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Hamptons.com
February 6, 2013

Estate Planning When It’s Just the Two of You

Rocco A. CarrierobyRocco A. Carriero
in Real Estate
Home Real Estate

Planning for the future can take a different shape when children aren’t involved. With no braces to pay for or tuition bills to finance, couples don’t have many of the financial obligations that require resources and can impact an estate. On the other hand, these couples must plan for a future that will not include adult children to give them a helping hand – physically, emotionally or financially – as they age.

Estate planning is important regardless of your parental status. A well-crafted estate plan assigns decision makers, designates heirs and specifies who gets what after you and your partner pass away. It allows couples to create contingencies for individual survivorship and can help minimize taxes. It also can help ensure your mutual wishes are respected as health or cognitive abilities decline.

Assign decision makers. Couples without children can each execute a power of attorney naming their spouse to act on their behalf. Each can also designate an alternate attorney-in-fact to act on your behalf in the event you both become unable to make decisions regarding your finances and property. This person may also be assigned the responsibility of executor of your estate*. If you have no children to name, you might consider asking a trusted family member or friend (generally someone younger) or a professional in the estate planning business to take on these responsibilities.

A living will—also called an advance healthcare directive—is another important legal document both of you should have on file. It specifies your wishes in the event of an incapacitating illness and enables your assigned designee to make decisions about your health care on your behalf.

Decide how your assets will be distributed. An attorney can help you draw up a will that specifies how and to whom your assets will be distributed when one or both of you pass away. Without a will in place, your estate will be handled according to the statutes of the state in which you reside. Often, when there are no children or designated heirs identified in a last will and testament, the surviving spouse is the primary heir, then other living relatives, which could include parents and/or grandparents, siblings and siblings’ children. If this is what you intend, you can make that clear in your will; if not, determine how you want to split your assets among your relatives, loved ones and causes that are important to you.

Your estate plan can include strategies for giving financial gifts before or after your death. Under current federal tax law for 2013, an individual may gift up to $14,000 per person to as many people as he or she would like without gift tax consequences. You can also pay college tuition for anyone without being subject to gift taxes or using any of your annual or lifetime gift tax exclusions, as long as you pay the institution directly.

Create avenues for charitable giving. If you don’t plan to leave a significant amount of your assets to family, you may choose to give charitably to causes you’re passionate about. There are other ways to be generous in a tax-efficient way while you and your partner are both are still living. You can donate to a donor-advised fund and receive tax benefits upfront, while suggesting how the funds should be invested and later distributed to your chosen nonprofit organization. With a charitable lead trust, the charity receives payments for a period of time after which you or your heirs receive any remaining assets in the trust. A charitable remainder trust operates in the reverse, giving you or your heirs a stream of payments for a period of time (not exceeding 20 years) or for life, and leaving any remaining amount to the selected charity.

Plan for the unexpected. Your estate plan should include adequate insurance coverage for unexpected events. Be sure to name the appropriate beneficiaries, including one another, on your respective policies. Since moving in with a child isn’t an option, you may wish to purchase long-term care insurance policies that help cover assisted living services or nursing home care as needed later in life.

Consult the experts to create a comprehensive estate plan. A financial advisor can help you and your spouse or partner make plans for the handling of your estate. In conjunction with legal and tax advisors who understand state and federal tax and estate planning laws, you can take steps to ensure you both have sufficient means to live well after the other passes and that your mutual wishes are respected regarding the legacy you leave.

*Note that naming the same person as executor is done separately and is not part of the Power Of Attorney agreement, but is usually done as part of a will.

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Hearty Houseplants Green Up The Hamptons

Hearty Houseplants Green Up The Hamptons

  • “Only the Timeless,” Remembering Iconic Hamptons Architect Myron Goldfinger

Myron Goldfinger, renowned modernist architect, passed away this Summer at 90. Gaining prominence, especially in the Hamptons, for designing weekend escapes and monumental modern estates. Still highly sought-after today, the Goldfinger-designed estate at 43 Sandune Court, Sagaponack, hallmarks and honors the architect’s innumerable gifts. 

