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When you leave the office of Nash Bean Ford & Brown after creating your personalized estate plan, you’ll receive several documents that you’re told to put in a safe location. Understanding the nuances of these documents can be tricky, with legalese and formatting, as well as all the fine details included in them. So here, we’ve explained a few of the basic ones you may walk away with. Last Will and Testament, or Trust No one likes to consider a world without themselves in it. However, planning for that inescapable end can bring peace and comfort not only to you, but also your family members once you’re gone. Many people start their estate planning with the drafting of a will. A will is a legally binding document that allows you to have control over who and how your assets are distributed when you pass away. There is a process to the distribution of your valuables called probate. This process is often time-consuming and expensive. A trust allows an appointed person to take care of designated property, including money, assets, real estate, businesses, and anything else of value that you specify. This is helpful if you have younger children who may not be ready to take responsibility for those assets yet. Having a trust also helps you avoid the lengthy process of probate. There are many kinds of trusts which can be individualized to your specific life and goals. Property Power of Attorney A Property POA helps define who and how your financial property is taken care of if you were to become incapacitated or couldn’t take care of things for some reason. There are different kinds, including durable and limited. Which one is better for you will depend upon your preferences and assets, so we suggest consulting with an expert. Healthcare Power of Attorney A Healthcare POA helps define what you’d like to see happen medically once you are unable to make decisions coherently anymore. This document ensures that the agent you choose to represent you will respect your legal wishes on how you’d like to be cared for. Having these tough talks can be grueling but allowing someone to help guide you can make the process feel less scary. Living Will A Living Will document goes more specifically into the decisions you’d like made regarding long-term care, end-of-life care, medical procedures, and other end-of-life matters. This brings up some difficult conversations but can be made easier with guidance. Advanced Healthcare Directive Another document often included in Healthcare Directives is the HIPAA authorization, which stands for Health Insurance Portability and Accountability Act. This law requires your signature for anyone to view your medical records. All of these documents safeguard the life values and legacy you hope to pass on, so consulting with a professional on which documents are best suited for you is highly recommended. Reach out to us at Nash Bean Ford & Brown to set up a free consultation! Written by Valerie Kline Marketing Coordinator and Office Assistant Nash Bean Ford & Brown, LLP Attorneys and Counselors at Law • Est 1857 Resources Estate Planning Guide and Checklist for 2024 (ncoa.org) 4 essential estate planning documents | LegalZoom

Most living trusts (also known as revocable or grantor trusts) have two administrative phases. In the first phase, you administer the trust. In the second phase, after your death, the named trustee takes over its administration. In this way, the trust is a contractual relationship established between you and the trustee who is charged with managing it. The legal processes the trustee faces can be complicated. Failure to administer correctly can expose the trustee to liability for damages to your estate. Common trustee tasks include notifying beneficiaries, compiling and providing inventories of trust assets, and listing all assets titled in the trust's name with each asset's market value. To assist your future trustee, take these important steps when setting up your living trust: Fund your trust. Ensure that your trust is funded by transferring ownership of your assets from your name to the trust's name. Assets still titled in your name at the time of your death will have to be probated. Name a beneficiary. A viable trust agreement requires at least one beneficiary. Should a beneficiary pass away or become incapacitated after the trust's creation, you must amend the trust accordingly. Without updates, the trustee might need court direction. Protect beneficiaries. Draft your trust to shield beneficiaries from lawsuits or divorce. This can help safeguard assets from creditors or divorce proceedings that may affect your children or grandchildren. Choose a trustworthy trustee. Select a trustee you trust to follow your wishes and fulfill their fiduciary responsibilities faithfully. It's also important to designate at least one successor trustee. The initial trustee may prove unsuitable or otherwise unable to do the job. Having an alternative ready will smooth the process for all involved. Document the trust. It's crucial to have your trust in writing. Oral agreements, even among family and friends, are not legally binding, particularly for trusts involving real property. Provide specific directions. Clearly state the conditions under which distributions should be made to beneficiaries or on their behalf. If the trustee has discretion over distributions, misunderstandings and disputes can arise, with beneficiaries potentially believing they are entitled to distributions that the trustee deems inappropriate. Include a pour-over provision in your will. Incorporate this clause into your will to ensure any remaining assets transfer to your trust upon your death. Without it, assets not already in the trust will need to go through probate, potentially leading to improper distribution. Regularly review your trust. Annually review your trust to ensure its terms still reflect your estate planning goals and adjust as necessary. The difference between trusts and wills Trusts and wills are both legal documents that convey how to distribute your assets after your death, but they differ in when they take effect, whether the assets will go through probate, who manages your assets and when assets will be distributed. Like a will, the validity of a trust can be challenged on various grounds — due execution, lack of capacity, undue influence, fraud and duress. It's also not uncommon for beneficiaries to allege that a trustee hasn't properly handled trust assets, has failed to properly maintain trust property or hasn't communicated adequately. Because trustee duties are so complicated and the stakes for failing to properly administer a trust are so high, it is a good idea to consult with a trust lawyer when drafting a living trust. 

