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You might not have thought much about
beneficiary designations — but they can play a big role in your estate
planning.
When
you purchase insurance policies and open investment accounts, such as your IRA,
you’ll be asked to name a beneficiary, and, in some cases, more than one. This
might seem easy, especially if you have a spouse and children, but if you
experience a major life event, such as a divorce or a death in the family, you
may need to make some changes — because beneficiary designations carry a lot of
weight under the law.
In
fact, these designations can supersede the instructions you may have written in
your will or living trust, so everyone in your family should know who is expected
to get which assets. One significant benefit of having proper beneficiary
designations in place is that they may enable beneficiaries to avoid the
time-consuming — and possibly expensive — probate process.
The
beneficiary issue can become complex because not everyone reacts the same way
to events such as divorce — some people want their ex-spouses to still receive
assets while others don’t. Furthermore, not all the states have the same rules about
how beneficiary designations are treated after a divorce. And some financial
assets are treated differently than others.
Here’s
the big picture: If you’ve named your spouse as a beneficiary of an IRA, bank
or brokerage account, insurance policy, will or trust, this beneficiary
designation will automatically be revoked upon divorce in about half the
states. So, if you still want your ex-spouse to get these assets, you will need
to name them as a non-spouse beneficiary after the divorce. But if you’ve named
your spouse as beneficiary for a 401(k) plan or pension, the designation will
remain intact until and unless you change it, regardless of where you live.
However,
in community property states, couples are generally required to split equally
all assets they acquired during their marriage. When couples divorce, the
community property laws require they split their assets 50/50, but only those
assets they obtained while they lived in that state. If you were to stay in the
same community property state throughout your marriage and divorce, the ownership
issue is generally straightforward, but if you were to move to or from one of
these states, it might change the joint ownership picture.
Thus
far, we’ve only talked about beneficiary designation issues surrounding
divorce. But if an ex-spouse — or any beneficiary — passes away, the assets
will generally pass to a contingent beneficiary — which is why it’s important
that you name one at the same time you designate the primary beneficiary. Also,
it may be appropriate to name a special needs trust as beneficiary for a family
member who has special needs or becomes disabled. If this individual were to be
the direct beneficiary, any assets passing directly into their hands could
affect their eligibility for certain programs.
You
may need to work with a legal professional to sort out beneficiary designation
issues and the rules that apply in your state. But you may also want to do a
beneficiary review with your financial advisor whenever you experience a major
life event, such as a marriage, divorce or the addition of a new child. Your
investments, retirement accounts and life insurance proceeds are valuable
assets — and you want them to go where you intended.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL
34205
chad.choate@edwardjones.com
This article was
written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones, Member
SIPC
As we age, staying mentally, physically, and socially engaged is more important than ever. The good news? There are more ways than ever for older adults to stay connected, creative, and activeno matter their mobility, interests, or abilities.At Seniors Blue Book, we understand how essential purposeful living is at every stage of life. Thats why weve put together this list of the best hobbies and activities for seniors to enjoywhether living independently, receiving in-home care, or thriving in an assisted living or memory care community. 1. Creative Hobbies to Spark JoyEngaging in creative pursuits not only fuels the imaginationits also proven to reduce stress and boost cognitive function.Painting & Drawing No experience needed! Art classes are often available in senior centers or communities.Crafts & DIY Projects Scrapbooking, jewelry-making, knitting, or seasonal dcor projects offer both creativity and fine motor activity.Music & Singing Whether its joining a choir or simply enjoying a favorite playlist, music lifts the spirit and sharpens the mind. 2. Learning-Based Activities to Keep the Mind SharpLifelong learning improves memory and focusand its fun!Book Clubs Join in person or virtually to discuss novels and make new friends.Language Learning Apps like Duolingo make it easy to learn at your own pace.History or Trivia Games Great for memory support, especially for those in memory care environments. 3. Movement That Feels Good (and Does Good!)Staying active improves circulation, balance, strength, and mental health.Walking Groups Daily strolls offer gentle movement and meaningful conversation.Tai Chi & Chair Yoga These low-impact exercises improve balance and reduce stress.Gardening Great for physical activity, vitamin D, and a rewarding sense of purpose. 4. Games & Puzzles for Fun and FocusChallenge the brain while having fun!Board Games Try classics like Scrabble, Rummikub, or checkers.Card Games Bridge, solitaire, or poker nights foster social interaction.Puzzles From 100-piece jigsaws to Sudoku, puzzles offer a quiet and stimulating hobby. 5. Social Activities that Build CommunityStaying socially active is key to emotional well-being and overall health.Volunteering Whether helping at a library or mentoring youth, giving back feels good at any age.Clubs & Meetups From birdwatching to bowling, theres a group for every interest.Virtual Socializing Zoom calls and online meetups help bridge distance with loved ones. Why Staying Engaged MattersSeniors who regularly participate in hobbies and group activities often experience:Lower risk of cognitive declineReduced feelings of lonelinessImproved mobility and coordinationStronger sense of purpose and daily joyAt Seniors Blue Book, we believe every senior deserves a vibrant, connected life. Whether youre a caregiver, family member, or senior yourself, we invite you to explore resources that support a more fulfilling lifestyle. Explore Senior Services That Support an Active LifestyleLooking for the right environment or support for you or a loved one? Use our free Seniors Blue Book directory to find:Independent Living & Assisted Living CommunitiesIn-Home Care Services & Hospice ProvidersSenior Wellness ProgramsTransportation, Moving Help, Legal Services & MoreStart your search here: https://seniorsbluebook.comFinal Thought:Its never too late to try something new. Whether its painting your first canvas, planting a garden, or joining a walking groupevery small step adds joy, purpose, and connection to daily life.Share this article with someone you care about Lets help more families and seniors discover the joy of staying engaged at any age.
