The Memories — and Treasures — You Leave Behind

A Guide to Planning Who Gets What After You Are Gone

When you begin the process of creating or updating your estate plans, you will likely spend the bulk of your time on these two points: determining which assets and belongings you have, and then deciding which people and charities will receive these items after your lifetime.

While there is no easy formula for making such personal choices, we have compiled this information to help you along the way. Once you have thought through these considerations, meet with an estate planning attorney who can help you put your plans into action and ensure that your decisions are financially sound.

Knowing What You Have and What You Owe

You cannot leave your wealth to others if you are not sure what you possess in the first place. Take these actions to determine what your assets are and what they are worth.

First, inventory your major assets, such as the following:

• Your home, land and other real property
• Stocks and bonds
• Cash, including savings accounts and CDs
• Tangible personal property (including autos, jewelry and antiques)
• IRAs and other retirement accounts
• Equity/ownership interest in businesses
• Life insurance

Second, calculate your debt. What you owe is subtracted from the value of the assets at your death. The most common debt is a mortgage on a primary residence or vacation house. Credit card balances and other loans are also calculated here. There are also many other considerations when it comes to determining your net worth; your estate planning attorney can help you address all the details.

Planning the Inheritances You Will Leave Behind

Take some time to decide how you want to provide for the well-being of each of your family members. Do not let worries about fairness and equality discourage you. Simply start with the "big picture" items such as real estate, bank accounts, life insurance policies and retirement plan assets. This will help you prepare to meet with your estate planning attorney.

After you feel comfortable with your gifts for your family, you may begin to consider providing for a charitable cause you are passionate about, such as the VFW. Within your estate, there are many assets, such as your life insurance or IRA, that can be used to help you make a big difference and receive substantial tax benefits for you or your loved ones.

Once you are at peace with your decisions, gather your family and explain your choices. Be forthright and help them understand your perspective, to avoid any heartache later. Following are a few talking points to help you and your family feel more comfortable:

• Thank your family for recognizing what this meeting means to you.
• Emphasize your goals and your concerns for your loved ones' futures.
• Detail the responsibilities, items and amounts you have chosen to give your family members and why.
• Express your desire to give to charity and your goals for your charitable gifts.

Find a Gift That Fits Your Needs

There are many ways to support veterans and their families through the VFW, all with varying tax and financial benefits for you. Learn more about your options by calling the VFW Planned Giving Office at 816.968.1119 or email at plannedgiving@vfw.org.