Page 31 - Southern Exposure - March '22

Southern Exposure, Page 31

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Celebrate Single Parent Day:

Take Steps To Provide For Your Kids’ Future

Submitted by Anné Desormier-Cartwright, J.D.

In 1984, Congress under a law called the Uniform Transfer to Minors Act or The trust terms can specify the purposes for which the
issued a resolution, signed the Uniform Gifts to Minors Act. If you do not appoint the trust funds can be used, how and when the trustee should
by President Reagan, custodian, the court will appoint someone to control and make distributions, and, if you so choose, the age at which
establishing March 21 as manage your children’s inheritance until they reach the age you would like the trust funds to be fully transferred to your
National Single Parent Day: of majority. This is necessary because minors legally cannot children – which does not have to be at the age of majority. You
a day devoted to recognizing own money or property on their own. A custodian will manage can choose the type of distributions you believe are best for
the dedication of single the funds in the account for the benefit of your children, but your children: Some parents give the trustee the discretion to
parents, who make self- the downside is that when they reach the age of majority make distributions for specific purposes, such as the children’s
sacrificial efforts to care for (18 to 21 years old depending on applicable state law), the health, maintenance, education, or support, or even for a down
their children’s needs, and funds will be distributed to them in a lump sum. In Florida payment on a house or to provide funding for the child to start
encouraging family members, you can keep the funds in this account until the child is 21. up a business. Others give the trustee complete discretion in
friends, and communities, to At that point, they can spend the money as they wish, which making distributions for the benefit of the children. The timing
help provide an optimal environment for their children. As a may not be optimal for a young person who is not yet mature of distributions, which can be designed to meet your particular
single parent, you should feel proud of your efforts to nurture enough to make prudent financial decisions. In addition, any goals, can also be spelled out in the trust.
and care for your children. Here are a few additional things present or future creditors could try to reach your children’s If you have more than one child, you can specify whether
you can do to provide for your children’s future that you may inheritance to satisfy their claims. the distributions should be for equal amounts or if a greater
not have considered. Create a trust. A trust is often preferred over a custodial percentage of the money in the trust should be distributed
Name a guardian. If your children’s other parent is willing account because it is more flexible and can be designed to for the benefit of certain children, e.g., children with special
and able to care for them if you pass away unexpectedly, he protect the funds against your children’s future creditors and needs or younger children who did not get as much financial
or she will likely be given physical custody of the children their own imprudent spending. You can name someone who assistance from you while you were alive. In addition, you can
and responsibility for their care. In the case of single parents, is adept at handling money to manage and disperse the funds address specific issues that may be of concern. For example,
however, the other parent often may not be able or willing to for the benefit of your children if you die before they reach you can indicate whether you would like a home you own
take on this role. This is why it is crucial for you to name a adulthood – or the age you have decided the funds should be to be sold, or if you prefer for the children’s guardian to
guardian who will step into your shoes to provide day-to-day distributed to them. This can be the same person who will act move into the home so they will not have to relocate. If your
care for your children if something happens to you. If you do as the children’s guardian or a different person if you do not home is not sold, the terms of the trust can also indicate who
not name a person you trust, a court will step in to appoint trust the guardian (e.g., an ex-spouse) to handle the money will be responsible for paying the real estate taxes, utility
someone. Because the person the court chooses to be your you have left to your children. bills, and maintenance expenses. The home is a particularly
children’s guardian may not be the person you would have If you would like to set up a trust that can be used to manage complex issue to consider, as there are often emotional ties
chosen, it is vitally important that you designate this person in your money and property for your (and your children’s) benefit and memories connected to it, as well as ongoing costs,
advance. You can name a guardian in your will (and in some if you become too ill to do it yourself, you can establish a and frequently, a mortgage. As experienced estate planning
states, a separate document can be used specifically for this revocable living trust with yourself as the trustee. This type of attorneys, we can help you think through the best course of
purpose): Although the court will still have to appoint the trust will remain in effect if you pass away, and the successor action for your family.
guardian, the court will typically defer to your wishes. trustee you have named can continue to manage the funds Consider writing down your wishes regarding grandparents’
In making your decision, there are a few factors to keep and make distributions for the benefit of your children. The visitation. If you have named someone other than a grandparent
in mind: Does your chosen guardian share your values and successor trustee can also step in to manage and distribute the (your parent) to be your children’s guardian, it is important to
parenting style? Will your chosen guardian require your funds for your benefit if you are unable to do so. An often less specify in your estate planning documents whether you wish
children to relocate? Does your chosen guardian have the preferable option is to include provisions in your will for the the grandparents to be able to visit with your children.
energy and stamina needed to care for your children? Do they establishment of a trust at your death. This type of trust will While you are living, it is your fundamental constitutional
have the time to be an involved caregiver? Do you want more not help if you become disabled because it will not go into right to determine whether – and how often – your children
than one guardian to care for multiple children, or do you prefer effect until your death. In addition, it will not be funded until will see your parents (their grandparents). However, when you
for the children to stay together? It is important to weigh the your will has been probated, a process that may be expensive pass away, grandparents may have a right to see your children.
importance of these considerations in making your decision. and time-consuming. Also, by creating the trust through your Every state has enacted a grandparent visitation statute, and
Create a custodial account. If your children are minors, will, the management and distribution of funds may also be they vary regarding their permissiveness or restrictiveness.
you can establish a custodial account to hold an inheritance subject to ongoing oversight by the probate court. Some statutes only allow grandparents to obtain a visitation
order when the children’s parents have separated, divorced,
or one or both of them have died. Others are less restrictive
1
and allow grandparents to obtain a visitation order even if the
parents are still married and are both still living. What both
types of statutes have in common is that they both require
visitation not to interfere in the parent-child relationship and
to be in the best interests of the child.
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As a single parent, you can gain substantial peace of mind
The Heart of Hobe Sound properly cared for – both physically and financially – in the
Est. 1926 by creating an estate plan that ensures your children will be
unlikely event that something happens to you while they are
still too young to take care of themselves. Please call our office
We Wish Our Northern Friends A WE are YOUR today to schedule a consultation.
If you have questions about your estate plan and what
Safe Journey When They Return To Community Church documents you should have in place to plan your estate,
schedule a free consultation today by calling our office at
All Visitors Welcome
Their Northern Homes We Invite You to Worship with Us (561) 694-7827, Anné Desormier-Cartwright, Esq., Elder &
Estate Planning Attorneys PA, 480 Maplewood Drive, Suite
Every Sunday at 10:30 a.m. 3, Jupiter, FL 33458.
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1 Some of these less restrictive statutes have been found to
11933 SE Juno Crescent • Hobe Sound, Florida 33455 be an unconstitutional infringement on the fundamental right
of parents to control the upbringing of their children.