Page 21 - The Jewish Voice - December '24

The Jewish Voice, Page 21

Lifestyles from page 20 the address of your prior home, you will want to ensure that your homeowner’s insurance, you may be entitled to a better rate
you update this provision once you no longer own the previous than if you obtained the policies at separate carriers. In addition,
Elder Estate property to avoid confusion down the line. On the other hand, homeowners often get discounts that renters do not.
if this is your first home and your estate plan includes a trust to
Three Tips for Every New Homeowner avoid probate, you will need to ensure that your home is titled We Are Here to Help
in the name of the trust and not in your name individually. Buying a new home is a big step, and we are here to help you
By Anné Desormier- Alternatively, you could use a Lady Bird deed prepared plan to protect both your loved ones and your new investment.
Cartwright, Esq. to add the trust as a beneficiary to the home if you own the Give us a call so we can help ensure that your new purchase and
Congratulations on the home outright. Additionally, if you would ultimately like your your estate plan are working together to accomplish your goals.
purchase of your new home! property to be distributed to a specific individual or held in
Whether this is your first trust for the benefit of your loved ones (note: Your home cannot If you have questions about your estate plan and what
home or you are upgrading or be held in trust for your minor children — that is a special documents you should have in place to plan your estate, schedule
downsizing from your current concern in Florida), you will want to ensure that provisions a free consultation today by calling our office at 561-694-7827,
home, the purchase of a home are added to accomplish this. Also, if your home is in a trust, Anné Desormier-Cartwright, Esq., Elder and Estate Planning
is a big event in your life. have you contacted your insurance agent to add the trustees as Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter, FL 33458.
When major life events occur, a beneficiary? The content of this article is general and should not be relied
it is important that you have a upon without review of your specific circumstances by competent
plan in place to ensure that you 3. Check Your Life Insurance Coverage and Beneficiary legal counsel. Reliance on the information herein is at your
are properly prepared for the future. Below are a few things to Designations own risk, as it expresses no opinion by the firm on your specific
consider now that you finally have the keys to your new home. Unless you were fortunate enough to pay cash for your new circumstances or legal needs. An attorney client relationship is
home, chances are you now have a monthly mortgage expense. not created through the information provided herein.
1. Update Your Address To protect your loved ones, it would be prudent to prepare for the To comply with the U.S. Treasury regulations, we must
Now that you are in your new home, it is very important that possibility of dying before you pay off your mortgage. You may inform you that (i) any U.S. federal tax advice contained in this
you update your address with the appropriate entities. Your local want to consider whether you have enough life insurance to pay newsletter was not intended or written to be used, and cannot
United States Postal Service office has a form you can fill out. off the balance of the mortgage. This is especially important if be used, by any person for the purpose of avoiding U.S. federal
If you cannot make it into the post office, you can also update you have a surviving spouse or children who will likely continue tax penalties that may be imposed on such person and (ii) each
this information on their website (https://moversguide.usps.com/ to reside in the home, to ensure that they have sufficient funds to taxpayer should seek advice from their tax advisor based on the
mgo/disclaimer). This will assist them in forwarding your mail alleviate one of the largest monthly expenses they will probably taxpayer’s particular circumstances.
to you. have. Life insurance can provide valuable funds during what is
To ensure that you do not miss any important tax notices usually an emotionally — and sometimes financially — difficult Tip of the Tail
or refunds, update your address information with the Internal time.
Revenue Service using Form 8822, as well as with your local When you buy a new home, it is a great opportunity to double Puppy Potty Training Tips
state tax agency. check your beneficiary designations. Life changes happen so
quickly that sometimes updating beneficiary designations can Like infants and
2. Make Sure Your House Title Coordinates with Your be overlooked. If your designations do not align with the rest of toddlers, young
Estate Plan your estate plan, you may end up inadvertently disinheriting a puppies require an
While it is still fresh in your mind, look at your new deed family member, having a large sum of money fall directly into extensive amount of
to determine how your new home is titled. Ideally, you had the hands of an individual (for example, a young adult or minor time, planning, and
a discussion with an estate planning professional prior to child) without any guidelines, or having your hard-earned money energy — usually
purchasing the new property to determine how you would like and property go to someone you no longer want to benefit from much more than one
to own your new property, whether in your name individually, your life insurance. predicts. Potty training a puppy, one of the most trying
jointly with a spouse, or in the name of your trust. It is important Now that you have a home and homeowner’s insurance, tasks, can be difficult. You can make this process easier by
to review your current estate plan after the purchase of the home call your insurance agent to make sure you are getting all the understanding your puppy and the tricks that will help you
to ensure that it aligns with your estate planning goals. discounts you are entitled to. Many insurance companies will train him or her.
For example, if your plan had a specific instruction to give offer discounts when you bundle services. If you already have
your prior property to someone, and the instruction references car insurance through a carrier and use the same company for Lifestyles on page 22