Planning for the future can entail many things, from saving for a vacation to leaving a legacy for future generations.
Valerie RumboughThe one that interests me the most, however, is a plan that many, unfortunately, do not take advantage of. It is one of the simplest, yet one of the most dreaded. Many times it has more impact than any other plan an individual can implement, but it is the one most overlooked. Many of you reading this have not made this type of plan. However, if you don’t, your family, friends, and the organizations you care about will always wish that you had.
What is it? Planning with a will. Do you realize that when you die without a will, your spouse only gets one-half of your assets? Your children get the other half, even if they are married and have families and careers of their own. Also, the probate court has to step in and make decisions that you and your family should have made.
You won’t be here to see the consequences of not doing this simple task, but those you leave behind will. Is this what you want for your family? Probably not.
Imagine that all of you, at one time or another, have thought about what you would like to leave someone. Maybe a favorite piece of jewelry, the retirement account you have, your house, your car. There is someone that you would like to give those items to when you are gone. So, why not take care of that today?
There are many tools available to you. One is utilizing the services of the Baptist Foundation of South Carolina. The bottom line – please talk to someone and get it done before someone else has to make the decisions that you wanted to make yourself. Your family, your church, and, most of all, our Lord will be happy that you took the time to develop a Christian estate plan through your will.
– Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.