TH E
Blitz
DECEMBER 2021
Information on Tax and Estate Planning from the Masonic Charities of the Grand Lodge of Pennsylvania
I suggested they get started with preparing a new estate plan by using a good estate planning worksheet, such as the Masonic Charities Estate Planning Guide, which can be
downloaded from our website at MasonicCharitiesLegacy.org or by calling our office for a hard copy. I warned them that completing the guide requires some unpleasant work, like preparing for a colonoscopy, but once it is finished, you will be happy you did it. For many, unfortunately, the guide sits on the kitchen table and eventually is discarded in the recycle bin. This is not a good result, since we all must deal with our mortality someday. To stay focused, Bob and Jean agreed to complete the guide within 30 days and then meet me at the Masonic Village at Dallas clubhouse to review the document. I also suggested they send me a copy of their completed document, and we could discuss it over the phone or via a Zoom meeting, but they wanted to see me wear my new Eagles mask. Once we reviewed their asset list and discussed who they wanted to receive assets when both passed, I made several suggestions on how they might want to designate such assets to loved ones and their favorite charities.
Year-End
Asset Planning Primer Many of you have been diligent readers of The Blitz for many years, and by now could pass the estate and trust section of the Bar Exam. However, for our new readers and even you die-hards, it’s helpful to go through a primer session on how best to do your estate plan. Even I have to take continuing education courses to refresh myself on this topic. So, let’s go through a short scenario together. Recently, I got a call from Brother Bob and his wife, Jean, from Scranton, about preparing their estate plan. They said their current Wills were done years ago and needed to be updated.
Our conversation centered around how to minimize taxes and determine what was the appropriate amount each loved one and charity should receive and how best to receive it (i.e. outright, lifetime payments or both). I reminded them that not all assets are alike and it was critical they properly designate the right assets to the right beneficiaries, or the plan would be defective. I recommended some attorneys from our Masonic Charities attorney list who would be able to complete the documents for their estate plan. With the completed document and suggestions in hand, they met with counsel and had everything in order within another 30 days. A happy ending!
So, make yourself a New Year’s resolution to update your estate plan by getting our Estate Planning Guide and completing it by a certain date in 2022. Feel free to reach out to me, or any of the capable gift planners in our office, for a review and suggestions for your plan, along with attorney recommendations.