Estate Planning Workshop

Estate Planning Workshop

In recognition of National Estate Planning Month in October, the Grand Island Public Library will host a free Estate Planning Workshop presented by Allan Vyhnalek, UNL Extension Educator Emeritus. The workshop will be at 6:00 p.m. Monday, October 28, at the Grand Island Public Library in meeting room B/C.

Mr. Vyhnalek spent over 34 years at the Nebraska Extension working in both Iowa and Nebraska. He is a native Nebraskan. He received his Bachelor and Master of Science degrees in Agriculture Education from the University of Nebraska. He retired in 2023 after 17 years as the Extension Educator for Farm/Ranch Succession and Transition state wide. The library is absolutely thrilled to have the opportunity to bring Allan to present in Grand Island.

Things to consider prior to the workshop:

1. Estate planning allows you to specify who should receive your assets and how. This ensures that your loved ones are provided for, and it can help prevent disputes among family members.

2. Careful estate planning can help reduce the tax burden on your heirs, potentially saving them substantial amounts of money.

3. Proper estate planning can help your assets bypass the often time-consuming and expensive probate process, allowing your beneficiaries to receive their inheritances more quickly.

4. Estate planning enables you to appoint guardians for your minor children, ensuring they are cared for by individuals you trust.

5. Estate planning includes documents like a living will and a healthcare proxy, which allow you to specify your medical preferences and designate someone to make healthcare decisions on your behalf if you’re unable to do so.

6. Even a small percent of your estate can make a significant and lasting impact for your favorite local charity(ies). Contact the charity for their Tax Identification Number so it can be recorded in your planning documents. 

A will is a legal document that outlines how your assets should be distributed after your death. It also allows you to appoint an executor to oversee the distribution process.

Power of Attorney documents designate individuals to make financial and legal decisions on your behalf if you become incapacitated. They can cover a wide range of decisions, from managing your bank accounts to selling property.

Healthcare Directive documents, including living wills and healthcare proxies, allow you to specify your medical preferences and designate someone to make healthcare decisions for you if you’re unable to do so.

It is advisable to seek professional guidance. Estate planning attorneys, financial advisors, and tax professionals can help you navigate the complex legal and financial aspects of estate planning. 

Here are some steps to get organized ahead of the workshop:

1. Create a list of your assets, including bank accounts, investments, real estate, and personal belongings.

2. Determine your goals for your estate plan. Who do you want to provide for, and how do you want your assets to be distributed? Figure out who would be left cash, investments, real estate and your personal belongings.

3. Be sure to consider which professionals to work with to draft essential documents, such as a will, trust, and powers of attorney. 

4. Come to the workshop prepared with questions.

5. Ask a family member or a friend to attend the workshop with you.

6. After you have completed your plan, pend a reminder(s) to review and update your estate plan regularly, especially after major life events like marriage, divorce, the birth of children, or changes in your financial situation.

The Grand Island Public Library and Foundation encourages you to take proactive steps toward estate planning by joining us for the free workshop at 6:00 p.m. Monday, October 28.

For more information please contact Leigh Lillibridge, Foundation Executive Director (308) 385-5333 or email:  Leigh.giplfoundation@gmail.com