David Otis Edwards, Edwards Group, LLC

12 Wealth Threats - check out the table of contents

2010-02-16T15:51:00.003-06:00

Click here to see a pdf of the table of contents of my new report. 12 Wealth Threats You Must Know about and How to Avoid them.

The table of contents outlines the various topics, all focused on protecting your family's wealth.

12 Wealth Threats - new free report released

2010-02-16T15:38:00.004-06:00

This week we released the new report I drafted. This report outlines 12 threats to a family's wealth and steps you can take to avoid them. Download the free report by clicking below:

12 Wealth Threats You Must Know About and How to Avoid Them

By David Otis Edwards, Estate Planning and Asset Protection Attorney

rare video footage of an attorney and his Panaboard in their natural habitat

2009-10-31T15:42:00.008-05:00

The ways of lawyers are largely unknown and mysterious - like the wily Sasquatch they are rarely caught by a camera in their natural habitat. And like the Sasquatch, any attempt to film them can sometimes be met with violent outbursts or at least strong procedural objections.

But, at great risk to life and limb, we have been able to obtain this rare footage of an attorney using an electronic white board, called a Panaboard, to illustrate a client's estate plan. This video was first shown publicly at a presentation at the Sangamon Valley Estate Planning Council on Oct. 29, 2009.

$54 million pants: youtube video interview of owners

2009-10-21T08:40:00.002-05:00

Here is a video related to my last post - the $54 million lawsuit against a family owned dry cleaning business, that resulted in them closing their store because of the legal expenses and stress of the 2+ years in court.

Check out the video.

Asset Protection: case of the $54 million pair of pants

2009-10-20T15:30:00.004-05:00

"After 2 years in court, I realized we could lose everything we had worked for...I felt heartbroken and overwhelmed."

You're heard me talking about asset protection - how you should set up your estate to protect your spouse and children from threats to their inheritance from lawsuits, creditors, divorce, remarriage, etc. Maybe you've thought to yourself that your spouse or kids don't need that because they are good drivers, make wise decisions, aren't in a risky profession or business, would never marry a gold digger, etc. Well, that may protect them from some risks, but not all.

A man took his pants to a D.C. drycleaner. He came to pick them up and supposedly they misplaced them. So he sued the dry cleaner for damages of $54 million for the lost pants. How did he come up with $54 million? That's $18,000 for each day that the store allegedly committed consumer fraud by having a sign on the wall saying "Satisfaction Guaranteed".

The court found in favor of the dry cleaner. No surprise there. Then the customer appealed to get the ruling overturned. Guess what? The appellate court also agreed that the case was ridiculous and tossed it out. So everything is fine, right? Well, all that took over 2 years.

"Even though we were victorious, I knew no one had won this battle"

The owners of the dry cleaner, Korean immigrants Soo and Jin Chung, had to sell the business, citing the legal expenses (well over $100,000) as well as the stress of becoming part of a case that was a media sensation.

What is the moral of this story (from an estate planning perspective)?

Threats include not just legitimate threats (such as a car accident that was your spouse's fault), but also bogus threats that cost money to defend.
You can't insure against all possible threats. $54 million is beyond any small business's insurance policy.
Outside threats to assets are outside of our control. What are the odds a dry cleaner will lose a pair of pants? Probably 100% of dry cleaners have lost something at some point. What are the odds of getting sued for $54 million? Pretty slim, but all it takes is one loony customer who decides to take you to court. And all it takes is one nut job to threaten the hard earned money you leave to your wife or child.

Come hear more about threats to your family's wealth and how you can protect against them with some effective planning. RSVP today to attend our Truth about Estate Planning Workshop. CLICK HERE FOR ONLINE INFO AND SIGN UP FOR WORKSHOP

David Otis Edwards
Counselor at Law
Helping families protect what is most important to them

Truth about Estate Planning Workshop

2009-09-22T20:48:00.004-05:00

Starting in October., our Truth about Estate Planning Workshop is the best first step for anyone who wants to explore planning options. Learn about the pitfalls to a successful plan and understand whether you need to give more attention to your planning. Anyone who already has a will or trust (that may need updating) as well as someone with no plan at all will find this workshop to be just the thing to get them started thinking about options. This workshop is done informally, with a maximum of 12 people per session, and leaves plenty of time for questions.

Thursday, Oct. 1
1:30 to 3 pm

Tuesday, Oct. 6
4:30 to 6 pm

Monday, Oct. 12
9 to 10:30 am

Friday, Oct. 30
1:30 to 3 pm

Thursday, Nov. 5
9 to 10:30 am

Tuesday, Nov. 10
4:30 to 6 pm

Thursday, Nov. 19
1:30 to 3 pm

All workshops are held in the Community Room at Edwards Group LLC, 4340 Acer Grove, Springfield, Illinois. RSVP required. Space limited. Contact Lynn Hanson, Client Coordinator at 217-726-9200 or lynn@edwardsgroupllc.com.

Example of topics covered: how to protect your family's wealth from threats of probate expenses, taxes, nursing home costs, lawsuits, divorces; how to protect your independence as you face aging and disability; common mistakes made in leaving an inheritance; why your will or living trust may not do what you think it does.

families face aging parents - trends and struggles

2009-09-08T22:13:00.002-05:00

Aging Trends and Obstacles of Legacy and Control

There are some things going on in our society now that makes aging, and the way families deal with it, different than it used to be. These issues below are things I see my clients facing as we discuss planning for aging and disability.

1. Better healthcare and longer life expectancy. That's a good thing, right? Yes, but it leads to some challenges. If you live longer, your health issues may cause you to run out of money, your declining health may dramatically reduce your quality of life, or there's even a chance your children may face declining health or even pass away before you do.

2. Earlier retirement. People are living longer, but retiring earlier. In 1910, the average retirement age was 74 years, meaning people often worked until they passed away or had to quit for health reasons. In 2002, the average retirement age was 62. Isn't it nice to retire early? Yes, but it also leads to more planning pitfalls, i.e. more years to potentially get bored, lonely, or run out of money

3. Families are more scattered. I know some people who have several households within the same family living on the same street. This is rare. More common is that parents have children scattered around different cities, different states, or even different ends of the country. When the family is so spread out, what does that mean for the parents as they age and need assistance? The magazine Christianity Today recently had a column ("Honor Thy Father" for Grownups) about honoring your parents by taking care of them in their old age. How does a family do that when there are 1000's of miles in between? Often it means delegating the day to day assistance to professional care givers or medical personnel.

4. Communication between generations. David Solie's book "How to Say it to Seniors: Closing the Communication Gap with our Elders" discusses the two main tasks facing older adults: how to maintain control and how to leave a legacy. Those issues can lead to both conflict as well as rewarding and meaningful conversations.

Let's think about control

As a person ages, they are faced with losing control. Loss of health, friends, social status, ability to work, driving, choosing where they live, control of money. All these evaporate as the years tick by. As they are already facing these things slipping away, along comes one of their kids. And what is he telling them? stop driving, move to assisted living, go to the doctor, eat better, etc.

Is it any wonder that the older generation balks at the advice sometimes? Even if the advice is logical and right on target, it is still another threat to their independence and control. The control is already slipping away naturally and then comes a child wanting to (seemingly) speed up that loss. When a child pushes their elderly parent to make the "right" decision about some life circumstance, it can lead to frustration on both sides, with both feeling unappreciated.

Some people learn from experience that trying to convince our elders with logical arguments will get no where when the elder sees it as a threat to their independence and control. The author, David Solie, says we should stop fighting for control and instead be there to assist. When an older person is allowed the room to make a decision they will often come to a conclusion much more quickly than if they were pushed.

Those in the younger generation are constantly pushing forward to the next new thing. Older adults are sometimes faced with hanging on tight to avoid losing what they already have. Remembering each generation's different perspective will hopefully reduce the frustration and conflict in those already difficult conversations.

Leaving a legacy

Unfortunately, some seniors spend so much energy and effort trying to maintain control that they never get to the second task of aging - reviewing their legacy. Leaving a legacy involves reflecting on life and how we will be (or want to be) remembered. Reflection means slowing down and focusing on past details. True reflection means a lack of urgency about current tasks.

This lack of urgency is another obstacle to a child pushing a parent to make decision about a new living arrangement or some other decision that "must be made right now".
For all us overly busy people measuring our worth on errands done, emails sent, and whether we are caught up on our facebook status, it may be hard to relax and drop our task orientation.

However, when you hear an older person repeating a story or going into exhaustive detail, listen! You might see how the values in the story reflect the legacy that the storyteller wants to leave and how they would like to be remembered.

parents - download report, get free movies, pizza, ice cream

2009-09-04T09:31:00.004-05:00

Who wouldn't want to win free movies, pizza, and ice cream?

If you don't want that, you probably need to have your head examined.

Enter my September drawing for free stuff just by downloading a copy of my free report on how to protect your most precious asset - your kids. Do it right now before you forget.

Go to www.11ThingsParentsShouldKnow.com and download my free report:

Naming a Guardian for your Kids: 11 Easy-To-Understand Facts Every Parent Should Know

Anyone who downloads my report during September will be entered in a free drawing for a Family Fun night of pizza, movies, and ice cream, worth $80.

Pizza $30 gift card from Coz's Pizza, 4441 Ash Grove Dr. (and only a 30 second drive from Edwards Group LLC!)

Movie $35 in movie coupons from Kerasotes Theaters (yes, Showplace 12 on Wabash is about 2 minutes from Edwards Group LLC)

Ice Cream $15 for Culver's (maybe 40 seconds drive from my office...and yes, I know Culver's sells custard, not "ice cream"!)
Whether you have kids, if you used to be a kid, or if you know someone with kids, please pass along this info.

What is the KidSafe Legal Plan?

It's our process to help moms, dads, and kids out there with some of the same planning tools we use with our "grown up" clients. Not just "writing up a will" because that's not enough. But also dealing with emergency notification, how to choose the best guardians, financial organization and planning to make sure the kids can go to college, and many other steps.

The KidSafe Legal Plan is our process for addressing all the important issues to protect your kids. Subscribe to Being a KidSafe Parent newsletter to hear more details. Just click to request the report and be automatically added to the KidSafe mailing list. www.11ThingsParentsShouldKnow.com

Getting old ain't for sissies, you know

2009-08-21T15:31:00.001-05:00

Here is another installment about getting older and how to do it with grace and peace of mind. This topic is important for each of us as we get older or as we watch loved ones getting older.

Some of you may be thinking - what does he know about getting older? Well, if you see me up close, you will see my gray hair coming in, and if you look at my driver's license you will see I am gaining fast on the big 4-0. (March 5, 2010 is the day!) But it is true I haven't personally experienced as many years as some of you reading this. So feel free to comment or correct me on any of the things I am saying about aging!

Getting old ain't for sissies: 10 Things to Think About

Here are some things to consider for yourself as you look at getting older. They are in no particular order, just my random thoughts from years of working with families facing these situations.

