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Foundation

A Year-end Check-up for your Financial Health

With the events of the past year fresh in your mind, now is an ideal time to review and update your estate plans. To help you in this process, here's a checklist of suggestions to consider as the end of the year approaches.

1. Review and update your will. More than half of all Americans die without a will, leaving their assets to be distributed in ways they never intended. If you have a will, you're ahead of the game; but it's equally important to make sure it stays current. As you and your family grow older, as income sources, assets and laws change, it is important to make sure your will reflects your current wishes and circumstances. If your will is more than three or four years old, make an appointment with your attorney or financial advisor to make sure it serves its original purpose – carrying out "your will."


2. Inventory and record the contents of safe-deposit boxes. Give a copy to a trusted family member and remove any property or documents that are outdated or unnecessary.


3. Review and update beneficiaries of your life insurance policies and retirement plan assets. Also review contingent (backup) designations and settlement provisions. If you have a taxable estate, consider shifting ownership of your life insurance to an irrevocable trust or to your heirs.


4. Name designated heirs to receive bank account proceeds at your death. Naming heirs as "joint owners" may be risky and create gift tax issues. Instead, consider using a "payable on death" (POD) designation to redirect an account while avoiding unnecessary probate problems. For brokerage accounts or mutual funds, use a "transfer on death" designation.


5. Make sure your durable power of attorney for health care and living will are current. Are these medical documents updated and on file with family members and health care providers? Have decisions on anatomical gifts and end-of-life care been discussed with your family?


6. Offset capital gains and losses. In the current volatile market, most portfolios have gains and losses. If you plan to make gifts of stock to Community Memorial Foundation (or other charities), it is best to make those gifts with appreciated stocks. If the stock price has declined or has not changed much from its original cost basis, it may make more sense to sell the securities and donate the cash proceeds.


7. Make charitable contributions by December 31. As you think about holiday gifts for family and friends, remember that making year-end donations to favorite charities can be equally gratifying and can be made "in memory of" or "in honor of" family and loved ones. Regardless of the gift arrangements you choose, your generosity comes with many rewards, both emotional and financial.

For more help ...

Many people have found Community Memorial Foundation's Estate Protection booklet a valuable guide in identifying and organizing essential personal information in one secure place. For a free copy, call the Foundation at 262-257-3769.

IRA Rollover Provision Renewed through 2009

There's good news for individuals age 70 1/2 and older with individual retirement accounts. Thanks to the extended charitable IRA legislation, you can once again make a charitable gift from your IRA free of any tax liability in 2008 and 2009. You can transfer up to $100,000 per year to the charity of your choice, tax-free, under this plan. For individuals required to withdraw minimum distributions from an IRA, this can significantly reduce their tax obligations, while allowing them to see their gift benefit the causes they care about during their lifetime. Simply contact your IRA custodian for the necessary forms to transfer the amount of your desired gift to the charity of your choice. Your tax or financial advisor can help you decide if an IRA Charitable Rollover gift is right for you. Call the Foundation at 262-257-3769 for more information.

A Lasting Legacy through the Evergreen Society

The evergreen tree stands the test of time. It grows tall and strong, provides beauty and protection year- round, and as the seasons change and the years pass, it remains green and flourishing - a symbol of life, vitality and endurance.

Just like the evergreen tree, Community Memorial Hospital's roots run deep in the community we have served since opening our doors in 1964. Through the vision and foresight of the Menomonee Falls leaders who founded the hospital, Community Memorial continues to be a strong, living resource generation after generation.

The Evergreen Society of Community Memorial Foundation was established to honor our friends who have decided to support Community Memorial Hospital through their estate plans. A planned gift can be a simple bequest in your will (the most common option), a gift of life insurance or an IRA, or a life income plan such as a gift annuity or trust. There's no minimum amount, and your assets won't be affected during your lifetime. You can choose how you want your gift to be used. There are immediate and long-term tax benefits, and more importantly, the knowledge that you have helped shape and secure the future of Community Memorial Hospital for many years to come.

If you've already remembered the hospital with a planned gift, thank you! Call or write to let us know so we can include your name in our Evergreen Society. For more information about making a planned gift, call the Foundation at 262-257-3769.

About Community Memorial Foundation

Community Memorial Foundation promotes and enhances the health of all individuals in our community through the development and management of resources in collaboration with the mission of Community Memorial Hospital.

The articles in LifeTimes are for information only. Talk to your tax, financial or legal advisor to make decisions best for your own situation.

Back Issues of LifeTimes

You can review the previous issue of LifeTimes by clicking the link below:

Spring 2008: Is a Charitable Remainder Trust Right for You?

Fall 2007: Do You Really Need a Will?

Spring 2007: Exercise Your “Will Power”

Fall 2006: Save Taxes with Year-end Giving