Page 27 - Southern Exposure - November '23

Southern Exposure, Page 27

elder estate planning

Don’t Forget To Tell Them How To Share

Submitted by Anné Desormier-Cartwright, Esq.

Personal property can be an important part of many by providing your loved ones with instructions. The following To mix things up a bit,
people’s lives. Whether it is something that has monetary are some ways you can divide your personal property to help once everyone has had
value or something that you have collected for many years, maintain harmony among your loved ones. an opportunity to make
certain items hold a significant place in your heart. Figuring Draw Numbers And Take Turns Choosing their first selection, the
out what to do with these items when you are no longer One method for dividing personal property, especially if person who drew the largest
around to enjoy them can be quite the task. This is especially you have a large collection of similar items, is to have each number can start the second
true if you have multiple loved ones who you would like to beneficiary draw a number and have them take turns choosing round, continuing in reverse
receive your personal property. Without your instructions, items in sequential order starting with the person who drew sequential order. For the
this situation might turn into a disaster. People may start number 1. Once the last person chooses, the person who drew third round, the person
fighting or hiring lawyers to sue each other to determine what number 1 can start the next round. (Example: Round 1: 1, 2, who drew number 1 can
is rightfully theirs. You can help prevent this from happening 3, 4; Round 2: 1, 2, 3, 4; Round 3: 1, 2, 3, 4) start, and the selections
continue in sequential
order. (Example: Round 1: 1, 2, 3, 4; Round 2: 4, 3, 2, 1;
Round 3: 1, 2, 3, 4)
Alternatively, after choosing sequentially in the first
round, the person who drew number 2 can start the second
round, and the selections continue in sequential order,
ending with the person who drew number 1. Number 3
starts the third round and the selections continue in a
similar pattern. (Example: Round 1: 1, 2, 3, 4; Round 2:
2, 3, 4, 1; Round 3: 3, 4, 1, 2)
Number Items For A Drawing
This process can work if you have many items of similar
value. Instead of having the beneficiaries figure out who
gets what, they could leave the decision up to chance.
With this method, all items that are to be distributed are
numbered, and a set of corresponding numbers are placed
in a hat or bowl. The participants then choose a number
and get the item that matches their number.
Auction With Fake Money
If there is an item that more than one person wants, one
way to solve this is through an auction. During the auction,
each participant is allotted an equal amount of fake money.
Then, each item is presented in a random order, and the
participants bid on the items they want. The highest bid
wins. This helps ensure that the person who wants it the
most gets it, but it also means that people may not receive
the same monetary value.
Use Stickers To Stake Claim
Another way to divide personal property is to give each
beneficiary the same number of colored stickers (with
each person getting a different color) and have them place
stickers on the items they want. If an item has only one
sticker, the person who chose it gets the item. If an item
has multiple stickers, beneficiaries can discuss what to do
with the item. This allows beneficiaries to identify items
that need to be discussed while quickly dividing items that
are not in contention.
PUT YOUR MIND AT EASE Sell Everything And Divide Proceeds
Sometimes, when more than one person wants
something, there is just no compromise or solution. In
A quick screening can detect lung cancer these situations, you could sell the item and divide the
proceeds. While this may not be a desirable solution,
at its earliest stage. sometimes there is no other way. Unfortunately, this
method only works well with items of high monetary
value. Purely sentimental items may not be worth much,
Did you know lung cancer can be detected at its earliest and most in which case an alternate method may be needed.
treatable stage? The team at Cleveland Clinic Weston Hospital Need Help? Bounce Your Ideas Off Of Us
We understand that this can be an emotional and time-
uses low-dose CT screenings to detect lung cancer earlier. consuming experience. We are happy to help you think
That means our experts, from pulmonologists and oncologists through the available options and draft instructions that fit
to thoracic surgeons, can provide patients with nonsurgical your unique situation and convey what is most important to
you. Give us a call to discuss different options and select
and surgical treatments sooner. the one that is right for you.
Call our office today at (561) 694-7827, Elder & Estate
Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
Jupiter, FL 33458.
The content of this article is general and should not be
Find out if you need a lung cancer screening. relied upon without review of your specific circumstances
by competent legal counsel. Reliance on the information
ClevelandClinicFlorida.org/LungScreening herein is at your own risk, as it expresses no opinion by
the firm on your specific circumstances or legal needs.
An attorney client relationship is not created through the
information provided herein.
To comply with the U.S. Treasury regulations, we must
inform you that (i) any U.S. federal tax advice contained
in this newsletter was not intended or written to be used,
and cannot be used, by any person for the purpose of
avoiding U.S. federal tax penalties that may be imposed
on such person and (ii) each taxpayer should seek advice
from their tax advisor based on the taxpayer’s particular
circumstances.