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Pandemic Pets -- Do You Need a Pet Trust? March 26, 2021 By Melinda Gustafson Gervasi Georgie in Wisconsin Americans adopted a record number of pets during the COVID 19 pandemic .  Georgie joined the household of our dear friends towards the end of 2020, a few short weeks after being rescued from the streets of Austin, Texas. The rescue organization estimated his date of birth as May 5th.  Our families are looking forward to years celebrating Cinco de Mayo and toasting Georgie.   My social media feed now overflows with cute pet pics and queries about traveling with dogs, hiring pet sitters, and tips on preparing our new family members for the days when their devoted humans return to schools and workplaces.  Of course, me being me, I wonder -- has anyone asked themselves if their new family member necessitates updating their estate plan to include a pet trust? What is a pet trust?  In general terms (estate planning law varies from state to state) a pet trust...

What is a Beneficiary Form? March 24, 2021 By Melinda Gustafson Gervasi Every day I work with clients to create or update an estate plan.  Over the years I have learned many things from my clients.  One of the standout lessons is that many people are fuzzy on what a beneficiary form is.  Beneficiary forms are a critical piece of an estate plan because they control the distribution of certain assets  Here are a few key concepts I share with clients when educating them about this area of estate planning: The forms tell your financial service company where those specific assets will go upon your death.  Normally you can list a primary beneficiary (or beneficiaries) as well as contingent(s). But for a few exceptions, the person(s) named on your beneficiary form will receive those funds no matter what your will or trust might say. Name the person(s) you intend for the assets to belong to on the form rather than a person who will "take care of handling the money"....

What Is A Personal Representative? By Melinda Gustafson Gervasi March 17, 2021 Are you delving into writing your own will?  Chances are you might be struggling with some of the legal jargon associated with Estate Planning & Probate.  Take a short pause and educated yourself on the various legal terms to minimize confusion or misunderstanding when you draft a document.  Here are a few suggestions for deepening your knowledge of a key role in an estate plan, the Personal Representative What is a Personal Representative:   This person is appointed by a court to administer the estate of a deceased individual.  In my home state of Wisconsin, the term Personal Representative is used.  However, other estates use the more familiar Executor or Executrix.  There are 50 different states in America.  Each has it's own laws governing estate planning and probate since the topic is a state's issue rather than a federal issue, such as immigration.  As a ...

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.  ...

What Does "Estate Planning" Mean? By Melinda Gustafson Gervasi March 3, 2021 Mystified may be the word many people opt to describe how they feel when they hear the phrase "Estate Planning".  For many the phrase evokes images of expensive lawyers sitting behind mahogany desks  serving clients with a seven-figure net worth.  When a person cannot insert themselves into that image, they dismiss "estate planning" for the wealthy and move on to the next item on their perpetual to-do lists.  Sadly, this is not true and learning the reality of estate planning can be a rude awakening when life reels up and places you or a loved one in the Emergency Room on a random Friday morning.  Estate planning is for everyone over age 18. Estate planning boils down to three things, planning for: illness, death and taxes.  The documents that comprise your estate plan may look very different than  the plans of America's Top 2%, but they will address illness, death, and in som...