Page 3 - The Shores of Jupiter - March '24

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Florida Prepaid College Plan It’s The Law!

Monthly Prices Reduced Up To 25 Did You Know That, In Florida…

Percent This Open Enrollment By Adam S. Gumson, Esq.

A living revocable
trust may assist your
• Prepaid plan monthly prices reduced up to 25 percent. DeSantis and the Florida Legislature for their continued relatives in avoiding
• This is the lowest prepaid plan prices in 10 years, efforts to make a college education attainable for Florida the probate process by
starting at $34/month for a newborn. students during these past few years of economic titling certain assets in
• More than 280,000 current customers will have uncertainty and heightened inflation.” the name of the trust and
prepaid plan prices lowered by $1.3 billion. Gov. DeSantis applauded the price reduction, which is avoiding the need for
• Florida Prepaid celebrates 35 years of helping Florida aligned with his administration’s goal of making sure a court involvement. The
families save for college. postsecondary education is affordable for Florida families. trust might also grant
This year marks the 35th anniversary of the Florida Prepaid plans provide a simple, affordable way to save the trustee the broad
Prepaid College Board, and today the Board announced for college tuition and fees and/or dormitory housing and discretion to make, or
it is lowering prepaid plan monthly prices by up to 25 allow families to lock in their plan price and make fixed not make, distributions depending on the specific
percent for this year’s open enrollment period, now monthly payments. circumstances which may be facing a beneficiary (such
through April 30. Families can use the prepaid plan online pricing tool to as a divorce, bankruptcy or drug/alcohol problems).
Prepaid plan prices are now the lowest in 10 years, determine what the various plans cost based on a child’s age, In order to file for divorce in Florida, at least one
starting at just $34/month for a one-year university plan as well as explore the different payment options available. spouse must have lived in the state for a minimum of six
for a newborn. The price reductions are primarily due to If a child attends an out-of-state college or private months before the petition is filed with the court.
successive years of lower than anticipated tuition and fee college, a prepaid plan will pay the same amount as it A power of attorney is a legal document granting
increases for Florida colleges and state universities. would pay at a public college or university in Florida. an individual or entity the authority to act on behalf of
While Florida families continue to face inflation across Every prepaid plan is protected by the State of Florida, another person in legal or financial decisions. The person
many areas of everyday life, the lower plan prices will and a child has up to 10 years after high school graduation appointed is called the Attorney-in-Fact (AIF). A durable
allow even more Florida families to prepare for the cost to use a plan. power of attorney survives incapacity. Both versions
of higher education for their children. The popular four- “Florida families have been squeezed by housing and cease to be effective at death, when the will or trust take
year university plan now starts at less than $135/month, food costs over the past few years, and we are glad to over and govern.
and the two-year college plan is just $39/month. be able to ease their budget concerns by providing even When property owners choose to transfer their home
In addition, current customers with plans purchased more affordable plan prices. Florida Prepaid is the largest into a trust for estate planning purposes, many counties
since 2008 that have not yet started utilizing benefits, will and longest-running prepaid program in the nation, and now require a Certificate of Trust form be completed. This
also have a lower plan price. More than 280,000 existing we hope that with the reduced prices even more Florida form ensures the property owner continues to receive the
customers will have plan prices lowered by more than $1.3 families can start saving for their children’s future,” said annual homestead exemption benefit.
billion. Nearly half of these customers now have their plan Executive Director Kevin Thompson. “For 35 years, we Jupiter Law Center is a private neighborhood law
paid in full and will receive refunds totaling more than have stayed true to the mission of our founder, Stanley firm located in the RiverPlace Professional Center,
$350 million. The average refund per customer is $2,600. G. Tate, to provide Florida families with an affordable 1003 W. Indiantown Road, Suite 210, Jupiter, Fla.,
Any customers who have already submitted their prepaid means to save for their children’s higher education.” (561) 744-4600, jupiterlawcenter.com. The firm
plan application between May 1, 2023 and Jan. 31, will Eligible account owners will receive a notification provides peace of mind by solving problems with
receive notice of their new prepaid plan price in February. from the Board regarding their refund and/or payment integrity and compassion in the areas of estate and
“Every day we strive to support Florida families by reduction. For more information about how your plan business planning, probate, guardianship and trust
making college savings simple and affordable,” said will be affected, go to myfloridaprepaid.com/lowprices. administration, probate and guardianship for personal

Board Chairman John D. Rood. “This price reduction To get started saving for college today, visit injury firms, family law and real estate.
reflects our commitment to that goal. We thank Gov. Ron myfloridaprepaid.com. Open enrollment ends April 30.

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