02-22-2023 Primetime Living - Flipbook - Page 25
A Special Advertising Section of Baltimore Sun Media Group | Wednesday, February 22, 2023
If you are in charge of managing your
finances, it’s incumbent on you to get
your affairs in order. Anything you do
can be modified if your circumstances
change. Thus, if you’re among that percentage without a will or any related
documents, Cusick provides a checklist
to help you develop your estate plan.
1. Handle the Basics: These items are
‘must haves.’
a. A Last Will and Testament. “This is
where you express your wishes as
to what is done with your property,”
says Cusick. “Although it’s better
to have an attorney who specializes in estates, there are templates
and forms available online. Make
sure it’s legal in Maryland or wherever you reside. “Another option
to consider is a revocable living
trust, which eliminates the need for
probate when you die. Additional
information on the pros and cons
of revocable living trusts is available
under the Publications tab from the
Office of the Register of Wills for
Maryland (http://registers.maryland.
gov/main/).”
b. A durable financial power of attorney.
c. A medical power of attorney (also
called a durable power of attorney
for health care, health care agent
or advanced directive). “Powers
of attorney are vitally important,”
Cusick says, “because whomever
you name is acting for you when you
can’t act on your own.”
In Maryland, visit the Attorney General’s
website, www.marylandattorneygeneral.
gov, for downloadable forms and additional information on advanced directives, powers of attorney and end of life
care.
2. Write a family love letter. “Too often,
when there is a death, the family gets
into arguments and disagreements
about ‘stuff,’ items that have no intrinsic value but are connected to memories of what that person meant,”
Cusick points out. “Explain to them
why you did what you did, why you left
one item to person A versus person B.
It will act as a roadmap for your family
when your gone.
3. Write your own obituary. Cusick
defines the benefit of doing this.
“Think through how you want to be
remembered. Depending on when you
do this, it can help you refocus on how
you want to live the rest of your life.
We’re all going to die and we don’t
know when that will happen, so it
helps to think through the legacy you
will leave.”
4. Gifting considerations. “The laws on
giving have changed and you should
stay current,” says Cusick. “You want
to have a balanced approach. Today
you can give someone $17,000 without using a portion of your lifetime gift
exclusion, although, this not a huge
concern for most with the lifetime limit
at $12.92 million. If you do this, you
get to see the recipient benefit from
the money. Maybe it will be money
toward buying a house or going to
college. And if you have a traditional
IRA in addition to other investment
accounts, consider leaving the IRA
to a charity. It won’t be taxed as you
would be if you withdrew the money.”
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Other actions you can take right now are:
5. Consider the titling your assets and
adding beneficiaries to all your financial accounts:
a. Your bank accounts, both savings
and checking.
b. Your investment account(s).
c. Your retirement account(s).
d. Any real estate property you own
6. Make a list of all your online accounts
including passwords and/or login
information. When you have a will,
make sure this information is included.
These will need to be deleted after you
pass away.
Cusick shares a few final thoughts
on financial planning and managing your
money. “First, no one – no one! – has a
secret formula when it comes to investing. Investments are a way to achieve
your goals, not the goal itself. Most
important, and keep this in mind when
you choose an advisor, it all comes down
to trust. If the trust isn’t there, nothing
will happen.”
Proudly serving the Annapolis
community for 160 years.
Since 1862, our commitment to providing personal, compassionate
care to every family we serve remains strong. We’ve had the
privilege of helping families leave a lasting legacy with attention to
detail that is second to none. Whether planning in advance or at
the time of need, we’re here to help—every step of the way.
Call or visit us for more information as we celebrate
our 160th anniversary this year.
JOHN M. TAYLOR
FUNERAL HOME
147 Duke of Gloucester St. | Annapolis, MD 21401
JohnMTaylorFuneralHome.com | 410-263-4422
Licensed funeral establishment in the State of Maryland.