Page 16 - PGA Community News- July '24

Page 16, PGA C.A.N.! July 2024 July 2024
Lighthouse ArtCenter Hosts Summer Camp

And ‘Stitching Spectacular’ Exhibition For Kids

This s ummer , These workshops delve into fused glass, jewelry making, For more information about Lighthouse ArtCenter’s
Lighthouse ArtCenter recycled collage techniques and more, empowering teens summer offerings and the Stitching Spectacular
(LAC) in Tequesta to unleash their creativity and develop new skills. exhibition, visit lighthousearts.org.
invites children and
families to dive into a
world of creativity with Financial Focus ®
its exciting summer
camp and the enchanting
“Stitching Spectacular” Be Careful When Naming However, in community property states, couples are
exhibition. Beneficiaries generally required to split equally all assets they acquired
Running through during their marriage. When couples divorce, the community
Aug. 2, the Stitching property laws require they split their assets 50/50, but only
Spectacular exhibition By Sally Sima Stahl those assets they obtained while they lived in that state.
at LAC features the You might not have If you were to stay in the same community property state
exquisite textile art of Irem Yazici. It brings scenes to thought much about throughout your marriage and divorce, the ownership issue
is generally straightforward, but if you were to move to or
life from the beloved children’s book Princess Pinecone beneficiary designations from one of these states, it might change the joint ownership
and the Wee Royals by C.C. Bernstein. Each intricately — but they can play a big picture.
stitched piece vividly captures the imagination, portraying role in your estate planning. Thus far, we’ve only talked about beneficiary designation
When you purchase
the adventures of Princess Pinecone and her tiny friends. insurance policies and open issues surrounding divorce. But if an ex-spouse — or any
In addition to Yazici’s artwork, the exhibition investment accounts, such beneficiary — passes away, the assets will generally pass to
showcases eight collaborative textile yarn upcycle projects as your IRA, you’ll be a contingent beneficiary — which is why it’s important that
crafted by LAC’s summer campers. These unique pieces, asked to name a beneficiary, you name one at the same time you designate the primary
reflecting the camp’s weekly themes, are available for a and, in some cases, more beneficiary. Also, it may be appropriate to name a special
$300 donation. Every contribution supports a scholarship than one. This might seem needs trust as beneficiary for a family member who has
for a child to attend a week of LAC’s ArtCamp. easy, especially if you have a spouse and children, but if you special needs or becomes disabled. If this individual were
Princess Pinecone and the Wee Royals was born from experience a major life event, such as a divorce or a death in to be the direct beneficiary, any assets passing directly into
their hands could affect their eligibility for certain programs.
the bedtime stories Bernstein’s mother shared with her. the family, you may need to make some changes — because You may need to work with a legal professional to sort
The book centers on the adventures of Princess Pinecone beneficiary designations carry a lot of weight under the law. out beneficiary designation issues and the rules that apply
and her miniature companions and carries messages of In fact, these designations can supersede the instructions in your state. But you may also want to do a beneficiary
you may have written in your will or living trust, so everyone
empathy, forgiveness and kindness. in your family should know who is expected to get which review with your financial advisor whenever you experience
The mastermind behind the enchanting stitchings, assets. One significant benefit of having proper beneficiary a major life event, such as a marriage, divorce or the addition
Irem Yazici, hails from Eskisehir, Turkey. A self-taught designations in place is that they may enable beneficiaries of a new child. Your investments, retirement accounts and
embroidery artist with boundless creativity, Yazici’s work to avoid the time-consuming — and possibly expensive — life insurance proceeds are valuable assets — and you want
has earned international acclaim and has been featured probate process. them to go where you intended.
in esteemed publications such as TextileArtist.org, Vice’s The beneficiary issue can become complex because not This article was written by Edward Jones for use by
The Creator’s Project, and Vogue. everyone reacts the same way to events such as divorce — your local Edward Jones Financial Advisor, Edward Jones,
Running from June 3 to Aug. 2, LAC’s Summer ArtCamp some people want their ex-spouses to still receive assets Member SIPC.
Edward Jones is a licensed insurance producer in
offers children aged 5 to 11 an immersive artistic experience. while others don’t. Furthermore, not all the states have the all states and Washington, D.C., through Edward D.
Each week of camp features exciting themes like “Surfin’ same rules about how beneficiary designations are treated Jones & Co., L.P., and in California, New Mexico and
Safari” and “Space Odyssey,” providing participants after a divorce. And some financial assets are treated Massachusetts through Edward Jones Insurance Agency
differently than others.
with opportunities to explore various art forms, including Here’s the big picture: If you’ve named your spouse of California, L.L.C.; Edward Jones Insurance Agency of
drawing, painting, printmaking and sculpture. as a beneficiary of an IRA, bank or brokerage account, New Mexico, L.L.C.; and Edward Jones Insurance Agency
For older aspiring artists, LAC offers dynamic one- insurance policy, will or trust, this beneficiary designation of Massachusetts, L.L.C.
day workshops for teens aged 12 to 16, priced at $136. will automatically be revoked upon divorce in about half the Edward Jones, its employees and financial advisors
states. So, if you still want your ex-spouse to get these assets, cannot provide tax advice. You should consult your qualified
you will need to name them as a non-spouse beneficiary after tax advisor regarding your situation.
the divorce. But if you’ve named your spouse as beneficiary Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
for a 401(k) plan or pension, the designation will remain 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
intact until and unless you change it, regardless of where
you live.

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