Estate Plans Can Help You Answer Questions About the Future

Submitted by Edward JonesPrint Story | Email Story

The word "estate" conjures images of great wealth, which may be one of the reasons so many people don't develop estate plans. After all, they're not rich, so why make the effort? In reality, though, if you have a family, you can probably benefit from estate planning, whatever your asset level. And you may well find that a comprehensive estate plan can help you answer some questions you may find unsettling – or even worrisome.

Here are a few of these questions:

* What will happen to my children?
With luck, you (and your co-parent, if you have one) will be alive and well at least until your children reach the age of majority (either 18 or 21, depending on where you live). Nonetheless, you don't want to take any chances, so, as part of your estate plans, you may want to name a guardian to take care of your children if you are not around. You also might want to name a conservator – sometimes called a "guardian of the estate" – to manage any assets your minor children might inherit.

* Will there be a fight over my assets? Without a solid estate plan in place, your assets could be subject to the time-consuming, expensive – and very public – probate process. During probate, your relatives and creditors can gain access to your records, and possibly even challenge your will. But with proper planning, you can maintain your privacy. As one possible element of an estate plan, a living trust allows your property to avoid probate and pass quickly to the beneficiaries you have named.



* Who will oversee my finances and my living situation if I become incapacitated? You can build various forms of protection into your estate planning, such as a durable power of attorney, which allows you to designate someone to manage your financial affairs if you become physically or mentally incapacitated. You could also create a medical power of attorney, which allows someone to handle health care decisions on your behalf if you become unable to do so yourself.

* Will I shortchange my family if I leave significant assets to charities? Unless you have unlimited resources, you will have to make some choices about charitable gifts and money for your family. But as part of your estate plans, you do have some appealing options. For example, you could establish a charitable lead trust, which provides financial support to your chosen charities for a period of time, with the remaining assets eventually going to your family members. A charitable remainder trust, by contrast, can provide a stream of income for your family members for the term of the trust, before the remaining assets are transferred to one or more charitable organizations.

As you can see, careful estate planning can help you answer many of the questions that may be worrying you. Be aware, though, that certain aspects of estate planning, especially those related to living trusts and charitable trusts, can be complex, so you should consult your estate-planning attorney or qualified tax advisor about your situation. But once you've got your plans in place, you should be able to face the future with greater clarity and confidence.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see EdwardJones.com.

 

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North Adams Happenings: Aug. 21-27

SAVE THE DATE
AUGUST 29th - DownStreet Art
DownStreet Art, the last-Thursday-of-the-month popup program of Massachusetts College of Liberal Arts’ Berkshire Cultural Resource Center (MCLA BCRC), returns to downtown North Adams from 5-8 p.m. on August 29, 2019. As always, DownStreet Art is free and open to the public.
More information.

AUGUST 30th - Starry Night Movies at UNO Park Presents: Hidden Figures
On August 30th, we are showing Hidden Figures. The story of "three brilliant African-American women at NASA who serve as the brains behind one of the greatest operations in history: the launch of astronaut John Glenn into orbit, a stunning achievement that restored the nation's confidence, turned around the Space Race and galvanized the world" (Google).
The festivities start at 6pm. More information on activities and games coming soon. Movie will begin at 8:00pm. Bring pillows, blankets, and low back chairs to take in this incredible untold story under a starry night on the UNO Park lawn.
More information.
 
Wednesday 8/21
9:00 A.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

10:00 A.M. (FREE), KIDS, Terrific Tots Playgroup The Family Center, 210 State Street, (413) 664-4821 More information.  

10:30 A.M. (FREE), KIDS, Preschool Story Time North Adams Public Library, 74 Church Street, (413) 662-3133 More information. 


11:30 A.M. (FREE), KIDS, Little Wonders Baby Playgroup The Family Center, 210 State Street, (413) 664-4821 More information. 

5:00 P.M. (FREE), WORKSHOP, Simple Zero-Waste Swaps for the Bathroom: A Zero-Waste Workshop UNO Community Center, 157 River Street, (413) 664-4612 More information.

