Estate Planning Basics

Estate planning is critical to everyone, not just to people with estates subject to estate taxes. This section provides you with the necessary information to begin making important decisions about how you want to distribute your assets upon your death and your personal healthcare directives. In addition, this section will give you the steps you can take to make or update your estate plan.

To help you in this process, NCF can provide you with an Estate Organizer in which you can record important information about your assets, your family, your wishes and your planners.

Setting Life’s Priorities

In our discussion with hundreds of Nebraskans and former Nebraskans we have found that most people have three priorities when it comes to estate planning:

1. Future financial security
2. Providing for their families
3. Giving back to hometowns and favorite charitable organizations

Future Financial Security

The most common concern raised by people we meet is whether they will have enough money. No one has a crystal ball to give a definitive answer to this question. However, we have found that qualified financial advisors may help provide guidance to determine how much money you will need in the future. With this information you will be able to address the next two priorities.

Family

“How much is enough for my family?” This is the second most common question asked. Unfortunately there is no one answer that is right for every family. It depends upon many factors. To help you in this area, here are some questions to ask yourself:

Do I want to treat all of my family members equally?
How will an inheritance affect my children?

Another way to help you answer the question of how much is enough is to think of your hometown or favorite charitable organizations as another member of your family and divide your assets accordingly.

Therefore, if you have three children, you would divide your assets four ways instead of three. Then ask yourself, will this reduced inheritance to your family materially affect their lifestyle?

Charity

Once you have defined the first two priorities you are ready to consider how you want to help your hometown and favorite charitable organizations. There are many gift options to consider.

Among the options is one that allows you to benefit your family and charitable interests at the same time. Another option allows you to provide a fixed lifetime income for yourself and a loved one. At the end of your lifetimes the remainder of your gift is used by your hometown or favorite charity.

Depending upon your situation, you may find there is a gift option that will allow you to meet all three priority areas of your life.

As you consider your life’s priorities, we encourage you to seek the advice and counsel of professional advisors. When you are ready to address your charitable interests, contact Jim Gustafson on a no-cost, no-obligation basis at (402) 323-7341 or .(JavaScript must be enabled to view this email address).