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The benefits of passing on your wealth now

By JEFFREY A. MUDDELL

The number is staggering to comprehend: $60 trillion. For the record, that’s $60,000,000,000,000 — a six with 13 zeroes. That’s how much money is expected to be passed down to various generations over the next 25 years in what is simply being called the Great Wealth Transfer. Members of the Silent Generation (born between 1925 and 1945) and Baby Boomers (born between 1946 and 1964) will leave this collective amassed fortune to chil-

Jeffrey A. Muddell dren, other gra heirs, ndch and ildren, charities. But how and when they do so is a multi-trilliondollar topic of great importance — one your family should be discussing.

Americans are living longer — life expectancy is now nearly 80, and the fastest growing demographic in our country is those aged over 100. In many cases, this also means that wealth transfer to the next generation could be significantly delayed. Only a few decades ago, adult children typically received an inheritance from their parents in their 40s or 50s when those extra funds helped pay off a mortgage, sent grandchildren to college or allowed for family vacations and other lifestyle benefits. But with longer lifespans, the next generation often receives an inheritance in their 60s and 70s, well past when it could have been of the most benefit.

For high-net-worth families, this is the time to discuss whether it makes sense to begin passing assets onto children, grandchildren, or charities before death while both you and they can witness its rewards. Also, getting assets out of your estate now and letting the future appreciation of those assets accrue to beneficiaries rather than to you, can result in sizable estate tax savings someday.

It is likely you have a long life ahead, so now is the time to consider these objectives: ∫ Clearly state and communicate to your family members and wealth advisors your goals and values as they relate to money and family. Make sure everyone is on the same page. ∫ Your values can be conveyed through a family meeting. The conversations can be delicate at times, but it is usually best to have a family meeting while you are still living, so your intentions are clear. ∫ Consider skipping a generation. Many parents are now skipping their aging adult children, and instead are creating plans to help their grandchildren and great-grandchildren get started in life. ∫ Create and regularly update your estate documents to reflect your choice of heirs or beneficiaries, as well as the timeframe for asset transfer. ∫ Help your family understand the challenges that lie ahead for you as you age. What do you expect if you fall ill or become incapacitated? Do you prefer to receive care at home, a senior living community or full-skilled nursing? Answers to questions such as these will prepare them for the responsibilities and circumstances in your later years.

See BENEFITS, page 9

BLUE GIRAFFE

Blue Giraffe open food truck post-storm

Bill and Lise Letendre, owners of the Blue Giraffe and the Blue Giraffe 2 at Beachview Estates, recently announced the opening of their new food trailer. Both restaurants have made a commitment to the island to be a part of its comeback, and the couple has created a way to serve their customers and community. The trailer is set up at the Periwinkle Place Shops, at 2075 Periwinkle Way, Sanibel.

On-island primary care practice, walk-in clinic reopens post-storm

Lee Physician Group, the physician practice of Lee Health, recently announced that its Sanibel Primary/Walk-In Care has reopened its doors to patients.

Originally opened in July, the clinic suffered damage during Hurricane Ian. Lee Health reported that crews have been working tirelessly to ensure that it is ready to again provide the island communities with primary care and walk-in services, especially as recovery efforts continue on Sanibel.

“Reopening this clinic was extremely important to us because we want to make sure that those on Sanibel can receive much-needed care and medical services without having to leave the island, ” Kris Fay, Lee Health’s chief officer of community-based care, said. “I’m so proud of the teams that have been working diligently to repair the building and get it back up and running so we can begin seeing patients again in a location that’s convenient for them as they work to rebuild their community. ”

Drs. Robert Bussing and John Schmidt have returned to begin seeing patients. Both had been based out of the Bass Road location while the Sanibel building was being repaired. Bussing and Schmidt will continue to see patients at both locations as they work to increase the hours of operation on the island.

Hours are Saturdays from 9 a.m. to 1 p.m. and Wednesdays from 1 p.m. to 6 p.m.

Visit www.leehealth.org to make an appointment in MyChart or contact 239-343-6990.

The Sanibel Primary/Walk-In Care is at 2495 Palm Ridge Road, Sanibel.

VIP Realty Group announced its top producers for the month of December.

