Page 11 - Jupiter Spotlight - April '20

Jupiter Spotlight, Page 11
Financial Focus

Avoid These Estate Planning And the state’s decisions may not match what you had such an individual in your own family, but many people
choose someone who is either conflicted, too busy or simply
in mind at all. Furthermore, a will is where you would
Mistakes name guardians for your minor children. not up to the task. If you have doubts about picking a good
• Not going beyond a will – While a will is an essential executor, you may want to turn to a trust company. The costs
By Sally Sima Stahl component of estate planning, it’s often not enough. You likely will be higher than if you chose a family member, but
You save and invest to may need to create other documents, such as a living the results may be much better.
meet a variety of goals trust, which, among other benefits, enables your estate to • Not naming proper beneficiaries – Many of your
during your lifetime: college avoid probate, a time-consuming and public process that assets – 401(k), IRA, life insurance and so on – require you
for your children, long can lead to disputes among your heirs and others. And to name a beneficiary. These beneficiary designations are
vacations, a comfortable a living trust lets you place highly specific conditions powerful, often superseding the instructions in your will.
retirement, and so on. But on how and when you want your assets distributed. You If circumstances change in your life, such as new children,
you probably also want to might also consider other legal documents, including a or divorce or remarriage, you may well want to change
leave something behind power of attorney, which allows you to appoint a person beneficiaries. It’s easy to do – but it’s also easy to overlook.
– to your loved ones and, or organization to handle your affairs if you can’t do so • Not updating ownership of assets – A change in your
possibly, to the charitable yourself, and a health care directive, which lets you name family situation or changes in the laws governing income
organizations you support. someone to make health care decisions on your behalf, and estate taxes could require you to update ownership
To do so, you’ll need to develop a comprehensive estate should you become physically or mentally incapacitated. designations of financial assets.
plan, but to make that plan work; you must avoid some • Choosing the wrong executor – An executor is And here’s perhaps the biggest mistake of all: Not
common mistakes. responsible for distributing property to your beneficiaries understanding what’s in your estate plan. You need
Here are a few of these pitfalls you’ll want to avoid: and paying off any debts and taxes your estate may owe, to work closely with your tax, legal and financial
• Not writing a will – If you were to die “intestate” – among other tasks. Because the role of executor is so professionals to create a plan you fully comprehend
without a last will and testament – the state in which you important, you need to choose someone who is reliable, and can communicate effectively to your loved ones.
live would determine how your property was distributed. competent and trustworthy. It’s certainly possible to find Surprises are often pleasant in many areas of life – but
estate planning is not one of them.
This article was written by Edward Jones for use by your
Property Appraiser’s Office from page 10 exemption. Rental for more than 30 days for two local Edward Jones Financial Advisor.
consecutive years or for more than six months constitutes Edward Jones, its employees and financial advisors are
• Census data is also used to determine the need abandonment of a homestead exemption. not estate planners and cannot provide tax or legal advice.
for additional social services, including community Exempt property rented after Jan. 1 of any year does Call me for a free portfolio review at (561) 748-7600,
development block grants and other grant programs not affect the homestead exemption for that particular Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste.
essential to many communities. year. If the property is rented on Jan. 1 of the following 106, Jupiter, FL 33458.
• Every 10 years, the census data affects your voice year or the terms of the lease are six months or more the
in Congress by determining how many seats each state exemption will be denied.
will have in the U.S. House of Representatives. Property owners are required to notify the Property
For more information, go to 2020census.gov. Appraiser’s Office when their property no longer
qualifies for exemption. Failure to do so could result
Short-Term Rental Of A in a Homestead Tax Lien with substantial penalty and

Homesteaded Property interest. Be aware of the law before deciding to rent your
property. (Florida Statute 196.061 and 196.011 (9) (a)).
For more information, go to our website: www.
You may rent your homesteaded property for 30 days pbcgov.org/PAPA or contact Exemption Services at
or less per calendar year and maintain a homestead (561) 355-2866.

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