The Importance of Designating Beneficiaries
Paul Bowers always had a knack for managing money. The son of Croatian parents, he was born in 1933 on Chicago's south side, just one block from old Comisky Park. Shortly after his father passed away at age 35, young Paul discovered his entrepreneurial talent. When the White Sox were home, Paul offered to "watch" the cars of fans parked near his house at 2222 South Wabash - for a fee, of course. If fans were doubtful that their cars needed watching, he would remind them that Al Capone lived only a few blocks away. At the age of 6, Paul's career as a savvy, self-employed funds manager was launched.
After a stint in Berlin, Germany, as an Army supply sergeant in 1946, Mr. Bowers earned a business degree from DePaul University. From there he helped countless clients manage their mutual funds and other investments. "I've been a stock broker all my life," he said. "The way I look at it, [investment profits are] out there; you just have to work at it."
His combination of business acumen and ambition served him well. Today at age 80 he is comfortably settled at Resurrection Retirement Community, near his Harwood Heights home since 1960 on Chicago's northwest side. He still golfs, plays a mean game of three-cushion billiards and enjoys classical music.
Not surprisingly, he recently updated his estate plans to include a tidy provision to help ensure that particular assets will be transferred without the costs or delays of a probate proceeding. He signed a document indicating that funds in certain accounts are to be transferred upon his death to designated recipients - including Resurrection Retirement Community.
Designating beneficiaries through a Transfer on Death (TOD) Plan is one way to control who will receive specified assets after your death while retaining control of assets during your lifetime. You can also change your beneficiary at any time. Such plans may not be advisable for everyone. Because TOD plans may affect your tax strategies and estate planning, you should check with your legal advisor before executing a TOD plan.
A charitable gift annuity is a fast and simple way to make a gift today and still enjoy a lifetime income. For more information, contact Moira McGinley, Presence Health Foundation Office of Gift Planning Services, at 312-308-3244.