As the owner of Ashton Senior Placement, I want you to know that my journey into senior living began not in an office, but on the front lines, working as a nursing home social worker. For years, I had the privilege of walking alongside countless families and their loved ones, helping them navigate the daily realities of long-term care. This experience gave me a profound understanding of the emotional and practical challenges involved, and it ignited a passion within me to make the transition to senior living a much smoother, more positive experience for everyone.Why I Founded Ashton Senior PlacementI founded Ashton Senior Placement because I saw a critical need for a more personalized, compassionate approach to finding senior care. In my social work role, I often witnessed the overwhelming feelings families faced trying to sort through countless options on their own. My goal was to create a service that takes that burden off your shoulders, offering expert guidance rooted in real-world experience. I want to be the trusted resource I wished every family had during those complex times.Leveraging My Expertise for Your Peace of MindMy years as a social worker gave me an intimate understanding of the nuances within senior care communities what makes a good fit, what questions to ask, and how to identify quality care. I've been inside these communities, I've seen them in action, and I've advocated for residents. I leverage this unique expertise to meticulously vet each option, ensuring I recommend only the places that meet the highest standards of care and genuinely feel like home. Your peace of mind is my priority.More Than Just a Match It's About the Right FitFor me, its never just about finding 'a' place; it's about finding the right place. Just as I worked to understand the individual needs and personalities of residents in the nursing home, I apply that same approach here. I believe every senior deserves a community where they can thrive, maintain their dignity, and find joy. That's why I dedicate myself to understanding your loved one's unique preferences and needs, ensuring a match that truly feels like home.Your Trusted Advocate and GuideConsider me your advocate and guide through this important life transition. Having navigated countless difficult conversations and complex decisions in my social work career, I'm well-equipped to support you without judgment. From our first conversation to helping you tour facilities, I'll be by your side, providing clear, honest advice and unwavering support. My aim is to make this journey as smooth and stress-free as possible for your entire family, because I truly care.Our Service Is Free to You Here's HowOne of the most common questions I get from families is, 'How much does your service cost?' I'm always happy to tell them: my services at Ashton Senior Placement are completely free to you and/or your loved one. This might sound surprising, especially when you're already facing potential senior living expenses, but I want to be transparent about how it works. Just like how real estate agents are compensated by the seller, I receive a referral fee from the senior living communities once your loved one successfully moves in. This means my focus remains entirely on finding the absolute best fit for your needs, without any financial burden on your family during an already challenging time. My commitment is to your peace of mind, not your wallet.
If you're planning to retire within the next few years or youve recently retired market volatility may feel especially unsettling. After years of saving and planning, you're now entering a stage where your portfolio may shift from growth to providing income. The five-year window before and after your retirement date is especially critical when market downturns can have an outsized impact on your long-term financial security.While you can't control the markets, there are meaningful steps you can take to stress-test your retirement income, so it is not consumed entirely by market drops before you stop working. Explore your short- and medium-term income needs. One of the most important steps to take is to understand how much of your portfolio youll need to rely on for income. It depends on your other income sources such as Social Security, IRAs, 401ks, pensions and wages if you work in retirement. You'll want to avoid taking too much from your portfolio in response to a decline because that could increase the likelihood that your money may not last through retirement. A financial advisor can help you determine your threshold for monthly withdrawals, based on your income needs, long-term outlook, inflation and risk tolerance. Review your emergency fund. Are you able to set aside at least three to six months worth of essential expenses in cash or very low-risk investments? That could allow you to avoid digging too deeply into your portfolio or selling stocks or other volatile assets at a loss if the market drops. The income bridge from an emergency fund gives your longer-term investments time to recover and can reduce stress during down markets. You may even find you want more than six months in this fund to help weather emergencies, depending on your risk and your comfort level. Review your mix. As you approach or begin retirement, does your portfolio reflect your need for stability and income? You may need to reduce exposure to riskier assets such as stocks and increase holdings in more stable ones, like bonds or cash equivalents. Your ideal allocation depends on your risk tolerance, spending needs and other income sources. The goal is to shield your savings from major losses just as you begin drawing from them. Consider market swings. If the value of your portfolio dropped 20% tomorrow and stayed there for a period of time, would you need to change your lifestyle or spending immediately? Would you need to go back to work? If your answer is yes, revisit your asset allocation or spending plan. A more conservative approach may offer less upside but can provide greater confidence during the early years of retirement. Assess your spending. Even small budget adjustments can make a big difference, especially early in retirement. Do you need to consider postponing a major purchase or trimming discretionary spending? If you're still working, directing extra income into savings can help build a cushion. If youre already retired, keeping withdrawals as low as possible during market downturns can help support long-term sustainability. Stay grounded and get support. Market swings are inevitable, but emotional reactions and risky investing can lead to costly mistakes. Dont abandon your investment strategy. Instead, focus on what you can control: your asset mix, spending and flexibility. A financial advisor can help you stress-test your retirement plan, evaluate your options and stay focused on your long-term goals even when the markets are anything but steady.Chad Choate III, AAMS 828 3rd Avenue West Bradenton, FL 34205 941-462-2445 chad.chaote@edwardjones.comThis article was written by Edward Jones for use by your local Edward Jones Financial Advisor.Edward Jones, Member SIPC
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Experience and BackgroundI am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals.As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that.Whether you're planning for retirement, saving for college for children or grandchildren, or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service.But we're not alone. Thousands of people and advanced technology support our office so that we can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals.I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program.I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.