Page 22 - Southern Exposure - June '21

Page 22, Southern Exposure BW

ElDEr EStAtE plANNiNg

When Should You Update

Your Estate Planning Documents?

Submitted by Anné Desormier-Cartwright, Esq.
No one should rely on an children and grandchildren; stepchildren and step If you have questions about this or your estate plan and
old, out of state, out-of-date grandchildren; spouses of children and grandchildren). what documents are necessary schedule a consultation today
revocable living trust as the • An old trust with multiple amendments may be confusing, by calling our office at (561) 694-7827, Anné Desormier-
foundation of an estate plan. difficult, and therefore more expensive to administer. Cartwright, Esq., Elder & Estate Planning Attorneys PA, 480
Are you someone who may • An old trust with multiple amendments allows Maplewood Drive, Suite 3, Jupiter, FL 33458.
benefit from updating your beneficiaries to see prior provisions and changes that have The content of this article is general and should not be
old, out-of-date revocable been made over the years, opening the door to challenges relied upon without review of your specific circumstances by
living trust, or setting one up and potentially expensive conflicts. competent legal counsel. Reliance on the information herein
if you don’t already have one? • An old trust with multiple amendments can become easily is at your own risk, as it expresses no opinion by the firm
Check your documents for misplaced, leaving gaps in the plan and opening the door to on your specific circumstances or legal needs. An attorney
these potential pitfalls. Do any challenges and potentially expensive conflicts. client relationship is not created through the information
of these apply to you? All of these can be addressed with an amended and provided herein.
• Were unmarried – Perhaps you are married now and need restated trust.
to change beneficiaries, successor trustees, health care or other
agents, or have not funded your trust.
• Weren’t thrilled about funding your trust – You may not
have followed through with fully funding your trust or updating All About kiDS
beneficiary designations.
• Have lost a spouse, parent, child, or other family
member – You may need to update your trust, other estate
planning documents and beneficiary designations to name Building Strengths In Children
new beneficiaries, successor trustees, and health care and
other agents. By Jim Forgan, Ph.D., School Psychologist
• Have children who are now in their 20s or 30s – You
may not have updated your trust since your children became What does your child Building your child’s talents requires intentionality and not
adults and want to name them as successor trustees and other excel at? As a child I grew every interest develops to be your child’s chosen path. When
agents in place of parents, siblings, or friends; in addition, your up in the Evil Knievel era my child was a teen he wanted to be a YouTuber. He was great
children may need to create their own estate plans. and I was the best kid in at technology so I encouraged him to develop that interest but
• Had a grandchild – You may want to amend your my Miami neighborhood gave him opportunities for new experiences in areas I believed
trust to add specific bequests or an education trust for at jumping a bicycle across he might excel even more.
grandchildren, or set up and fund a gifting trust, UTMA/ two open ramps and I have Here are three ways to build your child’s strengths. First,
UGMA account, or 529 plan. scars to prove it. Of course, continue to encourage your child to try different activities
• Recently divorced – You will most likely need to update my parents did not see this including the ones that are out of their comfort zone. Second,
your trust, other estate planning documents and beneficiary as my natural affinity and don’t give up on your child. You might invest time and money
designations to name new beneficiaries, successor trustees, encouraged me to become a into your child’s music or dance only to have her stop a short
and health care and other agents. dentist. I didn’t believe I was time later. No worries as it’s an experience that helped shape
• Moved from another state – You may need to update your good at science and did not pursue this career but in hindsight, her. What’s next? Finally, if needed, seek guidance. Maybe
trust and other estate planning documents to comply with the I could have become a dentist if they would have just kept your child is a happy wanderer with little focus or struggling
laws of Florida or simply retitle your new residence into the encouraging me. with his or her identity. There are counselors and career coaches
name of your trust. At 10 years old I already believed I wasn’t good at math and that can assist. You can find counselors at www.sfacc.net and
• Purchased a second home – You may need to amend your science and this shaped my future career. I tell you this because a career coach at https://collegecareerconsulting.com.
trust or add a Qualified Personal Residence Trust to address you know your child best and you might need to continue to Dr. Forgan and associates test kids ages 5 and older
what happens to the second home after death, or you may need nudge and believe for your child until he or she can believe on for ADHD/ADD, dyslexia, gifted, learning disabilities,
to simply retitle your new residence into the name of your trust. their own. Our kids have free will to decide their career path and processing problems. Call (561) 625-4125 or visit
• Sold your business – You may need to update your trust but as parents we recognize their talents. JimForgan.com.
or add advanced planning to address additional liquidity or a
promissory note due from the new owners.
• Are younger members of a wealthy family – You may Mother Nature’s Pantry
not have an estate plan at all or need to beef up a simple,
stop-gap estate plan.
Other Points To Consider Serving The Community For 40 Years
• Federal tax laws may be changing significantly with
the current administration or an old trust may cause income
tax or estate tax issues that can be avoided by revising the Everything you need for a healthier lifestyle
trust language.
• An old trust doesn’t take advantage of modern, flexible H Sandwiches & Wraps
planning options. H Homemade Soups
• An old trust may inadequately address (or not address)
your incapacity, your beneficiaries, and your trustees. H Garden Fresh Salads
• An old trust most likely doesn’t contain provisions for
accepting assets from an IRA, 401(k), or annuity or whether H Smoothies
you want to receive them with the change in the tax laws.
• An old trust that was designed to leave the family trust H Healthy Shakes
directly to children may now completely disinherit a surviving H Energy Drinks - Juices
spouse or greatly diminish the assets you will receive.
• An old trust that leaves an inheritance outright (either right
away or at specific ages) lacks creditor protection for heirs. We carry a complete line of Solgar,
• An old trust may inadvertently disinherit desired
beneficiaries or include unintended beneficiaries (adopted
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