Walk to End Alzheimer's® is the largest event to raise funds and awareness for the care, support and research efforts of the Alzheimer’s Association®. It’s held annually in more than 600 communities nationwide, and our team is excited to participate this year. Nash Bean Ford & Brown, LLP, holds this cause close to our heart, as our clients and their families are often impacted by this devastating disease. As the world's largest nonprofit funder of Alzheimer's research, the Alzheimer's Association is committed to accelerating the global effort to eliminate Alzheimer's and all other dementia. They have undertaken a multitude of diverse research initiatives working toward methods of treatment, prevention and, ultimately, a cure. Some of their initiatives include funding independent researchers worldwide, connecting researchers by hosting global forums, collaborating with government, industry, and academic stakeholders, creating guidelines for clinical trials that prioritize patient safety and communication, advocating for Alzheimer awareness, and more. Currently, more than 6 million Americans are living with Alzheimer's and over 11 million family and friends provide their unpaid care. We need your help to end this devastating disease. You can make an impact with a donation or even joining our team. Your kindness and generosity truly make a difference in the fight against Alzheimer’s and all other dementia. Thank you for your support! Click HERE to donate or join our team! For more information on the Alzheimer's Association and their commitment to research, visit their website: Our Commitment to Global Research | Alzheimer's Association .

Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you don't want your children to realize how much they may receive after your death. Or maybe you think your choice of heirs could change in the future. However, if you don't discuss your estate plans, disagreements and conflicts could erupt once the details are revealed. For instance, after your death, siblings may resent each other if distributions aren't equal, even if one child is substantially less financially secure than the others. Or, if you're remarried, children from your first marriage may feel anger about assets you leave to your second spouse. At that time, you won't be able to explain your thoughts and wishes regarding the distribution of your assets. Discussing your estate plans gives you an opportunity to inform heirs about the distribution of your estate and explain why you decided to handle matters in a certain way. You can go into specific detail, informing heirs how each asset will be distributed or you can give a general overview of your estate plan. If you've selected one heir as executor, explain why you chose that individual. As an alternative, you can leave a personal letter with your estate planning documents explaining these items. Even if you reveal your plans to heirs, you may still want to include a personal letter with information about benefits, special wishes, who should receive personal effects, your cemetery and funeral preferences and the location of important documents. At a minimum, specify where to find: Income tax returns. Life insurance policies. Other insurance policies. Investment details. A list of household contents. Outstanding loan documentation. Automobile titles. Important warranties and receipts. Bank account information. Credit card details. Information about your home. This letter will help your heirs identify all assets and benefits and avoid speculation about your wishes. Preparing the letter will also force you to organize your records and make sure all important documents can be easily located. Since the information is likely to change, review the letter at least annually. Your Children's Estate Plans If you have a sizable estate that you'll be leaving to your adult children, your children probably need estate plans of their own. To encourage them to plan, consider these tips: Explain why estate planning is important. You don't want to dictate what they should do, just emphasize the need for estate planning. When your children encounter major life events, such as marriage, divorce or a child's birth, remind them to review their estate plans. Coordinate estate planning across generations. If you have a substantial estate, you may want to coordinate your planning efforts with your children's plans. For instance, if your children also have substantial estates, they may prefer that their inheritance be distributed to your grandchildren instead. A coordinated effort can help minimize taxes. Encourage your children to get important estate planning documents in place, such as a will, an advanced health care directive or a power of attorney.

