Page 21 - Southern Exposure - June '21

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Southern Exposure, Page 21

fiNANciAl focuS

Even ‘Singles’ Need Estate Plans

By Sally Sima Stahl
If you don’t have a spouse But you also may want to provide support to one or more incapacitated, your health care proxy – also known as a
or children, you might think charitable organizations. Of course, you can simply name health care surrogate or medical power of attorney – lets
you don’t need to do much these charities in your will, but there may be options that you name another person to legally make health care
estate planning. But if you could provide you with more benefits. decisions for you if you can’t do so yourself.
have any assets, any familial One such possibility is a charitable remainder trust. Estate planning moves can be complex, so you’ll need
connections, any interest in Under this arrangement, you’d transfer appreciated assets help from a legal professional and possibly your tax and
supporting charitable groups – such as stocks, mutual funds or other securities – into an financial advisors. You may not have an immediate family,
– not to mention a desire to irrevocable trust. The trustee, whom you’ve named – in but you still need to take steps to protect your legacy.
control your own future – fact, you could serve as trustee yourself – can then sell This article was written by Edward Jones for use by
you do need to establish an the assets at full market value, avoiding the capital gains your local Edward Jones financial advisor. Edward Jones.
estate plan. taxes you’d have to pay if you sold them yourself, outside member SIPC.
In evaluating your needs a trust. Plus, if you itemize, you may be able to claim a Edward Jones, its employees and financial advisors
for this type of planning, let’s start with what might charitable deduction on your taxes. With the proceeds, the are not estate planners and cannot provide tax or legal
happen if you die intestate – that is, without a last will trust can purchase income-producing assets and provide advice. You should consult your estate-planning attorney
and testament. In this scenario, your assets will likely you with an income stream for the rest of your life. Upon or qualified tax advisor regarding your situation.
have to go through the probate process, which means your death, the remaining trust assets will go the charities Call me for a free portfolio review at (561) 748-7600.
they’ll be distributed by the court according to your state’s you’ve named. Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste.
intestate succession laws, essentially without regard to Aside from family members and charitable groups, 106, Jupiter, FL 33458.
your wishes. Even if you don’t have children yourself, there’s a third entity that’s central to your estate plans:
you may have nephews or nieces, or even children of yourself. Everyone should make arrangements to protect
cousins or friends, to whom you would like to leave their interests, but, in the absence of an immediate family,
some of your assets, which can include not just money you need to be especially vigilant about your financial and club NEwS
but also cars, collectibles, family memorabilia and so on. health care decisions. And that’s why, as part of your estate
But if everything you own goes through probate, there’s planning, you may want to include these two documents:
no guarantee that these individuals will end up with what durable power of attorney and a health care proxy.
you wanted them to have. manage your finances should you become incapacitated. Historical Seeds
A durable power of attorney lets you name someone to
If you want to leave something to family members or
close friends, you will need to indicate this in your last This arrangement is especially important for anyone
will and testament or other estate planning documents. who doesn’t have a spouse to step in. And if you become Of The Gardens

747-PALM Before – Here’s Charles Cooper, now 81, as he looked in

747-7256 1960 when he lived in the shack shown here. Cooper was the
first inhabitant of Palm Beach Gardens and its only occupant
when the 1960 census was taken. The little city this week was
reported to be the fastest growing municipality, percentage-
wise, in the United States by the Census Bureau.

CAMPBELL AND KARLIK, P.A.

ATTORNEYS AT LAW

Wills • Trusts • Estate Planning • Probate

Taxation • Real Estate • Corporations

After – Cooper stands in front of the ruins of the shack he
burned in 1960 and talks it over with multimillionaire John
D. MacArthur who bought the 9½-mile tract and incorporated
Palm Beach Gardens in 1960.

For more seeds, see Images of America, Palm Beach
Gardens by Arcadia Publishing. The PBG Historical
Society’s mission is to collect, preserve and share the rich
history of the Gardens.
Diane L. KarLiK www.PBGHistoricalSociety.org

Tel: (561) 625-5220
3450 Northlake Boulevard Suite 210 Fax: (561) 625-5201• Mobile: (561) 797-5004
Palm Beach Gardens, FL 33403 EMail: dlkarlik@aol.com