Page 10 - Jupiter West - September '23

Page 10, Jupiter West
Are You Single With A Minor Child?

If So, You Need A Plan

Part 2 Of 2 entitled to compensation, a professional trustee may be The content of this article is general and should not be
more expensive and have set fees. relied upon without review of your specific circumstances
Submitted by Anné Although Florida state law will provide your child by competent legal counsel. Reliance on the information
Desormier-Cartwright, with a guardian, someone to manage their inheritance, herein is at your own risk, as it expresses no opinion by
Esq. and a distribution plan for their inheritance, this is the the firm on your specific circumstances or legal needs.
Last month we talked least desirable result. You have the power to design an An attorney client relationship is not created through the
about nominating a guardian estate plan that is unique to your child’s circumstances information provided herein.
for your minor child (for and allows you to choose the most trusted individuals to To comply with the U.S. Treasury regulations, we must
the care and custody of guide them if you are no longer able to. We would love inform you that (i) any U.S. federal tax advice contained
your minor child) and why. the opportunity to help you create the best plan for you in this newsletter was not intended or written to be used,
This month we will address and your child or to update your existing plan. Call us to and cannot be used, by any person for the purpose of
providing for the financial schedule an appointment. avoiding U.S. federal tax penalties that may be imposed
aspect of leaving assets Call our office today at (561) 694-7827, Elder & Estate on such person and (ii) each taxpayer should seek advice
to your minor child. By Planning Attorneys PA, 480 Maplewood Drive, Suite 3, from their tax advisor based on the taxpayer’s particular
creating an estate plan, you can address your minor child’s Jupiter, FL 33458. circumstances.
care and custody and provide instructions about how your
money and property should be used for their care should
the intricacies of homestead property in the state of Florida Inflexible Children Struggle
something happen to you. Note, this article does not address

which has unique issues.
By Jim Forgan, Ph.D., might think, “Just get over it and move on,” but it is
Rules For Your Child’s Inheritance School Psychologist not that easy for your child.
“We don’t spring any Inflexible children often have difficulty making
Who Will Be In Charge? unexpected changes on transitions at home and at school. They often see things
A minor child cannot handle their own financial affairs him or he has a huge their way and have difficulty going with the flow.
(unless they are emancipated); they need an adult. If you meltdown,” explained This contributes to their meltdowns and stubbornness.
pass away without an estate plan, the other legal parent one mom. Her 8-year-old Inflexible children are not always pleasant to be
may be in charge of managing the money and property you son had daily tantrums around. They can be bossy when playing and want
have left to your child. If the other legal parent is unable to when things did not to do things their way. This inflexibility can create
manage your child’s inheritance, then the court will have go his way. Mom was friendship issues with same age peers and inflexible
to appoint someone to serve as guardian over these assets. concerned he might have children might prefer to play with younger children
An estate plan allows you to name the person you want to ADHD so we evaluated whom they can boss around.
control the money and property. Without an estate plan, the him to determine the root cause of his meltdowns. Our The term executive functioning describes our
judge can only use state law and the people who appear in evaluation showed it was not ADHD but rather he had brain’s management system. Kids with executive
court to determine who will manage the inheritance. executive functioning difficulty with shifting attention functioning difficulty need to learn skill rather than
When And How Will Your Child Receive Their and cognitive flexibility. take pills to help them. Mom was happy medication
Inheritance? Perhaps you’ve heard the saying, “That person has was not the answer for her child. My Day is Ruined!:
If you do not have an estate plan, your child’s a one-track mind.” That saying captures what happens A Story Teaching Flexible Thinking by Bryan Smith
inheritance will be managed for their benefit until they when inflexible people get something stuck in their is a book you can read with your child to teach skills.
reach the age of majority, and then it will be given to minds and they can’t get it out. They perseverate. Their Call to discuss your child as we test for executive
them outright. Although they will be a legal adult, they brain is like a train riding down a track and it can’t functioning difficulty, autism, dyslexia, dysgraphia,
may not be prepared for a large influx of money and make a shift to a new track until it gets to a junction. ADHD, depression, and anxiety. Visit JimForgan.com
property. Also, you may have certain things that you Unfortunately for some people, their brain goes on for or call (561) 625-4125.
want the money to be used for. With a trust, you can draft “miles” before it reaches a junction. As a parent you
instructions for exactly how you want the inheritance to
be used. You can create a revocable trust or include these
instructions in your will (known as a testamentary trust).
The important distinction between these two options is
that a will has to be filed with the probate court, and the
proceedings will be public and overseen by a judge. A
properly drafted and funded revocable trust, on the other
hand, can be managed without probate, and no documents
need to be made public.
There are many options available to you when crafting
instructions for how your child’s inheritance should be
managed and distributed. Your minor child can receive a
percentage upon reaching a specific age (e.g., 50 percent
at 30 years old and the remainder at 50 years old). You
can also structure your child’s trust as an incentive trust
to allow the trustee to give your child money only after 747-PALM
they meet certain goals (e.g., successfully completing
postsecondary education, being sober for one year). 747-7256
Alternatively, you can leave the decision of how and
when to give out the funds exclusively up to the trustee’s
discretion. This is sometimes referred to as a discretionary
trust. Because your child will not be guaranteed a specific
amount of money or piece of property, the funds will be
better protected from any future creditors or divorcing Peripheral
spouses that your child may have. However, when
deciding to use a discretionary trust, it is important to Neuropathy?
choose your trustee wisely and provide clear guidelines
for the trustee to consider.
When considering who to select as the trustee of your FREE Consultation
minor child’s trust, you can choose a family member who
knows your child and understands your wishes. If you do
not have family that you would like to fill this role, you for Acupuncture
can look to your close friends. These people may already
be a large part of your child’s life and may understand
your wishes. Lastly, if you do not have someone who
you would want to serve as a trustee, you can hire a
professional trustee, though be aware that professional
trustees charge for their services. While all trustees are
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