Page 9 - Martin Downs Bulletin - December '19

Martin Downs, Page 9

Pet Matters from page 8

Fun And Frolic Planned For

Run Fur Fun Event

Dogs of all shapes, sizes and breeds will get an opportunity
to show off their running and jumping skills at the fourth
annual Run Fur Fun – one of the most entertaining events
of the year for the four-legged pets. The 2020 edition of
this event will be held from 9 a.m. to 3 p.m. on Saturday,
Jan. 18, 2020 at The Fur Seasons Resort for Pets, 1310 S.W.
Commerce Way, Stuart.
Admission and parking are free along with some of the Drue Pollack and Peter Einhorn, owners of The Fur Seasons Splish, splash! Dogs are enjoying swimming during the Run
activities, including expert dog trainer Laurie Volpe’s No Resort for Pets, organize the fundraiser every year to benefit Fur Fun event.
Jump Clinic and movies starring none other than dogs! the Humane Society of the Treasure Coast.
A $10 donation will be collected for the Doggie Fun Zone
Over the past 12 years, through its Mutt Derby and Run
courses, which are multi-dimensional lure/obstacle courses Fur Fun events, The Fur Seasons has raised more than legal talk
suitable for all dogs. Adding to the fun is the opportunity for
dogs to swim in a bone-shaped pool for a $10 contribution. All $113,000 for the Humane Society of the Treasure Coast.
proceeds will benefit the Humane Society of the Treasure Coast, “This is our way of giving back to the community,” said
a no-kill, nonprofit animal welfare organization in Palm City. Drue Pollack, co-owner of The Fur Seasons. “It’s a free, fun The Importance Of Proper
Some of the Humane Society’s adoptable pets will be event for dogs and their families and supports a great cause.”
featured and guests also may bid on various items in a For more information, call (772) 286-8283. IRA Planning
silent auction. Various vendors will be on site and food will The Fur Seasons Resort for Pets is an 8,000-square-
be available for purchase. To further support the Palm City foot luxury doggie day care and dog and cat boarding By Ryan C. Abernethy,
shelter, a raffle will be held for the chance to win two round- facility in Stuart featuring private bedrooms, indoor Associate Attorney and
trip tickets to anywhere in the continental United States or a playrooms, an in-ground swimming pool and large fenced Counselor at Law
$500 Visa gift card. Tickets are $10 for one or $25 for three yards. For more information, visit the website, http://www. When we first meet
and may be purchased at The Fur Seasons by calling (772) thefurseasonsresort.com, or on Facebook, https://www. with a client we talk about
286-8283. facebook.com/furseasons. setting goals and objectives
and review current assets.
Often we find that a portion
of these assets consist of
qualified retirement plan
assets (IRA accounts,
401(k) accounts, etc.).
Most clients view these retirement plans as “just another
asset” to be distributed at their death in accordance with their
planning documents. However, depending on that client’s
estate pre-planning, that mindset could lead to severe tax
consequences or an unintended distribution result.
One important situation involves planning for a
surviving spouse. Often, spouses name each other as
beneficiaries of retirement plan accounts. This is a simple
Dogs of all sizes and breeds get an opportunity to have fun on an obstacle course. and often appropriate choice in “first-marriage” situations
but significantly more complicated in second or third
marriages or in “blended families” with children from prior
relationships.
With blended families, it may be more appropriate
to name a trust that benefits the surviving spouse as the
beneficiary of all or a portion of the client’s retirement plan
accounts. This lets the surviving spouse receive a defined
benefit from the account for the remainder of their lifetime,
but ensures that he or she doesn’t have full control of
distributions from the account and can’t alter the account’s
remainder beneficiaries. A clear examination of potential
implications if making this choice must be explained to the
client prior to naming a trust as a “designated beneficiary.”
Generally, when a trust is named as a designated
4 pm beneficiary, larger required minimum distribution (“RMDs”)
Traditional Candlelight must be withdrawn annually following the account holder’s
death. Account distributions passing to the trust (rather than
Service w/ Communion directly to the surviving spouse) provide greater control, but
may result in the majority of the retirement account being
5:30 pm dispersed by RMDs during the surviving spouse’s lifetime,

Contemporary Candlelight thereby decreasing what eventually passes to remainder
beneficiaries. Further, RMDs are taxed to the recipient as
Family Service w/ communion ordinary income: larger RMDs equals higher tax burden!
Naming the spouse as direct beneficiary of a retirement
7:30 pm account means lower annual RMD distributions, “stretching”
Contemporary Candlelight its lifespan. This may lead to a larger balance going to
the account’s remainder beneficiaries upon the surviving
& Communion spouse’s death – assuming he or she doesn’t accelerate
withdrawal of account funds or alter remainder beneficiaries
11 pm during their lifetime.
This is just one potential pitfall associated with retirement
Traditional Candlelight account planning. Clients with children too young to manage
w/ Communion an inheritance, who have a special-needs child, or plan to
leave money to charities also benefit from proper retirement
account planning.
If retirement accounts are part of one’s assets, meeting
with a qualified attorney to ensure beneficiaries don’t bear
the tax costs of improper planning is critically important.

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2655 SW Immanuel Drive • Palm City, FL • 34990 December 12 December 26
772.287.8188 • immanuelpalmcity.org