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Rex and Margie Porter

October is National Estate Planning Awareness Month

Estate planning is for everyone. Being prepared with an estate plan is a meaningful gift you can leave your heirs.

A will may be the centerpiece of your estate plan but there are three additional documents that make up a well-crafted plan:

  1. Last will and testament and/or a trust to formalize your wishes on how your assets are distributed upon your passing and designating beneficiaries such as heirs or charitable foundations
  2. Durable power of attorney for your finances assigns an agent to oversee your financial issues if you are unable to
  3. Durable power of attorney for your healthcare assigns an agent in the event you are medically incapacitated
  4. Living will or advanced directive formalizes your wishes regarding medical care in the event you are terminally ill

There are many estate plan options, as you can see in the table below. Talk to your financial advisor for the plan that best meets your needs.

Considering the future also causes you to think about the legacy you want to leave in the world, as Rex and Margie Porter did.

“Over the years, Honor Health has provided us with excellent healthcare and we want to help ensure everyone has the same opportunities as we’ve had,” they told us.  “We chose HonorHealth Foundation because we want to make a difference in healthcare options and the lives of others for years to come.”

For unbiased information on how to create or update your estate plan, download a free Estate Planning Guide.

About Estate Planning

What are your giving priorities?

Consider this

Make a significant future gift without impacting your current spendable income

Charitable bequest

Leave a legacy gift while retaining financial flexibility; reduce estate taxes for your heirs

Beneficiary designation

Give generously while providing a reliable income today; avoid or defer capital gains tax and provide tax benefits to your heirs upon your passing

Charitable remainder trust

Support the HonorHealth program of your choice and reduce your taxable income

Qualified Charitable Distribution (QCD) through an Individual Retirement Account (IRA) charitable rollover

Maintain your cash reserves; reduce taxable income, avoid or reduce capital gains tax

Gift of appreciated stock

Donate today to improve healthcare, reduce your taxes and receive monetary payments for life

Charitable gift annuity

Use your home or other real estate for tax savings and even income

Charitable gift of real estate