limitless learning
Where Will My Treasures Go?
H
uman beings have been collecting things since the dawn of civilization. We collect coins, stamps, artwork, comic books, dolls, firearms, figurines, baseball cards, memorabilia, china, automobiles, jewelry, wine, timepieces, antiques, and so on. How do you make sure your valuable and treasured collectibles will not wind up in the attic, a landfill, or a shelf in a local thrift shop? Or worse yet, become the subject of family strife and rancor? You need a written and legally enforceable estate plan that begins with a complete and thorough discussion about your wishes and concerns regarding your property, the future, and all your treasures, especially your family. Consider the following: Would it be best to transfer your collection during your lifetime or after death? What happens to your collection if you become incapacitated? Should you leave your collection to a charity or an individual? Do you want your collection sold and all the proceeds divided amongst your heirs? Are you concerned about protecting your family’s privacy; or are you comfortable with the details of your collection becoming a public record? Will a handwritten list referenced in your will be sufficient to transfer your treasures? Would it be best to transfer your collection to a Trust that plans for incapacity, protects privacy and assures that a qualified person distributes your property in accordance with your detailed instructions? If you want your grandson to have your coin collection, or your niece to inherit your artwork, you need to make your wishes known in a properly drafted and executed Will or Trust Agreement. If you die without a Will, the Court will appoint someone to administer your estate after your death. Family disputes over personal property will typically be resolved by an order to sell your personal property, including your collections, at a public auction, so the net proceeds can be divided amongst your heirs. To ensure that your treasured collectibles end up where you intend, reach out to an experienced estate planning attorney for help.
Louise Paglen, Estate Planning Attorney The McIntosh Law Firm, P.C. McIntoshLawFirm.com
28 LimitlessMagOnline.com | March 2021
True Wealth– Pursue It Means Go!
A
s a child, I remember hearing that one of my relatives had won their state lottery. While it did not have a large effect on their lifestyle, it certainly was a stroke of luck. Though the outcome of winning was “lucky” the activity that led to the win is the basis of my focus in this first quarter of 2021 for True Wealth. Let me be more specific. Dream It - the January focus: Who would purchase a lottery ticket if they did not dream of winning it? My relatives imagined a different life for themselves due to the new found wealth they pictured they could have from winning it. Plan It - the February focus: They had to determine steps and consider their options. In this case buy the ticket, which may not have been that complicated but still had to exist. Finally, Pursue It – this month’s focus. They had to commit to and actually take action. Consider that in almost every sports race, whether horse, car or human, the word GO (or some kind of start indicator) starts the action. In your personal race to financial wellness, make this month your commitment to GO! Commit to start, to review your plan, and your progress on a monthly basis so that you can make adjustments as needed. Commit to increase your knowledge and become more educated about financial issues that may impact your wellness plan. Commit to a positive attitude because bumps will be encountered. And lastly, commit to celebrate your success as you move closer to your goals. Whether you like the phrase one foot in front of another, one hand over the other, travel the road one mile at a time, or my favorite, a pizza is eaten one slice at a time, financial wellness is an empowering journey not a moment in time. It is a trip meant to be traveled with the help and support of others and controlled by you. “The way to get started is to quit talking and begin doing.” – Walt Disney
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC
Jeffrey Karp, CLU®, ChFC®, CASL® founder of Karp Financial Strategies and is a registered representative of LPL Financial. More information and his blog, Permission GrantedSM can be found at www.karpfinancial.com.
