Page 11 - Talk of Tequesta - July '24

The Talk Of Tequesta, Page 11

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Be Careful When Naming Beneficiaries

By Sally Sima Stahl

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

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SPOTLIGHT ON HEALTH CARE By Valerie Staggs

Complexity of the knee joint requires a

multi-faceted approach to pain treatment.

Visit any pickleball court around the tions, and injections. Surgery is usu-
country and you’ll notice that one piece ally the last resort, and no problem is
of equipment is becoming more and too small or too big.”
more popular. In addition to the newest
carbon fiber paddles and ball retriever If surgery is recommended, it doesn’t
gadgets, players are sporting a surpris- mean the end to your active lifestyle.
ing array of knee braces. From simple Conditions like a torn meniscus, dam-
stretchy knee sleeves to fully hinged aged ligaments or mild arthritis can of-
knee stabilizers, knee support is the ten be treated arthroscopically. Even if
new norm for people trying to live an a partial or total knee replacement sur-
active lifestyle while dealing with knee gery is needed, you can still enjoy lower
pain or injuries. impact activities like golf, swimming,
bicycling and yes, even pickleball.
Considering that every movement in
your legs and your balance rely on your Sports Medicine & Orthopedics Cen- ti-inflammatory medications can pro-
knees, the knee joint is arguably the ter who performs knee surgery at Jupi- vide relief for minor knee pain. Knee
most important joint in your body. It ter Medical Center. “In reality, only braces can also help; however, using the
is also one of the most complex joints. about 10 percent of my patients end wrong type of brace can result in ad-
Known as a synovial joint, the knee up undergoing knee surgery.” ditional problems. When intermittent
joint consists of bones, cartilage, liga- knee pain becomes severe, Randazzo
ments, muscles and nerves all within In diagnosing knee pain, doctors like says it’s time to seek medical care.
the structure of your knee. Stress or an Randazzo have to go through a seem-
injury to any one of these five inter- ingly endless list of possible diagnoses. “If it’s at the point where an anti-in-
secting parts can cause knee pain that Knee pain can be caused by chronic flammatory medicine isn’t of help, and
can be difficult to pinpoint. Even more conditions such as arthritis or osteo- if you’ve tried home exercise and other
difficult is figuring out when knee pain porosis, inflammatory issues such as interventions aren’t working,” he says,
is concerning enough to seek medical tendinitis or bursitis or injuries such as “then it’s time to see a specialist.” Ran-
treatment. sprains, ligament tears, dislocations or dazzo says symptoms such as swelling
even bone fractures. of the knee joint, recurring or constant
“A lot of people fear going to the doc- knee pain, a knee that is unstable or John L. Randazzo, M.D.
tor or orthopedic specialist because Most active people are accustomed to doesn’t work correctly or an acute knee
they’re afraid they’ll need surgery,” dealing with achy, sore joints, especially injury are all reasons to seek medical For more information about knee conditions
says Dr. John Randazzo, a board-cer- as they grow older. The age-old RICE care. “Usually, we can get patients and treatment options, visit https://www.
tified orthopedic surgeon and sports (rest, ice, compression, elevation) meth- back to feeling better and normal ac- jupitermed.com/services/orthopedics/knee/
medicine specialist at Palm Beach od and over-the-counter pain and an- tivity with physical therapy, medica-
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