By Aziza Cooper-Hovland
Columbia Gorge News
THE GORGE — “Do your givin’ while you’re livin’ so you’re knowin’ where it goes,” said Bob Kenyon, community philanthropist and keynote speaker at The Next Door’s Community Legacy Initiative on March 19.
This event was designed to give people an introduction to estate planning, and tips on how to start managing their resources to set themselves and their families up for a smooth transition when someone passes away so that “when your loved ones are grieving, they’re not also dealing with a poorly designed plan,” said Samantha Pahlow, Executive Vice President, and Portfolio and Wealth manager at Fergusen Wellman.
Pahlow, along with Nathan Reagan, a CPA and Partner at Sorren in The Dalles, and Bradley V. Timmons, Attorney at Law at Timmons Law PC, were the experts who presented a moderated Q&A.
They advised people to prepare their documents in advance, and to work with lawyers to prepare wills and estates, but to make sure they were up to date continuously. “The one thing that’s worse than not having a will is having a bad will,” said Timmons.
They also recommended bringing beneficiaries into the conversation early, both for the people and charities named. With people, the conversation can be difficult, and some may be reticent to participate, but beginning the conversation from a place of education is one method they suggested. For charities named in trusts and in “donor advised funds” which are a method to designate money for specific charities, it is useful to them and to the estate to have a conversation so the charities can plan ahead on how they expect to handle an influx of funds.
The discussion circled the wealth transfer from Boomers to Millennials and Gen Z, as spending patterns and power changes hands, panelists spoke about making that transfer easier by establishing well-documented plans for the financial legacy they want to leave. To begin the wealth management process, reach out to a lawyer, portfolio manager, or tax expert depending on your needs.
About a dozen nonprofits brought brochures and resources to the event, and a list of 40 more was emailed out after the fact. “[We were] hoping that this event would help to put the importance of estate planning on the top of people’s minds,” said Eve Elderwell, TNDI Donor Relations Officer. “It can be really intimidating and feel overwhelming to get started. There can be a lot of barriers that can feel hard to overcome.” The Gorge Giving guide is also a good resource to look for local nonprofits and charities.
This event had a dual purpose of motivating people get their estate plans together because it’s an important thing to do to help support your family during a difficult time, and inspiring people, if they are able, to also support local causes they care about into the future.
Commented