THE STAR FORMATION
Main Sequence: In this stage right now
Giant: It will become a Red Giant
Dwarf/Neutron/Black Dwarf: It will be a White Dwarf then Turn into a Black Dwarf
Stars are formed inside molecular clouds. These regions are usually very cold, almost 10 to 20k just above absolute zero. At these temperatures, gases become molecular meaning that atoms bind together. Stars then turn into Main Sequence stars, which is what the Fomalhaut Star is right now. In billions of years, the Fomalhaut could turn into a Red Giant, then a White Dwarf, and eventually it will become a Black Dwarf.
See Picture: http://www.solstation.com/stars/fo3d2pla.jpg
HOW DO WE KNOW ABOUT IT?
THE LONELIEST STAR?
Distance from Earth- 25 light years
Constellation: Piscis Austrinus