Estate planning seminar a success
BY ALEX BATTITORI
alex@hometowngirard.com
The Girard Area Community Foundation, in cooperation with K-State Research and Extension Office and MWA Financial, hosted an estate planning seminar at the Civic Center Thursday, July 21, with guest speaker Scott Taddiken.
Taddiken is a licensed attorney out of Topeka and has worked with families for 13 years to develop family business entities, wills, trusts and estate plans that help to protect assets and minimize taxes.
“Our purpose as a community foundation is two-fold,” GACF member Wilda Pentola said during the seminar. “To develop an endowment that goes out to different communities every year, and to provide a service to our community members. This seminar is one of those services.”
Taddiken opened the seminar by asking the audience what they thought of when asked about wills, trusts and estate planning. The answers, including probate and taxes, were addressed.
“When you’re planning your estate, you may ask, where does my estate go? Where can my estate go?” Taddiken said. “Really, there are very few limitations or rules. What happens if you do nothing with regard to passing assets? Most think it goes to your spouse, but the default is actually half to your spouse and half to your kids. This can spread out as far as eight generations.”
Taddiken then addressed the topic of last will and testament. Although he said that such things are important to have as a baseline or backup, it can actually open the door to hassles down the road. For instance, a last will and testament is only valid once it has been stamped and filed with a court. Additionally, it can open the door to probate issues.
He instead recommended for individuals to designate a beneficiary, which trumps the writing in a will.
“This will allow you avoid probate, although I would still advise to have a will also, just as a backup in case something unexpected comes up that isn’t covered otherwise.”
For more information on services and activities that the GACF offers to the area communities, please visit their Facebook page.