WHY PLAN?
You should take the time to make sure you have a properly prepared and complete estate plan in place that accurately reflects your values and goals, including a will or trust; powers of attorney for financial and medical decisions; and a living will.
Do not delay in updating your documents and beneficiary designations. Maybe set a deadline to get everything updated by the end of the year. Getting this done will give you peace of mind. If the opportunity arises as you update things, you might consider including our church – through its Foundation – in your final plans. There are favorable tax laws that support those who exercise charitable intent.
If you have older plans in place, you might consider that there have been recent tax law changes; if your named executors, trustees, and guardians are still appropriate; or if the number of your children or heirs have changed.
If you have newer plans in place, you might check to see if there are any gaps in your plan and if it accomplishes exactly what you intend.
For anyone with existing plans, you should confirm that your beneficiary designations on all life insurance and retirement accounts compliment your will and/or trust.
NEED TO DISCUSS?
Always consult your professional, tax, and legal advisors about the suitability of any of these strategies on your personal situation and how to carry them out effectively.
If you would like to learn more about the Foundation or discuss ways in which you can participate, contact Vicki Simmons at (901) 507-7898 or vicki.simmons@2pc.org.