Read the full article at Hamptons.com (Link in Bio)
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#hamptons #architect #myrongoldfinger
  • Enjoy the Warmth of Community This Fall at LongHouse

LongHouse Reserve is unbelievably beautiful. Whether you’re here for the summer or visiting from out of town, LongHouse is a must-visit. It’s not just a place for art but a true community hub offering tranquility and a chance to marvel at nature’s wonders. It’s a sanctuary of peace.

This fall, there’s a buzz in the air, thanks to the efforts of LongHouse director Carrie Rebora Barratt, who is a relatively new local herself. She’s been working to create more engaging community events and has extended LongHouse’s open season well into the fall and possibly even the winter. @longhousereserve

Read the full article at Hamptons.com (Link in Bio)
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#longhousereserve #longhouse #community #events
  • HIFF Closing Night Showcases Director Bradley Cooper’s MAESTRO

HamptonsFilm announced today the full slate of programming for the 2023 edition of the Hamptons International Festival (HIFF), including the Closing Night presentation of Bradley Cooper’s MAESTRO, additional Signature Programming including “A Conversation with…” Series with Paul Simon, and the full film programming lineup including additional films to screen within the Spotlight section, Documentary and Narrative Competition titles, short film sections, as well as Signature Programs including Views From Long Island; Conflict and Resolution; and Air, Land & Sea. The Festival also announced filmmaker Celine Song will attend the festival for a Special Screening of her latest narrative feature PAST LIVES, and will receive the festival’s Breakthrough Artist Award. @hamptonsfilm

Read the full article at Hamptons.com (Link in Bio)
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#bradleycooper #maestro #film #filmscreening #hiff #hamptonsfilmfestival
  • The place is the old Astro’s, and it looks pretty much the same except all the seating is now by the windows, and there are no tables. You can go in for slices, and overall, it’s a pretty typical pizza joint with a more retro vibe. But what’s great about this pizza is that it is thin and has a crispness to it that you don’t get anywhere else in the Hamptons. This means that even if you devour half a pie, you don’t walk away feeling bloated and like death is imminent, but you just feel really full from good pizza.

Everything is fresh, and the overall vibe is trendy. You have to go. I gave it an 8.4. #pizza  #pizzatime  #pizzalover  #hamptons  #finipizza
  • Special Screening of Love…Reconsidered, A Hamptons-Based Romantic Comedy

The Westhampton Beach Performing Arts Center will be hosting a premiere of the film Love…Reconsidered on Saturday, September 30th at 7:00 p.m. in the Mollie Parnis Auditorium. This is the charming romantic comedy starring Sophie von Haselberg, Judy Gold, Marisa Ryan, Elaine Bromka, Luke Gulbranson, and Colton Haynes, set between New York City and Southampton.

Love…Reconsidered is based on Arielle Haller-Silverstone’s true love/life story, and she wrote the screenplay after losing her job during the pandemic where she then moved to the Hamptons. Haller-Silverstone is the co-owner of Le Closet, a curated consignment store, with locations in Southampton and New York City, and she can’t wait to premiere this film at WHBPAC and connect with viewers.

The screening will also include a panel discussion with the filmmakers moderated by Kate Schumacher and Carinn Jade of the well-known podcast Pop Fiction Women. They will dive into the film’s characters and the complicated lives they lead, along with the filmmaking process that brought this movie to life on the screen. Arielle Haller-Silverstone spoke more about her inspiration for the screenplay, her background, and what she is most looking forward to for the screening.

Congratulations on your film Love…Reconsidered. Can you talk about the story behind this film and where your inspiration came from to write the screenplay? 

Arielle Haller-Silverstone: I lost my job during COVID and started Le Closet from my studio apartment in Hell’s Kitchen. On a total whim, my dad knew a broker that knew a broker in Southampton, and I decided to give it a shot. I schlepped all of the clothes from NYC and opened on Windmill Lane (where the store still is today!). I knew there was a script within this story and had to make a movie. @whbpac

Read the full interview at Hamptons.com (Link in Bio)
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#westhampton #romantic #comedy #screening
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