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 Word of the Month: Issue By Melinda Gustafson Gervasi March 25, 2024 Conjure up an image of "lawyer" in your mind and chances are high that it will have a word bubble over the image's head that is filled with lengthy yet empty legal jargon.  While the legal profession is characterized as using far too many complex words, our legal education emphasizes concise writing.  For example, the word "issue" is only five letters long, but conveys a detailed concept. Within the context of estate planning and probate, the word issue means your "children, grandchildren, great-grandchildren, and lineal descendants of more remote degrees, including those who occupy that relation by reason of adoption (as allowed under Wis. Statutes 854.20) and nonmarital children and their lineal descendants (as allowed under Wis. Statues 852.05).  That is a lot to say with just five little letters. Wills are written to tell the court how to distribute your estate at your death; the int...

The Philanthropist Inside Us All By Melinda Gustafson Gervasi March 18, 2024 Earlier this year a news headline caught my attention,  Reflecting on your legacy could make you more philanthropic, new research finds . Specifically the statement that "...when people are prompted to consider how their lives will impact future generations, they allocate more of their wealth to collective causes like charities and less to family members."  This rung true with me based on nearly twenty years of client meetings; here is a standard discussion with clients creating or updating a will: Question: "When you die, where do you want your assets to go?" Answer: "To my spouse or partner." stated quickly, with no need to think. Question: "And if they predecease you, then where?" I ask with a gentle tone. Answer: "Equally between my children?" Again, offered without much reflection by those clients with children. Question: "And if you have no surviving...

Book Review: The Last Lecture by Randy Pausch Melinda Gustafson Gevasi March 11, 2024 Legacy Letters, also known as Ethical Wills, have grown in appeal in recent years.  Not a legally binding document, a Legacy Letter is just that, a letter you write with the intent it be read at the end of your life aimed at focus on your values, insights and life lessons.  Generally they are a few pages long, however, my recent re-reading of Randy Pauch's The Last Lecture reminded me that they can be more in depth. A 2008 NY Times Bestseller, the book is an expansion on the last lecture Prof. Randy Pausch gave on September 18, 2007 at Carnegie Mellon University.  At the time he knew he was losing his battle with pancreatic cancer, and only had months to live. The father of three very young children, the lecture and subsequent book allowed him to leave a legacy for his children.  As described on the book cover, the book is not about dying, but rather a lesson on overcoming obstac...

Rain Man: A Lesson in Estate Planning By Melinda Gustafson Gervasi March 4, 2024 It's March and the annual Academy Awards show is just around the corner.  Loving all types of storytelling, I make it a personal goal to watch as many of the nominated films as I can each year.  This year in addition to the nominated films, I revisited the movie Rain Man , which took home eight Oscars at the 1989 awards show , including Best Picture.  The film explores a week in the life of Charlie Babbit (played by Tom Cruise ) who has just learned that his estranged father has died.  Charlie returns home to Ohio for the funeral, and to hear what his father's will states.  He is both expectant and annoyed to learn that his father, a wealthy man, has left him a prized car and rose bushes.  The rest of his $3 million estate is directed to a trust with an unnamed beneficiary.  Ever the son with a sense of entitlement and a growing personal finance troubles, Charlie sweet ta...

Word of the Month: Personal Representative By Melinda Gustafson Gervasi February 26, 2024 Personal Representative is the term used in Wisconsin to identify the person authorized to administer the estate of a deceased person.  In other states it is called an Executor. A will or a codicil (an amendment to a will) nominates a person for this role. The actual authority of a Personal Representative is expressed in a document called the Domiciliary Letter, issued by a probate court.   This explanation of the term, as offered in Wisconsin's Personal Representative's Handbook is academic . It helps understand the theory, but does little to help with real world application.  In my humble opinion, when thinking about who to nominate as the Personal Representative in your will, I say to aim for Switzerland .  Who is neutral, precise and efficient. Neutral -- who can you nominate that will be fair, reasonable, and not have a so-called dog in the fight as assets are liquid...

Estate Planning Pro Tip: Always Have a Back-up By Melinda Gustafson Gervasi February 19, 2024 The "back-up" lunch bags Oftentimes what prompts a client to schedule an appointment with me is either a Stage 4 cancer diagnosis, the death of loved one that caused a chaotic mess they wish to avoid for themselves, international travel from which a fear of our own mortality rises up enough to make someone want a will, or it is simply a New Years Resolution.  Rounding out the Top 5 motivations I've noted to prompt a client to create an estate plan is the birth of a child.  These are some of my favorite meetings because the chances are good the couple will bring their newborn infant to the signing.  With two teenagers in my home, time with a newborn is a precious moment. As any seasoned parent would, I will offer the new parents a tip or two.  I avoid the rote advice of "sleep while you can" for those meeting with me prior to the birth or "sleep when the baby sleeps...

Lesson from Grey's Anatomy: Revolutions Don't Schedule Appointments By Melinda Gustafson Gervasi February 12, 2024 Author's Hoodie -- a Christmas gift, with a touch of cat fur from Law Cat Confession time, I am one of the fifteen to twenty million loyal viewers of ABC's hit, Grey's Anatomy .  I find the characters' intensity and devotion to a career that must keep learning after the graduation hats are tossed to be similar to my field, the practice of law.  Rarely does an episode cause me to slip into thinking about work; it has proven to be a wonderful way to relax on a night or weekend.  However, recently while watching an episode in Season 17, I found myself nodding when Dr. Richard Webber made a statement to Dr. Jackson Avery -- "Son, revolutions do not make appointments".  The character was commenting on the Black Lives Matter movement that was a part of the show's storyline. I nodded because I thought to myself "nor does a medical crisis...