Monday, October 25, 2010

Make Sure Your Assets Will Pass as You Intend


Monitoring your estate plan is an ongoing task. It’s particularly important to keep an eye on your beneficiary designations and the way your assets are titled.

A Common Pitfall
Unforeseen ownership issues could throw a wrench into your estate plan. Here’s a simple example. Widowed Mother needs help with her finances so she names Daughter as joint owner of her bank accounts. If Mother dies without changing that designation, Daughter will become the sole owner of the accounts, even though Mother’s Will states that all of her assets are to be divided equally among her three children. Giving Daughter power of attorney may have been a better — and potentially less contentious — solution.

Yours? Mine? Ours?
Property may be titled in a number of ways.

Individual ownership. You are the sole owner of the asset and can leave it to anyone you choose through your Will or a revocable living trust.

Joint ownership with a right of survivorship. You own the asset jointly with another person or persons. When one person dies, the survivor(s) automatically owns the property.

Tenancy in common. You own the asset with another person or persons and each “tenant” is considered to own a separate and distinct share. Your share passes to a beneficiary under the terms of your Will.

Tenancy by the entirety. Available only to married couples, each spouse is considered to own an interest in the entire asset. When one spouse dies, the surviving spouse becomes sole owner.

Remainder Interest in Home or Farm. This strategy may only be appropriate if you would like your property to pass to an individual or a charity, but want to retain the right to use the property for life or for a period of years. The gift must be irrevocable. You can claim a current income-tax deduction for the present value of the remainder interest if passed to a charity.

To keep your estate plan on track, keep property titles and beneficiary designations up to date. Always do a thorough review following a divorce, marriage, death of a spouse, or other major life event.



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Marcus & Constance Fang Fund

October 25, 2010 - Stevens Point - The Community Foundation of Central Wisconsin welcomes the Marcus and Constance Fang Fund to its family of funds. A charter agreement was recently signed to establish this new fund at the Community Foundation

Distributions from the fund will support the Portage Count Cultural Festival and help needy minority and foreign students residing in Portage County achieve their educational pursuits. “Marc and Constance have been the drivers behind the Cultural Festival since its inception, and we are so please to have a part making it a permanent part of our community.” said Terry Rothmann, Executive Director.

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Wednesday, October 6, 2010

Ryan Wanta Memorial Fund

October 7, 2010 - Stevens Point - The Community Foundation of Central Wisconsin announces that the Ryan Wanta Memorial Fund will award its first scholarship in the spring of 2011 to a Portage County resident pursuing a degree in child care or early childhood education.

The fund was started by the family in 2001 as a Seed-A-Future fund in memory of Ryan Wanta. Ryan died in 1978 at five months of age from Shaken Baby Syndrome. “Good things often result from tragedy. We are so pleased to be able to help Arlene and her daughters keep Ryan’s memory alive” said Terry Rothmann, Executive Director.

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Stock the Shelves Fund

October 6, 2010 - Stevens Point - The Community Foundation of Central Wisconsin welcomes the Stock the Shelves Fund to its family of funds. A charter agreement was recently signed to establish this new fund at the Community Foundation

Distributions from the fund help stock shelves in local food pantries. “In these difficult economic times, we are pleased to assist the Stevens Point Journal in this community wide endeavor” said Terry Rothmann, Executive Director.

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Community Foundation to Host Appreciation Event

October 6th, 2010 - Stevens Point. The Community Foundation of Central Wisconsin will be hosting its annual Appreciation Reception on Thursday, November 4th, from 5:00 – 7:00 pm at the Stevens Point Country Club. Following a networking reception, a program will take place starting at 5:45 pm.

Community members are invited to attend, but reservations are required. To reserve your place at the November 4th reception, call the Community Foundation at 715/342-4454 or send an e-mail to foundation@cfcwi.org by October 29th, 2010.

This year's reception will feature a theme of “Buried Treasures”. Fund Representatives will also be sharing their experiences working with the Community Foundation.

The Community Foundation manages nearly 200 charitable funds totaling over $9 million in assets. This past year the Community Foundation awarded $480,834 in grants and scholarships.

Contributions to any of these are funds (or to the Community Foundation MISSION FUNDS) are always welcomed. Gifts can be forwarded to the Community Foundation of Central Wisconsin, PO Box 968, Stevens Point, WI 54481. Be sure to designate which fund your gift should be directed to.

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