GABRIELLA BIEDINGER - HER LIFE Magazine

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herlife | primeEssentials for EstatePlanning and Planned Givingby candi smithAs you approach the autumn of your lifetime, you should beginto put your financial affairs in order to ensure that you providefor your loved ones you leave behind. However, you alsomight consider a legacy of giving so you can keep on changingthe lives of others in society long after you’ve passed.First, when it comes to estate planning, there are a few must-havedocuments you should establish to ensure that your financial and personalwishes are conveyed.According to Julie Garber, an experienced estate planning attorneyand co-author of Estate Planning Strategies: Collective Wisdom, ProvenTechniques, there are five essential documents that provide an organizedapproach for dealing with your assets if you die or are mentally incapacitated.She recommends you find an attorney in your state versed specificallyin estate planning law.There are two basic types of estate planning—will-based and trustbased.Both estates should be covered by an Advanced Medical Directive,Living Will and Financial Power of Attorney. Additionally, will-basedestates should have a Last Will and Testament, while trust-based estatesshould have a Pour Over Will and Revocable Living Trust.An Advanced Medical Directive (sometimes known as a MedicalPower of Attorney) gives authority either to a guardian, conservator orhealth care agent to make medical decisions if you are declared mentallyincapacitated and unable to make those decisions on your own.A Living Will provides written instructions to a health care agentabout whether or not you want life-sustaining procedures if you havebeen diagnosed with a terminal illness or are in a vegetative state. Italso instructs family members on how to manage your quality of life incase of terminal illness.A Financial Power of Attorney delegates a person to manage yourfinancial assets (those titled in your name, including retirement plans) inthe instance that you are either deceased or have been declared mentallyunable to make decisions on your own. It can also be used to move moniesinto a Revocable Living Trust if you are incapacitated before the trusthas been fully funded. There are two forms of Financial Power of Attorney:Durable (which goes into effect immediately upon your signature) andSpringing (which goes into effect after you’ve been declared mentallyincapacitated).Trust-based estates are bound by a Revocable Living Trust whichcontains detailed instructions covering three important phases of your life:what happens when you are alive and well; what happens if you becomementally incapacitated; and what happens after you die. By putting yourassets into a Revocable Living Trust, you avoid having them tied up inprobate court (a process where your state court system determines howyour assets will be divided).For will-based estates, a Last Will and Testament contains detailedinstructions for how to handle your assets upon your death. And if youhave minor children, it will also contain provisions for designating a guardian.For trust-based estates, a Pour Over Will acts as a “safety net” for anyassets that you might have missed when you were setting up your trust. Itdoesn’t contain much detail since your main instructions are contained inyour Revocable Living Trust.You may also consider setting up planned giving, usually done tobenefit a nonprofit organization. Planned giving (also known as deferredgiving or gift planning) allows you to leave money/assets to a nonprofit54 HERLIFEMAGAZINE.COM
upon your death, or to invest money so that you receive benefits duringyour life and then bequeath the remaining funds to the nonprofit afteryour death. Most nonprofits have a planned giving department that canhelp you with either of these options, which also can help offset your taxliability each year.Additionally, authors Charles Bronfman and Jeffrey Solomon suggestin their book The Art of Giving: Where the Soul Meets a Business Plan thatdonors consider ways to help that leverage their contributions for greaterimpact. Some of the key ways they believe a donor can accelerate theirplanned gifts is by: supporting advocacy (funding some measure that haslong-range goals with major impact such as societal changes); targetinga gift to support marketing (which is a much-needed component of anonprofit to reach new supporters, donors and clients, and can be verypowerful in that it might actually generate many times its cost in new revenue);supporting infrastructure (where your gift enhances the capabilitiesof an organization to do its job more effectively such as new computers,database management, etc.); and, funding a prize (a very popular way tostimulate research or spur innovation by offering fellowships and grants topeople in the field who show the promise of great societal contributionsand creativity).By planning how your money will be used now, you leave a legacy ofthoughtfulness that will always be remembered. ■Sources: AllBusiness.comNonprofit.about.com&PRESENTED BY THEWORLD OF WONDERS SCIENCE MUSEUMand Hospice of San joaquinDust off yer’ cowboy boots, don yourcowpoke attire and wander over toenjoy wagon rides, a chuck wagonBBQ, a raffle and live auction!This fundraiser is for folks 21 and olderTICKETS AVAILABLE AT:World of Wonders Museum2 North Sacramento StreetLodi, CA 95240Hospice of San Joaquin3888 Pacific AvenueStockton, CA 95204or online atwww.hospicesj.orgHERLIFEMAGAZINE.COM 55
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®HERLIFE MAGAZINE MARCH 2013HERLIF
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Page 6 and 7: 6 HERLIFEMAGAZINE.COMMcHenryVillage
Page 8 and 9: herlife | contentsGabriella Bieding
Page 10 and 11: herlife | welcomeSpring aheadAs Day
Page 12 and 13: ®Staff and ContactsEditor-in-Chief
Page 14 and 15: herlife | healthMakingHealthy Food
Page 16 and 17: herlife | spotlightLodi Healthby an
Page 18 and 19: herlife | beautyFind the Perfect Ha
Page 20 and 21: herlife | cosmetic surgeryQ: The co
Page 22 and 23: herlife | inspirationsGabriellaBied
Page 24 and 25: to consider what that industry migh
Page 26 and 27: herlife | integrative medicineDetox
Page 28 and 29: herlife | cravingsby adriana brogge
Page 30 and 31: herlife | culinaryMAKING A SPLENDID
Page 32 and 33: herlife | recipesBaked maple-mustar
Page 34 and 35: herlife | wineFRENCH WINE AND CHEES
Page 36 and 37: herlife | spotlightby ann e. butena
Page 38 and 39: herlife | trendsetterDefineClothing
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Page 44 and 45: herlife | mother’s perspectiveMak
Page 46 and 47: herlife | working womenMatching a C
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Page 50 and 51: Walletpop.comA personal finance sit
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Page 62 and 63: HERLIFE | bridalMostForgottenItems
Page 64 and 65: herlife | she said yesLaurenandKyle
Page 66 and 67: herlife | tie the knotEmily&EthanTi
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Page 72 and 73: Stockton Thunder presents Hockey Ha
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