Page 8 - Martin Downs Bulletin - April '20

Page 8, Martin Downs

legal talk

Protect That Inheritance! circumstances, etc.) would be inappropriate and the child’s control upon reaching certain ages –however,
potentially damaging to that heir. However, outright any portion that is controlled by the child would be still
By Ryan C. Abernethy transfers to an heir who does display the maturity to held in trust (managed by the child as trustee).
One critically important manage the inheritance on their own can be just as In this scenario, the fact that you executed a
aspect of a thoughtfully harmful. thoughtfully designed estate plan will protect your child’s
designed estate plan Leaving assets outright to an heir exposes these inherited inheritance from being reached by this creditor.
is “how” assets are assets to the heir’s present and future creditors. Imagine a This exposure to “creditors and predators” for your
passed downstream to situation where a $1,000,000 inheritance is left to a child child in this example is not limited to automobile
beneficiaries. Too often in outright immediately (or to the child through outright staged accidents. A failed marriage or risks associated with a
our practice we come across distributions) and the child subsequently became involved in child’s profession are other examples of situations where
estate plans that stipulate an automobile accident where their liability in the accident an outright inheritance could be exposed. This is one of
that a child’s inheritance exceeded their insurance coverage limits. Unless the child many reasons why contacting an experienced attorney to
pass to him or her outright took some action on their own accord prior to the accident to design an estate plan that fits your individual needs is so
immediately upon death, or “protect” this inheritance, this $1,000,000 would be exposed important.
over time with outright “staged distributions” occurring to their creditor. Ryan C. Abernethy, Associate Attorney and Counselor
upon the child attaining certain ages (a portion distributed Instead, imagine that this same $1,000,000 was left to at Law at Abernethy Law Group, 130 S. Indian River
to the child at age 30, another portion distributed at age your child in a trust which he or she could even manage for Drive, No. 201, Fort Pierce can be contacted at (772)
35, etc.). his or herself – thereby giving the child substantially similar 489-4901 or rabernethy@abernethylawgroup.com.
For obvious reasons, leaving an inheritance outright access to their inheritance as if it were left to them outright.
to an heir who lacks the ability or maturity to effectively Alternatively, staged distributions to the child can still
manage assets for his or herself (due to age, life be used where a portion of the assets is “turned-over” to

FInanCIal FoCuS

Time For Some Financial of clutter. Do you really need three mops? And are you growth potential in your portfolio based on your goals
holding on to those old calendars for any good reason?
and risk tolerance.
Spring Cleaning You’ll probably feel much better about your surroundings • Put your house in order. As part of your spring
when you de-clutter them – and the same may be true cleanup, you may want to check for damage on your
By Bryce Buchanan, of your investment portfolio. For example, do you own roof, windows, siding and so on. But you also need to put
Edward Jones several investments that are virtually identical? If so, your financial house in order, especially with regards to
Spring is officially here you might want to consider ways to help diversify your protection. Do you have adequate life insurance? If not,
– and for many of us, that holdings. While diversification can’t guarantee profits or your family could suffer if something were to happen to
means it’s time for some protect against losses in a declining market, it might help you. And have you thought about how you could pay for
spring cleaning around reduce the impact of market volatility on your portfolio. long-term care if you needed it? The average annual cost
our homes and yards. But • Recharge your batteries. When you do your for a private room in a nursing home is about $100,000,
why stop there? This year, household spring cleaning, you may want to check the according to the insurance company Genworth. To retain
why not do some financial batteries on your smoke alarm, carbon monoxide detector your financial independence – and also to help protect
spring cleaning, too? and other devices. And, as part of your financial spring your grown children from possibly having to deal with
You can apply some cleaning, you might need to recharge your own investment these costs – you may want to explore some type of long-
of the same principles of “batteries,” so to speak. In other words, increase the term care insurance.
traditional spring cleaning to your financial environment. power you’re providing to your portfolio. You can do By doing some spring cleaning around your home,
Here are a few suggestions: this in a few different ways. First, you can increase you’ll lighten up your living space. And doing some
• Clear your vision. Spring brings extra hours of your contributions to your 401(k) or similar retirement financial spring cleaning may help you brighten your
sunshine – and to enjoy them, you’ll want to clean your plan every time your salary goes up. You can also try future.
windows, inside and out. As an investor, you also need to to “max out” on your IRA contributions each year. (For This article was written by Edward Jones, Member
take a clear-eyed view of your situation periodically. Are 2020, you can put in up to $6,000 in an IRA, or $7,000 SIPC, for use by your local Edward Jones financial
you on track toward achieving your goals? If not, what if you’re age 50 or older.) Another way to increase your advisor.
moves can you make to get back on the right path? You investment voltage is to make sure you’ve got adequate
need to be honest with yourself to see if you’re doing all
you can to help make progress toward your objectives. Treasure Coast Outdoors
• “De-clutter” your portfolio. As you go about
sprucing up your house, you may find that you have a lot
Rough Seas Can Make

Palm City Auto Getting Out Difficult, So Try
Alternatives
Lube & Services By Jim Weix

Ugh! The cobia are
biting but rough seas are
The DiTerlizzi Family of Companies presenting a challenge to
getting out.
I’ll be the first to
Celebrating Our 28th Year admit that I have gone
out fishing in conditions
that should have kept me
in safe harbor. At worst,
.00
$10 off it was unsafe. At best, I Since Safari is out every day, they know where the
wake up the next morning
most productive spots are. It is a large vessel, so you
our “full Service oil Change” with multiple bruises all over my body. don’t have to put up with other boats fishing on top
Enjoy by 5/31/20. Rough seas during the winter are just a fact of life of you.
in Florida. It gets depressing checking the marine Call (772) 334-4411 for information or to make
Complete Auto Repair forecast and having to debate fishing in 4- to 6-foot reservations. It beats sitting home!
Editor’s note: Jim Weix is an avid hunter, angler,
seas in a 25-foot center console.
• Brakes • Diagnostics However, checking out Rocky Carbia’s Facebook conservationist, as well as an outdoor writer.
• Tune-ups • Oil/Lube page, https://www.facebook.com/rocky.carbia, it looks Jim is included in the Wisconsin Waterfowl
like some anglers have figured out how to beat the
• Air • Tires weather and not sit at home sulking or doing “honey- Association’s Hall of Fame, for his work in helping
restore thousands of acres of wetlands. Jim is a Broker
Conditioning • Tire Repairs do” projects. Associate with The Keyes Company. He can be reached
Rocky is captain of Safari I, a popular head boat at (772) 341-2941 or by email: jimweix@jimweix.com.
DiTerlizzi family that is docked at Pirate’s Cove Resort & Marina. They
have morning and afternoon charters. They go out at
owned since 1990 8:30 a.m. and 1:30 p.m. Monday through Saturday.
If you want a longer day, they have an 8:30 a.m. to 3
772-223-LUBE (5823) p.m. trip on Sunday. See https://www.safari-1.com/.
The cost is reasonable, less than you would spend
on fuel using your own boat. They supply the fishing
3584 SW Armellini Ave., Palm City
Located in the “Pure” gas station equipment and bait, although you can bring your
favorite rod.