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Main Street Monthly 905 Old Cherokee Road, Lexington, SC 29072 • P: 803-358-7214 • www.strattonreynolds.com
JAN./FEB. 2024
ENSURING YOUR BENEFICIARIES ARE PROPERLY PROTECTED
The entire point of devising an estate plan is ensuring your assets pass to those you wish to have them. But are there legal considerations regarding who can inherit? Several terms are often used interchangeably but mean very specific things. The term heir means a person who is a relative of the decedent and would inherit from the estate, even without an estate plan or a will. While property and personal belongings are part of the estate, other assets, such as retirement funds and life insurance policies, are not. These assets are conferred on beneficiaries specifically named on those accounts or policies. These assets bypass probate, go directly to the beneficiaries, and cannot be controlled by the will or other estate planning documents.
We have often had clients who are concerned about having property go directly to beneficiaries because those beneficiaries are minors, struggle with managing money, or perhaps need to have assets protected from issues such as creditors or a potential divorce. In all those cases, our attorneys can help you determine the best strategy to ensure your assets stay with the people you meant to receive them. Our attorneys can also help you determine the best strategies for minimizing taxes and other government fees.
Many of our clients have unique situations regarding their heirs. The best way to deal with this is through honest discussion with
an experienced attorney. If you have a loved one who does not handle money well, you can structure a trust so they can inherit the assets over a period of time while they hopefully mature. Other clients with well-established adult children wanted to leave assets to grandchildren to help with their education or purchase their first home. There are many unique
You may have heard the terms devisee or legatee . Either of these terms refers to a person specifically named in the will. Real estate traditionally went to a devisee, while personal property, including cash, went to a legatee. Of course, these could be the same person.
situations and just as many solutions that can be crafted into a solid estate plan.
Only you can truly know your family and your desires for your legacy. Honest consideration of what you want your legacy to be is important as you enter the planning process. A difficulty for many people
You Can Make Your Estate Plan as Unique as Your Family
When crafting an estate plan to meet your unique situation, our South Carolina attorneys will ask many questions about your assets and those you wish to leave these assets. Trusts can allow property to go directly to named beneficiaries without going through the probate process. However, the provisions of a will are subject to probate, and probate costs may reduce the amount your loved ones receive. In addition, the terms of probate are public records. Some people do not want anyone to know exactly what they leave to loved ones. In this case, a trust can add privacy to your loved one’s inheritance.
is personal property. While we may value certain things that we own, our children and grandchildren may not. They may also have strong opinions about what each receives. It is helpful to have conversations with your loved ones about these things so when you leave possessions to your loved ones, you can be sure you’re equitable. –Chasity and TC
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BEYOND BUSINESS
Teaching Teens Wealth Mastery
Fostering a Culture of Financial Accountability Educating students about saving money and sound investment strategies promotes fiscal responsibility. They learn about the long-term benefits of compound interest and regular investing. Teens can build on their financial knowledge as they see the benefits of sound financial decisions. Addressing the Wealth Gap and Adapting to Change Financial literacy is a powerful tool in bridging the wealth gap. Providing all students, no matter their background, with financial knowledge is a step toward leveling the economic playing field. As the global economy evolves, young people with personal finance skills are better prepared to adapt to changing job markets, investment trends, and saving strategies. Parents and guardians can make a considerable impact in lobbying local school districts to value and include personal finance education in high school and teaching it in their homes. Young people will be able to face life’s financial challenges confidently. As we nurture our youth for their future roles, their financial literacy is vital to fostering a society of economically stable and responsible individuals.
In today’s challenging financial world, equipping high school students with personal finance tools is essential. Arming young adults with the skills necessary to navigate the monetary challenges they’ll face is much like any traditional academic discipline. Here are a few of the tools they’ll need in their repertoire. Building a Robust Financial Foundation Helping students learn fundamental financial skills like budgeting, saving, and investing instills a deep respect for the value of money. Parents and school classes can help them understand credit, loans, and debt management to steer them away from potential financial pitfalls when they later make decisions about loans and credit cards. Practical lessons on tax filing and understanding employee benefits are invaluable, preparing them for adulthood and independence. Sharpening Decision-Making Abilities In personal finance, high schools can play a pivotal role. Students can be encouraged to read the financial news to understand market trends and make more informed financial decisions. Teaching them how to set realistic financial goals for significant life events, such as attending college or purchasing a vehicle, teaches planning and discipline, key aspects of successful financial management.
PASSWORDS AND BILLS KEEP A LIST
When someone comes to us who has recently lost a spouse or loved one, they often tell us there are several things they wish their spouse or loved one had done. The first is to have updated their estate plan within the last couple of years — we all know this is important. However, the second major area of frustration is not knowing how to access the deceased person’s accounts and bills or how to contact their friends. Below are a few tips to help your family members avoid those frustrations.
you trust with this information knows how to get to it in an emergency. This should include passwords to pay bills and those required to access your email and social media accounts. We also recommend ensuring the passcode to your phone is included. 2. Along with the list of passwords, it can be beneficial to have a list of all the monthly bills that need to be paid (mortgage, utilities, car payment(s), etc.), how to pay them, and what day of the month they are due. We have
had numerous cases where the spouse who handled all of this passed away and left the surviving spouse with no idea of what needed to be paid and when, which can be very frustrating. 3. Finally, for those running businesses, remember you need to do the same thing for any of these types of tasks that only you handle within your business. Be sure a family member or trusted employee knows how to handle these tasks if you suddenly pass away. This will help ensure everything continues to run smoothly, even in the case of an emergency. These are just a few things to consider when planning for your family’s future. If you or a loved one have additional concerns or need to begin planning, please call us to set an appointment so we can sit down and discuss your concerns. –Chasity and TC
1. First, be sure to keep an updated
list of passwords handy. This can be accomplished while keeping those passwords secure by making a written list that is regularly updated and kept in your home safe or safe deposit box at the bank or by keeping a password- protected file on your computer with a full list of those passwords. Also, ensure that you include the answers to the security questions that are sometimes required in addition to the password itself. Ensure the person
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TAKE A BREAK!
