Estate Planning

The first thing to understand is that writing a will and having an estate plan are actually two different processes, even though an estate plan will include a will.

Wills

Creating a will can be a fairly simple process. It will address who will take care of your children, who will take over your business, and who receives your assets and other personal property. A will requires the naming of an executor responsible for fulfilling the deceased’s wishes. Having one’s wishes defined in a will ensures privacy, helps avoid family disputes and saves money by avoiding probate and the expense of attorneys and public trustees to determine the distribution of assets which then becomes public information.

Estate Planning

Estate planning is the process of designating who will manage and distribute assets after death or incapacitation. It is a more intensive process and includes a variety of documents including the last will and testament. While it may be overwhelming to contemplate, a welldesigned estate plan will ensure that assets are distributed according to one’s wishes. In addition to the last will and testament, an estate plan

might include a living will, a financial power of attorney, a living trust, and beneficiary designations. An estate plan can be particularly helpful in the case of multiple marriages, business ownership, specific charitable donations, or specific requests for health or property. It can also ensure wishes are carried out and that assets are distributed as designated.

Living Will

A living will is a document that describes the type of care one would want if incapacitated and cannot speak for themself. This can assist the family with difficult decisions and avoid confusion.

A financial power of attorney allows for a designated appointee to handle financial affairs in the event of incapacitation. They can make financial decisions in accordance with the instructions defined in the estate plan.

Living Trust

A living trust is a document created during one’s life where a designated person, the trustee, is given responsibility for managing that individual’s assets for the benefit of the eventual beneficiary. It is designed to allow for the easy transfer of assets, thereby avoiding probate.

A living revocable trust allows someone to be their own trustee and allows for changes in beneficiary at any time.

An irrevocable living trust is restrictive, and beneficiaries may not be changed but there are certain beneficial tax consequences.

Beneficiary designations explain who receives which assets such as an IRA, insurance policy, savings account, or other financial instruments.

A well-executed estate plan can minimize gift, estate and generation skipping transfer taxes to ensure that the family receives as much of the deceased’s estate as possible. Everyone’s plan is different and requires the right team of professionals to implement. It is also important to update the plan regularly as personal circumstances, legislation, and tax laws change frequently.

This article is for informational purposes only. Please consult a professional.

2022 PGA TOURNAMENT

SCHEDULE

* Schedule subject to change

DATES TOURNAMENT JAN 6 - 9, 2022 JAN 13 - 16, 2022 JAN 20 - 23, 2022 JAN 27 - 30, 2022 FEB 3 - 6, 2022 FEB 10 - 13, 2022 FEB 17 - 20, 2022

FEB 24 - 27, 2022

MAR 3 - 6, 2022 Sentry Tournament of Champions Plantation Course at Kapalua, Kapalua, Maui, HI Sony Open in Hawaii Waialae Country Club, Honolulu, HI The American Express PGA WEST (Stadium), La Quinta, CA Farmers Insurance Open Torrey Pines (South), San Diego, CA AT&T Pebble Beach Pro-Am Pebble Beach Golf Links, Pebble Beach, CA Waste Management Phoenix Open TPC Scottsdale, Scottsdale, AZ The Genesis Invitational The Riviera Country Club, Pacific Palisades, CA The Honda Classic PGA National (Champion), Palm Beach Gardens, FL Puerto Rico Open Grand Reserve Country Club, Rio Grande, PUR

MAR 3 - 6, 2022

MAR 10 - 13, 2022

MAR 17 - 20, 2022

MAR 23 - 27, 2022

MAR 24 - 27, 2022

MAR 31 - APR 3, 2022

APR 7 - 10, 2022 Arnold Palmer Invitational presented by Mastercard Bay Hill Club & Lodge, Orlando, FL THE PLAYERS Championship TPC Sawgrass, Ponte Vedra Beach, FL Valspar Championship Innisbrook Resort (Copperhead), Palm Harbor, FL World Golf Championships-Dell Technologies Match Play Austin Country Club, Austin, TX Corales Puntacana Resort & Club Championship Corales Golf Course, Punta Cana, DOM Valero Texas Open TPC San Antonio (Oaks Course), San Antonio, TX Masters Tournament Augusta National Golf Club, Augusta, GA 2022 PGA Harris English $1,340,000 Kevin Na $1,188,000 Si Woo Kim $1,206,000 Patrick Reed $1,350,000 Daniel Berger $1,404,000 Brooks Koepka $1,314,000 Max Homa $1,674,000 Matt Jones $1,260,000

