Page 21 - Abacoa Community News - June '21

Abacoa, Page 21
Financial Focus

Even ‘Singles’ Need Estate have to go through the probate process, which means they’ll trust. The trustee, whom you’ve named – in fact, you could
serve as trustee yourself – can then sell the assets at full
be distributed by the court according to your state’s intestate
Plans succession laws, essentially without regard to your wishes. Even market value, avoiding the capital gains taxes you’d have
if you don’t have children yourself, you may have nephews or to pay if you sold them yourself, outside a trust. Plus, if you
By Sally Sima Stahl nieces, or even children of cousins or friends, to whom you itemize, you may be able to claim a charitable deduction on
If you don’t have a spouse would like to leave some of your assets, which can include not your taxes. With the proceeds, the trust can purchase income-
or children, you might think just money but also cars, collectibles, family memorabilia and producing assets and provide you with an income stream for
you don’t need to do much so on. But if everything you own goes through probate, there’s the rest of your life. Upon your death, the remaining trust
estate planning. But if you no guarantee that these individuals will end up with what you assets will go the charities you’ve named.
have any assets, any familial wanted them to have. Aside from family members and charitable groups,
connections, any interest in If you want to leave something to family members or close there’s a third entity that’s central to your estate plans:
supporting charitable groups friends, you will need to indicate this in your last will and yourself. Everyone should make arrangements to protect
– not to mention a desire to testament or other estate planning documents. But you also may their interests, but, in the absence of an immediate family,
control your own future – want to provide support to one or more charitable organizations. you need to be especially vigilant about your financial and
you do need to establish an Of course, you can simply name these charities in your will, but health care decisions. And that’s why, as part of your estate
estate plan. there may be options that could provide you with more benefits. planning, you may want to include these two documents:
In evaluating your needs for this type of planning, let’s start One such possibility is a charitable remainder trust. Under durable power of attorney and a health care proxy.
with what might happen if you die intestate – that is, without a this arrangement, you’d transfer appreciated assets – such as A durable power of attorney lets you name someone to
last will and testament. In this scenario, your assets will likely stocks, mutual funds or other securities – into an irrevocable manage your finances should you become incapacitated.
This arrangement is especially important for anyone
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incapacitated, your health care proxy – also known as a
health care surrogate or medical power of attorney – lets you
name another person to legally make health care decisions
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This article was written by Edward Jones for use by
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