1. Are you having discussions about how you want to be cared for as you get older? Talk about it. Better yet, put your wishes down in legal documents so people are clear what you want.

2. Is your family prepared to handle things without your help, whether financially or otherwise? If not, you better make doubly sure things are set up right, so they get the assistance they need.

3. Have you lined up the financial resources needed if you became disabled? Such as disability insurance (at work or individual), long term care insurance, emergency fund savings. Do you have too much debt? Do you really want to be retired or facing a disability with credit card debt or a mortgage that's not paid off?

4. Who is going to help you with healthcare decisions? Who will encourage you to go to the doctor? Who will go to the appointments with you to make sure you stay as healthy as you can for as long as you can?

5. Are you spending too much? How does your income, savings, and spending line up if you look out a few years? Have you calculated how your savings will grow or shrink based on your current spending level? or do you need to have a professional help you do that?

6. Are you spending too little? You have worked hard and saved your money. It's OK to spend some and enjoy yourself by traveling or other things you enjoy. Or, if you truly have more income than you need and can spend, consider using those funds to increase what you leave at death. For instance, if you have IRA distributions you have to take (after age 70.5), use those distributions to pay life insurance premiums. Then leave the life insurance to your loved ones or a charity you believe in. When we run statistical projections for clients considering life insurance, they almost always show that a person leaves more money at death by purchasing life insurance. If you really don't need the money, parlay it into a bigger chunk with life insurance.

7. Never say never. Transitions and change are difficult. Are you laying down a gauntlet by saying "I never will..."? Instead, make a plan so you can enjoy the most freedom and as full a life as possible for as long as possible.

8. Are you willing to make a transition sooner than necessary so you can avoid losing control? By getting "greedy" and holding on too long, sometimes people can end up losing their independence more quickly. For example, a grandmother leaves the family home earlier than anyone thinks she needs to, and enters a retirement community, where she has less stress of home upkeep, and more social opportunity that keeps her young. Another grandmother waits too long, goes downhill at home by herself, gets hurt by falling, declines by not eating right. Then when she is later forced to move to another living arrangement, she can't enjoy the people or activities there because of declining health. Remember, there are endless variations to the type of retirement community or assistance a person can choose. Make choices while you still have choices, instead of having those choices made for you in a crisis.

9. Make gifts while you are around to see someone enjoy them. Gifts to your church or charity. Gifts to family (especially of heirlooms where you can share the story behind them). If you can, give some money and things away while you are still healthy so you can see how they bring joy and benefit to those who received it.

10. The ultimate question. I personally can never think about getting older without thinking about the ultimate question - what is there beyond this life? Some of you here know where I stand on that. I believe that faith in Jesus Christ leads to eternal life.

NEXT TIME

OK, next time, I want to share with you more about the 2 tasks each person faces as part of the final mission in life - preserving control and creating a legacy.

You can pick your friends, but you can't pick when you need your healthcare directives

2009-08-13T14:35:00.001-05:00

Peace of Mind: documents without access to them?

I am writing this from Nashville, Tennessee, where I am on a family vacation. Every year, we spend a week with my parents, brother, sister in law, and nephew. Each year is a different place and Nashville is this year's destination. We have had a great week. We visited Andrew Jackson's home, the Hermitage, and spent a lot of time just taking it easy by the pool and resting.

In my last post, I started a discussion about aging and disability. Being out of town reminded me of an important part of planning for emergency health or disability issues. Suppose you work with me to plan for those issues, and we prepare healthcare powers of attorney and a living will. Then you are on a trip, maybe to Nashville or somewhere else out of state. If something happens and you end up in the hospital or emergency room, will you have access to your important legal documents? If the doctors ask for proof that your spouse or loved one has authority to make decisions on your behalf, will you be able to provide it? Will the doctors even talk to your loved one without written permission because of the privacy laws?

Do you travel with copies of your powers of attorney and living will? If not, then if something happens you may not have access to the documents when you need them. When we are talking about legal decisions regarding healthcare or end of life issues, lack of access to the documents at the right time means the documents are worthless at that moment.

If you don't have immediate access to the documents you need, what are your options?

Deal with it without using the legal documents. This means that your decisions and the helpers you have designated to carry out those decisions may not be followed, or at least won't be followed as easily, quickly, or accurately.

Try to get a copy of the documents from your attorney. Not a bad plan, but most law offices aren't open 24/7. What if you are injured in the middle of the night during a holiday weekend? Or maybe you are in Hawaii with a big time difference and the law office is closed when you contact them? Our office is always glad to provide copies of documents, but we can't guarantee we can get them to you around the clock.

Neither of these options is adequate. So, how do we make sure that you have quick access to the documents when you need them? For our clients who are members of our Dynasty Program, we provide a membership to DocuBank.

DocuBank

What is DocuBank? It's a business that was created to help people have immediate access to their legal healthcare documents when they need them. They have solved the exact problem we are talking about. For an annual fee, DocuBank will get copies of your documents to you, anytime, day or night, no matter where you are.

How does DocuBank work? As part of the planning process, our clients sign a DocuBank application that provides emergency contact info and important medical information. We then send that application to DocuBank, along with copies of the client's healthcare power of attorney and living will. The client will later get in the mail a wallet card they can carry at all times that explains how to access those documents. By calling an 800 number or logging in to a web site and putting in a PIN # (that is listed on the wallet card), DocuBank will provide the legal documents within minutes, either via the web or fax.

Check out more info at www.docubank.com.

Do you know someone who would appreciate the kind of peace of mind that a DocuBank membership provides?

Stay Tuned!

Aging - There's Only One Alternative

2009-07-27T17:52:00.003-05:00

Getting older. We are all faced with it. As my dad has said, if you don't want to grow old, there is only one other option. (You know, die young...)

As I work with clients, I am constantly confronted with aging and death. How the circle of life comes around and all of us, eventually, will face declines in our health, mental ability, independence, etc. Depressing, isn't it? Well, it can be, I guess, but also involves not just death but how we live our lives now and the legacy we leave behind. And it makes us confront our ultimate spiritual reality and what we think happens after we leave this earth. (Don't worry, I'm not going to preach any sermons here...)

Since I started this blog, I have written about various individual topics as they come to my mind. But I think it makes sense to do a series of posts on this issue of aging and how to face it. Most of us have someone we love who is facing this issue (or will face it in the coming years).

___________

I am an avid newspaper reader. I often read most of the paper. I always make sure I look at 3 things: Dilbert, Dear Abby, and the box score from last night's Cardinal baseball game or Illini basketball game (depending on the season). Did you see today's Dear Abby? Here was the question:

Dear Abby: I am a single woman in my 60s who lives alone. One of my greatest fears is developing dementia. Because there is no one living with me, there would be on one around to notice changes in my behavior. I am still able to balance my checkbook, do my grocery shopping, drive myself to the dentist's office, etc. If I ever need assisted living, how would I recognize the fact so I could make other arrangements before requiring someone else to make them for me? --GROWING OLDER IN SAN DIEGO

Abby had an answer for her: ask your doctor to check you over during each annual physical exam. That's an OK answer, but I have better one.

Dynasty Program Membership

By planning with me and becoming a member of our Dynasty membership program, a person would have the best disability planning options available. We help clients name a "disability panel" that consists of both loved ones and at least one doctor, who will decide when the person needs help managing their affairs. Because our office has contact with each client at least once a year and most often several times a year, we are also able to watch for signs that a person needs assistance. In fact, we probably know our clients better than their doctors as to the daily living issues. We have spent hours and hours with them over the years.

Once assistance is needed, our clients have already set out instructions in legal documents that outline how they want to be cared for toward the end of life.

Powers of Attorney?

Some of you reading this have probably signed documents granting powers of attorney. You may be thinking "isn't that enough to plan for disability?" Well, those are important documents, but pull them out and see what instructions are included in there. There are a lot of powers given in those documents, but very few instructions. Where in the power of attorney does it talk about whether you have a preference to be cared for at home rather than a nursing home? Do you have an opinion about that issue? If so, does it make sense to have it written down somewhere in your estate plan?

Like a Library Burning Down - preserving your memories

2009-07-11T19:58:00.003-05:00

Libraries hold books so others can read them and learn from them.

Our minds hold stories and wisdom that can help others. As part of our legacy, we need to preserve our lives and our stories for those who come after us. If we don't do something to preserve the stories before we die, then it's like a library burning down. When we die without preserving our stories, those stories are lost forever.

I am a member of the Legacy Builder Network, and its founder Scott Farnsworth co-authored a book called:

Like a Library Burning Down: Saving and Preserving Lifetime of Stories

You should check out this book if you are interested in preserving your legacy, or helping loved ones preserve their legacy (such as your parents or grandparents.

Libraries - the real ones and the ones in our mind

2009-07-11T19:01:00.007-05:00

I have been thinking about how specific places help us remember stories and times from our past. I'm talking about specific geographic places on the earth. Just by returning there, memories flood back, many more and in more detail than you would have without going to that place. The detail is much more vivid. Something about the sights, sounds, even the smells. Do you remember how your grandparent's house smelled? What about the school or church you went to as a kid? Maybe you don't remember what it smells like now, but if you smelled it again, would you recognize it?

Today I had one of those experiences. And it wasn't even a place I had ever been as a kid. But it was a place that was similar to places I went years ago. This morning Bailey and I went to the library. The west branch of the Lincoln Library on Washington Street in Springfield, Illinois. Just being there bought back memories of going to the library as a kid in Taylorville, Illinois.

The Taylorville library was an old building, built with money from Carnegie (according to Wikipedia, $14,000 grant in 1903). The Taylorville library has a much newer building now, but I found nothing on their web site about the library's history.

Some of my thoughts and memories:

1. When I was in grade school in Taylorville, Illinois, I went to Memorial School. The school was a few blocks from the old city library, just off the Taylorville square. I used to walk to the library sometimes after school. The basement was the children's area. The children's librarian was a baseball fan (of the Royals if I remember right) and sometimes she would have the radio on to a Cardinals or Cubs game if it was a late game still going after school.

2. I remember being in a reading contest one summer where you got various stickers or something that were all related to knights and serfs.

3. I remember the library card that was just a little retangular card with a paper sleeve to keep it in. No bar codes or fancy plastic cards, just a handwritten name and library number on a pre-printed card.

4. Today some of the books I looked at still had those little pouches in front of the books for the due date card (which of course they don't use anymore).

5. I remember the library being such a peaceful place (both now and when I was a kid). Where things are quiet (or supposed to be - Bailey was talking another kid's ear off today in the kids' section!). Where people are not in a rush, but they are browsing around looking for the right book. No rushing in and rushing out like we do in most of our lives. And no self service here. Even now with the bar codes, you have to go to the librarian who scans them in and reminds you when they're due.

6. Over the years, I have gotten in the habit of buying books instead of going to the library. Some books I like to write in and highlight. Other books I just want to have around. I like books. But I was reminded today that I also like libraries.