Karen Bell and the Bell Team, which includes John Bates, Holly Peeples and Sherrill Sims, had the top sales. Since 1986, Bell has been a prominent broker in the region. She was recognized as the “Best of the Islands” Best Realtor in 2011, 2012, 2013 and 2017. The Bell Team was recognized as the “Best of the Islands” Best Real Estate Team in 2009, 2012, 2013, 2015, 2016, 2017, 2018, 2021 and 2022.

Bob Berning had the top listings. Through his specialty in residential, luxury, new construction, golf course and gated communities, he shares his expertise. Berning applies his negotiating skills and strategies to ensure his client’s goals are reached.

Deb Smith was the top producer. She has a background in accounting and holds the Second Home and Resort Specialist, Sanibel Captiva Island Specialist, Accredited Buyer's Representative and Senior Real Estate Specialist certifications. For more information, call 239-472-5187 or go to SanCapIslandRE.com. VIP Realty Group is at 1560 Periwinkle Way, Sanibel.

The Bell Team of Sherrill Sims, Holly Peeples, Karen Bell and John Bates. Bob Berning Deb Smith

Kelsey Hendrix works with a group of students at James Stephens Elementary.

Open For Business Post-Storm

(Editor's note: To add a reopened business on Sanibel or Captiva to the list, contact Editor Tiffany Repecki at trepecki@breezenewspapers.com.)

Restaurants and Grocery

∫ Blue Giraffe food truck, at 2075 Periwinkle Way, Sanibel ∫ Captiva Island Pizza, at 11513 Andy Rosse Lane, Captiva ∫ Cielo, at 1244 Periwinkle Way, Sanibel ∫ Huxters Market & Deli food truck, at 1203 Periwinkle Way, Sanibel ∫ Jerry's Foods, at 1700 Periwinkle Way, Sanibel ∫ MudBugs Cajun Kitchen, at 1473 Periwinkle Way, Sanibel ∫ Old Captiva House, at 15951 Captiva Dr, Captiva ∫ Sanibel Deli & Coffee Factory, at 2330 Palm Ridge Road, Sanibel ∫ The Island Store, at 11500 Andy Rosse Lane, Captiva

∫ The Sanibel Grill, at 703 Tarpon Bay Road, Sanibel ∫ The Shack of Sanibel, at 1219 Periwinkle Way, Sanibel ∫ Traders, at 1551 Periwinkle Way, Sanibel

Retail and Service

∫ Beach Stuff and Barracudas, at 14970 Captiva Drive, Captiva ∫ Rachel Pierce Art Gallery, at 1571 Periwinkle Way, Sanibel ∫ SanCap Pak-N-Ship, at 2341 Palm Ridge Road, Sanibel ∫ Sea Oats Day Spa, at 1149 Periwinkle Way, Sanibel ∫ Whitney's Bait and Tackle, at 1554 Periwinkle Way, Sanibel ∫ YOLO Watersports, at 11534 Andy Rosse Lane, Captiva

Business Note

Hendrix joins refuge team

The “Ding” Darling Wildlife SocietyFriends of the Refuge announced that it has hired Kelsey Hendrix, a former educator at the Bailey-Matthews National Shell Museum, as a part-time staffer to help out with the refuge's Wildlife on Wheels following staffing cuts due to Hurricane Ian.

Since January 2020, she has worked as the education coordinator and marine biologist at the shell museum on Sanibel, which is currently closed until further notice.

“Kelsey’s training in conservation-related education and Spanish makes her a good fit for the WoW mission to bring a love for nature to local Title I school students, ” DDWS Executive Director Birgie Miller said. “We also are happy to be able to employ someone from our partner organizations job-displaced by the hurricane. ”

REFUGE/DDWS

Benefits From page 8 ∫ Make it a point to introduce your heirs to your wealth advisors so they know where to turn for help when needed, resulting in a more seamless and less stressful transition after passing.

∫ Encourage your heirs to begin their own estate and financial plans to make them better prepared to accept their future inheritance.

You are not alone. All successful families have complex dynamics across multiple generations with diverse values, views, and social circumstances. It is always the goal to create a wealth transfer strategy that does what is best for all involved.

Jeffrey A. Muddell is the Sanibel market president for The Sanibel Captiva Trust Company.