Page 5 - Jupiter West - June '21

Jupiter West, Page 5
When Should You Update

Your Estate Planning Documents?

Submitted by Anné with the laws of Florida or simply retitle your new residence been made over the years, opening the door to challenges
Desormier-Cartwright, into the name of your trust. and potentially expensive conflicts.
Esq. • Purchased a second home – You may need to amend • An old trust with multiple amendments can become
No one should rely on an your trust or add a Qualified Personal Residence Trust to easily misplaced, leaving gaps in the plan and opening the
old, out of state, out-of-date address what happens to the second home after death, or door to challenges and potentially expensive conflicts.
revocable living trust as the you may need to simply retitle your new residence into the All of these can be addressed with an amended and
foundation of an estate plan. name of your trust. restated trust.
Are you someone who may • Sold your business – You may need to update your trust If you have questions about this or your estate plan and
benefit from updating your or add advanced planning to address additional liquidity or what documents are necessary schedule a consultation today
old, out-of-date revocable a promissory note due from the new owners. by calling our office at (561) 694-7827, Anné Desormier-
living trust, or setting one up • Are younger members of a wealthy family – You may Cartwright, Esq., Elder & Estate Planning Attorneys PA,
if you don’t already have one? not have an estate plan at all or need to beef up a simple, 480 Maplewood Drive, Suite 3, Jupiter, FL 33458.
Check your documents for these potential pitfalls. Do any stop-gap estate plan. The content of this article is general and should not be relied
of these apply to you? Other Points To Consider upon without review of your specific circumstances by competent
• Were unmarried – Perhaps you are married now and • Federal tax laws may be changing significantly with the legal counsel. Reliance on the information herein is at your
need to change beneficiaries, successor trustees, health care current administration or an old trust may cause income tax own risk, as it expresses no opinion by the firm on your specific
or other agents, or have not funded your trust. or estate tax issues that can be avoided by revising the trust circumstances or legal needs. An attorney client relationship is
• Weren’t thrilled about funding your trust – You may language. not created through the information provided herein.
not have followed through with fully funding your trust or • An old trust doesn’t take advantage of modern, flexible
updating beneficiary designations. planning options.
• Have lost a spouse, parent, child, or other family • An old trust may inadequately address (or not address)
member – You may need to update your trust, other estate your incapacity, your beneficiaries, and your trustees.
planning documents and beneficiary designations to name • An old trust most likely doesn’t contain provisions for
new beneficiaries, successor trustees, and health care and accepting assets from an IRA, 401(k), or annuity or whether
other agents. you want to receive them with the change in the tax laws.
• Have children who are now in their 20s or 30s – You • An old trust that was designed to leave the family
may not have updated your trust since your children became trust directly to children may now completely disinherit Louis Vuitton
adults and want to name them as successor trustees and other a surviving spouse or greatly diminish the assets you will
agents in place of parents, siblings, or friends; in addition, receive.
your children may need to create their own estate plans. • An old trust that leaves an inheritance outright (either Wine? ‘Where
• Had a grandchild – You may want to amend your trust to right away or at specific ages) lacks creditor protection for
add specific bequests or an education trust for grandchildren, heirs.
or set up and fund a gifting trust, UTMA/UGMA account, • An old trust may inadvertently disinherit desired Fashion And
or 529 plan. beneficiaries or include unintended beneficiaries (adopted
• Recently divorced – You will most likely need to update children and grandchildren; stepchildren and step
your trust, other estate planning documents and beneficiary grandchildren; spouses of children and grandchildren). Wine Merge ...’
designations to name new beneficiaries, successor trustees, • An old trust with multiple amendments may be confusing,
and health care and other agents. difficult, and therefore more expensive to administer.
• Moved from another state – You may need to update • An old trust with multiple amendments allows By Laura Berrio,
your trust and other estate planning documents to comply beneficiaries to see prior provisions and changes that have Freelance Writer/
Blogger
When I think of
Dom Perignon, Veuve
Clicquot, and French
wine, I picture a small
family-owned business
with fields of old vine
grapes. In reality you
have to look to the
fashion industry to find
the owner.
Wine and fashion are two of life’s greatest pleasures!
What goes better than a glass of wine and a fashion
magazine? You don’t have to look far to find brands
like Louis Vuitton, Chanel, Ferragamo and Diesel in
the wine business!
In the past you could buy a Louis Vuitton wine
carrier … but now you can buy their wine and
Champagne to go in them. In 1987 Louis Vuitton and
Moet Hennessy merged and formed LVMH. LVMH
now owns over 60 subsidiaries, including Dom
Perignon, Veuve Clicquot, and Belvedere Vodka, along
with many other “luxury brands.”
Other fashion companies have followed the
same path. Ferragamo and Bulgari have vineyards
and estates in Southern Tuscany. One of the Guess
brothers, who cofounded the company, has a 55-acre
Napa vineyard and winery. Chanel bought St. Supery
vineyard and winery in Napa.
With all of these “luxury” brand companies lending
their name and efforts to making great wine and
Champagne, it has me thinking of other fun potential
ventures. …
• AVEDA could make an organic wine
• Rolex could make Champagne to rival Dom
Perignon
• YSL could make a wine that has anti-aging beauty
properties
The list is endless, but one thing is for sure, more
Licensed and Insured and more companies are entering the world of “wine”
and changing our perception of our everyday glass of
wine to that of a “lifestyle” choice.
~Cheers!
~ Keep the conversation going
and the wine flowing!
Follow the Vine on Instagram
@VineVibeUncorked.