Page 7 - Jupiter West - March '24

Jupiter West, Page 7
Planning Needed For Your College Bound Child

What You Need To Know Before Although there are statutes that govern the order of who are signed. This is authorized under the protect the Family
can make the decisions, it will take time to track down
Educational Rights and Privacy Act (FERPA). In order
Your Child Leaves For College who the parents are and, more importantly, each have the to have access, the appropriate forms under the FERPA
right to decide. If the parents are divorced, it may be best process need to be signed. Call 1-800-USA-LEARN (1-
Submitted By Anné to give one that priority in the document so there is not 800-872-5327) for more information.
Desormier-Cartwright, Esq. conflict should emergency decisions need to be made. It If you want help with preparing the necessary
Before your child leaves is best to discuss these matters with your child. documents for making health care decisions and access
for college, most of us create 2. Access to medical information. Unless your name to financial matters, please contact us.
a “to-do list” of things we is on the medical release form giving you the right to If you have questions about this or your estate plan
must do to prepare the medical information, you will have no access to that and what documents are necessary, schedule a free
offspring for college life. information. You should have a discussion with your consultation today by calling our office at (561) 694-
Things like sheets, pillows, college bound child about allowing you to be named on 7827, Anné Desormier-Cartwright, Esq., Elder and Estate
shower curtain, towels, small a HIPAA release form which gives written consent for Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
refrigerator, etc. Something doctors to discuss the child’s medical situation with you at Jupiter, FL 33458.
you may not realize is your any time. This form can be faxed or emailed to a provider The content of this article is general and should not be
child is now an adult and you when there is an emergency. relied upon without review of your specific circumstances
no longer have access to medical information unless you are 3. Financial powers. Children may not want their by competent legal counsel. Reliance on the information
named in documents by your child. What if your child is parents to have access to financial records like bank herein is at your own risk, as it expresses no opinion by
involved in an accident or is away on a trip and becomes very accounts. However, there are options like a limited the firm on your specific circumstances or legal needs.
ill? Who has access to your adult child’s medical records? financial power of attorney. Unlike health care surrogate An attorney client relationship is not created through the
Who can make decisions for them? designations, durable power of attorneys, even if limited, information provided herein.
1. Have a designation of health care surrogate for are effective immediately upon signing per Florida law. To comply with the U.S. Treasury regulations, we must
your child. Children may be not want their parents to 4. Access to college information. Children may not inform you that (i) any U.S. federal tax advice contained in
know what their medical situation is but in an emergency, want their parents to have access to grades, discipline this newsletter was not intended or written to be used, and
most would. Consider talking to your children about actions and the like. If you are paying for college, you cannot be used, by any person for the purpose of avoiding U.S.
designating you as their health care decision maker. In still do not have the automatic right to information about federal tax penalties that may be imposed on such person and
Florida, you can create a document that allows you to your child’s academic career. There are both state and (ii) each taxpayer should seek advice from their tax advisor
make decisions if your child is not able to make a decision. federal laws that give rights to a parent if certain forms based on the taxpayer’s particular circumstances.
Financial Focus ®

When Should You Take Social 66 and 67. You could even wait until you’re 70, at which point you have a family history of longevity, you might conclude it’s
worth waiting a few years to collect Social Security, so you
the payments will max out, except for yearly cost-of-living
Security? adjustments. But if you need the money, you need the money, can receive the bigger payments. Conversely, if your health is
even if you’re just 62 or any age before full retirement age. questionable and your family has not been fortunate in terms of
By Sally Sima Stahl However, if you have adequate financial resources to meet longevity, you might want to start taking your benefits earlier.
One of your important your monthly needs, whether through earned income, your • Employment – You can certainly continue working and
sources of retirement income investment portfolio or a combination of the two, you could still receive Social Security benefits. However, if you’re under
will likely be Social Security have some flexibility in choosing when to take Social Security. your full retirement age for the entire year, Social Security
– but when should you start In this case, you may want to weigh these considerations: will deduct $1 from your benefits for every $2 you earn above
taking it? • Life expectancy – For all of us, it’s one of life’s great the annual limit of $22,320. In the year you reach your full
You can start collecting mysteries: How long will we live? Of course, we can’t see retirement age, Social Security will deduct $1 in benefits
Social Security benefits at into the future, so the question can’t be answered with total for every $3 you earn above $59,520. So, you may want to
62, but your checks will be confidence. But to make an informed decision on when to take keep these reductions in mind when deciding when to begin
considerably bigger if you Social Security, you don’t need to know your exact lifespan – you accepting benefits. Once you reach your full retirement age,
wait until your full retirement just need to make a reasonably good estimate. So, for example, you can earn any amount without losing benefits. (Also, at
age, which is likely between if you’re approaching 62, you’re enjoying excellent health and your full retirement age, Social Security will recalculate your
benefit amount to credit you for the months you received
reduced benefits because of your excess earnings.)
• Spouse – Spouses can receive two types of Social Security
benefits: spousal and survivor. With a spousal benefit, your
spouse can receive up to 50 percent of your full retirement
benefits, regardless of when you start taking them. (Your
spouse’s benefit can be reduced by the amount of their own
retirement benefit and whether they took Social Security before
their full retirement age.) But with a survivor benefit, your
decision about when to take Social Security can make a big
difference. A surviving spouse can receive the larger of their
own benefit or 100 percent of a deceased spouse’s benefit, so if
you take benefits early and receive a permanent reduction, your
747-PALM spouse’s survivor benefit may also be reduced for their lifetime.
When to take Social Security is an important – and
747-7256 irrevocable – decision. So, consider all the factors before
making your choice.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Jones,
Member SIPC.
Edward Jones is a licensed insurance producer in all states
Peripheral and Washington, D.C., through Edward D. Jones & Co., L.P.,
and in California, New Mexico and Massachusetts through
Edward Jones Insurance Agency of California, L.L.C.; Edward
Neuropathy? Jones Insurance Agency of New Mexico, L.L.C.; and Edward
Jones Insurance Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors cannot
FREE Consultation provide tax advice. You should consult your qualified tax advisor
regarding your situation.
for Acupuncture Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, 1851
W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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