7. What's to become of libraries? In Springfield, the city budget is in shambles (a lot like our state budget and our stimulus packaged federal budget). And one of the places to cut is the library budget. Unfortunately, I am one of the reasons the city budget is in such dire straights. Today when I went to check out books, I found out that my library card had an overdue fine of 60 cents owing since 1999. I paid it (after I dug some change out of my car, didn't have any other cash on me!)

Michelle has been taking Bailey to the library regularly, both in Springfield and Chatham. I like that. I want her to grow up with great memories of libraries and all the books and things to learn and the peace and quiet there.

What are your memories of going to the library?

my theory about lawyer jokes

2009-07-10T10:39:00.001-05:00

You want to hear my theory about lawyer jokes? I figure most of them are based in truth. The jokes are so popular and cause us to laugh so much because there is at least a nugget of truth in there. Well, I mean a nugget of truth regarding the legal industry. That, as an industry, lawyers have often been too greedy, arrogant, mean, unapproachable, unlikeable, and expensive.

I hope that the way I practice law is so different that no one would recognize how I work as being anything like those jokes. In fact, I want to be the lawyer who doesn't look, sound, smell, or listen like a lawyer. Do you think I'm succeeding?

Lawyer Jokes - #3 - the one with a pig in it

2009-07-10T09:16:00.000-05:00

yet another lawyer joke...

A Rabbi, a Hindu, and a lawyer are in a car. They run out of gas and are forced to stop at a farmer's house. The farmer gladly accommodates them, but tells them that there are only two extra beds, so one person will have to sleep in the barn. The Hindu says, "I'm humble, I will sleep in the barn." So, he goes out to the barn. In a few minutes, the farmer hears a knock on the door. It's the Hindu. He says "There is a cow in the barn. It's against my beliefs to sleep with a cow." So, the Rabbi says, "I'm humble; I'll sleep in the barn." A few minutes later, the farmer hears another knock on the door and it's the Rabbi. He says that it is against his beliefs to sleep where there is a pig, and there is a pig in the barn. So, the lawyer is forced to sleep in the barn. A few minutes later, there is a knock on the door. It's the pig and the cow...

Lawyer Jokes - #2 - engineer and lawyer

2009-07-10T06:10:00.000-05:00

Another lawyer joke. From those who shared after I asked people to share jokes in one of my email newsletters:

An engineer dies and reports to hell. Pretty soon, the engineer gets dissatisfied with the level of comfort in hell, and starts designing and building improvements. After a while, they've got air conditioning and flush toilets and escalators, and the engineer is a pretty popular guy.
One day God calls Satan up on the telephone and says with a sneer, "So, how's it going down there in hell?" Satan replies, "Hey things are going great. We've got air conditioning and flush toilets and escalators, and there's no telling what this engineer is going to come up with next." God replies, "What??? You've got an engineer? That's a mistake -- he should never have gotten down there; send him up here." Satan says, "No way. I like having an engineer on the staff, and I'm keeping him." God says, "Send him back up here or I'll sue."
Satan laughs uproariously and answers, "Yeah, right. And just where are you going to get a lawyer?"

Lawyer Joke Quiz - name that punchline

2009-07-09T22:19:00.004-05:00

In a recent newsletter, I asked people to share lawyer jokes with me. And I also did a lawyer joke quiz, putting out a punchline and asking if people could identify the joke that goes with it.

Can you identify these jokes by their punchline?

"It's OK, I got him with the door."
"A good start!"
"They don't get as attached to the rats. Plus, there are some things a rat won't do."

OK here is the answer key - the jokes that go with the punchlines. Keep in mind - these are my own paraphrases of these jokes.

Got him with the door

There was a truck driver whose route took him every day right by the courthouse. Since he had no love for lawyers, he would always try to hit one or two of them who were walking along the rode as he drove by. Well, one day he was driving along and saw someone hitchhiking. He looked a little closer and it was a priest. He figured he better not drive past without stopping, so he picked up the priest. As they were getting closer to the courthouse, he thought "I better not hit any lawyers with the priest right here". But as he came up to the courthouse, he saw a great target walking right along the road and it was too tempting to pass up. So he begin to veer toward the lawyer with his truck. But at the last minute, he remembered the priest was there, so he swerved suddenly to miss the lawyer. But he still heard a thump and looked in the rearview mirror to see the lawyer rolling on the road. He turned to the priest and said, "Father, I'm sure I missed that lawyer back there." The priest said "That's OK, my son, I got him with the door."

A good start

What do you call 10,000 lawyers at the bottom of the ocean? A good start.

The one about the rats

Did you hear that scientists are now using lab rats instead of lawyers for their science experiments? Yeah, the scientists don't get as attached to the lawyers. Plus, there are some things a rat just won't do.

Lawyer Jokes - #1 - lawyer's deal with the devil

2009-07-09T22:08:00.002-05:00

A week or so ago, I did an email newsletter asking people to share lawyer jokes with me. So here I go sharing some of them.

A Lawyer’s Deal With The Devil

An aspiring young lawyer was sitting her office late one night, when Satan
appeared before her.

The Devil told the lawyer “I have a proposition for you…”

“You can win every case you try for the rest of your life. Your clients
will adore you, your colleagues will stand in awe of you, and you will make
embarrassing sums of money. All I want in exchange is your husband’s soul, your
children’s souls, the souls of your parents, grandparents, and the souls of all
your friends and law partners.”

The lawyer ponders this for a moment, then finally asks: “So, what’s the
catch?”

Please, not another blog about Michael Jackson

2009-07-09T16:34:00.002-05:00

There are 2 kinds of people in the world. Some can't get enough of the Michael Jackson saga. Others are complaining about how all the real news in the world is being drowned out by old Michael videos and talking heads analyzing his dysfunctional family. If you're in the 2nd group, my apologies. But below is more about Michael and his estate planning.

Also, if you want another interesting take on Michael's estate plan, check out the blog post of my colleague Victor Medina - "Michael Jackson's Estate Plan - What He Did Right!"

MICHAEL JACKSON: Part Two

1. Don't you want to avoid confusion? With Michael, there was a time period where it wasn't clear whether he had a Will or not. In fact, his mom went to court and told the judge there was not a Will and asked that she be given power as the administrator. Now things change once the Will is presented to the court. Good planning will avoid this limbo period where people are wondering if there is a Will and where it is. Good planning will make sure that the right people know how to quickly get their hands on legal documents that you have prepared.

2. Who is a good choice as guardian of your kids? Michael's mom is 79 years old. His youngest child is 7. If I have my math right, she will be 90 years old when he gets out of high school. Is she the best option as guardian? Under Illinois law, do you know who is qualified to raise your kids? Anyone over 18 who is not a felon but is U.S. citizen. So from that pool or people, the judge has to pick someone who is in the best interest of the child. In Illinois, the court will lean strongly toward following the parent's wishes in naming a guardian, but is not absolutely required to name the guardian you list in your Will. If you properly name a guardian in writing, then your choice has "prima facie" validity. This means that the court presumes that your guardian choice is best, but the court may approve someone else if evidence shows that is better.

3. What about the other parent? The mother of 2 of Michael's kids, Debbie Rowe, is to have nothing to do with them, according to his family at a press conference. She was not named as a guardian. I am assuming that she gave up all her parental rights because (in Illinois) the other surviving parent will continue to be the child's guardian, regardless of what the Will said, unless their parental rights had already been terminated.

4. No planning = 18 year old with money. I assume that Michael's trust provides for his children and gives instructions about how their money will be managed and when and how they can spend it or take control over it. But, if he had no plan or they couldn't find the documents, then the law (at least in Illinois), is that kids get their money at age 18. Would your 18 year old high school senior be ready to receive your wealth (home, retirement plan, life insurance, etc.)?

5. Don't be distracted by the big numbers. Don't get caught in the trap that only rich people like Michael need to do estate planning. We should just call it "planning" and get rid of the term estate. Every person, regardless of their wealth or family situation, should do some kind of planning for when they are disabled or pass away. Good planning to make things easier, better, cheaper, smoother, quicker - for you now and your family later. Even doing nothing is a plan in itself.

6. End up like Elvis? Part 1. Michael was afraid he would end up dying young like Elvis. Hopefully Michael's estate won't end up like Elvis. When Elvis died, his estate was worth about $10 million, but by the time expenses, taxes, lawyers, and probate fees were all paid, there was less than $3 million left.

7. End up like Elvis? Part 2. Despite Elvis' lack of planning for his death, his family has done very well with the family business. A few years ago, the family sold most of their Elvis rights for $100 million. From being worth $3 million to over $100 million in 30 years. Not bad. I say do both - set up good planning that handles your estate properly now, but also sets up your family for greater success later. Elvis's family overcame bad initial planning to successfully grow the family wealth. Don't make your family have to overcome that obstacle.

Wealth Transfer or Wealth Reception - Part #2 - The College Years

2009-07-05T23:19:00.014-05:00

I went to U of I in Champaign-Urbana. Both undergrad and law school. A lot has changed since I left law school in 1995. Many new buildings, and tuition has gone way up. Do you know how much it will cost now for 4 years of undergrad, including tuition, books, room and board, etc.? Somewhere around $100,000.

Suppose your kid is ready to head to college this fall. He gets all his stuff packed, buys that little fridge, picks out a shower caddy thing, and is ready to head off to college. The day comes where you pack up the mini-van and head to Champaign. You help carry all the stuff into the dorm, give him a hug, tell him to behave himself. Then you pull out your checkbook and say "Well, since we know it's going to cost you about $100,000 to get through the next 4 years, I thought I would go ahead and give it to you now." So you write out that check, hand it over, get in the car and drive back home.

Assuming you had $100,000 sitting around that was earmarked for your child's college, would you do it this way? Would you hand the entire amount over on the first day he moves in to the dorm? No? You wouldn't do that? Why on earth not?

Well, I guess there could be a few "complications".

1. He might not spend it wisely. You know, parties or a new car or who knows what? Then runs out of money before he gets the degree.

2. He might be taken advantage of. If word got out that he had a big wad of money just handed to him, do you think he would have any new "friends" that might be interested in hanging out? I'm sure there would be plenty of kids willing to help him make some financial decisions.

3. He might be less motivated to work hard. Hey, you're only young once. Doesn't it make sense to have some fun with a little of that money now? He figures he can always get a job during his last year or two of college to make up the difference.

4. What if he gets in trouble? Maybe gets in a car wreck and gets sued? Or gets in with the wrong crowd and makes a bad decision that leads to property damage or criminal charges?

5. He isn't emotionally ready to handle that kind of money. You just handed him $100,000, even though he's never had more than $500 in discretionary money to himself before now.

6. What if his plans change? Maybe he flunks out, changes his major, takes a semester off, or drops out of school to start a band? Are you expecting to get change back on your $100,000 if he doesn't finish with a degree?

7. He might fall in love. Yes, love can do strange things to someone's financial decisions.

WEALTH RECEPTION?

