The Kansas Methodist Foundation believes it is never too early to plan when it comes to estate planning. Every adult needs a plan, which includes a last will & testament, durable powers of attorney for both health and finance, and a living will. Though the documents may be simple during a young person’s life, part of being a responsible adult includes having a plan.
Young families also need a plan that includes all of the items above with special focus on child care and guardianship in the event parents die with minor children. At this stage, the plan may not be much more complex than a young adult’s, but the addition of naming guardians and establishing a way to provide for their children in case of an untimely death are critical components at this stage.
For most families, the time will also come when the children earn their wings. Babies and children grow into kids and young adults. As they do, they become more independent and start supporting themselves. It is in this stage where Rev. David and Tracy Livingston are finding themselves.
Rev. David Livingston has been an ordained pastor in the Great Plains Conference for 25 years. Since 2019, he has served as the senior pastor of Old Mission UMC in Fairway, KS. Tracy is a special education professional and a board-certified behavioral analyst. Her work has largely focused on autism issues.
David and Tracy have two girls, one in college and one soon to be in college. While still dependents, the Livingstons found themselves at the point in their lives when a simple will and guardianship plan was no longer adequate.
“This is something we have known we needed to do for a long time. Honestly, we just never took the initiative to do it. We took the PYHIO program still unsure if we would actually create an estate plan. The program took all the intimidation away and it made it very simple. At that point we just had to decide if we were going to do what we knew we needed to do or keep putting it off.”
David and Tracy were part of KMF’s first Putting Your House in Order cohort. Composed of several clergy members and spouses, the group completed the program together and provided valuable feedback to KMF on the presentations.
David and Tracy met with KMF staff once a month during group presentations followed by monthly meetings with Tyler Curtis, Chief Development Officer. Together, they worked through questions and discussed options related to establishing a trust and creating a legacy.
“We had three goals. First, and most importantly, with one child still in high school and the other in college, we wanted to make sure they were protected. Second, we wanted to establish a long-term plan for our estate. Third, we wanted to be able to include charitable giving in the estate plan and have the ability to change that giving easily if our priorities shift. The third goal seemed like the trickiest but Tyler and KMF were able to make it simple, too.”
Following their time together, the Livingstons were connected with an attorney in the Kansas City area to draft their documents. KMF staff assisted in arranging an initial meeting and facilitated a conversation to clarify the Livingstons desired terms and conditions. Following that meeting, the attorney created a draft. Once again, KMF staff assisted in reviewing the document and providing feedback.
In the end, David and Tracy created a revocable living trust and updated their power of attorney documents and living wills. They also created a legacy fund at the KMF to facilitate their charitable wishes.
What happens next? Will their plan change? Sure, it will. Can they make amendments as life continues to happen and their family situation further evolves? Of course. Are they prepared for both the unlikely event of a premature death as well as the inevitable? Yes, they are.
No matter your age, it’s never too early to plan. And once you have a plan, it’s wise to continue to refresh it to reflect your wishes at different stages of life. Single. Married with no children. Married with young children. Empty nesters. Retirees. Aging seniors. Each stage of life and life situation entails different priorities.
“Tyler was great at helping us understand the decision-making process we needed to go through. He was always informative without pushing his opinion. We made all the decisions. Sometimes when a person who is about to have ‘routine’ surgery shares their anxiety with me, I remind them that they are anxious because while the surgery is routine for the surgeon it isn’t routine for the patient. In the same way, this is a regular part of what KMF does. They knew the questions we should be asking and then let us answer the questions. They could give advice based on prior experience without taking away our decision-making ability. It was clear that for them this was routine, which made it much less stressful for us.”
For both now and the foreseeable future, David and Tracy have peace of mind knowing they are prepared and ready for this stage of life as the kids spread their wings and begin flying the coop, leaving them as empty nesters. Are you prepared for your stage of life? If not, KMF is here to help you just like we helped David and Tracy. Please contact Tyler Curtis at tyler@kansasmethodistfoundation.org or at 620.664.9623 for more information.
