ESTATE PLANNING WITH THE MUSEUM IN MIND

 

FINE TUNING YOUR PLANS FOR THE FUTURE

 

The beginning of a new year is usually a time for reflecting on the past and planning for the future.

 

This can also be a time for reviewing and updating long-range financial plans.

 

Such a review often includes finding ways to make provisions for your charitable interests through estate plans.

 

REWARDING YET SIMPLE

 

Including the Eastern Cabarrus Historical Society and Museum in your estate and/or financial plans can be a very simple process.

 

As you begin or remodel your existing plan, consider a gift through your will, living trust or some other type of estate plan.

 

After you provide for your loved ones and others who rely upon you for support, you may consider the ECHS and Museum, along with other charitable interests, with a gift of a specific amount, a percentage, or the residue of your estate.

 

MEETING THOSE GOALS AND NEEDS

 

By having reviews routinely, you can be assured that your arrangements are up to date and meet your current needs and goals.

 

Due to all the tax law revisions, dramatic economic fluctuation, and other events, your long-term financial plans may have changed.

 

When was the last time you updated your will?

Have you ever thought about a living trust?

Have you had more children or grandchildren?

Have you moved to another state?

Have you had a change in marital status?

Have there been changes in the value of your assets?

 

Your will and other plans should reflect your thoughts, desires, and financial picture at a given time.  When your circumstances change, so should the documents.

 

Look ahead and take the time to help prevent confusion concerning your intentions as well as any unnecessary delay in implementing them.

 

To create a bequest through your will or trust to the Eastern Cabarrus Historical Society, simply inform your attorney of your wishes when reviewing your plans.  Modest changes often do not require a new document and can be included through a “codicil” to your existing will.

 

 

 

DO YOU HAVE A SOUND ESTATE PLAN?

 

A good estate plan helps provide security should you experience one of four common financial challenges:

• Outliving resources
• Premature death
• Financial emergencies
• Mental or physical disability

 

1.      Do you have a will or living trust to direct the distribution of property at death?

2.      Is the makeup of your family the same as when you last reviewed your plans?

3.      Do you live in the same state as when you last updated your will and/or other plans?

4.      Have you executed appropriate powers of attorney to allow someone you trust to act for you, should it become necessary?

5.      Is the person you have named to settle your affairs still able and willing to serve?

6.      Are your insurance and/or retirement plan beneficiary designations up to date?

7.      Is your life insurance coverage adequate to protect survivors?

8.      Have you made plans for who should receive your property, should your primary heirs not survive you?

9.      Has the value of your assets changed significantly since you last reviewed your plans?

10.  Is there anyone you want to provide temporary help for the education of children or grandchildren?

11.  Are you certain how much federal and/or state tax will be due on your estate?

12.  Are your financial records easily accessible and understandable?

13.  Have you discussed your estate plans with your spouse and/or other loved ones?

14.  Are all the people and organizations that are important to you mentioned in your plans?

 

If you answered NO to one or more of the above questions, you may need to review your plans.

 

Speak with your professional advisor for advice.