Well, I guess you realize that people die all the time leaving assets to their kids. And those kids may not be any more ready to receive it than your college student was to receive that $100,000 right now.

Let's say something happens to you tomorrow and you left all your assets (house, retirement plans, life insurance, bank accounts, etc.) to your kids. Would the amount of money you leave them make an impact on their daily lives? How much impact? Very little, some, or a whole bunch? Would the lifestyle they could afford be changed?

Think of the specific amount of money you would leave if you died tomorrow. How much will it increase your child's net worth? Double it, triple it, make it go up 10 times or a 100 times? or more?

All those issues that cause concern about the college student are the same issues we address with clients in estate planning. These issues are what I call "wealth reception" issues. It's not just about how quickly we can get the check to the kids. More important is what impact, good or bad, will the money have on the kids after they get it. And will the wealth better their lives one year, 5 years, or 10 years after you're gone?

David Otis Edwards
wealth reception attorney
Edwards Group LLC
Springfield, Illinois

My new newsletter bio

2009-07-05T09:41:00.002-05:00

Here is the new bio I started using with my email newsletter.

ABOUT ME

My name is David Otis Edwards and I founded Edwards Group LLC in December 2008 to serve the planning needs of individuals, families, businesses, and non-profit organizations through lifetime-focused strategies. My clients include young families with minor children, families with special needs children of all ages, farmers, business owners, established families with dynasty goals and the elderly. I also regularly represent churches and non-profit organizations in carrying out their missions. In matters of estate planning, I provide tailored plans that focus on passing on more than just financial wealth, but also spiritual, emotional and intellectual assets.

My goal is to become the trusted advisor and lifetime legal counsel for my clients. I keep ongoing contact with my clients through newsletters as well as through our client maintenance program, which helps clients keep their planning up to date, so it's ready when they need it.

I have a B.S. in Finance from the University of Illinois at Urbana-Champaign, as well as a J.D. from the University of Illinois College of Law. During law school, I served as an Associate Editor of the school's law review (academic law journal) and was honored as part of the Order of the Coif, an honor society for those in the top 5% of their law school class. In recent years, I have been honored by the Springfield Business Journal as one of the "40 under 40" for 2006 (40 top business leaders under age 40). During 2008 and 2009, I was named as a Rising Star by Super Lawyer Magazine, which is an award chosen by my peers and given to only the top 5% of attorneys in Illinois under the age of 40. I have represented clients before the Illinois Supreme Court, as well as every other federal and state appellate court in Illinois.

I am a member of the National Network of Estate Planning Attorneys, whose members are devoted to pursuing the highest quality estate planning practices (both as to client experience and as to legal expertise), even when that means bucking the legal industry by exposing weaknesses in traditional legal planning.

I believe in making a difference in my community. I serve on the board or other leadership capacity in various local organizations, including Habitat for Humanity of Sangamon County, Rutledge Youth Foundation, Brother James Court, Delta Church, and the Young Philanthropists of the Sangamon County Community Foundation. The community room in my office (which seats up to 20 people) is available to any community group needing a place to meet.

I have some of the most wonderful and interesting clients any attorney could wish for. I am honored to share life with my clients and their families.

I enjoy serving my clients, but my even greater joy comes from spending time with my wife Michelle and daughter, Bailey. Michelle is a nurse at Memorial Medical Center and is a certified teacher. She is also my personal historian and scrapbooker. Bailey is 2 1/2 years old, full of energy, and loves to make up songs, read books, play with her dolls, and go down the slide at the park.

Michael Jackson: King of Pop (and Estate Planning?)

2009-07-03T08:49:00.009-05:00

Are you tired yet of hearing about the Michael Jackson saga? One thing for sure, the gossip media should have plenty to talk about for quite a while. It turns out Michael did have a Last Will & Testament after all. (Thanks to those who sent me links to good articles on his estate issues.) Despite the circus atmosphere, Michael's estate situation gives us some reminders about important planning issues:

1. Wills are public. Usually, there are many issues that are much more important to your family than keeping your estate matters secret. But at the same time, do you really want people to see your private info? And with increasing online access to court records, it will be easier and easier for your neighbor or nosy relative to look at your Will in court records without leaving home.

2. Living Trusts are private. A living trust is a good way to keep your info private at your death. And that's exactly what Michael did. Look at his Will. It is what we call a "pour over will", meaning his will doesn't have much in it except instructions to dump assets at his death into what they are calling his "Family Trust" (which is private and will stay private). So all the gory details about who gets what and when they get it are only in that private document, incorporated by reference into his Will. And it seems to me that Michael's Will actually included more info than necessary. For instance, I usually would not put something in the Will about disinheriting anyone (as he did with is ex-wife). That kind of info can go in your trust to keep it all private.

3. Asset titling is key. We haven't seen how this part plays out yet. Even though Michael had a living trust, if he didn't properly title his assets in that trust before his death, then the probate court will have to do it using his will. Without assets organized properly, he will lose part of the benefits of the living trust.

4. Feeding frenzy? Michael's death is a media frenzy, but also a money frenzy too. Friends, relatives, business associates, will all be scrambling to take financial advantage. Those who are controlling his assets will be approached by all kinds of people with all kinds of ideas and schemes, all designed to get some money from the estate. Marlon Brando's estate attorney said people came "out of the woodwork making all sorts of claims" after Brando died. At your death, who will be in charge of your estate and who will be at risk for being taken advantage of?

5. Personal items are important. There is a court dispute over 2,000 personal items. Michael's mom has control of them, but the real executors want them back. The judge told them to try to work it out. I have seen a lot of hurt feelings and disputes over personal items, sometimes of small dollar value. But sometimes the items of small dollar value have huge sentimental and emotional value. What have you done to make sure your personal items don't cause a dispute later? What have you done to preserve the stories behind items of emotional value?

6. We never know when. We look at Michael and figure he was living a life on the edge that could lead to an early death. But the fact is that none of us know when our time is up. One thing about estate planning - you need to do it when you don't need it, because when you need it, it's too late to do it.

I have more comments to make about MJ's estate, but I will wait until next time. And I would love to hear your comments on my comments or on Michael's situation.

David Otis Edwards, Springfield, Illinois

Living Trust: valuable tool for Disability Planning

2009-06-26T07:03:00.000-05:00

As I mentioned before, it's my job to use whatever tools will best get the job done for the client. What will work best to build the plan the client wants?

Although it's not the client's job to understand all the tools that we use in the plan, most clients end up with a basic understanding of how a living trust works by the time we are done designing the plan.

Living Trust - not just to avoid probate

In most plans, a living trust is the most useful tool to accomplish a lot of important goals. The living trust does help a client avoid probate, if used properly. This has been a big focus over the years by both attorneys and clients. But that's only the beginning.

Disability Planning: Don't settle for a "blank check" power of attorney

The living trust is also the best vehicle to help do detailed disability planning. Powers of Attorney typically give a power as a "blank check" with no guidance, but a living trust is different. A living trust allows you to do disability planning that gives a lot of details about how you want to be cared for, who will manage the funds while you are disabled, who can they spend money on during your disability, and who decides whether you are disabled in the first place. The power of attorney simply grants raw power without much guidance about how to use it. A living trust grants similar power but then can give lots of guidance, procedures, preferences, and instructions to be used by those managing your money when you are too sick to do it.

The goal of disability planning within a living trust is to have you and your family cared for during your disability in the same way you would have done it yourself, if you had been able.

David Otis Edwards
living trust attorney
Springfield, Illinois

Estate Planning: What's in your tool box?

2009-06-24T09:55:00.000-05:00

What tools do you want to use?

Is this the first question that your contractor asks you when you decide to
hire him to build a house?

Or, if you're car stops running and you take it to the mechanic
to be fixed, do you quiz him on which tools he plans to use in
repairing it?

When you need surgery to save your life, do you make sure you
learn all about the different scalpels and various medical instruments to be
used by the doctor?

No? You don't focus on those things?

Well, then why do people focus more on the estate planning tools than on what they want to accomplish with their plan?

Wills, Living Trusts, Powers of Attorney, various other planning or tax strategies. All of these are just tools. Tools in the tool box of an estate planning attorney who is there to help you build the kind of plan you want. If the plan looks and does what you want, then does it really matter what tools were used to get there?

The division of labor is much clearer in some of the other professions - doctor, contractor, mechanic, etc. But with law, it seems that attorneys have fed the confusion by hyping and selling certain "tools" instead of promoting their process of helping clients build a plan that works for them. Sure, some clients want to understand the tools, and that's fine.

But, remember, the tools are not what's important. What is important? Having your wishes, goals, and dreams carried out, in a way that allows your wisdom and values to be communicated as well.

My clients are already the experts on what they need to know. They know their families, values, what's important to them. I am the mechanic with the tool box, and I can use whatever tools are necessary to help you carry out your plan.

So, if you want to work with me on your planning, please keep in mind that we want to focus our energy on the house we are building, not what kind of hammer is being used to build it.

David Otis Edwards
Edwards Group LLC
estate planning attorney
Springfield, Illinois

Wealth Transfer or Wealth Reception - Part #1

2009-06-22T23:04:00.005-05:00

Successful Planning, Successful Living

I help clients carry out the goals they have for themselves and their families. However, I always want to make sure clients have developed goals with a full understanding of what all can be accomplished with good planning. Sometimes they limit themselves and don't explore some of the most important planning issues, until I prompt them to think a little broader.

You might ask yourself:

How do you define a successful estate plan?

How do you define a successful life?

Traditionally, many planning issues have focused only on the transfer of wealth. But most of us would probably agree that just avoiding probate or saving some tax money is not all that is required to have lived a succesful life. Isn't there more to life than that? And there's more to estate planning too.

There are so many more issues that clients want to address, once they hear about the possibilities. I think a good plan will carry out the goals you would have completed during your life, with enough time and resources. But since our time on earth is limited, we plan so our influence can continue.

1. If you could plan in a way that would protect your loved ones from risk or harm, would you be interested in hearing more about it?

2. If you could plan in a way that would set up your loved ones for greater success in the future, would you be interested in hearing more about it?

3. Is the focus of a plan simply to transfer the wealth, or to help that wealth accomplish the greatest good in our families and in the community?

4. What is money worth, except for what it can accomplish?

5. What could your money accomplish in those who survive you? Those you care the most about?

6. If you could communicate your wisdom, and your loved ones would apply it, what frustrations could you spare them?

7. What if you were able to transfer both your wisdom and your wealth, in what ways could that benefit those who survive you? How would it be better than just transferring one or the other?

Do you know why I pulled you over?

2009-06-11T15:17:00.000-05:00

Well, the so-called marketing experts say that a business owner should share who they are, stories about their life. I have tried to do that. I get ideas for newsletter topics at various times and places. Recently I pulled over with red flashing lights behind me and I thought of something to say. It actually is related to estate planning, but you will have to wait until the end for that.

CONFESSIONS

First, some confessions about me.

