In this blog post, we tackle three commonly held yet mistaken beliefs regarding estate planning lawyers. Read on to learn more!

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. 

Medical decisions are highly personal choices, and they are relatively easy to make when your mental faculties are still with you. But with the possibility of illnesses that can rob you of your decision-making skills, how do you know that your personal wishes are being considered while family members are calling the shots about your healthcare? Before you are unable to establish these decisions in writing, it is important that you do all you can to protect yourself. Let's take a closer look at some of the most basic options. Living wills. The first step in the process is to make sure you have a living will in place. This document describes all of the things that are most important for you in terms of care when you are unable to make those decisions for yourself. The most basic information includes whether or not you want to be resuscitated or kept on life support. But it can go beyond that as well, up to and including what kind of funeral arrangements you would like. Medical power of attorney . Going hand in hand with the living will is your medical power of attorney. For most people, your spouse will automatically be the individual with whom medical facilities and professionals consult in the event that you cannot make your own decisions. But there may come a time when this is no longer possible. Selecting someone you trust to make these decisions for you can be critical to ensuring that your wishes are met. Advanced directives . In some states, these two things are combined to create a single legal document called an advanced directive. This is why it is important to work with a legal expert to make sure that you are creating and signing the correct information. Direct conversations. Beyond all of the legal documents that will help cement your wishes for the future, it is essential that you begin having conversations with your loved ones long before you have the need for invasive care. It can be uncomfortable, to be sure, but it is necessary. Talk to your spouse, your children, your siblings, or anyone else who may be involved in your long-term care or future medical interventions. Have you considered the planning for your living wills or medical power of attorney? Call the experts who can help you work through this process and provide peace of mind for your future.

Planning for a disabled child takes special consideration, especially in terms of estate planning. To be sure your child is cared for the way you would like, you need to get your affairs in order. By following the steps outlined below and consulting with a qualified professional who can help you design a plan that meets your unique situation, you can be assured your child will be well cared for if you die or become incapacitated. Step 1. Create separate files for yourself, your spouse/partner and your child. Each file should include the following: Birth certificate Social Security card Medicare, Medicaid information Other health and long-term care insurance information Banking information Copies of legal documents such as a will, health care directive and power of attorney Life, automobile and other insurance policies Deeds and mortgage documents Marriage, divorce and death certificates (as relevant) Military service records Titles to real estate, automobiles and other property. Information regarding funeral arrangements. List of bank and brokerage accounts, including account numbers and detailed information about assets and liabilities List of usernames and passwords List of doctors, medications and allergies; details regarding medical history, etc. List of emergency contacts, including contact information for the individual you wish to care for your disabled child as well as the counselors, mental health professionals and others who work with her/him List of professional advisers (e.g., accountant, attorney, financial adviser, insurance broker) Step 2. Write a letter of intent. While a letter of intent is not a binding legal document, it is a valuable road map for outlining the life you would like your child to live. The letter of intent should outline your child's daily, weekly and monthly schedules as well as her/his likes and dislikes. It should also list the child's medications and allergies, etc. In addition, the letter should name the people you would like to be part of your child's life as well as anyone you would like to keep your child away from. The letter of intent should be updated annually and kept with your other estate planning documents. Step 3. Begin the financial planning process. Planning for funding your child's future needs is another important aspect of planning for her/his future. Your personal financial circumstances will dictate your planning, but it is important to consider these items: Government benefits may be an important part of your plan. Be sure to document what and how much the child receives as well as how the funds are used. Other aspects of your financial plan may affect these benefits, so be clear about the parameters you need to work within. Be sure your will names a trustee and a guardian. Create a special needs trust. Once it is created, you can make the trust the beneficiary of your life insurance policy, etc., without impacting her/his government benefits. Establish an Achieving a Better Life Experience account , which is a tax-advantaged savings account for individuals with disabilities and their families.). These contributions generally are not tax deductible for federal tax purposes, but some states allow a deduction. Step 4. Plan for when your child becomes an adult. Children become legal adults when they turn 18. This status comes with responsibilities and privileges such as the right to make their own health and financial decisions. Not all disabled children are able to assume these responsibilities, which makes it important for you to consider options such as legal guardianship or power of attorney. If the child does not consent to your retaining power over her/his decisions, a court may have to decide. This article contains a brief overview of some items that must be considered if you have a disabled child. The goal is to have a plan in place that will ensure your child has the kind of life you wish for her/him in the event you die or become incapacitated. The best thing you, as the child's parent, can do is consult a tax and estate planning professional, like Nash Bean Ford and Brown, LLP, who can help strategize a plan that considers the child's unique issues as well as your financial situation. Give us a call today at 309-944-2188 for more information or to set up your free estate planning consultation!