Page 7 - Jupiter West - June '24

Jupiter West, Page 7
Financial Focus ® Planning Needed

Financial Tips For Widows benefits. (If you remarry before age 60, you typically
them if this subsequent marriage ends.) The amount of your For Your College
cannot receive survivor benefits, but you can reinstate
And Widowers
survivor’s benefits depends on your age and the age of your
By Sally Sima Stahl benefits along with your own retirement benefits, so if Bound Child
deceased spouse. You can’t claim your deceased spouse’s
Losing a spouse is
one of the most painful you qualify for survivor and retirement benefits, you’ll
experiences anyone can have. receive the larger amount. Depending on your situation, What You Need To Know
Unfortunately, widows and you might come out ahead by delaying your retirement Before Your Child Leaves
widowers have to deal with benefits, giving them the chance to grow, while you accept
more than just the emotional survivor benefits. For more details on receiving Social For College
trauma – they also must Security benefits, visit the Social Security Administration’s
consider a range of financial website at www.ssa.gov. Submitted by Anné
issues. If you’ve recently Review Your Estate Plans Desormier-Cartwright,
been widowed, what financial The death of a spouse can certainly affect your family’s estate Esq.
moves should you consider? plans. So, it’s a good idea to review these plans to see what Before your child
For starters, don’t rush into any major decisions. If you’re still changes, if any, need to be made. When conducting this review, leaves for college, most
in the grieving process, you are unlikely to be in the best shape you’ll benefit from working with an estate-planning professional. of us create a “to-do list”
to make significant choices affecting your finances and your life. Finally, keep in mind that you don’t have to go it alone of things we must do to
But once you feel ready to look at your situation objectively during this difficult time. If you’re already working with a prepare the offspring for
and make appropriate choices, consider the following steps. financial professional, they can help. If you aren’t currently college life. Whether
Review Your Finances working with one, now might be the time to start. By looking living in a dorm or in an
Look at your entire financial picture – your assets, at your finances and your family situation holistically, a apartment, there are the
investments, debts and income. If you and your spouse had financial professional can provide guidance that can help necessary purchases that
communicated well about your finances, and you shared ease the stress you are naturally feeling. must be made for the new living arrangements: sheets,
decisions, you hopefully won’t encounter any big surprises. But Few events are as sad as losing a spouse. But when you pillows, shower curtain, towels, snacks, microwave, small
if your spouse was the partner who mostly handled financial feel ready, start taking the steps necessary to continue forward refrigerator, etc. But something you may not realize is
matters, you may need to get up to speed quickly on what you on your life’s journey. your child is not an adult and you no longer have access to
have and what you owe. And if your spouse had provided a This article was written by Edward Jones for use by medical information unless you are named at the school’s
large amount of your household income, you will also need your local Edward Jones Financial Advisor, Edward Jones, medical facility by your child. But what if there is an
to determine what changes you may need to make to your Member SIPC. accident in town or on a trip? Who has access to your adult
lifestyle. Edward Jones is a licensed insurance producer in child’s medical records? Who can make decisions for them?
Address Insurance Issues all states and Washington, D.C., through Edward D. 1. Have a designation of health care surrogate
If you will receive a death benefit from your spouse’s Jones & Co., L.P., and in California, New Mexico and designation for your child. Children may not want their
insurance policy, what will you do with the money? It may Massachusetts through Edward Jones Insurance Agency parents to know what their medical situation is but, in an
prove helpful in funding your own retirement or meeting other of California, L.L.C.; Edward Jones Insurance Agency of emergency, most would. Consider talking to your children
financial goals. But you’ll also want to be clear about what New Mexico, L.L.C.; and Edward Jones Insurance Agency about designating you as their health care decision maker
other beneficiaries, such as your children, might receive. And of Massachusetts, L.L.C. only if your child is not able to decide. In Florida, there
while you’re looking at insurance, you also might want to look Edward Jones, its employees and financial advisors cannot are statutes that govern the order of who can make the
at your own policies – do you need to change beneficiaries? provide tax advice. You should consult your qualified tax decisions with both parents having the right to decide. If
Review Your Social Security Options advisor regarding your situation. the parents are divorced, it may be best to give one priority
If you are at least 60 and you were married at least nine Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, in the document so there is no conflict should emergency
months, you may be entitled to Social Security survivor 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. decisions need to be made. In other states, there are no
such statutes or automatic authority.
2. Have access to medical information. Unless your
name is on the medical release form giving you the right
to medical information, you will have no access to that
information. Have a discussion with your college bound
child about allowing you to be named on a HIPAA release
form which gives written consent for doctors to discuss
the child’s medical situation with you. This form can be
faxed or emailed to a provider when there is an emergency.
3. Have access to financial Information. If your child
is opening a bank account where they are going to school,
are you able to transfer funds online? You can set up an
auto debit and deposit.
4. Secure or review incapacity documents. Everyone
over the age of 18 needs to have these: 1) Health Care
Surrogate designation and Advanced Health Care
Directive. The former another legal authority to make
health care decisions (including life and death decisions)
for you if you are unable to make them for yourself and the
later addresses what happens and what to do if you are on
life support and with little or no chance of recovery – the
pull the plug dilemma.
5. Talk to your children about these issues. Your
access to their information without their consent stops
when they turn 18. Most young adults will understand
you are working for their best interest by discussing this
and asking them to sign such documents.
We can help your adult children with these documents.
If you have questions about your estate plan and what
documents you should have in place to plan your estate,
schedule a free consultation today by calling our office at
(561) 694-7827, Anné Desormier-Cartwright, Esq., Elder
and Estate Planning Attorneys PA, 480 Maplewood Drive,
Suite 3, Jupiter, FL 33458.
The content of this article is general and should not be
relied upon without review of your specific circumstances by
competent legal counsel. Reliance on the information 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.