Share Your Bounty with Family

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As Thanksgiving approaches, it's meaningful to reflect on the origin of the holiday –Native Americans and pilgrims sharing their bounty of food with each other. As you gather with your loved ones this year, perhaps you can think of ways to share not only your dinner, but also your financial bounty.

In terms of bounty-sharing, here are some suggestions you may find helpful, no matter your age or that of your children:

* Make appropriate gifts.
If you have young children, you may want to get them started with a savings account to help them develop positive financial habits. You could even make it a Thanksgiving tradition to measure how their accounts have grown from year to year. But you can go even further by starting to fund an education savings vehicle such as a 529 plan. This account can provide valuable tax benefits and gives you total control of the money until your children are ready for college or trade school. Other education-funding options also are available, such as a custodial account, commonly known as an UGMA or UTMA. If you have grown children, you could still contribute to a 529 plan for your grandchildren.


* Develop – and communicate – your estate plans. While you may want to be as generous as possible to your loved ones during your lifetime, you may desire to leave something behind as part of your legacy. And that means you will need to develop a comprehensive estate plan. Such a plan will allow you to express your wishes about where you want your assets to go, who will take care of your children if something happens to you, how you want to be treated should you become incapacitated, and other important issues. Your estate plan will need to include the appropriate documents and arrangements – last will and testament, living trust, power of attorney, health care directive, and so on. To create such a plan, you may need to work with a team of professionals, including your financial, tax and legal advisors. And it’s essential that you communicate the existence and details of your estate plan to your loved ones. By doing so, you can help them know what to expect and what’s expected of them to help avoid unpleasant surprises and familial squabbles when it’s time to settle your estate.

* Solicit suggestions for charitable giving. Sharing some of what you have with charitable or community organizations will also help fulfill the spirt of Thanksgiving. And you can make it a family affair by asking your loved ones which groups they would like to support. Not only will you be helping a worthy cause, but you’ll also be teaching your children about the value of money – in this case, the ability to use money you’ve saved to help make a positive contribution to society.

By sharing your bounty with your loved ones and your community on Thanksgiving, you’ll help create a more memorable holiday for everyone. So, be generous, be creative – and be prepared for how much satisfaction you can get from your actions.

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.

If you would like to contribute information on this article, contact us at info@iberkshires.com.

Macksey Updates on Eagle Street Demo and Myriad City Projects

By Tammy DanielsiBerkshires Staff

The back of Moderne Studio in late January. The mayor said the city had begun planning for its removal if the owner could not address the problems. 
NORTH ADAMS, Mass. — The Moderne Studio building is coming down brick by brick on Eagle Street on the city's dime. 
 
Concerns over the failing structure's proximity to its neighbor — just a few feet — means the demolition underway is taking far longer than usual. It's also been delayed somewhat because of recent high winds and weather. 
 
The city had been making plans for the demolition a month ago because of the deterioration of the building, Mayor Jennifer Macksey told the City Council on Tuesday. The project was accelerated after the back of the 150-year-old structure collapsed on March 5
 
Initial estimates for demolition had been $190,000 to $210,000 and included asbestos removal. Those concerns have since been set aside after testing and the mayor believes that the demolition will be lower because it is not a hazardous site.
 
"We also had a lot of contractors who came to look at it for us to not want to touch it because of the proximity to the next building," she said. "Unfortunately time ran out on that property and we did have the building failure. 
 
"And it's an unfortunate situation. I think most of us who have lived here our whole lives and had our pictures taken there and remember being in the window so, you know, we were really hoping the building could be safe."
 
Macksey said the city had tried working with the owner, who could not find a contractor to demolish the building, "so we found one for him."
 
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