Retirement opens the door to new hobbies and activities. Among these, cultivating an organic vegetable garden could be a fulfilling and beneficial option. This activity provides your body with healthy exercise and fresh produce and can rejuvenate your mind and soul. Health Benefits: A Natural Boost for Well-Being Physical Activity: Gardening is a gentle way to stay active. Bending, planting, and tending to vegetables are excellent low-impact exercises that improve flexibility and strength. Plus, it doesn’t feel like you’re exercising because the activity is goal-focused. Healthy Eating: Harvesting your own vegetables ensures a supply of fresh, organic produce. This home-grown food is free from harmful pesticides and richer in nutrients, contributing to a healthier diet. If you have extras, you can share your harvest with others, helping to improve their diets, too! Mental Health: Gardening is therapeutic. It reduces stress and promotes a sense of accomplishment. It’s also a source of new learning and curiosity. You may need to do some research to learn about the best zones for various plants and techniques to keep them healthy. Watching plants grow from seeds to harvest can be incredibly satisfying and a great way to boost mental well-being. Environmental Impact: Tending to the Earth Responsibly Organic gardening is environmentally sustainable. By avoiding chemical fertilizers and pesticides, gardeners protect the soil and local wildlife. Home-grown vegetables mean fewer trips to the store and less packaging waste, contributing to a smaller carbon footprint. So, by gardening, you’re participating in an eco-friendly practice. Social Connection: Growing Community Ties Gardening offers opportunities to connect with fellow gardeners, share tips, and exchange produce, fostering a sense of community. Inviting grandchildren or neighborhood kids to the garden can educate them about where food comes from and the importance of sustainable practices. If you participate in a community garden, these benefits, in particular, contribute to a sense of well-being because you’re getting active in the community, making friends, and sharing your knowledge with others. It’s a win-win. GREEN THUMBS, FULL HEARTS The Garden Path to Joy
Solution on page 4
Slow Cooker Chicken Tikka Masala
This chicken tikka masala recipe is a tantalizing journey for your taste buds.
INGREDIENTS
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2 lbs boneless, skinless chicken breasts, cubed
1 tsp paprika
1 14-oz can diced tomatoes 1 14-oz can tomato sauce 1/2 cup plain Greek yogurt
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1 onion, diced
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2 cloves garlic, minced 1 tbsp minced ginger 1 tsp ground cumin 2 tsp garam masala 1 tsp ground coriander
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Salt and pepper, to taste
DIRECTIONS
Organic gardening in retirement is not just about cultivating plants; it’s about cultivating a healthier lifestyle, a better environment, and stronger community bonds. It’s a hobby that offers endless learning, joy, and satisfaction, making
1. Place the chicken, onion, garlic, ginger, cumin, garam masala, coriander, and paprika in the slow cooker. 2. Pour in the diced tomatoes and tomato sauce, stirring to combine. 3. Cover and cook on low for 6–8 hours. 4. When the chicken is done cooking, stir in the Greek yogurt. 5. Serve over rice or with naan and enjoy!
retirement not just a time to relax but also a time to thrive.
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Inside this Issue
Think About Your Beneficiaries PAGE 1 Helping Young People Learn Fiscal Responsibility PAGE 2 Managing Your Passwords and Bills PAGE 2 Slow Cooker Chicken Tikka Masala PAGE 3 Retirement Bliss in a Garden PAGE 3 Exploring Europe’s Hidden Gems PAGE 4
DISCOVERING EUROPE’S OVERLOOKED BEAUTIES
Europe’s Most Exclusive Escapes
Rhodes, Greece One of the most southern islands of Greece, Rhodes is home to fascinating history and picturesque beaches. The Old Town is a one-of-a-kind blend of Hellenic Greece and the knights and castles of the Middle Ages. To make sure you don’t miss any of the stunning beach views, you can hire a skipper from Mandraki Port to take you around the entire island. Europe’s lesser-known sites offer a unique blend of charm, history, and culture. Each place, with its own distinct personality, tells a story that enriches the tapestry of European heritage. So, the next time you plan a European adventure, consider veering off the beaten path to explore one of these hidden wonders.
Europe, with its rich tapestry of cultures, history, and landscapes, offers many different experiences for travelers. From the cobblestone streets of quaint villages to the bustling avenues of cities, the continent beckons with a blend of the old and new. Places like London, Paris, and Berlin are all hugely popular, but these four hidden gems deserve recognition despite being often overshadowed by their more famous counterparts. Ghent, Belgium This medieval city is a treasure trove of history, with its well-preserved architecture and charming canals. The Gravensteen Castle, a stone sentinel standing since the Middle Ages, offers a glimpse into Ghent’s storied past. Art lovers can appreciate the Adoration of the
Mystic Lamb, an iconic piece of religious art housed in St. Bavo’s Cathedral. Porto, Portugal Known for its port wine and stunning Douro River views, Porto captivates with its colorful buildings and intricate azulejos (ceramic tiles). The Livraria Lello bookstore, with its spiraling staircase and ornate woodwork, seems straight out of a fairy tale and is a must- visit for bibliophiles. Ljubljana, Slovenia This small but vibrant city is a blend of Baroque and Art Nouveau styles with a touch of modernity. The Ljubljana Castle, perched on a hilltop, offers panoramic views of the city, and Tivoli Park is a green oasis perfect for a leisurely stroll or a picnic.
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