Page 15 - Abacoa Community News - April '20

Abacoa, Page 15
Financial Focus
Avoid These Estate Planning
Mistakes
By Sally Sima Stahl
You save and invest to
meet a variety of goals during
your lifetime: college for your
children, long vacations, a
comfortable retirement, and
so on. But you probably also
want to leave something
behind – to your loved ones
and, possibly, to the charitable
organizations you support. To
do so, you’ll need to develop
a comprehensive estate plan, but to make that plan work; you
must avoid some common mistakes.
Here are a few of these pitfalls you’ll want to avoid: you become physically or mentally incapacitated.
without a last will and testament – the state in which you live responsible for distributing property to your beneficiaries and
• Choosing the wrong executor – An executor is
• Not writing a will – If you were to die “intestate” –
would determine how your property was distributed. And the paying off any debts and taxes your estate may owe, among
state’s decisions may not match what you had in mind at all. other tasks. Because the role of executor is so important,
Furthermore, a will is where you would name guardians for your you need to choose someone who is reliable, competent and
minor children. trustworthy. It’s certainly possible to find such an individual
• Not going beyond a will – While a will is an essential in your own family, but many people choose someone who is
component of estate planning, it’s often not enough. You may either conflicted, too busy or simply not up to the task. If you
need to create other documents, such as a living trust, which, have doubts about picking a good executor, you may want to
among other benefits, enables your estate to avoid probate, a turn to a trust company. The costs likely will be higher than
time-consuming and public process that can lead to disputes if you chose a family member, but the results may be much
among your heirs and others. And a living trust lets you place better.
highly specific conditions on how and when you want your assets • Not naming proper beneficiaries – Many of your
distributed. You might also consider other legal documents, assets – 401(k), IRA, life insurance and so on – require you
including a power of attorney, which allows you to appoint a to name a beneficiary. These beneficiary designations are
person or organization to handle your affairs if you can’t do powerful, often superseding the instructions in your will.
so yourself, and a health care directive, which lets you name If circumstances change in your life, such as new children,
someone to make health care decisions on your behalf, should or divorce or remarriage, you may well want to change
beneficiaries. It’s easy to do – but it’s also easy to overlook.
• Not updating ownership of assets – A change in your
family situation or changes in the laws governing income
and estate taxes could require you to update ownership
designations of financial assets.
And here’s perhaps the biggest mistake of all: Not
understanding what’s in your estate plan. You need to work
closely with your tax, legal and financial professionals to
create a plan you fully comprehend and can communicate
effectively to your loved ones. Surprises are often pleasant
in many areas of life – but estate planning is not one of them.
This article was written by Edward Jones for use by your
local Edward Jones Financial Advisor.
Edward Jones, its employees and financial advisors are
not estate planners and cannot provide tax or legal advice.
Call me for a free portfolio review at (561) 748-7600,
Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste.
106, Jupiter, FL 33458.
20th Anniversary Wilkes Honors College from page 14
Kelly and Interim Dean Tim Steigenga. Attendees learned
firsthand how the college provides unmatched opportunities
for some of the best and brightest in the nation. Beacon
Pharmaceutical served as the title sponsor of the John D.
MacArthur Campus 20th Anniversary. Thank you to all of
those who provided additional support.
2020 Florida Collegiate
Honors Council Annual
Conference
FAU’s Harriet L. Wilkes Honors College proudly hosted
the 2020 Florida Collegiate Honors Council (FCHC) annual
conference at the Embassy Suites Hotel in Palm Beach Gardens,
Feb. 7 to 9. Two hundred fifty registered students, faculty and
program directions from 21, two- and four-year colleges and
universities, public and private, attended to present their research
and network. Rachel Luria, associate professor of rhetoric and
composition, served as conference chair. Luria was also sworn
in as FCHC President for 2020/21. Honors College students
were involved in every aspect of the planning and execution,
from choosing the theme, “SoFloMind: Reclaiming Hope and
Change,” to putting together the program and moderating the
panels – in addition to presenting their own research in the
sciences, social sciences, arts and humanities.