Page 15 - Palm City Spotlight - October '19

Palm City Spotlight, Page 15

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Trusts For Children For obvious reasons, leaving an inheritance outright to an left to your child in a trust for your child. Your child
heir who lacks the ability or maturity to effectively manage would even be able to manage this trust for his or herself
By Bruce Abernethy assets for his or herself (due to age, life circumstances, – thereby giving the child substantially similar access to
One critically important etc.) would be inappropriate and potentially damaging to their inheritance as if it were left to them outright. In this
aspect of a thoughtfully that heir. However, outright transfers to an heir who does scenario, the fact that you executed a thoughtfully designed
designed estate plan is display the maturity to manage their inheritance on their estate plan will protect your child’s inheritance from being
“how” assets are passed own can be just as harmful. reached by this creditor.
downstream to beneficiaries. Leaving assets outright to an heir exposes these inherited This exposure to “creditors and predators” for your child
Too often in our practice we assets to the heir’s present and future creditors. Imagine a in this example is not limited to automobile accidents. A
come across estate plans situation where a $1,000,000 inheritance if left outright to failed marriage or risks associated with a child’s profession
that provide that a child’s a child and the child subsequently became involved in an are other examples of situations where an outright
inheritance pass to the child automobile accident where their liability in the accident inheritance could be exposed. This is one of many reasons
outright immediately upon exceeded their insurance coverage limits. Unless the child why contacting an experienced attorney to design an estate
death, or over time with took some action on their own accord prior to the accident plan that fits your individual needs is so important.
outright distributions occurring upon the child attaining to “protect” this inheritance, this $1,000,000 would be Bruce Abernethy, Jr. is an attorney and counselor at law,
certain ages (a portion distributed to the child at age 30, exposed to their creditor. board certified in wills, trusts, and estates. Learn more at
another portion distributed at age 35, etc.). Now instead, imagine that this same $1,000,000 was bruceapa.com.

