Page 21 - Southern Exposure - June '24

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Southern Exposure, Page 21

EldEr EstatE planning Financial Focus ®

Planning Needed For Financial Tips

Your College Bound Child For Widows

What You Need To Know Before Your Child Leaves For College And Widowers

Submitted by Anné Desormier-Cartwright, Esq..
By Sally Sima Stahl
Before your child 3. Have access to financial Information. If your
leaves for college, most child is opening a bank account where they are going to Losing a spouse is
of us create a “to-do list” school, are you able to transfer funds online? You can one of the most painful
of things we must do set up an auto debit and deposit. experiences anyone can have.
to prepare the offspring 4. Secure or review incapacity documents. Unfortunately, widows and
for college life. Whether Everyone over the age of 18 needs to have these: 1) widowers have to deal with
living in a dorm or in an Health Care Surrogate designation and Advanced more than just the emotional
apartment, there are the Health Care Directive. The former another legal trauma – they also must
necessary purchases that authority to make health care decisions (including life consider a range of financial
must be made for the and death decisions) for you if you are unable to make issues. If you’ve recently
new living arrangements: them for yourself and the later addresses what happens been widowed, what financial
sheets, pillows, shower and what to do if you are on life support and with little moves should you consider?
curtain, towels, snacks, microwave, small refrigerator, or no chance of recovery – the pull the plug dilemma. For starters, don’t rush into
etc. But something you may not realize is your child is 5. Talk to your children about these issues. Your any major decisions. If you’re still in the grieving process, you
not an adult and you no longer have access to medical access to their information without their consent stops are unlikely to be in the best shape to make significant choices
information unless you are named at the school’s when they turn 18. Most young adults will understand affecting your finances and your life.
medical facility by your child. But what if there is an you are working for their best interest by discussing But once you feel ready to look at your situation objectively
accident in town or on a trip? Who has access to your this and asking them to sign such documents. and make appropriate choices, consider the following steps.
adult child’s medical records? Who can make decisions We can help your adult children with these Review Your Finances
for them? documents. If you have questions about your estate Look at your entire financial picture – your assets,
1. Have a designation of health care surrogate plan and what documents you should have in place to investments, debts and income. If you and your spouse had
designation for your child. Children may not want their plan your estate, schedule a free consultation today by communicated well about your finances, and you shared
parents to know what their medical situation is but, in an calling our office at (561) 694-7827, Anné Desormier- decisions, you hopefully won’t encounter any big surprises. But
emergency, most would. Consider talking to your children Cartwright, Esq., Elder and Estate Planning Attorneys if your spouse was the partner who mostly handled financial
about designating you as their health care decision maker PA, 480 Maplewood Drive, Suite 3, Jupiter, FL 33458. matters, you may need to get up to speed quickly on what you
only if your child is not able to decide. In Florida, there The content of this article is general and should have and what you owe. And if your spouse had provided a
are statutes that govern the order of who can make the not be relied upon without review of your specific large amount of your household income, you will also need to
decisions with both parents having the right to decide. If circumstances by competent legal counsel. Reliance determine what changes you may need to make to your lifestyle.
the parents are divorced, it may be best to give one priority on the information herein is at your own risk, as it Address Insurance Issues
in the document so there is no conflict should emergency expresses no opinion by the firm on your specific If you will receive a death benefit from your spouse’s
decisions need to be made. In other states, there are no circumstances or legal needs. An attorney client insurance policy, what will you do with the money? It may
such statutes or automatic authority. relationship is not created through the information prove helpful in funding your own retirement or meeting other
2. Have access to medical information. Unless your provided herein. financial goals. But you’ll also want to be clear about what
name is on the medical release form giving you the To comply with the U.S. Treasury regulations, we other beneficiaries, such as your children, might receive. And
right to medical information, you will have no access must inform you that (i) any U.S. federal tax advice while you’re looking at insurance, you also might want to look
to that information. Have a discussion with your college contained in this newsletter was not intended or written at your own policies – do you need to change beneficiaries?
bound child about allowing you to be named on a HIPAA to be used, and cannot be used, by any person for the Review Your Social Security Options
release form which gives written consent for doctors to purpose of avoiding U.S. federal tax penalties that If you are at least 60 and you were married at least nine
discuss the child’s medical situation with you. This form may be imposed on such person and (ii) each taxpayer months, you may be entitled to Social Security survivor
can be faxed or emailed to a provider when there is an should seek advice from their tax advisor based on the benefits. (If you remarry before age 60, you typically cannot
emergency. taxpayer’s particular circumstances. receive survivor benefits, but you can reinstate them if this
subsequent marriage ends.) The amount of your survivor’s
benefits depends on your age and the age of your deceased
spouse. You can’t claim your deceased spouse’s benefits
Susan Has Moved To A along with your own retirement benefits, so if you qualify
for survivor and retirement benefits, you’ll receive the larger
amount. Depending on your situation, you might come out
New Location! ahead by delaying your retirement benefits, giving them the
chance to grow, while you accept survivor benefits. For more
details on receiving Social Security benefits, visit the Social
Security Administration’s website at www.ssa.gov.
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The death of a spouse can certainly affect your family’s estate
4031 Hood Rd., Suite C-108 plans. So, it’s a good idea to review these plans to see what
Palm Beach Gardens, FL 33410 changes, if any, need to be made. When conducting this review,
you’ll benefit from working with an estate-planning professional.
Susan Finally, keep in mind that you don’t have to go it alone
during this difficult time. If you’re already working with a
financial professional, they can help. If you aren’t currently
Swafford working with one, now might be the time to start. By looking at
your finances and your family situation holistically, a financial
professional can provide guidance that can help ease the stress
you are naturally feeling.
561-312-0457 Few events are as sad as losing a spouse. But when you feel
ready, start taking the steps necessary to continue forward on
your life’s journey.
10% 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
OFF 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
Jones Insurance Agency of New Mexico, L.L.C.; and Edward
Tues. Jones Insurance Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors cannot
Products starting at 69 provide tax advice. You should consult your qualified tax
$
New clients only advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.