Four key estate planning documents

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1 ADAMS BANK & TRUST Your Financial Services Center 2 nd Quarter 2010 Nebraska Brule Chappell Grant Imperial Indianola Lodgepole Madrid North Platte Ogallala Sutherland Colorado Berthoud Colorado Springs Firestone Fort Collins Corporate Toll-Free Telebanc Toll-Free in Ogallala info@abtbank.com Four key estate planning documents An estate consists of all the money and property owned by a particular person at the time of that person s death. An estate plan is the collection of legal documents that together determine how a person s affairs are handled during periods of mental and physical disability and how the estate is managed and distributed after death. A thoughtful, well-documented estate plan is an essential part of living responsibly because it can remove a great deal of uncertainty, stress, expense and delay for family members before and after your death. Here are four documents that should play a key role in your estate plan regardless of your current age, health or wealth: Durable power of attorney A power of attorney is a legal document that authorizes another person to act on your behalf in legal matters such as paying bills, managing investments and selling property. Normally, power of attorney ceases when the principal (you) becomes incapacitated or dies. A durable power of attorney, by contrast, continues in force even if the principal becomes incapacitated. With a durable power of attorney in place, your affairs can continue to be handled without court involvement during periods when you are incapacitated. If you become incapacitated without a durable power of attorney in place, your financial affairs could become chaotic and your money or property could be wasted, abused or lost. Advanced medical directive An advanced medical directive lets others know what types of medical treatment you do or don t want if you are unable to express your wishes yourself. There are three basic types of advanced medical directives though not all forms are legal in all states: A durable power of attorney for health care which allows you to appoint a representative who can make medical decisions for you if you become incapacitated. A living will which allows you to approve or decline, in advance, certain types of medical treatments even if you die as a result of those advance choices. A living will is often used to avoid heroic medical treatments that prolong life through artificial means. A Do Not Resuscitate order (DNR) which tells medical personnel to refrain from performing CPR if you suffer cardiac or respiratory arrest. This is often used by people with a terminal illness who are ready to accept death as it comes. Will A will is a legal document specifying how your money and property are to be disbursed among your heirs and favored charities after your death. If you die without having made a legal will, state law will determine how your estate is to be distributed among your heirs. A will can also be used for two other purposes: To name the personal representative who will manage and settle your estate, and To name a legal guardian for minor children or dependents who have special needs. If neither of these items are addressed in your will, the state will appoint someone to handle your estate and will, if necessary, appoint a legal guardian. Letter of instruction A letter of instruction is an informal, nonlegal document that can accompany your will and is used to express your personal wishes regarding burial or memorial services and provide additional information World Wide Web Continued on page 2.

