Page 8 - Jupiter West - April '20

Page 8, Jupiter West
Estate Planning Is Like Building A Snowman

Submitted by Anné generations of your family who otherwise would not have plan and what documents are necessary schedule a
Desormier-Cartwright, Esq. a chance to know you. consultation today by calling our office at (561) 694-
A complete estate Don’t Give Us The Cold Shoulder – Call Us Today 7827, Anné Desormier-Cartwright, Esq., Elder & Estate
plan must include certain Without a complete estate plan, you are skating on Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
essential parts. In fact, it thin ice. Make sure your estate plan has more than a Jupiter, FL 33458.
is similar to building a snowball’s chance in the tropics of accomplishing your The content of this article is general and should not be
snowman in some respects. wishes. As experienced estate planning attorneys, we relied upon without review of your specific circumstances
The traditional snowman can help you create a comprehensive plan without being by competent legal counsel. Reliance on the information
has several critical snowed under by all of the details necessary to address herein is at your own risk, as it expresses no opinion by
components: bottom, your unique circumstances. Don’t wait for a cold day in the firm on your specific circumstances or legal needs.
middle, and top snowballs, July—call us today to set up a meeting! An attorney client relationship is not created through the
as well as “arms” and a If you have questions about this article or your estate information provided herein.
“face.” If any of these are left out, the snowman can look
a little odd! The consequences of an incomplete estate 27 Year old Networking Group has 47
plan are much more serious, however. If you leave out
important documents when you create your estate plan, members that want to refer business to you!
it is unlikely to accomplish all of your goals, and the
benefits you thought you were gaining could melt away. Where: Abacoa Golf Club
The last article we discussed the trust, the health care
power of attorney and the financial power of attorney. When: Wednesday morning from 7:30 am - 8:45 am
This time we are addressing the living will, funeral Who: Visit our website to see if your category is available.
instructions and ethical will or letter of instruction.
Step 4: Living Will
Next, the branches are inserted to act as the snowman’s
“arms.” The relief one feels when the family knows that Interested? Join us for a complimentary breakfast to nd out more.
keeping you alive artificially when your body is dying Call Marc Weinberg at 561-262-4724
is huge. A living will does just that.
Step 5: Extend A Hand – The Funeral Instructions
For Your Loved Ones The Palm Beach’s premier exclusive networking www.pbbainc.org
Also part of the branches are the funeral instructions. organization for extraordinary business owners.
You can give your family one last hug by making your
wishes for your funeral or memorial service known using
a remembrance and services memorandum. Most people When you retire, your life changes in many ways – and so
would rather avoid thinking about their own funeral, do your finances. One of the biggest changes is that instead
but if you don’t make these plans and arrangements in of contributing to tax-deferred retirement savings plans that
advance, the burden will fall on your grieving family after reduce your taxes, you’ll start tapping those savings for
you pass away. You can use a remembrance and services income and paying taxes at your regular rate (unless you’re
memorandum to list people who should be notified after tapping a Roth account) – not the preferential capital-gains
you pass away, provide information you would like to be rate reserved for stocks and bonds held in taxable accounts.
included in your obituary, give instructions for handling
your remains, and specify what you would like to be Reconsider your retirement account contributions, and
included in your funeral or memorial service – or to increase them, if possible.
indicate that you prefer that no service be held. Don’t
just assume your family knows what you want, as there 2141 Alt A1A South Suite 310 401(k) contributions reduce your AGI (that’s adjusted
is a good chance they do not. If several family members Jupiter, Florida 33477 gross income, or the amount of income on which you pay
have conflicting opinions about what you would have The Retirement Planning Specialists Crafting Financial taxes). Increases toward your annual contribution limit,
wanted, avoidable disputes could arise, causing additional Solutions with Insight and Integrity since 1980 which will increase from $19,000 to $19,500 in 2020,
heartache, delay and potential expense. Taking the time reduce taxable income. If you’re self-employed or have
to write down your wishes can be one of the most caring self-employed income in addition to regular W-2 income,
things you can do for your loved ones. consider opening a solo 401(k) to further reduce your AGI
Step 6: Add Some Personality – The Ethical Will Or and protect your financial future.
Letter Of Instruction
No snowman is complete without the coals and carrot Planning for a lifetime of secure financial fulfillment is a
used to create its “face” and add a little personality. very personal endeavor. We at Asset Advisory Services
You can use an ethical will, sometimes called a letter remain aware of this as we assist you in crafting a unique
of instruction or legacy letter, to infuse your estate plan approach, tailored to fit your individual financial goals
with your personality. An ethical will provides a way to and best suited to what is most important to you. We are
communicate important knowledge, experiences, and celebrating our fourth decade of providing the highest level
values you have acquired over the course of your life to of care to our clients.
your family and loved ones. The contents of the ethical
will are likely to vary widely from individual to individual You may have a general goal in mind when it comes
because each of us is unique and has lived a life unlike to retirement, but you need a specific plan for effective
anyone else, so the wisdom each person finds valuable It is Tax Season! savings. Reassess your retirement planning goals annually
and wants to pass on to his or her loved ones is different. and prioritize spending needs based on what will make
The ethical will is not a legally binding document, but You should be looking at your taxes as you happy and comfortable. Create a budget for early,
it may be one of the most precious gifts you can give to part of Retirement Planning. middle and late retirement, taking into consideration
those you will eventually leave behind—as well as future different expenses for each stage. Don’t fool yourself that
Did you know that the average cost of life in retirement will be less expensive than now. Did
healthcare for a couple in retirement you know that the average cost of health care for a couple
is close to $300,000? Don’t you think in retirement is close to $300,000? Don’t you think that
health care and Long-term care is something to plan for?
that health care and long-term care is We are here to help!
something to plan for?
We are here to help!

Taxes don’t stop when your paycheck does. In fact, We look forward to hearing from you at:
tapping your retirement nest egg comes with all sorts
of new rules and opportunities. Saving money for your (561) 747-9550
golden years is crucial. Without a solid nest egg, you’ll risk To schedule your Complimentary Financial Review
struggling to pay the bills once your career ends.
Asset Advisory Services, Inc.,
Most seniors need about 70% to 80% of their former Three Palms Center
income to live comfortably in retirement, and Social 2141 Alt. A1A South, Suite 310, Jupiter, FL 33477
Captain’s was established in 1980 servicing Security may not be enough if you’re an average earner. As
Palm Beach County and is a privately To learn more about what we can do for you, please visit us at:
owned and managed company. such, you’ll need to save independently during your golden www.AssetAdvisoryServices.com
Captain’s is committed to providing years, and the good news is that you have a number of tax-
dependable, reliable and professional advantaged retirement plans that we can help you with in ®
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