“Who is going to get what you leave behind?”

“The Best Bequest”Lutheran Hour Ministries

#84-09
Presented on The Lutheran Hour on October 30, 2016
By Rev. Dr. Ken Klaus, Speaker Emeritus of The Lutheran Hour
Copyright 2016 Lutheran Hour Ministries

“Although it is not strictly mandatory from a legal point of view, novels and films have taught us that a person’s last Will and Testament really ought to begin with the words, “I (and then you insert your whole name) being of sound mind and body, do hereby bequeath to (and then you list who gets what). Now that phrase has always caused me a problem. Since many wills are written when a person’s physical condition has deteriorated to the point where they expect the grim reaper to come calling any minute, how can they say they are in ‘sound body.’ So, rather than wondering, I went to one of my lawyer friends and asked him. He laughed and told me that the expression is not a medical one; it is merely a statement that the individual is capable of making the decisions which follow in the rest of the document.

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Funeral planning for one last party

Occasionally, some of my lady friends (most over the age of 65) and I meet at the corner of the street in our quiet little neighborhood.  One day this summer, I was telling Flora and Lee about working on my will and funeral arrangements.  I shared with them that I thought funeral planning should be done with friends, kind of like the old Tupperware parties, with door prizes and snacks to make it more enjoyable.  We discussed cremation vs. burial and how I wanted my family to have a party to celebrate my life when I died.  Then Lee told me she had an interesting article she wanted me to read which discussed that very idea.  Here it is:

Image result for funeral images
huffingtonpost.co.uk

Planning for one last party

by Valerie McCullough for the Loveland Reporter-Herald

August 4, 2016

“How does one go about planning their own funeral?

That’s my question.

I’m perfectly healthy now, but when I read the obits of people decades younger than me, I realize it’s time to sketch some plans.

The actuarial table tells me I will live nine more years. I don’t know how they come up with these figures. I can’t imagine I have so many years left.

Besides in nine more years my mind may be too addled to plan anything.

On the other hand, another two years would be nice, so I can tear up the terrible cellphone contract I just signed

But if I live too long, the warranties on my two knee replacements will expire before I do.

So there’s no perfect time to die. But, trust me, it’ll happen. To all of us.

Our four daughters find my funeral planning ghoulish, but I know it will be easier on everyone to have plans in place ahead of time.”  Read more

According to the Funeral and Memorial Information Council, “In 2015, 69 percent of adults over the age of 40 indicated they would prefer to pre-arrange their own service; however, only 17 percent had made arrangements.”

What everyone needs to know…

…About Estate Planning

A Financial Planning Association brochure “shows why you need an estate plan and highlights some of the basic components of an estate plan.”

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deschenelaw.com

Financial Planning Day…register and put this on your calendar!

Financial Planning Days

Denver Financial Planning Day – It’s FREE

(If you don’t live near Denver, CO click on http://financialplanningdays.org/find-an-event to find a Financial Planning Day near you.)images

Denver Date/Time:  October 22, 2016, 9:00 am – 3:00 pm
Location:
Mile Hi Church
9077 W Alameda Ave
Lakewood, CO
Get directions »

The Financial Planning Association of Colorado invites you to attend Denver Financial Planning Day where you’ll be able to meet one-on-one with dozens of highly qualified Certified Financial Planner™ professionals to discuss your personal finance questions, concerns and interests.  It’s not just for retirees so register yourself, your family members and friends at: http://financialplanningdays.org/event/denver-financial-planning-day.

Don’t miss this opportunity for a free, private consultation with an expert on a variety of personal finance issues, including debt management, retirement planning, investment strategies, income taxes, insurance, and estate planning, among many others!

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Birthday gifts for grandchildren…529 Plans

It’s September.  In my family, that means birthdays and gifts made to 529 Plans. September 2nd was Jackson’s birthday. Today, September 26th, is my daughter’s birthday and tomorrow, September 27th, is Dylan’s birthday.  Jackson and Dylan are my two grandsons.  jackson

When my granddaughter Jovie had her first birthday party I was overwhelmed by the amount of wonderful gifts she received from family and friends.  Her birthday is in January which follows another big gift giving day, Christmas.  So I decided to begin giving gifts of money as a long-term gift to my three grandchildren by setting up 529 college funds.