2 Four key estate planning documents continued to the person handling your estate. It can also instruct your personal representative on the location of legal documents crucial to settling your estate. The contents of a letter of instruction remain private, allowing you to say things to family members that you would not want made public. Since it is not a legal document, a letter of instruction is not a substitute for a will and is not legally binding. The instructions are suggestions only and may be disregarded by the person settling your estate. And one more: a Living Trust In addition to the documents above, a living trust, which removes property from the public process of probate, is a valuable estate planning tool for many. I encourage you to visit with an attorney or financial planner to explore the potential benefits of a living trust. Todd Adams CEO Legacy Planning: Do your giving while you re living so you re knowing where it s going by Chad Adams President of Adams Bank & Trust This year, 2010, is an unusual year from an estate planning perspective. For the first time in 100 years there is no federal estate tax. As scheduled, it was repealed at the end of 2009, along with the generation-skipping transfer tax levied on assets given to grandchildren. It was assumed that before the deadline arrived Congress would come up with a replacement plan. However, this issue apparently got lost amid the debate over health care, and lawmakers went home without taking any action on the estate tax. Both the estate tax and generationskipping transfer tax are scheduled to return in 2011, reverting to the higher rates of 10 years ago. After one million dollars, assets will be subject to a 55% tax. Fifty-five per cent is a substantial part of your estate. If you re not comfortable with giving the government that big of a portion of your hard earned assets, it might be a good idea to explore options for planned giving during your lifetime. When you do your giving while you re living, you have the opportunity to be more involved in the way your money is utilized. You get to enjoy the results and give your loved ones and other beneficiaries a chance to say thank you. You are also helping your heirs avoid the high cost of probating and the possibility of disagreements over asset distribution. Some grandparents set up Roth IRAs for their grandchildren as a way to distribute money during their lifetime, and as an investment vehicle for their college education. Roth contributions are not tax deductible, but principal funds can generally be distributed tax free at any time. Five years after the first contribution is made the owner of a Roth IRA may make distributions without penalty for qualified education expenses such as college tuition, books and fees. Taxes on the earnings may still apply in this situation your tax adviser can help you decide if funding Roth IRAs for your grandchildren is a good option for your family. You may wish to give financially to a family member or friend who is unable to manage money responsibly for example, they may struggle with 2 an addiction. In these cases, staying involved and giving guidance with your contribution lets you ensure the money is used appropriately and in keeping with your wishes. Some family situations benefit from the appointment of an outside party to serve as a financial trustee. This can be helpful in divorces, or when adult children need assistance in money management. Beyond gifts to the important people in your life, it may be rewarding for you to know that some of your money will be staying in your community. Take advantage of opportunities to learn more about the different charities that exist in your hometown. These include school and community foundations, scholarship funds, churches, and poverty and disaster relief agencies. Giving a small amount at first gives you the chance to see your charitable dollars in action. If you like how your money is utilized, you can make a larger commitment. Your giving goals may change over time. The trust department at Adams Bank & Trust has many years of expertise in setting up charitable trusts and funds and, if needed, serving as financial trustees. Please let us know if you have questions in any of these areas.

3 We d Like You To Meet: Drew Krab Ogallala Branch Vice President 3 Smart things to do now to make your financial life easier or more rewarding Visit with an attorney or financial planner to make sure your key estate planning documents are up-to-date. Visit with your financial advisor about the wisdom of converting a traditional IRA to a Roth IRA. As Branch Vice President in our Ogallala facility, Drew Krab is the Team Leader for our corps of commercial bankers. As a commercial banker, Drew explains, my primary focus is building relationships with various types of businesses and helping them make the most of our services. We do all we can to help our customers succeed because our success as a bank is directly related to their success in business. Drew first came to work at Adams Bank & Trust as an intern the summer before he graduated from the University of Nebraska Kearney. My grandfather, who lives just 20 miles east of here in Paxton, suggested I look into the internship, Drew notes. He always thought well of the Adams organization and, with my college major in business administration with an emphasis in accounting and finance, he figured it would be a good fit. Having been here 13 years I started full-time right after graduation it appears he was right. Drew has continued his education banking at the Colorado Graduate School of Banking, the Advanced School of Banking which is jointly sponsored by the Nebraska and Kansas Bankers Associations, and the Nebraska Bankers Association Leadership Class. Start, or continue, contributing to an Individual Retirement Arrangement. Visit the website and order your free credit report. Services Available at Adams Bank & Trust Transaction Accounts Gold Checking Ultimate Free Checking Interest Checking Smart-E Checking Platinum 50 Platinum 50 Plus Transaction Services Direct Deposit Wire Transfer of Funds Visa Check Card Bank-by-Mail Loan Services Overdraft Protection Business/Agricultural Loans Consumer Loans (home, auto, etc.) Home Improvement Loans Mortgage Loans Second Mortgages Construction Loans Insured Savings & CDs Money-Market Savings Certificates of Deposit (for any term from 1 60 months) Tax-Deferred Retirement Plans IRA and Roth IRA (Individual Retirement Accts.) Information and Convenience Services Automatic teller machines Internet Banking Online Bill Pay Telebanc 24-hour banking E-Statements Trusts and more Complete Trust Services Safe Deposit Boxes Notary/Signature Guarantee Leasing Foreign Exchange Continued on back page. 3