My mom says I have a "heavy foot". Actually, there are others who say that too.
There have been time periods in my life where I was happy to only get one speeding ticket a year.
I have been asked in court, "Mr. Edwards, what's your client's name?" And I answer "I'm here for myself, Your Honor."
I once was pulled over twice in the same day. Years ago (about '97?) I went to Champaign for a friend's daughter's 1st birthday party. On the way back, it was late and I was tired. Got pulled over on I-72 about 10 miles from Springfield, but the officer was nice and just gave me a warning. So I drove into Springfield. A few minutes later, guess what? I pulled over just east of downtown (thinking "you have got to be kidding!"), but the officer didn't get out. Instead, he waited for a couple other cars to come and they pulled at various angles around me (just like in the movies). See, it wasn't a great part of town and I was driving an old car with some dents in it. Of course I got a ticket.
I got two tickets just a couple weeks apart at the same location by the same officer. Yep. In my defense, one of the times I was driving back from Stout & Lauer Jewelers picking up Michelle's engagement ring.
Most of my tickets resulted in court supervision. I'm glad that attorneys get to go to the head of the line in traffic court and have their case heard first. (I shouldn't give away our secret).

ESTATE PLANNING AND SPEEDING TICKETS?

OK, I know you are thinking - get on with the estate planning discussion. Well, most of my tickets (but not all) have been when I was driving at a time and/or place where I normally wasn't. As long as I stay in my normal traffic patterns, then I (usually) know when to slow down and when and where I might get pulled over. But when I am somewhere different, I don't know what to expect. Now if I had a guide with me who could give me warnings or remind me to slow down, that is always a help. (Sometimes these guides are called a "wife.")

The last time I was pulled over (and had this newsletter idea), I was in Riverton in the middle of a weekday, which is a place and time that I rarely am. Anyway, the officer only gave me a written warning. (If you're curious, I was out to Riverton to meet with Midwest Family Broadcasting about possibly doing some radio ads for our KidSafe Legal Plan.)

GOING INTO UNKNOWN TERRITORY

Estate planning is going into unknown territory for you and your family. I mean, when you actually need the plan it will be unknown territory. When you die or face a disability, you need someone to walk through it with you and your family. I have walked with many families in those difficult situations. With proper planning, we can make the situation less stressful, less expensive, more effective. Not just proper legal documents, but also a guide (that's me) to walk along with the family. A guide who knows you, your wishes, and your loved ones. That's the way to have a plan that works. And avoid the flashing lights of family and financial messes that I see far too often.

FINAL DRIVING ADVICE

One last bit of advice. After several years of no tickets at all, last year I managed to get 3 tickets within a span of less than 6 months. (and yes, with all 3 of them, I was in a place and/or time where I normally wasn't). Thanks to the magic of court supervision, I kept my license. But I invented a tool to help keep me from speeding. Do you want to know what it was?

A post-it note next to my speedometer that said "Slow Down!" It does work. Try it.

KidSafe Legal Plan is on SpringfieldMoms.org - check out Bailey's photo (and mine!)

2009-06-01T19:46:00.001-05:00

Have you checked out our page on www.springfieldmoms.org? Beginning June 1st, the KidSafe Legal Plan is listed as a "Mom's Choice".

Here is a link to the KidSafe Legal Plan page on the site.

11 Things Parents Should Know about naming guardians- free KidSafe Legal Plan report

2009-06-01T17:52:00.008-05:00

It's free, just click and sign up for the free report. http://www.11thingsparentsshouldknow.com/

I'm excited to announce that as of today, June 1st, we have officially launched the KidSafe Legal Plan.

What is it? The KidSafe Legal Plan is the process created by me at Edwards Group LLC to provide the best, most accessible, easily understood education and legal advice for parents wanting to protect their children.

As I often say - a Will is NOT enough to protect your children. There are many other parts to an effective plan, and the KidSafe Legal Plan will walk parents step by step through all of it to make sure everything is covered. Our goal is to make it easy, effective, and affordable for parents to do proper planning for their kids. Don't get me wrong, we can't do it for you! Parents must take an active part with us in the planning. But our goal is to make the process as smooth and as easy as possible.

Get started with my first free report and learn more about the KidSafe Legal Plan process. Just click here:

Naming Guardians for your Kids:

11 Easy-to-Understand Facts Every Parent Should Know

Just click the title above and request the report.

How to pick an estate attorney - 4 questions to ask

2009-05-28T07:02:00.001-05:00

Here are the questions I want any client to ask before they hire me and Edwards Group LLC to complete their estate plan.

1. Is this the right law firm for you? (We're not for everyone because we do things quite a bit differently than most attorneys.)

2. Are you the right client for us? (We are picky about our clients, who we expect to become clients for life.)

3. Is this the right time for you? (Plan when you believe in it and are ready to invest your time and energy (and money) to do it right.)

4. Do you clearly understand the fees? (We are up front and quote flat fees before we start so we can dig into the planning without any more thoughts or worries about what it may cost.)

David Otis Edwards, Edwards Group LLC, Springfield, Illinois

law office tech - secret, inside look at Edwards Group LLC

2009-05-27T16:55:00.002-05:00

I don't think of myself as a true techie. But I do like to use technology to help me serve clients better. I thought some people may be interested in hearing about some of the technology we use at the law firm. I was surprised at how long the list was, once I started writing them down.

1. Lexis Nexis Total Practice Advantage (Time Matters) - software used to track all clients - notes, emails, documents scanned, calendar entries, to do lists, delegated items. For instance, if I get an email with 5 attachments from a clients, I can just do a few clicks and it automatically saves the email as well as the 5 attachments under the client's record, for later access. I can sort documents based on whatever criteria I want.

2. online legal research by monthly subscription - Illinois Institute for Continuing Legal Education, Lexis (caselaw, statutes, other stuff), Trusts & Estates Magazine. Can research as much as I want for a flat fee per month.

3. PC Law (this is part of Practice Advantage and connects to Time Matters) - billing software. I can pull up a little desktop widget to track my time. I rarely bill by the hour, but when I do, I just click a timer on my desktop to start, and then clock stop (or click pause and start it again after a phone call or bathroom break). Then type in the description into the widget, then click done and it is saved in the billing system for later review and sending to the client.

4. Infusionsoft - automated follow up marketing software. Used to send requests, automatic follow ups, event sign ups, newsletters with subscription changes, web forms for sign ups for free info or newsletter. Can even use it to generate letters, tasks within the office (to call someone or send out an info packet). Basically, allows us to automate a lot of our marketing process and our client process. When I need a web form for someone to sign up for something online, I set it up, click a button and it gives me the html computer code needed to plug into the web site.

5. copytalk - for a flat fee per month, I call a certain phone number and dictate notes about office or client issues. Then get an email of the transcript of my call within half a day or so. Can dictate up to 4 minutes at a time, and 4 of those per phone call (with 2 hits of the # button I start a new dictation). No need for staff to spend time typing out my dictations anymore.

6. jott.com - used for quick reminders to myself. Limit is about 25 seconds per call, but transcript of call will be emailed to me within usually 5 minutes or less. Great way to make myself a note when riding in the car. Can also use it to add calendar or to do items to outlook, although I have not used it much that way.

7. Alchemy - software to search text on pdf documents. We scan in documents and then we can search the database for any text on those documents. Great to use for scanning in bills or office info that we may not need too often, but we can find it when we do need it.

8. basecamp - online project management software. Use this to track and organized office development issues, such as marketing, office procedures, email marketing follow up, newsletter prep. I use it most often to coordinate with our writer/editor (who helps with newsletters and various educational pieces), infusionsoft email coordinator, and graphic artist.

9. High speed scanner - we scan every piece of client info that comes into our office. Improves security, easy to access and organize. Then we organize the documents either through Time Matters (tagged to a contact record or client matter) or else can search for it using Alchemy.

10. copier. Often print drafts 2-4 pages per side, double-sided to save paper and ink. Can also 3 hole punch, staple, print in color, etc.

11. 2 monitors on each desk. How did I live without this? For the past several years, I have used 2 monitors. One is my laptop monitor, but then I also have another 22 inch monitor that sits next to my laptop. I use both monitors as an extended desktop. All of my staff also has 2 monitors on their desk.

12. ipod - has been a key piece of my career development. Listen to podcasts on business, marketing. plus music too of course. And lots of sermons and spiritual stuff to keep my priorities straight.

13. digital recorder. Use to record client interviews for legacy purposes. Pretty good sound quality for less than $50.

14. panaboard. White board on the wall of my small conference room. 4.5 feet by 3.5 feet. Has 4 screens that scroll. Any of the screens can be printed on plain paper with a built-in printer. This is the most impacting piece of technology in my work with clients. We draw pictures of a plan and use that as a guide to draft documents and have further discussions. (After we print them out, we scan them into our client record.)

15. pacer and other court online access options. I don't do much court stuff anymore. (I try to keep my clients out of court). But if I do need access, it's great to pull up a docket sheet or download court documents in those courts that have this.

16. my fax. who needs a fax machine? for $10 month I have an 800 fax number. If you fax me, it shows up in an email with a pdf attachment. Which is then saved and tagged to the client matter. No need to print it out in most cases.

17. logmein.com. Used by me and all my staff for secure, remote access to our office computers when we need or want to work from home. Also used by our tech people, Illini Tech Services, to log in remotely and fix messes we have created in our computers. (which is happening less and less, thankfully!)

18. gotomeeting.com. For remote meetings where I need someone else to see my computer screen. Great for coordinating marketing, or infusionsoft email sequences or training on updating the web site or blog. Sometimes used just so we can all look at the same word processor draft or excel spreadsheet. I just send people a link to click. They click and log in and then they see whatever is on my computer screen. I can give someone else control of my screen or they can give me controls of theirs, as we all sit in different places, different towns or even states.

19. freeconferencecall.com. Doesn't cost a thing and can coordinate conference calls with a pre-arranged call in number. Can record those calls for free too. But there are limits to the service. Can only have 96 callers on one call and each call can only last 6 hours.

20. ProSuites from the National Network of Estate Planning Attorneys. We use this software with HotDocs to create customized legal documents and create documents for transferring assets. With a few pushes of a button, we can print out a life insurance or IRA beneficiary form using the company's own forms and populate them with the client's info that was already put into our system. Without this software, it would be much more difficult to help clients coordinate all of their asset titling with the plans we create.

21. Hotdocs (see ProSuites)

22. Microsoft Office - word, excel, powerpoint, etc. I know, this isn't very exciting, but it's still a key thing we use every hour of every day.

23. blogs I read. (does this count as technology?) I learn so much from blogs by Seth Godin, Duct Tape Marketing, Chris Brogan, Scott Ginsberg (the name tag guy).

24. computer server back up. Our server has 2 mirrored hard drive thingys. And then we have 3 external hard drives that serve as back-ups. We swap them out each day and each week I trade out the one I keep at home.

25. secure wi-fi. When I host a webinar in the community room, I don't even need a power chord or a network cable. Just take my laptop in there and hook up the chord to the projector.

