'Spiritual' estate planning passes on values of departed
“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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- A Griffins great: Seton Hill soccer team supports 7-year-old honorary member
- Rock Airport & Business Park sold; Ferrone to appeal judge’s decision
- Dravosburg supports regional land bank plan
- West Mifflin council adopts tenant ordinance
- Steelers notebook: RT Gilbert not in danger of losing his job
- Rossi: At start, are Pens already finished?
- Identical twins born at West Penn Hospital a rare medical marvel
- Police: Phone calls about unpaid taxes are scams
- Car, truck collide near Taco Bell in New Kensington
- Home Depot’s breach damage likely mitigated
- Former South Allegheny school director named to Glassport council