6:30 P.M. (FREE), MUSIC, Concerts at WIndsor Lake Presents JP Murphy 200 Windsor Lake Drive, (413)664-6180 More information.

8:00 P.M. (FREE), GAMES, Trivia Night! Ramunto's, 67 Main Street, (413) 398-5152 More information.

Thursday 8/22
9:00 A.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

4:00 P.M. (FREE), TUTORING, After School Program UNO Community Center, 157 River Street, (413) 664-4612 More information.

5:30 P.M. (FREE), KIDS, North Adams Public Library Trip North Adams Public Library, 74 Church Street, (413) 662-3133 More information.

6:00 P.M. (FREE), BIKING, Downtown Bike Around Anthony's Municipal Parking Lot More information.

6:00 P.M. (FREE), MUSIC, Party in the Park Presents The Brave Brothers Noel Field, 310 State Street More information.

7:30 P.M. (FREE), BINGO, Musical Bingo at Mingo's Sports Bar and Grill 41 Roberts Drive More information.

8:00 P.M. to 11:00 P.M. (FREE), MUSIC, The Chalet: Eavesdrop The Chalet at Courtyard D, MASS MoCA, 1040 MASS MoCA Way More information.
Friday 8/23
7:30 A.M. (FREE), MEET AND GREET, Coffee Date at the NAMAzing Eagle Street Parklet NAMAzing Eagle Street Parklet More information.

10:00 A.M. (FREE), KIDS, Drop-In Playgroup The Family Center, 210 State Street, (413) 664-4821 More information.

11:00 A.M. (FREE, PARKING $5), KIDS, Kidleidoscope New England's Natural Bridge, 1 McCauley Road More information.

12:00 P.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

7:00 P.M. (By Donation), CRAFTING, Knitting Nights with Common Folk Common Folk, 73 Main Street More information.

7:00 P.M. ($1 and up), GAMES, BINGO! North Adams Elks 487 Lodge, 100 Eagle Street, (413) 664-9039 More information.

8:00 P.M. (FREE), MOVIE, Movies Under the Stars at Colegrove Park Presents: The Goonies Colegrove Park Elementary, 24 Church Street, (413) 664-6180 More information.

8:00 P.M. ($18 - $44), MUSIC, Roomful of Teeth MASS MoCA, 1040 Mass Moca Way More information.

9:00 P.M. (FREE), MUSIC, Karaoke Friday! State Street Tavern, 167 State Street, (413) 664-9152 More information.
Saturday 8/24
9:00 A.M. to 1:00 P.M. (FREE), MARKET, North Adams Farmers Market The Wigwam Western Summit, 2350 Mohawk Trail More information.

10:00 A.M. (FREE, PARKING $5), TOUR, Natural Bridge History Tour New England's Natural Bridge, 1 McCauley Road More information.

10:00 A.M. (FREE), GARDENING, Gardening Program UNO Community Center, 157 River Street, (413) 664-4612 More information.

2:00 P.M. to 6:00 P.M. (FREE), MUSIC, Motorama Cruise-in Concert Presents Whiskey City & Live Wire Noel Field Athletic Complex, 310 State Street, (413) 664-6180 More information

8:00 P.M. ($20 - $30), CONCERT, Cha Wa MASS MoCA, 1040 Mass Moca Way More information.
Sunday 8/25
9:00 A.M. to 3:00 P.M. (FREE TO SPECTATORS, CAR REG. $15), STREET FAIR, 9th Annual Motorama Car Show Downtown North Adams, (413) 664-6180 More information.

10:00 A.M. (FREE, PARKING $5), TOUR, Natural Bridge History Tour New England's Natural Bridge, 1 McCauley Road More information.

4:00 P.M. (FREE), MUSIC, Racks and Stacks- Barbecue and Vinyl Music A-ok Berkshire Barbeque, 2601 MASS MoCA Way, (413) 398-5079 More information.
Monday 8/26
1:00 P.M. (FREE), KIDS, Crafternoons! North Adams Public Library, 74 Church Street, (413) 662-3133 More information.
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