26. phone headsets. I love these since I talk with my hands (even on the phone). One for my desk phone and also a blue tooth for the cell phone.

27. Palm Treo. Never out of touch with email. Not always a good thing, just ask my wife.

28. Senseo coffee maker. I don't drink coffee and neither does Lynn, our Client Coordinator. So when someone wants coffee, it's good to have a 1 cup at a time coffee maker.

29. Facebook. I have fun with this, but I also have regular contact with referral sources, advertising vendors, and clients. Yes, I have been hired by clients via facebook message.

30. Twitter. Twitter searches are interesting. I search topics related to estate planning and see what people are saying. Or I search "Kris Allen" to catch up on American Idol vibes. I recently started using Tweetdeck which makes twitter much easier to use. I also get a kick out of posting photos via twitpic.

31. HD video projector. Mounted in our Community Room with a great sound system. Ok, you caught me here. I didn't HAVE to have that. But I wanted it to watch movies. And I can tell you that "Elmo in Grouchland" sounds and looks great on the big screen.

-David Otis Edwards, Edwards Group LLC, Springfield, Illinois

Will your estate attorney outlive you?

2009-05-27T11:53:00.005-05:00

Interesting article in State Journal-Register yesterday. Percentage of attorneys in Illinois who are are between 50-74 years old went from 22% in 1993 to 39% in 2008.

http://www.sj-r.com/homepage/x2085729714/Number-of-lawyers-over-age-50-climbs?view=print

Fairly often, I hear new clients tell me they were looking for someone "younger than they are" to be around to handle their estate and help the family after they're gone. I don't market myself that way, but I guess it makes sense.

Hire Dave - the estate planning attorney young enough to outlive you!

9 ways to cause a dispute after you die - probate and trust administration nightmares

2009-05-27T08:03:00.002-05:00

Well I got another one of those phone calls last week. An attorney from out of town called looking for someone in Springfield who was familiar with the Sangamon County courts. He had a client whose mother had died and now there was a dispute with the trustee. Another one of those messes.

So, my advice is this: If you want to create a mess for your family, don't leave it to chance. Do it right and plan the mess yourself.

Here are 9 ways you can create a mess after you die.

1. Don't organize your assets. Assume that what you own will fit in with your legal documents. Somehow by accident it will work out.

2. Don't talk about what you are planning to do. So your wife and your kids (some maybe from a previous marriage) can both assume they knew what you wanted. Leave it vague enough so no one really knows, and there certainly is no legal guidance. And be sure to keep your financial situation secret, from your kids and even your wife. They don't need to know yet.

3. Name an executor or trustee without much thought. Just name the obvious choice, regardless of their track record for honesty or handling money. Even though trustees sometimes run off with the money or mishandle investments, that probably won't happen to you. Even though the person you chose has never shown themselves to be up to such a task, they will step up and do fine. Right? And certainly don't ask yourself one of the best questions - "would I trust this person with my checkbook today, while I'm still alive?"

4. Don't pay for professional legal advice. Just do it yourself. Type up (or hand write) your own trust or will. Fill out those IRA beneficiary forms, even customize them yourself without knowing the law. I'm sure it will work out somehow.

5. Make promises to family members. You know, about what you plan to leave them. Then don't do it that way. They will understand. I'm sure they won't want to fight in court about whether your wishes were written down wrong or whether you were in your right mind. They will understand that you didn't keep your promise.

6. Talk about your estate in vague terms. Say things to your wife like, "you will be taken care of" and "you won't want for anything." Say things to your kids like, "you will be treated fairly." Don't talk specifics, but just talk about generalities, so the people listening to you can
assume what they want to about what you plan to leave to them.

7. Don't use a professional trustee. Such as a bank. You don't want to spend money on something like that, where a professional will know how to get the job done and make sure that your wishes are carried out in a way that's legal and proper. Much better to leave it to friends or family members who may not exactly know what they're doing, incurring extra taxes or making messes that need to be cleaned up later.

8. Use your plan to give the family chances to learn to get along better. Create your plan in a way that creates conflict among your loved ones. For instance, name your spouse and a kid from a prior marriage as co-trustees. I'm sure they'll get along well enough to be able to sort out your estate.

9. Name a family member as a trustee of the funds you leave behind for someone else. Put your trustee in a difficult situation after your death where they have to refuse to give some of your money to another family member, particularly when it's someone from the other side of the family. And be sure not to give clear guidance about when and how that person should be able to access funds. This will put the maximum pressure on the trustee and increase the hard feelings of the person asking for the money. No matter how the trustee decides, someone will feel either mistreated or pressured.

-David Otis Edwards, Edwards Group LLC, Springfield, Illinois

Jigsaw Puzzles and Asset Titling

2009-05-26T21:36:00.000-05:00

What does a JIGSAW PUZZLE have to do with estate planning?

Our family has a tradition of putting together a jigsaw puzzle over Christmas. My Grandad Bitzer always loved puzzles and he would often bring a puzzle to my parent's house when my grandparents came for the holidays. The furniture in the living room would be moved around specifically to make room for a puzzle table. And of course there had to be sufficient lighting. Sometimes lamps or lights would be moved around to give us a good work space.

1. WHAT'S THE PICTURE?

First, don't you like to know what the picture is that you're putting together when you work a puzzle? In fact, when I go to buy a puzzle, I only have 2 criteria - the size (usually 500 pieces) and what the picture is. I want a picture on the front that I like.

So, how does this have anything to do with estate planning?

Do you know what picture you are trying to create with your estate plan? What will your stuff be doing to impact people? How do you hope your family and others are getting along after you're gone?

Most of my clients have a very fuzzy estate planning picture when I first meet with them. They have some ideas, but maybe not a lot of details. Or there may be things they want to do that they have never heard of until they meet with me. As we work together, their estate planning goals get clearer. As they work with me over the years, it gets even clearer, year by year.

2. MIXED UP PIECES

Once you know the picture you want, then you need the right puzzle pieces to make that picture come together.

As you go through life, you collect different pieaces of your estate planning puzzle. You buy a house with your wife. That's one piece. Then you get a life insurance policy and name beneficiaries - that's another. Then you put some money into a CD at the bank and name a grandkid as "payable on death." Then you may even add a 401k, IRA, annuity, timeshare, car, jewelry, family heirlooms, etc. Each of these assets, and how they are organized and held legally, is another piece to your estate planning puzzle. If at some point you did a will or a trust, then those are additional pieces to your estate plan puzzle.

When we work with clients to gather up all these pieces (or info about them). Then we lay out all the pieces and look to see if they fit in with the picture (the plan) that we are creating with the client.

Most of the time, they don't all fit and we have to move some assets around, change the way they are titled, so everything works together. Without this kind of coordination, when a client gets to the end of their life, the family may be left with a bunch of pieces that don't fit together. And even if the pieces can be forced together, they may not make the picture the person had in mind for their legacy.

Do all your estate planning pieces fit together?

strawberry picking - Bailey's first time

2009-05-22T20:43:00.016-05:00

Strawberries! Is there anyone who doesn't love them? I like to eat them the same way I did as a kid - mashed up with sugar until they are as liquidy as possible, then eat them with shortcake made with bisquick and then cool whip on top. My wife skips the shortcake and instead wants ice cream.

In fact, as I am writing this, she is going to the store to buy some. We actually have some ice cream in the freezer, but it's not the right kind. She wants the fancy kind where you can see the flecks of vanilla bean in there. You know the kind?

If you think shortcake is some dry strawberries sliced on top of one of those yellow spongy cakes, you have no idea what real strawberry shortcake is. I come from roots in southern Illinois and I have several generations of strawberry shortcake making in my genes.

My dad talks about how his mom (my grandma) used to go to the school potlucks in Olmsted, Illinois (way down near Cairo) and she would make strawberry shortcake in a roaster pan (with shortcake layered with strawberries all the way to the top). And that pan would be empty before they went home.

And in those days, they raised the strawberries right on their property behind their house. Well, we don't raise strawberries in our backyard. But Michelle and Bailey did get to go down to Taylorville to pick strawberries with my parents this morning. (I was at work, don't you feel sorry for me). But I do get to help eat them!

Would love to hear your strawberry memories...

David Otis Edwards
Springfield, Illinois

Meaning of Money - a Priceless Conversation

2009-05-21T10:27:00.002-05:00

This afternoon I am meeting with clients to work on designing their estate plan. Last week I did Priceless Conversations with them. These are interviews I do with clients that are recorded with a digital recorder and preserved. The topic of the interview was the "Meaning of Money", where I ask about their family's financial history (their parents growing up, their growing up), their philosophies about money, good and bad money decisions, first job, best financial advice they ever received, fears and concerns about money, advice to those receiving the money later in an inheritance, goals about how the money will impact others, etc.

It's amazing how these interviews help me do a better job on the legal aspect of their estate plan. I have such a deep understanding of what is important to people and can help them seek the best legal strategies that fit them and their family.

These interviews have 3 important goals. First, to help me understand the clients so I can do a better job legally. Second, to help the client understand more of themselves and their goals, simply by having them articulate those goals out loud. Third, the audio recording is an instant heirloom that kids and grandkids will cherish later because it has their loved one talking about some of the most important things in life.

And by getting to know and understand my clients in such a deep way, it lays a great foundation for me to work with them for the rest of their life, to keep their plan up to date. This maintenance of the plan is part of our Dynasty membership program, where clients pay an ongoing retainer and we work with them in an annual planning cycle to make sure their plan is legal, organized, up to date, and coordinated with their assets.

-David Otis Edwards, Edwards Group LLC, Springfield, Illinois

speaking June 2, 2009 - Central Illinois Planned Giving Council

2009-05-21T07:33:00.002-05:00

Yesterday I got a phone call from an attorney in Chicago who had been told by a friend of hers out west (New Mexico I think?) about me speaking on June 2 about legacy building and planned giving. Boy, word gets around fast. She was asking if they could record my presentation.

Here is more info. I am looking forward to it. Event is the regular lunch meeting of the Central Illinois Planned Giving Council, meeting in Bloomington, Illinois. My topic is "What in the world does an estate planning attorney’s experience with legacy tools have to do with your planned giving efforts?" Here are some of the things I plan to cover:

The power of story telling (our native language)

Legacy planning (planning for non-financial wealth) is a growing nationwide trend among legal and financial professionals.

Examples of an estate planning attorney’s use of legacy tools.

Overcoming distrust between planned giving professionals and financial/legal professionals.

What is a Priceless Conversation and how is it being used in planned giving?
One true story: a planned giving officer’s use of legacy planning tools.
Ideas for group presentations (my life in a brown paper bag, my house, pictures from home, personal items of family and emotional value)
Practical resources and tools for including legacy issues in your planned giving efforts. (organizations, books, retreats, training)
Next steps for you to take now to explore legacy planning and its potential for dramatic impact of your work.
-David Otis Edwards, Edwards Group LLC, Springfield, Illinois

Transitions R Us

2009-05-16T17:10:00.000-05:00

BAILEY'S "NEW SCHOOL"

At our house, we are in the middle of a transition. 2 1/2 year old Bailey is switching to a new daycare. For the last couple of years, Bailey has gone 2-3 days a week to her "school" (Memorial Childcare) when Michelle is working as a nurse at Memorial Medical Center or substitute teaching at Butler Elementary.

