Senior Citizen's Guide to Pittsburgh 2016 Spring/Summer Edition - page 44

or her possessions after he or
she dies)
• Decide who will have
power of attorney
(a legal
instrument authorizing one to
act as the attorney or agent of
the grantor)
• Develop a living will
document in which you say
what medical decisions should
be made if you become too
sick or injured to make those
When planning, you might
also take time to consider your
philanthropic goals. There are
many different options and benefits
associated with charitable giving.
Examples of types of assets you can
pass to charity through your will
and other financial arrangements
include, but are not limited to:
• Money
• Corporate stock, bonds and
mutual funds
• Retirement plan benefits and
life insurance policies
• Tangible personal property
such as jewelry, paintings, and
household items
• Personal residence
If you have charitable intent but
are also looking for the security of
predictable payments for yourself
or others, you may consider an
instrument like a charitable gift
annuity. A charitable gift annuity is
a contract between an organization
in which they accept a donation,
and guarantee to make specified
annuity payments to you or another
beneficiary for life. These gifts can
either be immediate or deferred
to later years. What is not paid to
you during your life will be made
available to charity when you no
longer need the income.
A trusted and competent estate
planning lawyer will help you to
create your will and other legal
documents, help you keep your
estate plans current in relation to
new laws, and help you protect as
much of your assets as possible
from issues like taxes.
Once your plan is complete,
it should not be filed away and
forgotten. Changes in personal
and financial circumstances and
revisions in tax laws require
frequent review of your plan.
WQED would be happy to
provide you with a free copy of our
“Personal and Charitable Financial
Record” planning guide. This
planner is a great first step toward
putting your financial ducks in a
row. Please call 412-622-1380 to
request your free copy.
Editorial provided by
Rachel Stasny, Development
Associate, WQED Multimedia,
The information contained in this article
is offered for general informational and
educational purposes only. You should seek
advice of an attorney and/or financial planner
for applicability to your own situation.
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