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Add an estate plan to your summer vacation packing list!
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Before Hitting the Pool, Dive into
Estate Planning

Add estate planning to your summer vacation checklist and mark it as “done” before you leave—you’ll be glad you did!
 
There are few things better than embarking on a longed-for summer vacation, whether it is a road trip, a wilderness adventure, or a flight to an exotic location. When you’re putting together your “before-I-go” things to do—set up out of office email, stop newspaper delivery, check the oil in your vehicle—don’t forget to add estate planning to the list.
 
Estate planning allows you to decide who will benefit from your estate and ensures it will not be eaten away by taxes and court costs. Your estate plan can:

  • Define who receives what assets from your estate and when and how they are distributed
  • Appoint a guardian for any minor children
  • Select fiduciaries who will carry out your wishes and are obligated to act in your best interest
  • Support your favorite nonprofits through charitable bequests
 
Putting together a basic estate plan is before-you-head-out-the-door-for-vacation task—like unplugging the toaster and watering the plants—that contributes to the peace of mind you look forward to on your summer escape.
 
I like to spend time with my clients to make sure they have a full, comprehensive, individualized estate plan that takes into consideration their goals and assets. However, if you’ve already pulled the suitcases out of the closet, here are three estate planning items to consider before you start packing.
 
  • Beneficiary designations: Check who you have designated as the beneficiaries of your investment and bank accounts to prevent your hard-earned assets from being distributed to people who are no longer in your life (like an ex-spouse or someone who has since passed away). Assets like life insurance, pensions, 401(k)s, IRAs, and checking/savings accounts are passed along at the time of death via beneficiary designation (sometimes referred to as payable on death (PODs) or transfer on death (TODs) accounts).
  • Powers of attorney documents: Have in place health care and financial powers of attorney that name representatives whom you trust to act in your best interests in regard to managing your finances and important medical/care decisions. These legal documents are especially important if you were to become incapacitated (even temporarily).
  • Guardianship for minor children: Appoint someone you know and trust to have guardianship of your minor children (under age 18). If you don’t arrange for a guardianship, the court will appoint someone who not be the person you would have chosen. 

If you would like to complete these estate planning steps (or any others) before you set off for the summer, don’t hesitate to contact me for a quick turnaround on documents that will set your mind at ease.
  
As always, I appreciate you as a reader and invite you to share this monthly newsletter with someone else who may enjoy it!

Quote

“Learning never exhausts the mind.” ― Leonardo da Vinci

GoFisch Blog Must Reads

What to do with Donors when Waiting for Tax-Exempt Status
What to do with Donors when Waiting for Tax-Exempt Status
The good news is that while your 501(c)(3) application is pending, the entity can treat itself as exempt from federal income tax back to the date of organization.
What Written Employment Policies Does Your Nonprofit Need?
What Written Employment Policies Does Your Nonprofit Need?
An official set of well-developed employment policies provides many benefits for your nonprofit including reducing confusion, setting workplace expectations, and defining work guidelines.
Estate Planning Horror Stories In Real Life
Because I nerd out about estate planning on the regular, I like when the subject works its way into things I would listen to or watch. Recently I finished a chart-topping podcast, called "The Shrink Next Door," produced by Bloomberg and Wondery, and told by journalist Joe Nocera. It tells a strange, but all-too-true story involving a line-crossing psychiatrist who (among other questionable actions) exercises undue influence to be named in a patient's estate plan and serve as a fiduciary in multiple roles. Yikes indeed.
 (Yet another reason to carefully consult with a lawyer who specializes in estate planning before making changes to your documents!)
The Shrink Next Door
Why some people are more altruistic than others | Abigail Marsh
Why do some people do selfless things, helping other people even at risk to their own well-being? Nonprofit pros should check out this TED Talk from psychology researcher Abigail Marsh to inform planned giving programs. 

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