Need aNewRoute? This month, we return to a classic. Attorney Craig Hersch offers an option to those who may want to consider provisions in their estate plan should circumstances change after their death. Learn more in this condensed version of his 2017 “Sanibel Island Sun” column “Recalculating.” The entire column — plus many, many others — can be found at FloridaEstatePlanning.com. Your Estate Plan Can Change Even After Your Death
Since you are dead, you can’t change the provisions of your will, right? While you can’t change your will, you can embed a “power of appointment” to your spouse to allow them to change it. You can limit the power in a way that they can’t leave your estate to a new spouse they remarry, but you can allow them to change how much or in what manner your children eventually receive their inheritance. There is a danger with leaving a power of appointment, however. Your spouse could disinherit one of your intended beneficiaries for almost any reason, including a reason that you may consider frivolous. So when granting a power of appointment, have a conversation about your expectations with the appointee and discuss your wishes with your estate planning attorney.
Coming up on a fork in the road, I asked my wife, Patti, “Should we take the left fork or the right fork?” “How should I know?” Patti responds. I decide to go right. “Recalculating,” Ms. Garmin states in her soothing GPS voice. It turns out to be a wrong turn that takes us longer to get to where we are heading. Despite the frustration of taking a wrong turn, I find it amazing when technology can help you correct a driving mistake. Believe it or not, you can gear up your estate plan to “recalculate” if you make a mistake as well.
Suppose your estate plan leaves your assets in a continuing trust that benefits your spouse for the rest of their life. You can name your spouse as their own trustee so they don’t have to turn to a bank or trust company to receive income or assets. At your spouse’s death, your trust is then distributed to your children in equal shares. But what happens if one of your children has made poor choices that don’t warrant them to receive an inheritance or at least control their own share? What if the distribution to grandchildren in the document would trigger a generation- skipping tax that can be avoided? What if there are income tax issues that can be cleaned up?
Spring Vegetable and Chicken Pasta Bake
Inspired by TheSeasonedMom.com
Celebrate spring with this easy, tasty, herb-packed pasta bake.
INGREDIENTS:
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1 cup cooked chicken, diced
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1 1/2 cups uncooked penne pasta
1 3/4 cups chicken broth
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1 14-oz can artichokes, drained and quartered 1 cup fresh asparagus pieces 1/2 cup carrots, grated
1/2 cup fresh chives, chopped and divided
• 1/4 cup fresh parsley, chopped and divided • 2 tsp minced garlic • 1/4 tsp salt • 1/4 cup grated Parmesan cheese, divided
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DIRECTIONS: 1. Preheat oven to 425 F and grease an 8-inch square baking dish with cooking spray. 2. In the prepared dish, stir together cooked chicken, artichokes, asparagus, carrots, uncooked pasta, chicken broth, half the chives, half the parsley, garlic, salt, and 2 tbsp Parmesan. 3. Cover the dish tightly with foil and bake for 35 minutes. 4. Uncover and stir. At this point, check the pasta to make sure it is al dente. If it’s undercooked, cover the dish and return to the oven until pasta is tender. 5. Remove from oven and garnish with remaining Parmesan, chives, and parsley.
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