Page 4 - Hobe Sound Reflections- July '24

Page 4, Hobe Sound

fiNaNcial focus ®

Be Careful When Naming designation will remain intact until and unless you change out beneficiary designation issues and the rules that apply in
You may need to work with a legal professional to sort
it, regardless of where you live.
Beneficiaries However, in community property states, couples are your state. But you may also want to do a beneficiary review
generally required to split equally all assets they acquired with your financial advisor whenever you experience a major
By Sally Sima Stahl during their marriage. When couples divorce, the community life event, such as a marriage, divorce or the addition of a
You might not have property laws require they split their assets 50/50, but only new child. Your investments, retirement accounts and life
thought much about those assets they obtained while they lived in that state. If you insurance proceeds are valuable assets — and you want them
beneficiary designations — were to stay in the same community property state throughout to go where you intended.
but they can play a big role your marriage and divorce, the ownership issue is generally This article was written by Edward Jones for use by
in your estate planning. straightforward, but if you were to move to or from one of your local Edward Jones Financial Advisor, Edward Jones,
When you purchase these states, it might change the joint ownership picture. Member SIPC.
insurance policies and open Thus far, we’ve only talked about beneficiary Edward Jones is a licensed insurance producer in all states
investment accounts, such as designation issues surrounding divorce. But if an ex- and Washington, D.C., through Edward D. Jones & Co., L.P.,
your IRA, you’ll be asked to spouse — or any beneficiary — passes away, the assets and in California, New Mexico and Massachusetts through
name a beneficiary, and, in will generally pass to a contingent beneficiary — which Edward Jones Insurance Agency of California, L.L.C.;
some cases, more than one. is why it’s important that you name one at the same time Edward Jones Insurance Agency of New Mexico, L.L.C.; and
This might seem easy, especially if you have a spouse and you designate the primary beneficiary. Also, it may be Edward Jones Insurance Agency of Massachusetts, L.L.C.
children, but if you experience a major life event, such as a appropriate to name a special needs trust as beneficiary Edward Jones, its employees and financial advisors
divorce or a death in the family, you may need to make some for a family member who has special needs or becomes cannot provide tax advice. You should consult your qualified
changes — because beneficiary designations carry a lot of disabled. If this individual were to be the direct beneficiary, tax advisor regarding your situation.
weight under the law. any assets passing directly into their hands could affect Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
In fact, these designations can supersede the instructions their eligibility for certain programs. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
you may have written in your will or living trust, so everyone
in your family should know who is expected to get which
assets. One significant benefit of having proper beneficiary Dancing With The Martin Stars from page 1 Sponsorships ranging from $600 to $20,000 are still
designations in place is that they may enable beneficiaries available. For more information, visit https://www.
to avoid the time-consuming — and possibly expensive — Coalition CEO Samantha Suffich said, “you know the mchealthystart.org/dancing-with-the-martin-stars/2024-
probate process. courage and determination it takes. We’re so grateful that stars-dancers/. Ticket sales begin in August.
The beneficiary issue can become complex because not our 2024 Martin Stars are willing to take the stage to help Martin County Healthy Start is a nonprofit organization
everyone reacts the same way to events such as divorce — in our mission to ensure that every baby is born healthy, dedicated to ensuring that every baby is born healthy. It
some people want their ex-spouses to still receive assets while every mother is supported, and every father is involved.” provides educational and health services to pregnant
others don’t. Furthermore, not all the states have the same rules This year’s Martin Stars lineup includes Christian women, new mothers and their families at no cost,
about how beneficiary designations are treated after a divorce. Anderson, dancing with local professional Daisy particularly expectant mothers who are at risk for late
And some financial assets are treated differently than others. Krakowiak-Wiebe; Casey Caplan, with Brian Spector; or no prenatal care.
Here’s the big picture: If you’ve named your spouse Lorna Day, with Angel R. Tamayo III; Matthew Durban, Part of a statewide coalition, Healthy Start connects
as a beneficiary of an IRA, bank or brokerage account, with Emily Matos; Jonathan Garich, with Tanya Chaves; pregnant women and young mothers with essential
insurance policy, will or trust, this beneficiary designation Stephanie Martinez, with Michael Chaves; April Milner, services including prenatal care, home visitations by a
will automatically be revoked upon divorce in about half with Bob Murray; Matthew Right, with Marianella Tobar; nurse or social worker, breastfeeding support, parenting
the states. So, if you still want your ex-spouse to get and Sue Whittington, with Jang Don. education, car seat and sleeping safety, a free diaper
these assets, you will need to name them as a non-spouse Will it be a waltz, a cha-cha, a tango, or a foxtrot that pantry, and access to other community partner agencies
beneficiary after the divorce. But if you’ve named your takes them to victory? The answers will be revealed on through the Betty Moore Prenatal Outreach Center. The
spouse as beneficiary for a 401(k) plan or pension, the Sept. 21 at 7 p.m. at the Lyric Theatre in downtown Stuart. David Cardno Fatherhood Initiative, also part of the
Dancers will be judged on their performance and will Martin County Healthy Start Coalition, helps fathers
also earn points for the funds they’ve raised in the quest to become more involved in parenting and offers legal
to become the 2024 Champion. Last year’s event raised assistance to fathers who are separated from their
more than $200,000 for the Martin County Healthy Start children.
Captain’s was established in 1980 servicing Coalition mission. This year’s contestants are determined The programs of Martin County Healthy Start
Palm Beach County and is a privately to beat that amount. Coalition are voluntary and available to all Florida
owned and managed company. “If you have a favorite dancer, or just want to support the residents at no cost.
Captain’s is committed to providing work of the Martin County Healthy Start Coalition,” Suffich For more information about Martin County Healthy
dependable, reliable and professional says, “we encourage you to give them a vote of confidence Start Coalition and its ongoing programs, visit www.
ground transportation to and from all
South Florida Airports and Seaports. PBCVH212 on our website and to join us at the event in September. And mchealthystart.org, call (772) 463-2888 or follow the
To reserve your vehicle: just a word of warning, it always sells out!” organization on Facebook.
561-798-2180 or 800-634-7890 www.captainsairport.com