4 Drew Krab Continued from page 3. Drew was raised on a ranch near Ogallala but attended school in Paxton. He credits a Paxton High School teacher Iris Kennedy with getting him started on one of his major passions in life. She took my interest in literature to a whole different level, Drew says, and it s been a joy ever since. The literature courses in high school and then more literature and philosophy courses in college tuned me in to the classics, and that s my main interest now. I love to read and collect classic literature: Dickens, Thoreau, Burke, Tolstoy About ten books ago, Drew started the practice of writing a short report after each book. These book reports are only for my own use, he said, but I find they help a lot in keeping the important points fresh in my mind. In addition to reading, Drew enjoys riding his Harley, watching college sports, helping out with brandings on the family ranch and cooking. I grill out about three nights a week during the summer, he notes, but I have a special affinity for pasta. Travel is another favorite activity. My far-off dream excursion, Drew says, is to take a roaming motorbike trip through Ireland. Drew has two daughters, Emma (9) and Jamie (5) and both love to help with the cooking. And because he has young daughters, Drew also coaches T-ball. Drew s community activities include the Ogallala Optimist Club, the Ogallala Tree Board and the Keith County Area Development Association. Adams Bank & Trust Balance Sheet as of March 31, 2010 Cash $7,905,810 Cash in our vault, plus cash due on demand from other banks where funds are deposited. Government and Agency Bonds 7,672,873 Marketable investments in bonds and other securities of the U.S. Government and its agencies. Federal Funds Sold 12,500,000 Funds loaned to other banks for daily cash needs payable on demand. Loans and Leases 447,581,736 Total of all money loaned to customers for all types of loans, such as agriculture, commercial and consumer. Buildings, Furniture and Fixtures 15,560,421 Book value, after depreciation, of buildings, computers, equipment, etc. Other Assets 13,644,011 Interest on loans earned but not collected, expenses that have been prepaid, etc. Total Assets $504,864,851 Deposits $404,121,067 Money on deposit by customers of the bank in the form of checking accounts, savings accounts and certificates of deposit. Other Liabilities 39,190,656 Borrowings by the bank, interest on deposits that has accrued, payable at a future date, other expenses accrued but not yet paid, deferred taxes, etc. Capital 13,000,000 Par value of the investment of the stockholders for the purchase of stock. Surplus 17,000,000 Additional money contributed by stockholders to provide extra financial strength. Undivided Profits and Reserves 31,553,128 Bank earnings left in the bank to provide added strength to meet possible future losses on loans and to replace buildings & equipment as they wear out. Total Capital Accounts 61,553,128 Total capital available for the safe operation of Adams Bank & Trust. Total Liabilities & Capital Accounts $504,864,851 EQUAL HOUSING LENDER Inside 3 Key estate planning documents 3 Legacy planning in 2010 PRSRT STD U.S. Postage P A I D Lincoln, NE Permit No. 592 World Wide Web: info@abtbank.com Adams Bank & Trust Internet addresses: P.O. Box 720 Ogallala, NE Member FDIC ADAMS BANK & TRUST

