Page 22 - Southern Exposure - September '23

Page 22, Southern Exposure

elder eStAte plAnning

Are You Single With A Minor Child?

If So, You Need A Plan Part 2 Of 2

Submitted by Anné Desormier-Cartwright, Esq.

Last month we talked influx of money and property. Also, you may have certain to your close friends. These people may already be a large
about nominating a guardian things that you want the money to be used for. With a trust, you part of your child’s life and may understand your wishes.
for your minor child (for can draft instructions for exactly how you want the inheritance Lastly, if you do not have someone who you would want to
the care and custody of to be used. You can create a revocable trust or include these serve as a trustee, you can hire a professional trustee, though
your minor child) and why. instructions in your will (known as a testamentary trust). The be aware that professional trustees charge for their services.
This month we will address important distinction between these two options is that a will While all trustees are entitled to compensation, a professional
providing for the financial has to be filed with the probate court, and the proceedings will trustee may be more expensive and have set fees.
aspect of leaving assets to be public and overseen by a judge. A properly drafted and Although Florida state law will provide your child with
your minor child. By creating funded revocable trust, on the other hand, can be managed a guardian, someone to manage their inheritance, and
an estate plan, you can without probate, and no documents need to be made public. a distribution plan for their inheritance, this is the least
address your minor child’s There are many options available to you when crafting desirable result. You have the power to design an estate plan
care and custody and provide instructions for how your child’s inheritance should be that is unique to your child’s circumstances and allows you
instructions about how your money and property should be managed and distributed. Your minor child can receive a to choose the most trusted individuals to guide them if you
used for their care should something happen to you. Note, this percentage upon reaching a specific age (e.g., 50 percent at are no longer able to. We would love the opportunity to help
article does not address the intricacies of homestead property 30 years old and the remainder at 50 years old). You can also you create the best plan for you and your child or to update
in the state of Florida which has unique issues. structure your child’s trust as an incentive trust to allow the your existing plan. Call us to schedule an appointment.
trustee to give your child money only after they meet certain Call our office today at (561) 694-7827, Elder & Estate
Rules For Your Child’s Inheritance goals (e.g., successfully completing postsecondary education, Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
being sober for one year). Alternatively, you can leave the Jupiter, FL 33458.
Who Will Be In Charge? decision of how and when to give out the funds exclusively The content of this article is general and should not be relied
A minor child cannot handle their own financial affairs up to the trustee’s discretion. This is sometimes referred upon without review of your specific circumstances by competent
(unless they are emancipated); they need an adult. If you pass to as a discretionary trust. Because your child will not be legal counsel. Reliance on the information herein is at your
away without an estate plan, the other legal parent may be in guaranteed a specific amount of money or piece of property, own risk, as it expresses no opinion by the firm on your specific
charge of managing the money and property you have left the funds will be better protected from any future creditors circumstances or legal needs. An attorney client relationship is
to your child. If the other legal parent is unable to manage or divorcing spouses that your child may have. However, not created through the information provided herein.
your child’s inheritance, then the court will have to appoint when deciding to use a discretionary trust, it is important to To comply with the U.S. Treasury regulations, we must
someone to serve as guardian over these assets. An estate plan choose your trustee wisely and provide clear guidelines for inform you that (i) any U.S. federal tax advice contained in
allows you to name the person you want to control the money the trustee to consider. this newsletter was not intended or written to be used, and
and property. Without an estate plan, the judge can only use When considering who to select as the trustee of your cannot be used, by any person for the purpose of avoiding
state law and the people who appear in court to determine minor child’s trust, you can choose a family member who U.S. federal tax penalties that may be imposed on such person
who will manage the inheritance. knows your child and understands your wishes. If you do not and (ii) each taxpayer should seek advice from their tax
When And How Will Your Child Receive Their have family that you would like to fill this role, you can look advisor based on the taxpayer’s particular circumstances.
Inheritance?
If you do not have an estate plan, your child’s inheritance
will be managed for their benefit until they reach the age of
majority, and then it will be given to them outright. Although
they will be a legal adult, they may not be prepared for a large

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