Jennifer Barrett (AAMS) is a local Edward Jones Financial Advisor. Estate planning moves can be complex, so you’ll need help from a legal professional and possibly your tax and financial advisors. You may not have an immediate family, but you still need to take steps to protect your legacy. 225-612-0413 | firstname.lastname@example.org
Aside from family members and charitable groups, there’s a third entity that’s central to your estate plans: yourself. Everyone should make arrangements to protect their interests, but, in the absence of an immediate family, you need to be especially vigilant about your financial and health care decisions. And that’s why, as part of your estate planning, you may want to include these two documents: durable power of attorney and a health care proxy. One such possibility is a charitable remainder trust. Under this arrangement, you’d transfer appreciated assets – such as stocks, mutual funds or other securities – into an irrevocable trust. The trustee, whom you’ve named – in fact, you could serve as trustee yourself – can then sell the assets at full market value, avoiding the capital gains taxes you’d have to pay if you sold them yourself, outside a trust. Plus, if you itemize, you may be able to claim a charitable deduction on your taxes. With the proceeds, the trust can purchase income-producing assets and provide you with an income stream for the rest of your life. Upon your death, the remaining trust assets will go the charities you’ve named.
A durable power of attorney lets you name someone to manage your finances should you become incapacitated. This arrangement is especially important for anyone who doesn’t have a spouse to step in. And if you become 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 for you if you can’t do so yourself. If you want to leave something to family members or close friends, you will need to indicate this in your last will and testament or other estate planning documents. But you also may want to provide support to one or more charitable organizations. Of course, you can simply name these charities in your will, but there may be options that could provide you with more benefits.
Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax advisor regarding your situation. Edward Jones. Member SIPC.
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