Advancement 12 Simple Steps to Creating an Estate Plan

Thereare many decisions to make and complex tax laws to consider when creating a plan for your estate. How will you decide which person gets which assets? Who will care for your children? Once all the important questions have been answered, how do you put a plan into place that addresses all of your concerns?

By taking these 12 steps, you will be on the path to good financial planning, and, most importantly, peace of mind.

1. Create a will.

• A simple will can spell out who will get your property and who will raise your children if the need arises.

2. Consider using trusts.

• Trusts aren’t just for the wealthy.

• A simple living trust can minimize the involvement of the court system and the tax collector.

3. Think about your healthcare preferences.

• A living will or advanced health directive can spell out your preferences for medical treatment if you’re incapacitated or unconscious and can’t relay your wishes yourself.

4. Create a financial power of attorney.

• If you’re incapacitated, someone will need to have access to your finances and make financial decisions on your behalf.

• Pick someone who is financially savvy and whom you trust fully to be your financial power of attorney.

5. Check the beneficiaries on your accounts.

• Check your insurance policies and retirement accounts to ensure they designate the correct beneficiaries. Most states also allow brokerage accounts to list beneficiaries.

• File any necessary change forms if your beneficiary has changed since you first created the account.

• Some states allow you to list a beneficiary on your real estate deeds as well.

6. Protect your children.

• Designate someone to handle any assets and monies your children will inherit if they’re too young to manage the assets themselves.

7. Do you need life insurance?

• Life insurance isn’t necessary for everyone, but it is important for certain people.

• Consider your situation and consult an expert if needed.

8. Be aware of estate taxes.

• Estate taxes won’t affect most estates; they’re only an issue if your assets total over $11.7 million.

9. Plan for your funeral expenses.

• Funeral pre-payment plans have sometimes proven to be unreliable.

• Most banks have a payable-on death type of account that can be used to hold funds for funeral and related expenses.

• There are also insurance policies that exist for this purpose.

10. Protect your business interests.

• Put a plan in place for what will happen to your business at the time of your death.

• Will someone else run it? Will it be sold?

11. Make any other final arrangements.

• Do you wish to be buried or cremated? Will you donate your organs?

• Put all information regarding your final wishes in writing.

12. Store your documents and online credentials in an organized manner.

• Keep your documents, usernames, and passwords together in a lockbox or home safe.

• Avoid keeping documents your family could need right away in a safe deposit box at your bank as it might be sealed upon your death, preventing your family from accessing it.

• If you own properties, make sure that you know where your deeds and mortgage documents are located. Joint ownership is common in real estate transfers and you want to be aware of who has an interest in your real estate when you write your will or trust.

• Make sure you choose a legacy contact and fill out any requisite forms if you have digital assets such as social media accounts, email, or an online business. Make sure your contact knows where to find your account passwords.

For more information, please contact Tammy Patrick, Director of Advancement at tpatrick@coastalhospice.org or by phone: 410-742-8732 ext. 515

Steadfast Support from The Michael J. Strawley, Sr. Memorial Golf Tournament

By Tammy Patrick

Organizers of the Michael J. Strawley, Sr. Memorial Golf Tournament presented a check for $12,000 to Coastal Hospice for the support of charitable care at the Macky & Pam Stansell House in Ocean Pines, MD. The tournament has donated its proceeds to the organization since 2016, and the $12,000 raised in 2022 contributed to the total amount raised over the years to over $51,000.

The 7th Annual Michael J. Strawley, Sr. Memorial Golf Tournament to benefit Coastal Hospice was held at the River Run Golf Club in Berlin, MD. Originally called the Bearded Clam Open, the tournament began in the early 1980s and was run by the late Michael J. Strawley, Sr., who then owned the Bearded Clam in Ocean City, MD.

This tournament is history in the making for our community. In 1995, Bearded Clam employee, Tommy Riggins passed away and the tournament was renamed the

The September 2016 tournament was renamed in his honor upon the passing of Michael J. Strawley, Sr. This year's tournament committee members are George McKelvie, Rick Cole, Richard Stone, Cindi Strawley, Rick Buccherri, and Steve Silverman.

After the presentation, the group shared how this tournament has evolved and the hard work that goes into the big day. George McKelvie remembers thinking, “When I first came in, I was hoping we could do 80 players, well … we did 136 or something!”

Richard Stone recounts, “I had one of the player’s wives come up to me during the Clam party and she said, do you think all these people realize how much work goes into this?”

We are thankful to everyone who has played a part on this wonderful event and for their continued support of Coastal Hospice’s mission.

For more information, please contact Tammy Patrick, Director of Advancement at tpatrick@coastalhospice.org or by phone: 410-742-8732 ext. 515

A B E N E F I T F O R A B E N E F I T F O R M A C K Y &

V E N & B A R

S U N S E T G R I L L E

T A S T E E V E N T S / O F F T H E H O O K

T O U C H O F I T A L Y

W O C K E N F U S S C A N D I E S

G a y l e W i d d o w s o n , C h a i r

R e s e r v a t i o n s f o r t h i s s e l l o u t e v e n t a r e $ 1 2 5 / p e r s o n a n d i n c l u d e s o p e n b a r , w i n e & f o o d p a i r i n g s , l i v e e n t e r t a i n m e n t a n d d a n c i n g b y “ O n t h e E d g e ” B a n d , f r e e p l a y , a n d s o m u c h m o r e .