Page 10 - Jupiter West - October '23

Page 10, Jupiter West
Myths And Frequently Asked Questions

Estate Planning For Single Parents

Submitted by Anné receive a percentage upon reaching a specific age (e.g., 50 Call our office today at (561) 694-7827, Elder & Estate
Desormier-Cartwright, Esq. percent at 30 years old and the remainder at 50 years old). Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
Myth 1: I Do Not Need You could also structure your children’s trusts as incentive Jupiter, FL 33458.
A Plan. My Children trusts to allow the trustee to give your children money only The content of this article is general and should not be
Will Automatically Get after they meet certain goals (e.g., successfully completing relied upon without review of your specific circumstances
Everything. postsecondary education, being sober for one year, etc.). by competent legal counsel. Reliance on the information
If you are single, then Alternatively, you can leave the decision of how and when herein is at your own risk, as it expresses no opinion by
you are correct that your to distribute the funds exclusively to the trustee’s discretion. the firm on your specific circumstances or legal needs.
children will get everything. This is sometimes referred to as a discretionary trust. An attorney client relationship is not created through the
However, it may not be Because your children will not be guaranteed a specific information provided herein.
automatic. Without an estate amount of money or piece of property, the funds will be To comply with the U.S. Treasury regulations, we must
plan, your loved ones will better protected from any future creditors or divorcing inform you that (i) any U.S. federal tax advice contained in
have to go through the probate process to appoint a guardian spouses your children may have. However, when deciding this newsletter was not intended or written to be used, and
for your children (if they are minors) and distribute the to use a discretionary trust, it is important to choose your cannot be used, by any person for the purpose of avoiding
money and property that you own individually to the trustee wisely and communicate potential factors for the U.S. federal tax penalties that may be imposed on such
appropriate recipient, in this case, your minor children. trustee to consider when giving money and property to your person and (ii) each taxpayer should seek advice from their
However, because a minor cannot manage their own minor children. tax advisor based on the taxpayer’s particular circumstances.
financial affairs (unless the minor is emancipated), a court
will have to choose someone to do this for them. Also, once
on your state law), the money and property will be handed Reading Time With Dad
your children reach the age of majority (18 or 21 depending

over to them without any protections. To ensure that you
get to choose who raises your children, who manages By Jim Forgan, Ph.D., Meeker, M.D., says, “After 30 years in my medical practice
their inheritance, and how and when they receive their School Psychologist and extensive research, I see one common thread in children
inheritance, you need an estate plan. James and the Giant of all ages: the direct correlation between a father’s presence
Myth 2: I Am Of Modest Means. I Do Not Need A Formal P e ac h a nd Danny, and a child’s well-being.”
Estate Plan. Champion of the World If you are a dad reading this, it’s not meant to guilt you.
Estate planning is not just about what happens to your were two of Roald Dahl’s Whether you’ve messed up or think it’s too late, your child of
money and property at your death. An estate plan also books my dad read with me any age still needs you. They don’t need perfection; they need
provides a way for you to name the people you want to care when I was in elementary your presence and affirmation. Start small. Perhaps for you
for your minor children if you are unable to, whether that school. Some of my fondest it’s asking them more thoughtful questions, taking a genuine
is because you are out of town, unable to make your own childhood memories were interest in them telling you about a favorite video game, or
decisions, or have passed away. reading these books with watching a funny video together. For other dads it is telling
An estate plan also allows you to create a plan for my dad. We did other things your child what every child wants to hear: You love them and
what happens to you if you are unable to make your own together like playing basketball, going fishing, and riding are proud of them.
decisions. You will still be alive, but because you cannot bikes but the relational connection of sitting next to my dad Parenting is an on the job learning experience. Here are a
make your own decisions, someone will need to do so for on the couch and feeling his presence and love was strong and few resources to help you along the way: Meg Meeker’s book
you. This is your opportunity to name the people you trust evident. Dad gave me his precious gift of time. Strong Fathers, Strong Daughters, Robert Lewis’ book Raising
and provide them with specific instructions about your The father-child relationship is powerful and creates a A Modern Day Knight or John C. Maxwell’s book Intentional
financial and healthcare decisions. foundation for your child’s psyche to develop. Will your child Living, are thoughtful books to help dads along their parenting
Question: What Is The Best Way To Give My Minor feel loved and affirmed or rejected and ignored by dad? As a journey. Check out AllProDad.com. Dad, you got this.
Children Their Inheritance? school psychologist and dad, I get it. Dads are busy. Dads might Call or text to discuss your child as we test for autism,
The answer to this question depends on your unique believe they don’t have the nurturing instinct that mom holds. dyslexia, dysgraphia, ADHD, depression, and anxiety. Visit
circumstances and the needs of your minor children. They are busy providing for their family. Parenting expert, Meg JimForgan.com or call (561) 625-4125.
However, at a minimum, it is a good idea to place any
money or property you want your minor children to inherit
in a trust. This will allow you to control who manages the
money and property on your children’s behalf and when
they will have access to it.
A trust can be created during your lifetime (called a
revocable trust) or at your death (via a testamentary trust
that is part of your last will and testament). The biggest
difference between these two options is when the trust
becomes effective. If you create a revocable trust during
your lifetime, it will be for your benefit, and you can include
instructions for what happens to the money and property
at your death. A properly drafted and funded trust can be
managed without court involvement and can be kept more
private. On the other hand, if you use a testamentary trust
under your last will and testament, you can still direct what 747-PALM
will happen to your money and property, but the document
will need to be filed with the probate court, and the trust will 747-7256
not be created until you pass away. This means that none of
the instructions in the document will have any effect until
you die. By contrast, a revocable trust can include provisions
for what to do if you are alive but unable to care for yourself
or your minor children.
When crafting instructions for how your children’s Peripheral
inheritance should be managed and distributed, you have a
variety of options. For example, your minor children could Neuropathy?
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