5 2 nd Quarter 2010 M e m b e r F I N R A / S P I C Can you should you borrow money from your retirement plan? By Jim Prange RJFS Financial Advisor People occasionally ask me if they are able to borrow money from their retirement plan when they need funds instead of taking out a bank loan or a home equity loan. And if they can, should they? These are perfectly reasonable questions; unfortunately, they have rather complicated answers. A few basics Let s begin with some basics. When we talk about retirement plan here, we are talking about a specific tax-advantaged retirement plan that is subject to IRS rules and regulations. We are not referring to savings or investments that someone has mentally set aside for retirement but that are not part of a specific IRS-approved retirement plan. Since the IRS-approved plans have certain tax advantages, the IRS has very specific rules that govern when and how funds can be taken out of a plan without incurring extra taxes or tax penalties. Not all plans allow loans In general, IRAs and IRA-based plans (SEP, SIM- PLE IRA, and SARSEP) are not eligible for loans to the account holder. Any money withdrawn for the purpose of a loan is considered a prohibited transaction that will result in penalties and other tax consequences. Employer-sponsored plans, however, such as profit sharing, money purchase, 401(k), 403(b) and 457(b) plans, are allowed to offer loans to the plan s participants provided the plan sponsor has included a loan provision in the plan documents. Plan sponsors are not required to offer a loan provision but many do; you should check with the plan administrator to determine if a loan is a possibility. If loans are allowed If loans are permitted in your retirement plan, the first question to ask yourself is, Should I borrow money from my 401(k) or other retirement plan when I need funds? And the best answer I can give you is, Only as a last resort and only if you truly need the loan! Think about it: The purpose of your 401(k) or other retirement plan is to accumulate money for your retirement. You do your future self no favors by reducing the size of your eventual retirement fund. Further, one of the chief advantages of a tax-advantaged retirement plan is that your funds grow faster than they would in an ordinary taxable account because taxes on interest and investment growth are deferred until those funds are eventually withdrawn. So even if you manage to pay back every Continued overleaf. Adams Bank & Trust is independent of Raymond James Financial Services. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal.

6 Can you should you borrow money from your retirement plan? Continued dollar you borrow from your retirement plan, your plan will have diminished growth during the time the loan was outstanding. But, suppose you have no other option; suppose you need money for college tuition, for example, and you can t borrow enough from other sources. Then, yes, in emergency situations, when other avenues have been exhausted, it may make sense to borrow from your retirement plan. Borrowing versus withdrawing Assuming you are able to borrow from your 401(k), why take out a loan instead of simply taking an early distribution? A distribution is a taxable event whereas a qualified loan is not. Further, if the distribution occurs before you have reached age 59 1 /2, you will have to pay penalties as well as income taxes on the funds withdrawn. A loan, therefore, is preferable to an early distribution as long as the loan is repaid. How much can you borrow Tax law allows you to borrow up to 50% of your vested account balance, or $50,000, whichever is less. However, if the total account balance is less than $10,000, you may be able to borrow up to 100% of the balance if the plan documents allow. Repaying the loan Generally, you must make loan payments at least quarterly and you must repay the entire loan within 5 years. However, the law allows an exception to the five-year time limit if the loan is used to purchase a primary residence. If the loan is not repaid according to the terms specified in the plan document, the entire outstanding balance at the time of default is considered a taxable distribution and, depending on the circumstances, the distribution may involve penalties as well as income taxes. Pluses and minuses On the plus side, the interest paid on a retirement plan loan is generally credited to the participant s own plan account, so essentially you are paying interest to yourself instead of to a bank or other lender. On the minus side, the interest you pay is generally not tax-deductible (unless the loan was used to purchase your primary residence) and your retirement account has missed out on tax-deferred interest or investment growth that might have occurred had the borrowed funds remained in the retirement account. The bottom line Yes, a loan from a qualified retirement plan can make sense in some situations, but only if no other lending source can be found. Since the tax consequences and penalties can be substantial if the retirement plan loan is not handled or repaid properly, I strongly recommend that you consult with a qualified tax advisor before taking action on such a loan. Please note, changes in tax and estate planning laws may occur at any time and could have a substantial impact upon each person s situation. While we are familiar with the tax and estate planning provisions of the issues presented herein, as Financial Advisors of RJFS we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. This article is based on information obtained from third-party sources we consider to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Jim Prange and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. For assistance in reviewing your investment plan (or in creating one), please call any Adams Bank & Trust office or call toll-free at for an appointment with a Raymond James Investment Representative. Jim Prange RJFS Financial Advisor and Branch Manager Jan Acker RJFS Financial Advisor Chad Adams RJFS Financial Advisor 315 N. Spruce, Ogallala, NE 69153

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