Page 6 - Jupiter Ocean Mile - July '24

Page 6, Jupiter Ocean Mile
Financial Focus ®

Be Careful When Naming Here’s the big picture: If you’ve named your spouse trust as beneficiary for a family member who has special needs
or becomes disabled. If this individual were to be the direct
as a beneficiary of an IRA, bank or brokerage account,
Beneficiaries insurance policy, will or trust, this beneficiary designation will beneficiary, any assets passing directly into their hands could
automatically be revoked upon divorce in about half the states. affect their eligibility for certain programs.
By Sally Sima Stahl So, if you still want your ex-spouse to get these assets, you You may need to work with a legal professional to sort out
You might not have will need to name them as a non-spouse beneficiary after the beneficiary designation issues and the rules that apply in your
thought much about divorce. But if you’ve named your spouse as beneficiary for a state. But you may also want to do a beneficiary review with your
beneficiary designations — 401(k) plan or pension, the designation will remain intact until financial advisor whenever you experience a major life event,
but they can play a big role and unless you change it, regardless of where you live. such as a marriage, divorce or the addition of a new child. Your
in your estate planning. However, in community property states, couples are generally investments, retirement accounts and life insurance proceeds are
When you purchase required to split equally all assets they acquired during their valuable assets — and you want them to go where you intended.
insurance policies and open marriage. When couples divorce, the community property laws This article was written by Edward Jones for use by your local
investment accounts, such require they split their assets 50/50, but only those assets they Edward Jones Financial Advisor, Edward Jones, Member SIPC.
as your IRA, you’ll be asked obtained while they lived in that state. If you were to stay in the Edward Jones is a licensed insurance producer in all states
to name a beneficiary, and, same community property state throughout your marriage and and Washington, D.C., through Edward D. Jones & Co., L.P.,
in some cases, more than divorce, the ownership issue is generally straightforward, but if and in California, New Mexico and Massachusetts through
one. This might seem easy, especially if you have a spouse you were to move to or from one of these states, it might change Edward Jones Insurance Agency of California, L.L.C.; Edward
and children, but if you experience a major life event, such the joint ownership picture. Jones Insurance Agency of New Mexico, L.L.C.; and Edward
as a divorce or a death in the family, you may need to make Thus far, we’ve only talked about beneficiary designation Jones Insurance Agency of Massachusetts, L.L.C.
some changes — because beneficiary designations carry issues surrounding divorce. But if an ex-spouse — or any Edward Jones, its employees and financial advisors cannot
a lot of weight under the law. beneficiary — passes away, the assets will generally pass to provide tax advice. You should consult your qualified tax advisor
In fact, these designations can supersede the instructions a contingent beneficiary — which is why it’s important that regarding your situation.
you may have written in your will or living trust, so you name one at the same time you designate the primary Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, 1851
everyone in your family should know who is expected to beneficiary. Also, it may be appropriate to name a special needs W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
get which assets. One significant benefit of having proper
beneficiary designations in place is that they may enable
beneficiaries to avoid the time-consuming — and possibly
expensive — probate process.
The beneficiary issue can become complex because not
everyone reacts the same way to events such as divorce
— some people want their ex-spouses to still receive
assets while others don’t. Furthermore, not all the states
have the same rules about how beneficiary designations $ $ 100 OFF $ 250
are treated after a divorce. And some financial assets are 39Usually 95
$
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Nonprofits First Hosts from page 5
561-741-2825 561-741-2825 561-741-2825
reaffirms its commitment to supporting and empowering Not valid with any other discounts, Not valid with any other discounts, Not valid with any other discounts,
offers, or coupons. Limit 1 discount
offers, or coupons. Limit 1 discount
offers, or coupons. Limit 1 discount
nonprofits in their endeavors to achieve their missions with per transaction. Expires 8/10/24. per transaction. Expires: 8/10/24. per transaction. Expires: 8/10/24.
exceptional performance and results,” said Trudy Crowetz,
Chief Executive Officer of Nonprofits First.
The categories that are open for nomination are:
• Nonprofit of the Year Award Honoree - Small Category
• Nonprofit of the Year Award Honoree - Medium Category
• Nonprofit of the Year Award Honoree - Large Category
• Arts and Culture Impact Award Honoree
• Nonprofit Innovation Award Honoree
• Lifetime Achievement Award Honoree
• Nonprofit Executive of the Year Award Honoree
• Nonprofit Professional of the Year Award Honoree
• Nonprofit MVP of the Year Award Honoree
• Community Collaborators Award Honorees
• Nonprofit Volunteer of the Year Award Honoree
• Community Hero Award Honoree
Nominations for the 8th Annual Hats Off Nonprofit
Awards open on Monday, June 17, and remain open until
Wednesday, July 31.
The Hats Off Nonprofit Awards will be held in the
Cohen Pavilion at the Kravis Center for the Performing
Arts. Tickets, sponsorships and tables are available.
Tickets will be available from Aug. 12 through Oct. 1,
at $180 for members and $200 for nonmembers. Tickets
can be purchased at www.hatsoffawards.org. Parking is
complimentary in the covered garage. The Kravis Center
for the Performing Arts is at 701 Okeechobee Blvd., West
Palm Beach, FL 33401.
Hats Off Nonprofit Awards Calendar Listing
Tuesday, Oct. 8, Nonprofits First 8th Annual Hats Off
Nonprofit Awards, 5:30 to 7:30 p.m. at the Kravis Center
for the Performing Arts in the Cohen Pavilion. This
fundraising event will celebrate and honor the Palm Beach
County nonprofit sector, its professionals and volunteers
for their impact, achievements and performance.
For more information, visit www.nonprofitsfirst.org.

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