Page 21 - Southern Exposure - July '24

BW
Southern Exposure, Page 21

FinanCial FoCus ®

Be Careful When Naming Beneficiaries

By Sally Sima Stahl

You might not have rules about how beneficiary designations are treated after a needs trust as beneficiary for a family member who has
thought much about divorce. And some financial assets are treated differently than special needs or becomes disabled. If this individual were
beneficiary designations — others. to be the direct beneficiary, any assets passing directly into
but they can play a big role Here’s the big picture: If you’ve named your spouse their hands could affect their eligibility for certain programs.
in your estate planning. as a beneficiary of an IRA, bank or brokerage account, You may need to work with a legal professional to sort
When you purchase insurance policy, will or trust, this beneficiary designation out beneficiary designation issues and the rules that apply in
insurance policies and open will automatically be revoked upon divorce in about half the your state. But you may also want to do a beneficiary review
investment accounts, such states. So, if you still want your ex-spouse to get these assets, with your financial advisor whenever you experience a major
as your IRA, you’ll be asked you will need to name them as a non-spouse beneficiary after life event, such as a marriage, divorce or the addition of a
to name a beneficiary, and, the divorce. But if you’ve named your spouse as beneficiary new child. Your investments, retirement accounts and life
in some cases, more than for a 401(k) plan or pension, the designation will remain intact insurance proceeds are valuable assets — and you want them
one. This might seem easy, until and unless you change it, regardless of where you live. to go where you intended.
especially if you have a spouse and children, but if you However, in community property states, couples are This article was written by Edward Jones for use by
experience a major life event, such as a divorce or a death in generally required to split equally all assets they acquired your local Edward Jones Financial Advisor, Edward Jones,
the family, you may need to make some changes — because during their marriage. When couples divorce, the community Member SIPC.
beneficiary designations carry a lot of weight under the law. property laws require they split their assets 50/50, but only Edward Jones is a licensed insurance producer in all states
In fact, these designations can supersede the instructions those assets they obtained while they lived in that state. If you and Washington, D.C., through Edward D. Jones & Co., L.P.,
you may have written in your will or living trust, so everyone were to stay in the same community property state throughout and in California, New Mexico and Massachusetts through
in your family should know who is expected to get which your marriage and divorce, the ownership issue is generally Edward Jones Insurance Agency of California, L.L.C.;
assets. One significant benefit of having proper beneficiary straightforward, but if you were to move to or from one of Edward Jones Insurance Agency of New Mexico, L.L.C.; and
designations in place is that they may enable beneficiaries these states, it might change the joint ownership picture. Edward Jones Insurance Agency of Massachusetts, L.L.C.
to avoid the time-consuming — and possibly expensive — Thus far, we’ve only talked about beneficiary designation Edward Jones, its employees and financial advisors cannot
probate process. issues surrounding divorce. But if an ex-spouse — or any provide tax advice. You should consult your qualified tax
The beneficiary issue can become complex because not beneficiary — passes away, the assets will generally pass to advisor regarding your situation.
everyone reacts the same way to events such as divorce — a contingent beneficiary — which is why it’s important that Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
some people want their ex-spouses to still receive assets while you name one at the same time you designate the primary 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
others don’t. Furthermore, not all the states have the same beneficiary. Also, it may be appropriate to name a special

Book revIew from page 20 in part because of the unusual sex drive of the male macaque “If you make a gull sufficiently nervous, it will vomit. While
monkeys that the author discusses in her typical (and quite unpleasant for biologists who need to handle them, the habit
“Deepening the problem: offerings. Tuesdays and hilarious) droll manner. affords easy insight into what the birds have been eating. Here
Saturdays, the devotees visit Hanuman temples to make a Another example of man vs. nature problems is one much is a partial list of what a herring gull considers edible – that
puja. To the icons inside, they present coconuts and garlands closer to home: the efforts in Texas, Arkansas and elsewhere is, things that have been vomited in the general direction of
of marigolds; to the living representatives hanging around to literally bomb crows – “black bandits of the air” and Julie C. Ellis, senior research investigator at the University
outside, samosas and Frooti mango pop. Feeding wild “feathered gangsters” they were called – and other birds out of Pennsylvania: bologna, ants, strawberry shortcake, a
animals, as we know, is the quickest path to conflict. The of the skies from airplanes with sticks of dynamite! During large mackerel, a whole hot dog, intact mice, squid, a used
promise of food motivates normally human-shy animals to one winter alone 250,000 crows were killed in Illinois. sanitary napkin, discarded lobster bait, Vienna sausages, an
take a risk. The risk-taking is rewarded, and the behavior Their crime? Doing what crows do naturally in order to eider duckling, a paper muffin wrapper, a loaded diaper, ana
escalates. Shyness becomes fearlessness, and fearlessness survive: They were raiding the nests of waterfowl, devouring a plate’s worth of spaghetti marinara with mussels.”
becomes aggression. If you don’t hand over the food you’re eggs and chicks to the extent that duck hunters would not When you consider that large flocks of gulls descend
carrying, the monkey will grab it. If you try to hold onto it, have enough of them to shoot! on St. Peter’s Square when crowds gather to see and hear
or push the animal away, it may slap you. Or bite you. The Here is one with a gentler touch befitting the locale – the Pope and understand that “droppings” from above are
Times of India put the number of monkey bites reported by Vatican City: not blessings from heaven, it is clear why the Vatican has
Delhi hospitals in 2018 at 950.” Gulls are very different from crows, and it is sometimes hired a Dutchman, Andre Fritjers – who owns the company
So far, the Delhi government’s efforts to control the necessary to keep them away in certain situations – but in a Vogelverschrikker (Dutch for scarecrow) – to demonstrate
situation with injectable or oral contraceptives have failed, way that does no harm. his LaserOp Automatic 200, “a sort of monochrome laser
light show. Lasers are silent, seemingly humane, and they
can usually be counted on to unnerve gulls for at least a week
… mainly used to dissuade cormorants, gulls, and vultures
“Who will clean from roosting on structures where someone doesn’t want
them – and their droppings – to gather.”
up the mess if Black bears in Aspen, Colo., who take advantage of
residents’ ignoring rules to keep trash cans shut tight …
elephants whose centuries-old pathways in India’s forests are
you don’t draft being surrounded and blocked by construction, yet are being
blamed and punished for “trespassing onto humans’ property”
… a page of “poop” illustrating four different kinds of scat
a Will?” that accompanies a chapter on how to track bobcat, ocelot,
jaguar and mountain lion by identifying their droppings as
part of a program to protect these animals by keeping them
apart from human populations … these as well as others are
among the many odd and fascinating issues faced in this
book’s pages.
And not all are about animals. The author devotes one
chapter to dangerous trees, and another to poisonous plants
… both species which we now know through scientific
evidence to have intelligence and able to wreak havoc on
humans despite our “laws.”
Learn and laugh. And join me in the Mary Roach fan club.

ESTATE & BUSINESS PLANNING
PROBATE, GUARDIANSHIP & TRUST ADMINISTRATION
PROBATE & GUARDIANSHIP FOR PERSONAL INJURY FIRMS
FAMILY LAW • REAL ESTATE Captain’s was established in 1980 servicing
Palm Beach County and is a privately
Evening and Saturday Appointments Available owned and managed company.
RiverPlace Professional Center Captain’s is committed to providing
1003 W. Indiantown Road - Suite 210 • Jupiter, FL 33458-6851 dependable, reliable and professional
ground transportation to and from all
South Florida Airports and Seaports. PBCVH212
To reserve your vehicle:
561-798-2180 or 800-634-7890 www.captainsairport.com