Your Guide to Gift and Estate Planning

If you've put off writing your will or estate plan, you're not alone. Let's face it, estate planning is a chore. But, like paying bills or cleaning the house, it's a task that, once completed, feels great. Getting started is often the most difficult part, so here's a simple plan to help you begin.

1. Tally Your Assets
The first step in creating your estate plan is the preparation of an inventory of personal data. You should include the following:

• A list of your assets that shows current value as well as title (whether held in your name, jointly or, in certain states, as community property)
• If you are married, a list of your spouse's assets
• Data about any debts and other liabilities
• A list of life insurance policies that indicates the insured, the owner and the beneficiary of each
• Details about deferred compensation, such as from a 401(k), including who you have named as your beneficiary
• Names of your intended estate beneficiaries, including relatives and charitable organizations, such as your favorite charitable organizations
• The location of your will, securities and other valuable papers

2. Make a Better Will
An up-to-date will serves as the bedrock of your estate plan by expressing your current intentions and creating tax-saving opportunities. If you do not have a will, state law will divide your estate according to a rigid formula that's unlikely to reflect your wishes.

3. Pick Your Team

• Executor. This is the person you name to carry out the terms of your will. Choose someone who will be comfortable dealing with your finances and investments, taxes and record keeping. Also consider this person's availability, general health and diplomacy.
• Guardian. If you have minor children, you should name a guardian of each child and each child's property in case your spouse doesn't qualify or doesn't survive you. Otherwise, the court must appoint someone and you may not approve of the choice.
• Agent for durable power of attorney. Choose someone to act on your behalf in financial matters if you become unable to manage your own affairs.
• Agent for health care power of attorney. This person makes healthcare decisions on your behalf if you are unable to make them.

4. Lower Estate Taxes
Your estate planning professional will undoubtedly suggest important ways to avoid paying unnecessary taxes during your lifetime and at death. Contributions to charitable organizations such as charitable nonprofits are particularly effective ways of reducing your taxes and furthering our mission at the same time. Your estate gets a deduction right off the top for bequests left to us.

Please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

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