Planning your estate, before a crisis hits: A Q&A with Attorney Cristy Tackett-Hunt

Will and estate planning isn’t just for affluent Quad Citizens.

It is for everyone.

The COVID-19 pandemic has spurred new—and renewed—interest by Quad Citizens to make decisions about the legacy they wish to leave for their families, and their community. To demystify some of the assumptions about the who, what and how of estate planning, we sat down for a virtual discussion with Cristy Tackett-Hunt, a member of the Quad Cities Community Foundation Board of Directors and an attorney locally at Betty, Neuman & McMahon, P.L.C.

Respected in the field regionally and nationally, she shared her thoughts on why the COVID-19 pandemic is reminding Quad Citizens about how important estate planning is for individuals and families—and how easy it can be to establish one. 

Community Foundation: It is really good to connect with you, Cristy. First of all, how are you doing?

Cristy Tackett-Hunt: You know, we’re doing well. This has certainly been a time of change and adjustment for our community, and closer to home, our work in estate planning at the law practice. We’re taking all of the necessary precautions. And, I have to say, as a board member with the Community Foundation, how incredible it has been to both hear and see how Quad Citizens have been supporting one another during this time. 

Community Foundation: Indeed! You get to talk to community members often about how they want to support their families, their community, and the charities they care about through their will and estate.

Cristy: I do. And, it seems like what we have been experiencing recently has reminded all of us how critical it is to put plans in place so that you have the peace of mind in the event of an unforeseen emergency. Oftentimes, when a client wants to create their estate plan, they are worried that they have to know all of the answers and that their decisions are final.

First, whether you’re working with myself or another attorney, we’re going to step you through the process. We’ll listen. We’ll guide. We’ll help you make the best decisions for you. Clients comes to us—and work with us—to ensure the right questions are asked, and the decisions that are made reflect the client’s wishes right now. 

Community Foundation: “Right now” leads one to believe those decisions can change over time…

Cristy: Well, yes, actually. That’s absolutely true. 

More and more, clients are younger and younger—with whole lives ahead of them. They can’t predict the future… and neither can I. We look at two- to five-year windows. First, if there was an emergency or a crisis today, what would you and your family need? If something were to happen a month from now, or a year from now, what decisions do you want to have been made?

Then, we look at what the next five years may look like. What family members do you want to ensure are supported? How about charities, and your community? How do you want to support them?

The answers to those questions today may be different five or 10 years from now. That’s okay. Instead of looking five decades into the future, we look at five years from now. It can be overwhelming—so first, we shorten the window.

Community Foundation: That makes it easier to wrap your head around a legacy.

Cristy: You definitely don’t need a crystal ball to see the future. We ask the right questions so you can find the right answers for yourself. The first conversation takes one to three hours, depending on the level of complexity of your situation. With these answers, we’re then able to start to look at the tools we will use to ensure your estate plan accomplishes what you intend it to. 

This will, of course, include a creating a trust or a will that spells out your intentions after you’ve passed on. There may be additional documents we utilize to cover our clients’ health and financial needs, from powers of attorney to medical directives. With all of tools, it is important to remember that these decisions can be adapted as circumstances change. Planning is dynamic.

Community Foundation: So, what is the process?

Cristy: I start with a three-part questionnaire. We ask for personal information, details about assets, and plans a person or family may already have in place. We identify the questions that need to be asked, and concerns clients may have. There’s document gathering, and we provide a checklist for the sorts of documents we need.

When I started this work, it was for high net-worth clients. Even then, I heard, “well, I don’t have a lot.”

My answer is always—always—that what you have is significant to you and your family, so it is also significant and meaningful to me. It does not matter the perceived or actual value in dollars. 

Community Foundation: The same is true for philanthropy. 

Cristy: Absolutely. Giving what you can, when you can, is also important. And, it doesn’t matter that your gift may be smaller than someone else’s.

Many times, I start working with parents and because we often engage their grown children in the process, we end up creating plans for their children too. There have been so many stories over the years of parents who had grown children who didn’t have plans when an emergency happened—and the challenges that presented. I encourage parents to guide their children in the planning realm when possible, and if those same children see their parents planning their charitable giving, the children will often follow suit there too.

Community Foundation: What else do people looking to establish an estate plan need to think about?  

Cristy: The final thing we go through are the decisions a client wants to have made for them in the event of an emergency. What are you going to ask others to do? Who are you going to ask? And how are you going to share with them what you want them to do for you? When everyone understands their roles and written directions are in place, decisions become easier.

The last thing you want those who are closest to you to need to do is to make decisions during a crisis without a roadmap. Plan for the crisis before the crisis is here. 

Community Foundation: The moment we’re living in right now drives that point home.

Cristy: It does. The first half of coming up with your plan is usually pretty easy. The second half is a little less-easy because it is more personal. Once we’ve moved through both steps we make recommendations, and actually write the estate plan. Remember, it is a plan that you can revisit in the years ahead.

Charitable giving is one of those things that sometimes changes. The majority of people we work with are charitably inclined in some way—they know what they care about, but aren’t 100 percent sure how to leave that legacy. That’s where the Community Foundation comes in. The clients are able to work with me, and with the Community Foundation, to establish the best way to live out their charitable legacy now, and forever. Some clients know they love animals and want to support animals but are unsure who to turn to or how to do that. The Community Foundation opens the door to a variety of options for them during their lifetime, and afterward.  

Community Foundation: If someone reading this wants to begin their estate planning now, how would they do that? We’ve been meeting with donors over Zoom. How about you?

Cristy: This moment in our history has presented a number of challenges. We’re practicing social distancing, and having meetings over the phone and video. Our professional associations have been helping us to make adjustments as needed to allow us to serve our clients in new ways.

It’s an extraordinary time, and we are committed to helping our clients step through the process in an easy, safe way: one that is tailored to their unique needs and comfort level.