Because of my new office location and some schedule changes for Michelle's work, it no longer made sense to drive across town to drop off and pick up Bailey at Memorial. So, yesterday was her last day and she is going to be switching to Pleasant Run Learning Center which is right down the street from my new office.

We're excited about the new school (it has been highly recommended) and how convenient it will be, but it's still sad. Bailey loves it at Memorial. She's had the most wonderful teachers and she's gotten to know her little friends. When we say our prayers over the dinner table, she tells us different of her little friends that she wants to pray for. And some of her friend's parents are our friends that we knew even before Bailey was born.

The transition is harder for mom and dad than for Bailey. It's hard for us to move her from a place that we have trusted and that has played such a big part in her life these past 2 years. But Bailey is ready to go! After visiting her new school for an hour with mom a couple weeks ago, she woke up the next morning wanting to go start at her new school THAT day. I said, well, it will be a couple of weeks until you switch.

Wouldn't it be great if we all dealt with transitions as well as a toddler does? (at least this transition).

THIS IS WHAT I DO (transitions)

Which reminded me that what I do every day is help people with transitions. Some transitions are planned and some are not. Some we will all face at some point in our life and others only some of us will have to deal with. Some we plan for, hoping we never have to use those plans. Other plans we know will be used eventually. (they say the human condition is 100% fatal).

I help people plan for transitions before they happen, and help other people deal with the stress of a transition as it is it happening. Without enough preparation, there is always greater stress and expense, and the result of the transition is not always what the person expected.

I enjoy helping clients plan and gain real peace of mind. It's much more difficult to see my clients struggling through a difficult situation that could have been much easier with proper planning beforehand.

-David Otis Edwards

Springfieldmoms.org - KidSafe Legal Plan

2009-05-16T16:17:00.003-05:00

I'm glad to announce that Edwards Group LLC (and specifically our KidSafe Legal Plan) has been chosen as a Mom's Choice and will be listed on http://www.springfieldmoms.org/ beginning in June.

Stay tuned for more info about the KidSafe Legal Plan and my new free report to be released in conjunction with the Mom's choice launch -- "Naming Guardians for your Kids: 11 Easy to Understand Facts That Every Parent Should Know"

-David Otis Edwards

Moms only - review my new free report re: protecting your kids?

2009-05-13T22:21:00.002-05:00

I am finalizing a free report for moms (and dads) that discusses naming guardians. I wanted to give some guidance to this difficult process so I created this report:

Naming Guardians for your Kids: 11 Easy to Understand Facts that Every Parent Should Know

In a couple weeks this will be available for download from my website. But for now, I wanted to see if there are any moms out there who want to get a preview of it and give me some feedback about how I can make it better. (and if you twist my arm, maybe I'll let a dad review it)

Interested in helping me out? Shoot me an email at david@edwardsgroupllc.com and I will send you the report. But remember, if you ask for the preview, you are promising to give me some constructive feedback on it.

David Otis Edwards

What to say at a funeral

2009-05-07T11:30:00.011-05:00

Today I promise not to give any legal advice or tell any cute stories about how important estate planning is. Instead, I wanted to share a couple things from a conference I attended last week in Indianapolis with the National Network of Estate Planning Attorneys.

JOKE OF THE DAY

Did you hear about the 2 cannibals having dinner? They were eating a clown and one turned to the other and said “do you taste something funny?” [ok, you can groan now]

WHAT TO SAY AT A FUNERAL

As you go through the receiving line at a funeral, visitation, or wake, do you know what to say? One of the conference speakers, Amy Florian, gave some great advice.

As you come up to the widow, don’t say something generic like “I’m so sorry” or “my condolences”. If so, she’ll never remember you came by. Instead, here’s what to do:

1. Shake her hand but then take her hand in both of yours.

2. Introduce yourself. (don’t make her remember who you are, even if she has known you for years)

3. Express your shock at what happened. “I can’t believe he’s gone.”

4. Tell her you can’t imagine how she feels. “I can’t imagine what you are going through, to
lose him after all these years.”

5. Share a memory. “One thing I remember about Dave was his great smile. He could light up a room!”

Here some more ideas about how to be a friend to a grieving person later, after the funeral.

Ask her to tell the story of what happened, how he died. Telling that story is important.

Ask “What do you wish people knew about what you’re going through?”

Ask “How do you wish people would treat you right now?”

Never say “I know how you feel.” If you have experienced something similar, then tell a little about that and how you felt, and then say: “Is it like that for you? Or how is it different?"

YOUR THOUGHTS?

I would love to hear your thoughts on some of these things, especially those of you who have lived through the tragedy of losing loved ones close to you. Was the speaker on track with her comments?

-David Otis Edwards, Springfield, Illinois

helping families identify and protect what is most important to them

david@edwardsgroupllc.com

nursing home - 5 ways to pay for it

2009-05-02T15:58:00.006-05:00

How will you (or your parents or grandparents) pay for a nursing home? People work hard their whole lives saving money, living frugally, hoping to pass something on to their kids and grandkids. Then reality sets in as age and health issues force that money to be used for healthcare instead.

Maybe you have wondered, “What are the options for my family to pay for nursing and long term care costs?”

There are 5 basic ways to handle it.

1. Stay at home without outside help. As long as one spouse is healthy, this works fine. But too often I see the caregiver spouse start having health issues, possibly brought on by the stress of 24-hour care for their loved one.

2. Move in with family and avoid the expense altogether. Just tell them to get your room ready, you’re on your way! This option works great for some families, not so great for others. And it’s not just the younger generation that has the concerns. Often, my older clients say they don’t want to be a burden to their kids or put stress on them. Plus, there are some health concerns that are just beyond what a family can handle at home on their own.

3. Spend your life savings, either on nursing help at home or in a facility.

4. Let the government pay for it. Too many times, I have heard people say, “I’ll give all my stuff to my kids and let the government pay for my nursing home.” Unfortunately, there are some kinks in this plan.

If you give your money away, you really have to give it AWAY. This means your kids can waste it all, the money can be exposed if your child gets divorced, or can be at risk if they have financial problems such as getting sued, having a downturn in business or getting laid off.

You can’t just give all your money away and then apply for Medicaid to get the government to pay for your nursing care. If you give assets away, it will impact your application if you apply within 5 years after the gift (5 years according to federal law - Illinois is still at 3 year "look back" because they are late in complying with the federal requirement).

Even if you get on Medicaid, you have limited options. The government won’t pay for home care and only pays for the bare minimum of care in a nursing home that may not have been your first choice. I’m sure it’s no surprise that the nicest nursing homes don’t take government aid, they only take private payments.

5. Buy long term care insurance. If you need long term care, whose money would you rather spend? The insurance company’s or yours (which was intended to be your kid’s inheritance)? Plus, certain long term care policies allow you to use the funds to hire help at home, so you can avoid a nursing home altogether. In addition, many people are exploring hybrid long term care benefits, where they purchase an annuity or life insurance policy that can be accessed for nursing costs if necessary.

If you are concerned about long term care issues, we can help. Your first step is to contact our Client Coordinator, Lynn Hanson (217-726-9200 or lynn@edwardsgroupllc.com), who can schedule a phone conference with me. During that phone call, we will determine whether it makes sense for your family to complete an Asset Protection Review that will give you a snapshot of what assets you have that are exposed based on your precise living arrangements, income, marital status, and health concerns. Based on that snapshot, there may be legal strategies that can help.

This blog post is boring

2009-04-27T12:18:00.002-05:00

Boring is defined as "so lacking in interest as to cause mental weariness."

Well, hopefully this post is not really boring, but I wanted to make a point. I have a theory that most of the estate planning information being said or written by attorneys out there is BORING.

And by boring, I don't mean it is wrong or not important. But I do mean that it doesn't talk about the things that matter to you. Why is that? I think it's because many attorneys have forgotten what their job is and what your job is. If it were the attorney's job just to write down what you tell them (basically a scrivener), then you would need to understand all the technical aspects of tax law, probate, asset protection, etc.

The IRS Code - is that why you plan your estate, to learn tax law? When you go to a doctor because you are sick, do you want an anatomy lesson or a discussion of the latest medical journals? No, you just want to get well.

I have found that estate planning works best when I have a job to do and my clients have a job to do. What is the client's job? To tell me about their family, their dreams, concerns, fears, how they want to live their life and how they want to be remembered. It's my job to guide them through some options to clarify their goals. Once we decide the goals, it is my job to use legal and tax strategies to accomplish those goals.

Am I Your Type?

2009-04-23T13:50:00.007-05:00

There are 4 types of estate planning:

Do nothing. Let others sort it out later.

Do it yourself. Get a form and fill in the blanks. How hard can it be?

Use a document-driven attorney. Pay lots of money for a fancier form that someone else fills out for you.

Use a counseling-oriented attorney. Build a lifelong relationship with someone you can trust... someone who also knows your other family members, understands your family values and collaborates with your other advisors (tax, financial, banking, insurance). Work with this person over time to create a personalized plan that is always up to date. Experience peace of mind knowing you've done everything within your power to protect your loved ones and the things for which you've worked so hard.

So, am I your type?

That's a good question

2009-04-22T13:56:00.003-05:00

I got some great comments and questions about my last post, where I discussed protecting assets for our loved ones. And I thought many of you may be interested in hearing the answer to the most common question.

The question: Do these kinds of issues (risks to an inheritance) only apply to older, wealthier parents with grown kids, or should they be considered by parents with new babies, toddlers, grade school age children?

My opinion - they should be considered by ALL parents. Suppose a newly married couple has that first baby, is still paying off student loans, has a mortgage, getting started in a career - what do they have to leave that baby if something happens to them? Well, hopefully they will have a nice size life insurance policy to help raise the child and provide an education, get her or him started in life. So I guess I would break it down to 2 questions:

1. Have you provided enough funds to raise your children if a tragedy happened? (through life insurance, if necessary). If not, call your financial advisor or insurance agent ASAP to get more life insurance coverage. (when parents are young and healthy, even a $1 million policy or much more is very affordable for most parents)

2. Now, thinking of the funds being left through the life insurance , do you want that money exposed to all the risks I talked about in the newsletter? Regardless of whether the funds come from life insurance or other assets, the risks are the same.

So, everyone, new parents and older parents alike, please consider those risks in making your estate plan, so your family is protected. Thanks to those who asked a very good question!

Protecting Your Family Like an NFL Lineman

2009-04-20T10:06:00.001-05:00

The other day I had a chance to speak at the Rotary Club. My topic, like the article "How (and Why) Athletes Go Broke" in the latest issue of Sports Illustrated, was about protecting the money you've worked so hard for. There are many ways your spouse, children or grandchildren could end up losing what was so important for you to leave behind. I know you can't imagine your loved ones blowing your hard earned money (or maybe you can), but sometimes it happens in the blink of an eye. What are some of the risks to an inheritance?