trivia

I Didn’t Know That ... Bet You Which Country Has The Most Donuts Shops Per Capita? only do we have a crazy number of sunny and golf-able
Didn’t Know It Either While this deep-fried treat was invented in the United days, but the state boasts more than 1,000 golf courses,
States, our neighbors to the north eat more donuts than
offering plenty of greens and fairways for players to
any other country. Canadians love their coffee, and donuts choose from. Plus, some of the top stars of the sport live
Fascinating trivia facts and coffee go hand in hand. Tim Horton’s is the most and practice in Florida. Golf is truly part of the culture
compiled by Stanley popular donut shop in Canada, with over 2,500 locations in the Sunshine State.
Morgenbesser selling over three million donuts a day. What Is The Salary For The President Of The United
Which Is The Only State Which Jeweler Donated The Hope Diamond To The States?
Flag That Is Two-Sided? Smithsonian Institute In 1958? Being the president of the United States pays well at
The state flag of Oregon The Hope Diamond is one of the most famous jewels in $400,000 a year. In addition, the president also receives a
is the most unique in the the world. It was purchased by New York gem merchant $100,000 travel stipend, $50,000 annual expense account,
United States of America. Harry Winston, who toured it for a number of years before and a whopping $19,000 to cover entertainment. There
It is the only flag that is donating it to the National Museum of Natural History, are plenty of other perks that come with the job, like free
two-sided, which means where it has since remained on permanent exhibition. transportation and housing in some sweet digs. But the
that both sides of the flag Winston sent the diamond through the United States mail benefits don’t stop when the president finishes up the
have different patterns. The in a box wrapped in brown paper, insured via registered term, as he or she receives a $200,000 annual pension and
front, or obverse, side of the flag features the official state mail at a cost of $145.29. Winston donated the diamond free official travel. The position has seen five pay raises
seal in gold, which is surrounded by 33 stars symbolizing with the hope that it would help the United States from its original salary of $25,000 yearly. That wasn’t
Oregon as the 33rd state to join the Union. The back, or establish a gem collection. chump change at the time, however, as it was roughly
reverse, side of the flag, features Oregon’s state animal, Which Mammal Has The Longest Pregnancy? $600,000 in today’s terms.
the beaver, fully stretched on a log. When you’re carrying a baby as big as an elephant, you’re What Does The K In Kmart Stand For?
Who Became The Youngest First Lady When She going to need time to let it grow. African elephants have The K stands for Kresge, as in Sebastian S. Kresge,
Married A U.S. President At Age 21? an average gestation period of about 645 days, or around founder of the S.S. Kresge dime store chain. More than
In 1886, in a ceremony held in the Blue Room of the White 95 weeks. The only other animals that come close are its 100 years ago, Sebastian Kresge opened a modest five-
House, President Grover Cleveland married Frances Folsom, the cousin, the Asian elephant (617 days), as well as giraffes and-dime store in downtown Detroit. He sold everything
daughter of Cleveland’s late law partner. Fewer than 40 people (approximately 450 days), rhinos (also 450 days), and the for 5 and 10 cents. The low prices appealed to shoppers
were present to witness the 49-year-old president exchange vows sperm whale (480 to 590 days). These large animals have and allowed him to expand to 85 stores by 1912. The first
with Frances, who at 21 years of age became the youngest first an appropriately long pregnancy. Kmart store opened in 1962, and the corporation was
lady in U.S. history. Mrs. Cleveland, who replaced Cleveland’s What State Has The Most Golf Courses? renamed to Kmart Corporation soon after. At its peak in
sister Rose Elizabeth as White House hostess, won immediate If you take a moment to think about what Florida is 1994, Kmart operated 2,323 discount stores in the United
popularity for her good looks and unaffected charm. all about, this shouldn’t come as much of a surprise. Not States.
Which City Is Considered The Safest In The World?
Diane Lott Sells Real Estate The bigger the city, the more dangerous it is? Not true
for Tokyo. This city has a population of over 13 million
Sell for 4% and it’s still one of the safest cities on the planet. In terms
of how well your cyber security is protected, Tokyo is
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and digital privacy is highly respected and protected.
Call today: 954-294-5060 The low crime rates are probably related to the fact that
the majority of Tokyo residents are considered “upper-
Diane Lott, Broker/Owner middle class.” What’s more, Tokyo boasts a world-famous
nightlife scene that can be enjoyed worry-free!
Paradise Found Realty, Inc. Which U.S. President Had A Middle Name That Was
1111 Martin Downs Blvd, Suite A Just A Single Letter?
Palm City Harry Truman was given a middle initial, but not a
middle name. Truman’s parents chose “S” as his middle
name to please both of his grandfathers. The “S” in
Visit us on: Harry S Truman actually refers to the names of both of
www.ParadiseFoundRealtyFl.com his grandfathers, Anderson Shipp Truman and Solomon
Young. Truman told reporters that they should not use a
period after the S, because it didn’t stand for anything.
However, the U.S. Government Printing Office Style
Manual states that the period should be used after the
“S” in Harry S. Truman’s name.
Palm City Why Are People Mostly On Time For A Movie?
Christmas Holiday Fair Because the key murder in the film Psycho takes
place fairly quickly, director Alfred Hitchcock knew that
Holy Redeemer Women's Guild anyone arriving late would end up asking about Janet
Leigh and why they didn’t see her in the film. To prevent
Nov 16 and 17 Chance to this, he demanded that theaters not let people in after the
th
th
8 a.m. - 2 p.m. win film started. That sounds pretty normal now, but back then
it was customary to show up at whatever time and just
Holy Redeemer Parish Hall $200 cash keep watching. Hitchcock’s requirement that everyone be
Corner of Mapp and Matheson seated before the film began changed how people treated
filmgoing.
Christmas Decor, Home Goods, Specialty Items, Jewelry,
Home Baked Goods, Collectibles
For info call: 772-291-3840