by Lisa P. Sierk, Philanthropic Advisor, Director of Endowment Ministries
by Lisa P. Sierk, Philanthropic Advisor, Director of Endowment Ministries
From late January until early April, we each spend some portion of our time collecting the necessary documents required for tax filings.
While gathering these details, it is a suitable time to review and update beneficiary designations, to think about tax planning strategies for the coming year, including plans for charitable giving, and to consider updating or making estate plans.
Defining what you would like to accomplish and how your legacy will impact others takes careful thought and consideration. Here are some questions to consider for estate planning purposes as you are collecting and preparing your tax information:
Who are your primary and contingent beneficiaries?
How will assets be divided among your various beneficiaries?
When will the beneficiaries receive their inheritance (immediately, over time, when they reach a specific age, at the discretion of the trustee, etc.)?
Do you have any specific bequests (particular items of jewelry, family heirlooms, etc.) you want a specific person to receive, or do you wish that yo r bequests are used for specific purposes (such as education)?
Are arrangements made for the care and financial support of young children, dependents with special needs, and pets where applicable?
What charitable organizations, such as Rocky River United Methodist Church, have been important to you during your lifetime? How would you like to support them in your estate?
While this may seem like a lot to consider, please know that you are helping your family and heirs by having your financial matters in order and your wishes documented. For your reference, if you would like to consult professionals, we maintain a list of potential resources, including attorneys, accountants, and insurance and financial advisors whom you may want to contact for assistance.