Page 22 - Boca ViewPointe - February '25

Page 22, Viewpointe February 2025
Essential Estate Documents Everyone Should Have:

A Guide To Protecting Your Health, Finances, And Family

By Carolina Rosenthal, finances. The trust specifies what powers are granted to • Trusts: Assets titled to a trust are managed and distributed
CPA & Principal the trustee and how and when assets can be distributed. It according to the trust instructions.
is generally easier for someone to manage your assets as a • Retirement accounts: Retirement accounts are distributed
Are you among the trustee than with a power of attorney. to the named beneficiaries on the account.
majority of Americans who ○ Continuous management: Trusts do not have to go • Joint accounts: Accounts that are owned jointly with
do not have an estate plan? through probate. The trustee(s) have ongoing access to the right of survivorship or tenants by entirety will automatically
This article discusses the funds to cover final expenses, funeral/burial costs and estate transfer to the surviving owner(s). (For accounts titled
documents everyone should management fees. tenants in common, the deceased person’s share will transfer
have to help manage their ○ Establishment of further trusts: A living trust will according to his/her will.)
health care and finances. outline what is to happen to your assets upon death. This • Transfer on Death (TOD)/Payable on Death (POD):
These documents, which could include establishing trusts that manage the assets for This designation may be added to a non-retirement account.
represent a basic estate the benefit of a surviving spouse, children, etc. It adds a beneficiary designation to the account.
plan, direct doctors regarding your health care, authorize ○ Distribution of assets: If desired, assets can be • Life insurance/annuities: These transfer according to
family members (or others) to manage your finances, distributed outright to heirs. beneficiary designation.
control your assets at death, and name people to care for Thus, a living trust provides for smooth management and These documents need to be in place before incapacity
your minor children. Below is an explanation of three transfer of assets both during and after your lifetime. For it to or death. While most of us plan for a long life, it is good to
basic documents you should have as well as a fourth that be effective, you must title accounts to the trust. During your create these documents early and review them periodically.
may be a worthwhile addition. lifetime, the accounts are managed the same as individually A good time to update your documents is whenever you
Basic Estate Documents (or jointly) owned accounts and the trust can be amended or experience a life event such as marriage, birth, divorce,
• Will: Your will outlines where your belongings will revoked at any time. At death, the trust becomes irrevocable. It illness, or death of a family member. With the exception of
go after you are gone. However, as explained below, the will become a separate entity requiring its own, annual tax return. TOD/POD accounts, you will need an attorney to prepare the
disposition of many assets is determined by other means. Transfer of Assets at Death legal documents, but you may want to consult your financial
For individuals who have arranged their affairs to avoid While your will directs the disposition of your residuary and tax advisors to help create a plan that incorporates taxes
probate, the will may serve as a catch-all for assets that are estate, the distribution of many assets is determined by other and financial management.
not otherwise covered. Another important role for your will is means. In fact, it is common to create an estate plan that
to name guardian(s) for minor children. It is not necessary to bypasses the need to probate a will. Assets that are distributed Author Carolina Rosenthal is a resident of Boca Pointe.
have the same individuals care for your children and manage by beneficiary designation, titling or contract include: Email: crosenthal@withum.com 
your finances.
• Financial Power of Attorney: A Power of Attorney
(POA) grants someone the ability to manage your financial WHAT ARE YOUR
affairs while you are still alive. This may be necessary if
you become incapacitated. If you are not ready to hand over MEDICARE OPTIONS?
power now, you can create a springing POA, which means
the power does not go into effect unless you are deemed I will help you find a health plan that
incapable of handling your affairs (usually by two doctors). best fits your needs at no cost to you.
POAs are generally “durable” which means they continue to • Medicare Supplements
be effective even if you become incapacitated. A power of • Medicare Advantage Plans
attorney is no longer effective after your death. • Individual Health Insurance
• Medical Directives: Medical directives provide for your • Medicare Part D Drug Plans
medical care. Each state has its own template. There are • Dental, Vision, & Cancer Plans
two main components which may be established as separate
documents or combined into a single Advance Medical
Directive (AMD). The two sections are:
○ Medical power of attorney: Authorizes a person Beth S. Sigel
to make medical decisions on your behalf.
○ Living will: Outlines your medical preferences Boca Pointe Resident
in certain end-of-life situations (e.g., terminal illness, (954) 261-4648
vegetative state). beth@reliablemedicaresolutions.com
• Living (Revocable) Trust: An additional document worth www.reliablemedicaresolutions.com
considering is a living trust. This document outlines how your
assets are to be managed. It provides many benefits: “We do not offer every plan in your area. Any information we provide is limited to those plans we do offer in your area.
Please contact 1-800-Medicare or Medicare.gov to get information on all your options.”
○ Additional trustees: You can name additional or
successor trustees who have the authority to manage your

Stamp and Coin Club

Boca Raton Stamp & Coin Club asks you to start a
new hobby.
Visit with us at the Stratford Courts Auditorium
located at 6343 Via Sonrisa del Sur, off S.W. 18th Street,
between Powerline Road and Military Trail.
We meet the second and fourth Thursday each month
at 7 p.m. Please call membership coordinator Harvey
Golinger at (561) 752-4922. 
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