No one likes to think about estate planning, but it’s important for adults of any age to have their affairs in order, especially if you have family or loved ones. As the old saying goes, “hope for the best, prepare for the worst.” Here are just a few stress-free tips to help you plan your estate. Involve your loved ones They may not like the conversation, but it’s necessary to make your requests known to your family and allow them the opportunity to input their wishes, also. Explaining your plan to your family may potentially lessen their burden when it’s time for them to make tough decisions. Start early It’s better to have a plan and not need it, than it is to leave your family unprepared should anything unfortunate happen. Even if you’re earning an entry level salary or paying off debts, it’s still important to make your wishes known. This is particularly vital if you are married or have young children. Meet with an estate planning professional When you meet with an estate planning professional, you’ll work out all of the finer details. Do your research ahead of time (learn the difference between a will and a trust, for example), so you can come up with a comprehensive list of questions for the attorney. They will walk you through the necessary components of an estate plan and make sure your plan is compliant with the law. Update your estate plan annually Your life can change dramatically in the course of a few years. Make sure your will is up-to-date and accurately reflects your wishes. Most professionals recommend updating your estate plan annually so that you can be ready for any of life’s twists and turns. Regardless of your age, it’s important to plan ahead and spare your family the hard decisions involved in handling your affairs. Call Nash Bean Ford & Brown, LLP to start planning today, and protect yourself and your loved ones.

Before you retire, one of the first things to ask yourself is if you should even move at all. If where you live now is affordable, close to family and friends, and provides access to the activities you enjoy, then staying in the community you are familiar with may be the best move. Another reason for staying close by is if you are living mortgage-free. In this scenario, consider staying local but downsizing to reduce the cost of utility, maintenance and repair bills. If you have decided that moving is right for you, then the next question to ask is where to retire to. This decision will have a major impact on your financial situation and quality of life, and all factors should be carefully thought out. Here are some criteria to help you find the right retirement spot for you: Cost of living According to some estimates, you can expect to spend between 55% and 80% of your current income in retirement. Low housing costs are a major part of the equation. Once you are on a fixed income, you will want to stretch your retirement budget as much as possible. You may have your heart set on retiring to a Hawaiian island, but be aware that Hawaii is one of the most expensive places to live in the country, as are New York, California, Oregon and Massachusetts. More affordable states include Mississippi, Oklahoma, Arkansas, Missouri and Tennessee. Quality of life Experts encourage retirees to choose destinations that have quality hospitals and assisted living facilities, adult day services, and ample wellness and fitness opportunities. Places with thriving economies should also be considered in case your financial situation changes and you need to find a job. Many retirees are finding the amenities offered by college towns to be a real draw. These towns usually have excellent cultural, recreational and educational resources. Some colleges even offer classes to senior scholars free of charge or for a minimal fee. Tax environment Don't be fooled here. Some states look very inviting because they don't have an income tax, so it looks like a free ride. But every state has to raise money one way or another, and if the taxes don't come from income, they'll come from somewhere else. Naturally, you'll want to consider your new tax environment and your financial situation generally. However, your best bet is to talk to a financial professional who is well versed in state and local laws. Summers and winters Think about the climate, particularly if you live in a region that receives cold and rainy weather for a good part of the year. The warmer Southern climes may be attractive to you. If you enjoy sports and outdoor activities, consider a locale where you can play golf or fish all year round to keep you fit. Of course, many places with warm winters can have blistering summers. Travel plans Depending on how far away you settle from your family, you will need either a reliable car for shorter distances or a nearby airport to take you longer distances. The airport should be accessible so that your family can come to visit without too much stress. Start with a trial run by spending several weeks living in a locale before relocating. A trial run will help you decide whether the location is a fit for you in terms of your expectations. Living in a home in the community is vastly different from vacationing in a hotel there. When you rent a home in the area, you will need to carry on all the activities of everyday life, such as grocery shopping, finding restaurants and interacting with people who live in the community. The idea is to immerse yourself in the lifestyle to see if it's right for you. Once you go back home, subscribe to local media to keep up to date on the latest happenings in the area.  Retirement is a time when you must make important decisions in order to successfully transition into this next stage of life. Contact a financial adviser for their expertise and experience in guiding you through this exciting time.