Editorial copy appearing herewith is not necessarily the viewpoint of
Seabreeze Publications of Central Florida. Most editorial copy is created by Are You Ready Hurricane?
the homeowners and is edited by their appointed editor.
For The Next Storm?

No Air Conditioning?

Seabreeze Publications No Refrigeration?
FREE
Publisher 10% OFF
M. Sean Reid 7 Year Warranty
S. Miller • E. Miller on Select Air Cooled Of A Service Call*
Standby Generators*
Sales $ 350 $ 1,000
Tom English, Laura Berrio, Bret McCormick
One-Time OFF
Production Manager Lee Nostrant Maintenance* Install*

Production Department *Must show coupons. Call for details.
Elaine Donholt • Ruth Nekoranec • Katie Heystek 561.774.7714
Dianne Strout • Karen Kalisz • Michelle Feeney
2271 Palm Beach Lakes Blvd.
All rights reserved. Reproduction or utilization of these contents in any
form by any electronic, mechanical, or other means, including xerography and West Palm Beach, FL 33409
photocopying is forbidden without the written permission of the Publisher.
The Publisher is not responsible or liable for misinformation or misprints
herein contained and reserves the right to accept or reject all copy deemed
unsuitable for publication.
www.seabreezepublications.com GeneratorSupercenterofThePalmBeaches.com
1102 W. Indiantown Rd., Suite 5, Jupiter, FL 33458
Licensed Electrical Contractor #EC 13010145
(561) 746-3244 *Terms and Conditions: Offer only valid on purchases until 06/03/24, and when the Generac home standby generator is purchased directly from Generator Supercenter of

FAX (561) 746-2509 the Palm Beaches. Refurbished products are excluded from this promotion. This promotion is valid for all air cooled home standby generators in stock. Call for availability.
Generator must be installed and activated in order for the warranty to be applied. Generator Supercenter of the Palm Beaches reserves the right to rescind or change this
offer at any time. For questions related to eligibility, please call Generator Supercenter of the Palm Beaches.