Branden Grace $540,000 Bryson DeChambeau $1,674,000 Justin Thomas $2,700,000 Sam Burns $1,242,000

Billy Horschel $1,820,000

Joel Dahmen $540,000 Jordan Spieth $1,386,000 Hideki Matsuyama $2,070,000

2022 PGA TOURNAMENT

SCHEDULE

* Schedule subject to change

DATES TOURNAMENT APR 14 - 17, 2022 RBC Heritage Harbour Town Golf Links, Hilton Head, SC

APR 21 - 24, 2022

Zurich Classic of New Orleans TPC Louisiana, Avondale, LA APR 28 - MAY 1, 2022 Mexico Championship MAY 5 - 8, 2022 Wells Fargo Championship TPC Potomac at Avenel Farm, Potomac, MD

MAY 12 - 15, 2022 MAY 19 - 22, 2022 MAY 26 - 29, 2022 JUN 2 - 5, 2022 JUN 9 - 12, 2022 JUN 16 - 19, 2022 JUN 23 - 26, 2022 JUN 30 - JUL 3, 2022 AT&T Byron Nelson TPC Craig Ranch, McKinney, TX PGA Championship Southern Hills CC, Tulsa, OK Charles Schwab Challenge Colonial Country Club, Fort Worth, TX the Memorial Tournament presented by Workday Muirfield Village Golf Club, Dublin, OH RBC Canadian Open St. George's G&CC, Toronto, ON, CAN U.S. Open The Country Club, , Travelers Championship TPC River Highlands, Cromwell, CT John Deere Classic TPC Deere Run, Silvis, IL 2022 PGA Stewart Cink $1,278,000 M. Leishman / C. Smith $1,069,300

Rory McIlroy $1,458,000 K.H. Lee $1,458,000 Phil Mickelson $2,160,000 Jason Kokrak $1,350,000 Patrick Cantlay $1,674,000 Rory McIlroy $1,368,000 Jon Rahm $2,250,000 Harris English $1,332,000 Lucas Glover $1,116,000

2021 LPGA TOURNAMENT

SCHEDULE

* Schedule subject to change

DATES TOURNAMENT PURSE DEFENDING CHAMPION

AUG 26-29 CP Women's Open Shaughnessy G&CC - Vancouver, BC $2,350,000

SEP 4-6 Solheim Cup Inverness Club - Toledo, OH SEP 16-19 Cambia Portland Classic Columbia Edgewater Country Club - Portland, OR $1,400,000 Georgia Hall

SEP 24-26

Walmart NW Arkansas Championship pres. by P&G Pinnacle Country Club - Rogers, AR OCT 1-3 ShopRite LPGA Classic pres. by Acer Seaview Hotel and Golf Club - Galloway, NJ $2,300,000 Austin Ernst

$1,750,000 Melissa Reid

OCT 7-10 Founders Cup Mountain Ridge C.C. - West Caldwell, NJ

OCT 14-17 Buick LPGA Shanghai Qizhong Garden Golf Club - Shanghai, China $1,500,000

$2,100,000

OCT 21-24 BMW Ladies Championship LPGA International Busan - Busan, South Korea $2,000,000

OCT 28-31

Taiwan Swinging Skirts LPGA Miramar Golf Country Club - Taipei, Taiwan NOV 4-7 TOTO Japan Classic Seta Golf Course - Shiga, Japan NOV 11-14 Pelican Women's Championship Pelican G.C. - Belleair, FL NOV 18-21 CME Group Tour Championship Tiburon Golf Club - Naples, FL $2,200,000

$2,000,000

$1,750,000 Sei Young Kim

$5,000,000