TribLIVE

| Home

 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

'Spiritual' estate planning passes on values of departed

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

'American Coyotes' Series

Traveling by Jeep, boat and foot, Tribune-Review investigative reporter Carl Prine and photojournalist Justin Merriman covered nearly 2,000 miles over two months along the border with Mexico to report on coyotes — the human traffickers who bring illegal immigrants into the United States. Most are Americans working for money and/or drugs. This series reports how their operations have a major impact on life for residents and the environment along the border — and beyond.

By Sun Sentinel
Sunday, Nov. 25, 2012, 8:56 p.m.
 

“Spiritual” estate planning — deciding how to pass down money based on values — is becoming a hot topic for baby boomers who want to make sure their values are passed along with their money, financial planners say.

Bequests to charities are up 19 percent in a year, according to Charity Navigator, a nonprofit that monitors charities. But it goes beyond leaving money to a favorite group, said South Florida attorney Alice Reiter Feld.

“It's leaving money with a purpose,” she said.

That extends into deciding how to give — or not give — money to family members, Feld said.

Those drawing up an estate plan first have to decide who is included among their kin, in this age of blended families and second or third marriages, Feld said.

“With all the kinds of families these days, there's no simple answer,” Feld said.

In setting up a will, parents need to consider: “Have you passed on your financial values to kids?” Feld said she asks clients. “Sometimes, I have to send them home to think about it.”

Some retirees who believe in frugality may decide to leave money in a trust to guarantee that free-spending kids — or their spouses — won't squander it all, she said.

Putting money in a trust for surviving relatives can protect it from any creditors or even an ex-spouse, Feld added.

“It's more control beyond the grave,” said Mari Adam, a Boca Raton, Fla., financial planner who has seen more clients wanting to have a say how their kin spends their inheritance.

A growing number of parents are deciding not to give equal amounts to their surviving children, financial planners say. Rather, some feel morally responsible in caring for less well-off children, said Ben Tobias, a Plantation, Fla., financial planner.

If one of their children is wealthy, for example, some parents may decide they need to give more of an inheritance to an adult son or daughter who is less well off or who has a special-needs child, Tobias said.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Stories

  1. Judge lets Ten Commandments monument stand
  2. Freeport to address sewage bill deadbeats
  3. Burrell considers renovating former weight room
  4. Harrison resident want answers to flooding concerns
  5. Ambridge’s PittMoss takes off with help from TV show, Mt. Lebanon native Cuban
  6. Connellsville Health Board discusses rundown properties
  7. Fayette County townships’ leaders worry about water plant
  8. Hundreds to participate in ninth annual Nicholson Memorial Bike Run to benefit cancer patients
  9. Pirates third baseman Ramirez’s last ride is about winning a ring
  10. Steelers LB Timmons has grown into leadership role on defense
  11. Steelers RB Archer trying to catch up after tough rookie season