How do you approach a conversation with your parents about estate planning? For sure, you don't want to nag or become a nuisance, creating suspicions about your motives. By being open and honest about your concerns, you can allay their fears that this is only about interest in their money. Talk about the opportunities they wish they had as children that they'd want their kids and grandkids to have — the stories or lessons they want their heirs to hear and advice about finances they want to pass down. Your parents understand their estate, so during your chat, ask them whether they have a list of names and contact information for doctors, attorneys, financial planners and accountants, insurance brokers, clergy and their closest friends. Take care of the paperwork Is there an existing will, and if so, is it up to date? Is it still a true reflection of your parents' wishes? Let them know it would be good to establish where they keep their will or trust and find out who they've appointed as the executor. Did your folks create an online will? Let them know it's a good idea to have it reviewed by an attorney. Bring up the topic of power of attorney should they become incapacitated. Mentioning their end-of-life wishes, though an uncomfortable topic, lets them have a voice regarding any of those decisions. You might want to obtain the relevant forms from an elder law attorney, a hospital or a nursing home. A medical or advance directive explains the sort of care they'd like and whether life support should be used to keep them alive. Open the subject of appointing a health care proxy. Tell them about creating a living will that contains instructions for specific conditions, such as terminal illness, or a more explicit directive about a physician's orders for life-sustaining treatment. Ask about life insurance. Is there long-term or disability insurance or burial or funeral insurance? Find out the names and contact details of insurance brokers and where your parents keep the documents, and make certified copies if needed. While discussing where to locate documents, find out where your parents' tax return paperwork is also stored. Documents are important in estate planning, so making a list of financial accounts — e.g., bank and mutual funds, credit cards, store accounts — will help you. Also, ask them whether they are organ donors. What about a memorial service? Do they want to be buried, cremated or have their remains laid to rest in an alternative way? Work with everyone Invite other siblings and family members — new spouses, stepchildren and maybe even former spouses — to be part of the conversation. Gently point out that when you don't have conversations about scenarios and legal delegations of decision-making authority, default rules from state law take over that may not reflect their wishes. Note to your folks that not having their own desires properly documented may result in you and their other heirs having to engage in expensive and time-consuming court processes.  Talking about death invokes difficult feelings, and it's understandable that you don't want to think about your parents' mortality. You certainly don't want your dear relatives to think that you're waiting for them to die — or trying to grab the biggest piece of the inheritance pie. Having a plan to care for their money and property makes it possible to talk about their legacy and about them having a voice regarding their end of life. Let your parents know that building a legacy through their children and grandchildren will establish a foundation for estate planning. And showing them that you are there to do what you can to ensure their wishes are honored will go a long way in allaying their fears.

Estate and inheritance taxes are both types of taxes levied on the transfer of property at death, but they operate differently: An estate tax is levied on the estate of the deceased while an inheritance tax is levied on the heirs of the deceased. There is a federal estate tax, which generally affects only the wealthiest Americans. The federal government does not levy an inheritance tax. However, in 2023, 12 states and the District of Columbia levied an estate tax, six states levied an inheritance tax, and one state (Maryland) levied both. That said, estate and inheritance taxes do not come into play when assets are left to a spouse who is a U.S. citizen. State estate taxes usually are higher than inheritance taxes, and they can impact families in unexpected ways. However, they generally come into play if the taxpayer considers one of these states their permanent home or if they have property there. This means that many taxpayers can unexpectedly find themselves owing thousands of dollars, especially when they inherit real estate that has appreciated over the years since it was originally purchased. Consider this statistic: According to the U.S. Bureau of Labor Statistics, prices for housing are 936.78% higher in 2023 versus 1967 (a $936,779.24 difference in value). You need to be proactive. So, what can be done to prevent this from happening? Know the tax estate and inheritance tax thresholds in your state. These rates can change for various reasons. For example, the inheritance tax rate may vary according to the heir's relationship to the decedent or the rate may be adjusted for inflation, effectively lowering the amount of the tax. In most states, estate taxes are progressive: The tax rate increases with the total value of the decedent's assets, but two states have flat estate taxes with a single tax rate. The highest top rates in the nation range from 16% to 20%. In addition, all states prevent smaller estates from being subject to these taxes by allowing certain exemptions from their estate tax. The lowest exemption is $1 million, and the highest exemption is $12.92 million. Taxpayers who have estates near those limits can consider giving away assets to reduce the value of their estates. Alternatively, they could include a clause in their will stipulating that any amount over the exemption amount should be given to charity. Be aware that: You may be liable for estate taxes even if you live in another state. The determination is made based on where the property is located. In some circumstances, it may make sense to relocate to a state that does not impose estate or inheritance taxes. In many states, married couples must create an irrevocable trust (e.g., a credit shelter trust) to take full advantage of the exemption amounts for both spouses. Similarly, living trusts, irrevocable trusts, grantor retained annuity trusts, and certain other trusts can be set up for children and other beneficiaries. Irrevocable trusts allow property to pass without an official property transfer, thus avoiding taxation. These trusts need to be part of your estate plan. Cash received as an inheritance is not taxable. However, if the cash later generates income, that income may be taxable. Taxpayers with property, especially real property, located in states with high estate and inheritance tax rates should consult a tax professional to ensure their estate plans are as robust as possible. This is just an introduction, and rules from state to state can change. Be sure to keep in close touch with tax and estate planning advisers to make sure there are no unpleasant surprises.