Lawsuits The SI article is riddled with stories of lawsuits. Though it may not be something you think about, imagine your spouse, devastated by your recent death, running a red light and causing an accident involving a school bus. In an instant, all that you worked so hard for could be given away by the courts to the injured parties leaving nothing to care for your family in your absence.

Divorce One NFL owner was once asked by one of his players what the most dangerous thing to happen to them financially could be. His answer: Divorce. Many players, who marry their hometown sweetheart, can never imagine a divorce in their future. Even if your son has married the sweetest girl in the world, there is no way to see what the future holds. Would you be OK giving half your hard earned money to her if they end up getting divorced a few years after you pass away? It happens regularly when people don't plan ahead.

Remarriage If you die, and your spouse remarries, do you mind if part of the money you left is split with the new spouse, or even later left to the new spouse's kids? This could either be a gold-digger (or "bimbo" as some of my clients like to say) or a stand up, class-act new spouse. But either way, without planning, there is a risk those assets will end up where you did not intend. Your children could even lose access to the money they would need for college.

Wild Spending Lots of quick money means a happy life, right? Well, that's not what the stats show. Quick money (winning the lottery, getting an inheritance, or multi-million dollar NFL contract) can lead to wild spending, divorce and bankruptcy. If your children end up with large assets at the young age of 20, they could quickly blow it like any upstart professional athlete. If someone isn't prepared to manage the money, the money will manage them. You've worked hard so your kids will be ok without you, but will they really be better off with a large sum of money that has no safeguards?

Nobody likes to think about these difficult issues, but with proper planning these assets can be protected and your loved ones will be protected - even if you can't be around to do it.

What are you proud of?

2009-04-08T21:40:00.005-05:00

Do you ever feel pretty proud of yourself? Kind of interesting the stuff that we get proud of. Here are some of the things I have been proud of lately:

1. stopped drinking diet soda. Used to drink it all the time, for years, but my mom kept telling me it would give me cancer eventually. Finally I decided it can't be good for me, all that fake sugar. So I stopped. I forget when it was exactly. I think it was over a year ago. Since then, I can count on one hand the times I drank diet soda.

2. I ran a 5k. Actually finished it in 30 minutes. I think I may have come up with a new exercise program. Run a 5k every month and do nothing in between. I may do another 5k this Saturday, but I actually have run a little bit since the last 5k a month ago. But that last one was my first organized race ever. I liked it. Plus I got a free t-shirt.

3. I'm almost done with a Lyndon Johnson biography by Robert Dallek , part of my lifelong quest of reading a biography about every president. For some reason, this one has been tough sledding. But I only have about 100 pages to go. I'm proud of myself now, and will be even prouder when I'm done. Then I think I will next read the Nixon biography by Stephen Ambrose. (I'm a big Ambrose fan.)

Then I kept thinking about this stuff. Is this the stuff I want to be remembered for when I'm dead and gone? Strange how small things seem worth some pride even if it's not anything of real eternal significance. How do you want to be remembered? What do you want your friends and family to say about you? What kind of son, husband, father, brother, friend, boss, employee, or neighbor do you want to be known as?

Ok, gotta go. Need to knock out a few more pages of that LBJ biography before bed...

I come from a people who...

2009-03-05T09:23:00.008-06:00

I am sitting here at Springfield Clinic getting a bunch of allergy shots. 27 shots, 3 at a time, every 15 minutes (and on my birthday, even). What better time to post to my blog?

Who do you act like? In my work with estate clients, I get to hear about the legacy that came before them and the legacy they want to leave to their kids and grandkids. Those who came before us play a big part in who we are. Who do you act like in your family?

People say I act a lot like my granddad, Arthur Bitzer. He passed away when I was 26 years old. I can see the resemblance.

We were both very curious. When the nurse was in here a minute ago, she had the pulse oxygen thing on my finger. (how in the world does that thing work?) And I was breathing deeply to try to get it up to 100%. I did it! Once, when my grandad was in the hospital, he was moving his arms and legs to get his heart rate up to make the monitors change. Nurses ran in, only to find out he was doing it on purpose!

We want things to be efficient. In fact, we both, independently, used to do the same thing with the microwave. In order to save a few nanoseconds, we would cook something for 11 seconds instead of 10, or 2 minutes 22 seconds, instead of 2 minutes. Didn't have to move the finger to another button that way.

We like to analyze things. For instance, if my grandad was watching a high school graduation, he would time how long it took to give out 5 diplomas. Then he would do the math and figure out how long it would take to get all 200 graduates through the line. I've been known to do that kind of thing myself.

My grandparents, Arthur and Marjorie Bitzer, played a big part in my legacy. They wanted to play a part in getting me started in my legal career, so years ago they paid my fee for the law school admission test, fee to apply to law school, and fee to apply for admission to the bar. They didn't get to see me in private practice, since they both passed away in 1996 while I was clerking for an Illinois Supreme Court justice. (They never spent an anniversary apart, after being married 64 years). But on my desk at Edwards Group LLC, I have a glass box with my granddad's initials on it, AMB. It used to sit on his desk at the car dealership that he owned in Salem, Illinois - Bitzer Auto Sales.

Anyway, who has made an impact on your life and legacy? How would you answer this question:

"I come from a people who..."

Can you speak the language?

2009-03-04T19:40:00.002-06:00

Part of feeling connected to a family, school, part of the country, etc. is the language we use. Our family (both my extended family, as well as Michelle, Bailey, and I) has all kinds of sayings for all kinds of situations. Once a year there is a day where I can use one particular saying.

"Did you know that today is the only day of the year that gives a command?"

March 4th!

My dad said it for years and now I say it. What sayings does your family have? I have a bunch of our family's sayings listed on my info page on Facebook. There are tons more I plan to add to facebook, but I can't remember them all when I sit down to type them. Although when certain situations come up, I just come out with them, like my brain is hard wired. It is one of the joys of following a legacy from those who have gone before. That I can pass down stories and sayings from my parents and grandparents.

I would love to hear some of your family sayings. Leave a comment on this blog, on facebook, or send an email to david@edwardsgroupllc.com.

Offensive Content

2009-03-03T22:34:00.002-06:00

Days without an offensive blogging injury: 3

Blogging is all new to me. I have doing the facebook/twitter thing for a year or so, but to do a full blog post that lives on is brand new.

And it got me thinking - what are the odds that, eventually, I will write something that will offend someone or sound stupid? I figure probably close to 100%.

Are you remarkable?

Today I was listening to more of the Duct Tape Marketing podcast with Seth Godin. And he was talking about being remarkable. No one talks about people or businesses who are average.

According to Godin, most businesses work very hard at being average and boring. Deep down, they try to be unremarkable because being different may mean someone makes fun of them or somehow doesn't like it. At least that's what it meant when we were kids. The different kid was made fun of. So, to build a remarkable business requires someone to go against that natural inclination, to be willing to stand out. And risk ridicule.

Well, I want to make a remarkable impact on my clients and their families. So, offensiveness, here I come!

When things get messed up

2009-03-02T18:32:00.003-06:00

This afternoon, I hosted a roomful of financial professionals for a webinar. Where we all face forward, listening to a voice through speakers sitting in some other state and looking at a screen with a powerpoint presentation. And it was really great. Great content and a great group of professionals I respect.

Then it happened. The webcast audio just went out. Then the video. What now? Well, I didn't have any jokes prepared and no one wanted to watch Elmo in Grouchland (left over from Bailey's visit to daddy's office a week or so ago), so we all chatted, ate some cookies, then confirmed that the webinar was out because the presenter's internet went out. A little more chatting, then everyone headed out, back to their offices.

So what do you do when things don't go right?

I'm strung a little tight so I have been known to let my frustration level get a bit high. (See yesterday's post on my leather chair.) My wife can tell you the story about how I walked out of Panera because they were out of bagels. Also walked out of Baker's Square once because they refused to serve the pies in the case (instead were holding them for the holiday the next day).

But, anyway, today I was fine with it all. Disappointed, yes. But not over the top frustrated. I had my perspective today. My goal wasn't to present a flawless webinar, but to get a chance to learn and collaborate with great professionals who care about the clients as much as I do. Some I have known for months, some for years. And today was just one more step in a journey I am taking with them to serve clients together.

Tomorrow I may walk out of another restaurant. But today, I am at peace.

Every blog needs a first post

2009-03-01T23:41:00.001-06:00

I was listening to Seth Godin being interviewed on a Duct Tape Marketing podcast this weekend. And he said everyone should have a blog. He said doesn't even matter if anyone reads it. Just the act of trying to write something coherent every day is an exercise of personal growth. So I guess that means it's time for me to do a first post. A story from my life. Here's the story.

I don't meet with clients in my personal office, but in one of our conference rooms. So instead of the client chairs some attorneys have in their office, I decided to get a leather chair and ottoman so I can sit, relax, and think deep thoughts. I had 2 open houses scheduled for our new firm, one for financial advisors on Feb. 12 and another general open house Feb. 17. So I thought - let's get the chair before the open houses. So my wife, Michelle, and I went to a local furniture store with my brother Jay's borrowed mini-van (with seats out). Ready to buy a chair and take it back to my office that day.

Well, found a chair we liked and bought it. But they don't keep inventory so it was to be 7-10 business days. Disappointment #1. So, time passes. Both open houses come and go. More than 10 business days pass, probably about 15 business days. They're late. Disappointment #2. Then, the call comes. "Your order is in, all of the pieces, ready to be picked up". Great!

So, Friday past I borrowed a pick up truck from my friend Julie and went to pick up the chair. I could already see myself sinking into it. Planned to go to Lowe's to get a floor lamp to go with it. Get to furniture store. No one is around, like a ghost town. I wonder into the back warehouse area. Someone helps me, they look it up on the computer. "yes, I see your ottoman is in, but your chair is not here yet". ok, another disappointment. strike three.

So I go back into main store and find the missing salesperson. Asked them to check again. Is the chair really here, or was the phone call a mistake? Checked computer again, yes the phone call was a mistake. We're so sorry.

This is where I had just had had enough. "I think I would just like to have my money back. Forget the whole thing." And they did it, credited my credit card right there.

what happened here?
1. I liked the chair, was fine with the price, etc.
2. As I sit here typing this, I still want a chair, still a blank spot in my office for a chair. I wish I had a chair right this second, in fact.
3. despite #1 and #2, i had reached my limit and pulled the plug on the whole thing.

Kind of like noise-cancelling headphones - poor delivery, failed promises, and missed expectations can blow up a sale, despite all the "real" stuff being right on the money. so, does anyone have a leather chair they want to sell me?

Welcome!

2009-01-13T14:40:00.000-06:00

Greetings! Welcome to the Edwards Group, LLC, blog.