Page 14 - The Jewish Voice - July '24

Page 14, The Jewish Voice

LiFestyLes

Financial Focus as a beneficiary of an IRA, bank or brokerage account, Jones Insurance Agency of New Mexico, L.L.C.; and Edward

Be Careful When Naming Beneficiaries insurance policy, will, or trust, this beneficiary designation Jones Insurance Agency of Massachusetts, L.L.C.
will automatically be revoked upon divorce in about half the Edward Jones, its employees and financial advisors cannot
By Sally Sima Stahl states. So, if you still want your ex-spouse to get these assets, provide tax advice. You should consult your qualified tax
You might not have thought you will need to name them as a non-spouse beneficiary after advisor regarding your situation.
much about beneficiary the divorce. But if you’ve named your spouse as beneficiary Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
designations — but they can for a 401(k) plan or pension, the designation will remain intact 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
play a big role in your estate until and unless you change it, regardless of where you live.
planning. However, in community property states, couples are
When you purchase generally required to split equally all assets they acquired TGH Cancer Institute’s Novel
insurance policies and open during their marriage. When couples divorce, the community Treatment Prolongs Brain
investment accounts, such as property laws require they split their assets 50/50, but only
your IRA, you’ll be asked to those assets they obtained while they lived in that state. If you Cancer Patient’s Life
name a beneficiary and, in were to stay in the same community property state throughout
some cases, more than one. your marriage and divorce, the ownership issue is generally Constantinos “Gus”
This might seem easy, especially if you have a spouse and straightforward, but if you were to move to or from one of Kontodaskalakis and his wife,
children, but if you experience a major life event, such as a these states, it might change the joint ownership picture. Gorgonia, are proud of their
divorce or a death in the family, you may need to make some Thus far, we’ve only talked about beneficiary designation Greek heritage. They strongly
changes — because beneficiary designations carry a lot of issues surrounding divorce. But if an ex-spouse — or any believe their extended Greek
weight under the law. beneficiary — passes away, the assets will generally pass to family’s constant love and
In fact, these designations can supersede the instructions a contingent beneficiary — which is why it’s important that support is half the reason that
you may have written in your will or living trust, so everyone you name one at the same time you designate the primary Gus has survived the deadly
in your family should know who is expected to get which beneficiary. Also, it may be appropriate to name a special needs brain cancer he was diagnosed
assets. One significant benefit of having proper beneficiary trust as beneficiary for a family member who has special needs with in 2021.
designations in place is that they may enable beneficiaries or becomes disabled. If this individual were to be the direct The other half they
to avoid the time-consuming — and possibly expensive — beneficiary, any assets passing directly into their hands could credit to the doctor-patient Gus and Gor gonia
probate process. affect their eligibility for certain programs. relationship they have with Dr. Kontodaskalakis
The beneficiary issue can become complex because not You may need to work with a legal professional to sort out Sajeel Chowdhary, a neuro-
everyone reacts the same way to events such as divorce — some beneficiary designation issues and the rules that apply in your oncologist with Tampa General Hospital (TGH) Cancer Institute.
people want their ex-spouses to still receive assets while others state. But you may also want to do a beneficiary review with A nationally recognized clinical investigator, Dr. Chowdhary
don’t. Furthermore, not all the states have the same rules about your financial advisor whenever you experience a major life was recently appointed the medical director of neuro-oncology
how beneficiary designations are treated after a divorce. And event, such as a marriage, divorce, or the addition of a new at the institute.
some financial assets are treated differently than others. child. Your investments, retirement accounts, and life insurance “I truly believe if it wasn’t for Dr. Chowdhary, I wouldn’t be
Here’s the big picture: If you’ve named your spouse proceeds are valuable assets — and you want them to go where here today,” said Gus, a retired Pratt & Whitney engineer living
you intended. in North Palm Beach. “His treatment is exceptional, and he is
This article was written by Edward Jones for use by your accessible whenever we need him. He takes our calls after hours
simchas local Edward Jones Financial Advisor, Edward Jones, Member and we’re able to text him with any questions or concerns 24/7.”
Gus’ cancer journey began following a family road trip

SIPC.
Edward Jones is a licensed insurance producer in all states to Canada in 2021. After arriving back home in Florida, he
and Washington, D.C., through Edward D. Jones & Co., L.P., experienced a painful pressure in his head that quickly became
Fox-Levine Receives Heroes and in California, New Mexico and Massachusetts through
in Medicine Award Edward Jones Insurance Agency of California, L.L.C.; Edward Lifestyles on page 16

At the 21st
Annual Heroes in Experience Dentistry
Medicine Awards
Luncheon, the
Palm Beach
County Medical
Society (PBCMS) with a
announced
Dr . Shannon
F ox-Levine,
pediatrician and
owner of Palm
Beach Pediatrics, as Woman’s Touch
the organization’s
2024 Heroes in Dr. Fox receives award.
Medicine Award
Recipient in the Physician Hero category.
PBCMS is a not-for-profit organization dedicated Cosmetic & Comprehensive Restorative Dentistry
to uniting physicians to serve the common interest of
the profession, developing and maintaining the highest
professional and ethical standards of the medical State of the Art & Same Day Restorations
profession, advocating the interests of physicians and
their patients, and collaborating with others to improve
the community’s health. Nitrous Oxide/Oxygen Sedation Available
Palm Beach Pediatrics is a provider of physical and
mental health care to children and young adults. The
practice is celebrating 40 years in 2024. Joanne Green, D.D.S.

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Captain’s was established in 1980 servicing
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Captain’s is committed to providing Medical College of Virginia School of Dentistry - Cum Laude
dependable, reliable and professional Hospital of the University of Penn - General Practice Residency Training
ground transportation to and from all Harvard Dental School - Former Instructor
South Florida Airports and Seaports. PBCVH212
To reserve your vehicle: Boston Brigham and Women’s Dental Group - Staff Dentist
561-798-2180 or 800-634-7890 www.captainsairport.com