Page 22 - Southern Exposure - October '23

Page 22, Southern Exposure BW

elder eState planning

Myths And Frequently Asked Questions

Estate Planning For Single Parents

Submitted by Anné Desormier-Cartwright, Esq.

Myth 1: I Do Not Need receive a percentage upon reaching a specific age (e.g., 50 Call our office today at (561) 694-7827, Elder & Estate
A Plan. My Children percent at 30 years old and the remainder at 50 years old). Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
Will Automatically Get You could also structure your children’s trusts as incentive Jupiter, FL 33458.
Everything. trusts to allow the trustee to give your children money only The content of this article is general and should not be
If you are single, then you after they meet certain goals (e.g., successfully completing relied upon without review of your specific circumstances by
are correct that your children postsecondary education, being sober for one year, etc.). competent legal counsel. Reliance on the information herein
will get everything. However, Alternatively, you can leave the decision of how and when is at your own risk, as it expresses no opinion by the firm
it may not be automatic. to distribute the funds exclusively to the trustee’s discretion. on your specific circumstances or legal needs. An attorney
Without an estate plan, your This is sometimes referred to as a discretionary trust. client relationship is not created through the information
loved ones will have to go Because your children will not be guaranteed a specific provided herein.
through the probate process amount of money or piece of property, the funds will be To comply with the U.S. Treasury regulations, we must
to appoint a guardian for better protected from any future creditors or divorcing inform you that (i) any U.S. federal tax advice contained in
your children (if they are minors) and distribute the money spouses your children may have. However, when deciding this newsletter was not intended or written to be used, and
and property that you own individually to the appropriate to use a discretionary trust, it is important to choose your cannot be used, by any person for the purpose of avoiding
recipient, in this case, your minor children. However, because trustee wisely and communicate potential factors for the U.S. federal tax penalties that may be imposed on such person
a minor cannot manage their own financial affairs (unless the trustee to consider when giving money and property to your and (ii) each taxpayer should seek advice from their tax
minor is emancipated), a court will have to choose someone minor children. advisor based on the taxpayer’s particular circumstances.
to do this for them. Also, once your children reach the age
of majority (18 or 21 depending on your state law), the
money and property will be handed over to them without
any protections. To ensure that you get to choose who raises Club newS
your children, who manages their inheritance, and how and
when they receive their inheritance, you need an estate plan.
Myth 2: I Am Of Modest Means. I Do Not Need A Formal
Estate Plan. Panhellenic Alumnae Begin A New Year
Estate planning is not just about what happens to your
money and property at your death. An estate plan also
for your minor children if you are unable to, whether that Of Meetings And Celebrations On Oct. 14
provides a way for you to name the people you want to care

is because you are out of town, unable to make your own
decisions, or have passed away. The Panhellenic Alumnae Chapter of Palm Beach County supplied by the food committee, and members can share
An estate plan also allows you to create a plan for what celebrates its 97th Anniversary as it starts its first meeting on personal catching up time with each other as they enjoy a
happens to you if you are unable to make your own decisions. Oct. 14. Members will share stories of their summer vacations variety of food selections. Each active Panhellenic member
You will still be alive, but because you cannot make your own and learn about the upcoming events of the chapter when is on a food committee during the year and contributes to it
decisions, someone will need to do so for you. This is your they come together at the home of the Second Vice President through food or money donations.
opportunity to name the people you trust and provide them Kimberly Brock. New officers will be introduced, discussion The Panhellenic Alumnae Chapter of Palm Beach County
with specific instructions about your financial and healthcare about the annual scholarship fundraiser in March will occur, is a member of the National Panhellenic Conference (NPC).
decisions. and honored birthdays will be announced. Membership The chapter follows The Panhellenic Creed, and it only
Question: What Is The Best Way To Give My Minor Secretary, Mary Ann Williams, will hand out the 2023/24 accepts members who were initiated into a NPC group either
Children Their Inheritance? membership booklets with all upcoming information and at a college or as an alumna initiate. However, members
The answer to this question depends on your unique members’ contact numbers. President Jeanne Hibbard will can invite guests to a meeting or to the annual scholarship
circumstances and the needs of your minor children. conduct the meeting and call on all officers for their reports. fundraiser. For more information, contact the website,
However, at a minimum, it is a good idea to place any money Once the business meeting is over, there will be lunch FaceBook, or Instagram.
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 Susan Has Moved To 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 New Location!
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 Androcles Hair Salon
at your death. A properly drafted and funded trust can be
managed without court involvement and can be kept more 4031 Hood Rd., Suite C-108
private. On the other hand, if you use a testamentary trust Palm Beach Gardens, FL 33410
under your last will and testament, you can still direct what
will happen to your money and property, but the document
will need to be filed with the probate court, and the trust will Susan
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 Swafford
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 561-312-0457
inheritance should be managed and distributed, you have a
variety of options. For example, your minor children could
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