in 2013, with the possibility of an additional days being added.  This means employees will go without pay, and citizens will go without Taxpayer hotlines, and all other IRS services .  For my office, it means we would not be able to file for EINs in probates or trust cases.  Here are the dates, plan accordingly: May 24th June 14th July 5th July 22nd August 30th Image by M. Gustafson Gervasi, 2013 -- IRS Building in DC.

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...

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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. ...