Page 3 - Jupiter West - December '24

Jupiter West, Page 3
Elder Estate Planning

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

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