Q. I have no children and my husband has terminal dementia. We have several properties in both names which are “or.” I also have Certificates of Deposit, IRAs, stocks and cash worth about $2 million. When I pass away, I would like everything to be kept with interest and rental profits sent every quarter to different non-profits and education scholarships. How should I proceed? And who should oversee that this is done in the future for me since I have no one that can do this for me?
— Planning ahead
A. You’ve got some work to do, but you can set things up to follow your wishes after you’re gone.
In order to accomplish your goals, you could set up a trust in which you specifically designate the charity or educational institution you wish to receive and the amount.
This would be done as a testamentary trust — one contained in your will, said Yale Hauptman, an estate planning attorney with Hauptman and Hauptman in Livingston.
You would, however, need to designate a trustee, which can be a person, an institutional or corporate trustee, he said.
There is another option.
Many financial institutions have charitable gifting programs, such as the Fidelity Charitable Giving Fund, Hauptman said.
“You decide the charities but the structure and management of the funds is handled by them so you don’t need to worry about choosing a trustee,” he said. “Check with your financial advisor for options or a quick search on the internet will lead you to several.”
Email your questions to Ask@NJMoneyHelp.com.
Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com’s weekly e-newsletter.
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