Local Experts Provide Counsel for Financial Planning Without Children
SPRINGFIELD — The Community Foundation of Western Massachusetts recently offered a complimentary breakfast and conversation called “Financial and Estate Planning for Those Without Children: Creating a Meaningful, Non-traditional Legacy.” It was held at the Willits-Hallowell Conference Center at Mount Holyoke College in South Hadley.
During the event, attorney Michele Feinstein, a shareholder at Shatz, Schwartz and Fentin, P.C., and Amy Jamrog, CEO of the Jamrog Group, offered guidance around the essence of financial and estate planning, particularly for people without children who are considering creating a lasting legacy.
“People can create impactful legacies in several ways beyond leaving assets to descendants,” Feinstein said. “There are options to provide for the people, interests and organizations that are your chosen family and community.”
Among the tips offered at the event:
• Choose a trusted executor. This could be a family member, friend, or even a professional like an attorney. It is a job, so make sure they are willing and capable of handling the responsibilities.
• Determine beneficiaries. These could be relatives, friends, institutions of interest, or charitable organizations.
• Consider a trust. This can help ensure that one’s wishes are carried out, provide protection to beneficiaries, and may simplify estate administration and minimize estate taxes.
Feinstein concentrates her practice in the areas of estate planning and administration, elder law, probate litigation, health law, and corporate and business planning. Jamrog is a certified financial planner, bestselling author, speaker, coach, and the founding partner of the Jamrog Group. The event was part of the Community Foundation’s EVOLVE philanthropy series, offering opportunities to learn, engage, and network.