Page 28 - Southern Exposure - December '24

Page 28, Southern Exposure

EldEr EstAtE plAnnIng

3 Tips For Every New Homeowner

By Anné Desormier-Cartwright, JD, Esq.

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

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