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Ever heard of a real estate beneficiary deed?

I didn’t know real estate beneficiary deeds existed until recently.  In the August 13-14, 2016 Loveland Reporter-Herald I read a question and answer article about someone whose parents died.  The reader wanted to know how to transfer his parents’ real estate property into his name.  A follow-up to that piece stated a simple way to accomplish this task is to set up a beneficiary deed.  I looked into it.

Below you will find information from The American Bar Association so you can also understand the simple process of transferring real estate upon death.  However, not all states currently use the transfer-on-death deed.  It became law in Colorado in 2004.deed

REAL ESTATE LAW
Transfer-on-Death Deeds

By Susan N. Gary

September 2007

“A transfer-on-death (TOD) deed, or beneficiary deed, allows an owner of real property to execute a deed that names a beneficiary who will obtain title to the property at the owner’s death without going through probate. This article examines the advantages and disadvantages of using TOD deeds and details how these deeds work. It provides several typical estate planning scenarios that highlight when the use of a TOD deed may be appropriate and when a different method should be used to transfer real property.

The execution of a TOD deed has no tax consequences.

Pros and cons of TOD deeds. A TOD deed solves many of the drawbacks associated with the other mechanisms available for transferring real property at death. Making a TOD deed an option will help property owners in a variety of circumstances. In contrast with using joint tenancy or a legal remainder interest, a TOD deed creates no present interest in the named beneficiary. This provides several benefits: The owner does not make a completed gift for gift tax purposes; if the owner changes his mind about the beneficiary, the owner can change the designation at any time before death; and because the beneficiary has no interest in the property until the owner dies, the beneficiary’s creditors cannot reach the property. In contrast with the transfer of property under a revocable trust or a will, the transfer of property through a TOD deed is much less expensive. In some states the cost of probate is substantial, and in any state a probate proceeding will cost more than the fees associated with a TOD deed.”

Read the entire at:  http://www.americanbar.org/newsletter/publications/gp_solo-magazine_home/gp_solo_magazine_index/realestate_transferondeath.html.

Susan N. Gary is a professor of law at the University of Oregon School of Law.  She is an Academic Fellow and Regent of the American College of Trust and Estate Counsel, the preeminent U.S. organization for estate planning lawyers and academics.

Estate planning–do it today!

I read the following Denver Post article about estate planning last December and it got me thinking about my end of life plans.  I didn’t have any written plans and decided that leaving that task to my only child was not fair to her.  So I took action and followed the beginning steps laid out in the article.  I have to admit, it was even kind of fun picking out the music I would like played at my funeral. I hope this article helps you begin making some of these same important decisions.  A will isn’t enough.

imagesPlanning for Retirement?  Take a break, for survivors’ sake

by Wendi Strom

December 27, 2015

“Many of us face the likelihood of eventually becoming the survivor of someone that we love. With that, it may mean inheriting the task of settling the affairs of their estate. Not an easy task, even when everything is thoughtfully organized.

The truth is, in our death-denying society, hours and hours may be spent on planning for that big phase we call ‘retirement.’ Retirement, though it may be more pleasant to think about, is not guaranteed. Death, as we all know, is.

Having worked with many widows and other survivors, I’ve come to realize that while planning, saving and investing for education and retirement may seem like the most important of our financial tasks, its tending to the fact that our survivors may one day be living a life without us that can ultimately become that task which is most important. Our best and final gift.

So what kind of steps can you take to help your survivors?”

Read more at: http://www.denverpost.com/2015/12/24/planning-for-retirement-take-a-break-for-survivors-sake/.

Wendi Strom, Certified Financial Planner, LOTUS Financial Partners, Denver, CO and president-elect, Financial Planning Association of Colorado.