Page 32 - Southern Exposure - January '22
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Page 32, Southern Exposure

                  Club news                                                         elder esTaTe Planning

         Historical Seeds                                        Last Will And Testament Verses

         Of The Gardens                                                   Trust – How They Differ

                                                                                      Submitted by Anné Desormier-Cartwright, J.D.

                                                          Last Will And Testament                          person oversees carrying out the terms of the trust. A trust, in
                                                            The person signing the                         plainest terms, is a contract between the grantor and the trustee.
                                                          Last Will and Testament is                         The grantor transfers his property to the trust after signing
                                                          called a testator (male) and a                   it and now the trustee holds legal title to the property. Because
                                                          testatrix (female). A Last Will                  the grantor does not have any property directly in his name,
                                                          and Testament takes effect                       probate is avoided. At the grantor’s death, no court process is
                                                          upon the testator’s death and                    required.
                                                          requires a court process called                    As with the Last Will and Testament, the trust will also give
                                                          probate. The Last Will and                       instructions on how the grantor wants property distributed at the
                                                          Testament gives the court                        grantor’s death. We use separate documents to name guardians
                                                          directions on what the testator                  for minor children and dictate the grantor’s disposition of
                                                          wants to happen during this                      remains.
                                                          probate process.                                   A Revocable Living Trust which the grantor can revoke
                                                            Probate could be very long and costly if a beneficiary does   or amend at any time. Usually, the grantor names himself as
                                                          not agree with what the testator says in the Last Will and   trustee and he carries on managing his property just as before
                                                          Testament, the case becomes contested and could result in a   he transferred it into the trust. The Revocable Living Trust is
                                                          very long family battle. As with all court processes, the final   most commonly used when the grantor is healthy and when
                                                          decision will be up to the judge and the testator’s wishes could   public benefits are not a concern.
                                                          possibly not be honored. And since probate involves a court,     These trusts are oftentimes more desirable than using a
                                                          the case, including the Last Will and Testament document, are   Last Will and Testament because the trusts can avoid probate,
                                                          available for the public to see.                 offer some asset protection and taxation benefits, keep family
                                                            In Florida, the document will tell the court who the testator   matters private, and allow beneficiaries to maintain eligibility
                                                          wants named as personal representative. Other states call   for public benefits.
                                                          them executor. This person will find and notify beneficiaries,     If you have questions about your estate plan and what
                                                          notify and deal with creditors, deal with banks and financial   documents you should have in place to plan your estate,
                                                          institutions, attend court hearings, handle all the distributions   schedule a free consultation today by calling our office at (561)
                                                          and accountings, may sell property as needed, and basically do   694-7827, Anné Desormier-Cartwright, Esq., Elder & Estate
                                                          everything needed to wrap up the testator’s affairs. Homestead   Planning Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter,
                                                          property is not part of a Florida probate but will need to be   FL 33458.
                                                          addressed in a probate proceeding to transfer the property to     The content of this article is general and should not be
                                                          the heirs (your family members) free of creditor claims.  relied upon without review of your specific circumstances by
                                                            The Last Will and Testament will tell the court who the   competent legal counsel. Reliance on the information herein
                                                          testator wants to receive certain property. We use separate   is at your own risk, as it expresses no opinion by the firm on
                                                          documents to name guardians for minor children and state   your specific circumstances or legal needs. An attorney client
                                                          how the testator would like their remains disposed of. The   relationship is not created through the information provided
                                                          Last Will and Testament could also create a testamentary   herein.
      Photograph by Katie Diets, courtesy Palm Beach Times.  trust, such as when a beneficiary’s share is held in trust or the     To comply with the U.S. Treasury regulations, we must
                                                          creation of a special needs trust for the surviving spouse or   inform you that (i) any U.S. federal tax advice contained in this
      On July 4, 1972, the city renamed Garden Boulevard   other beneficiaries.                            newsletter was not intended or written to be used, and cannot
      MacArthur Boulevard. Top photo, Mayor Walter Wiley reads   A Trust                                   be used, by any person for the purpose of avoiding U.S. federal
      the proclamation to John D. MacArthur. Above, the street     The person who signs a trust is called the grantor. Unlike the   tax penalties that may be imposed on such person and (ii) each
      sign at the intersection of Northlake Boulevard is revealed.   Last Will and Testament, an inter vivos trust is effective during   taxpayer should seek advice from their tax advisor based on
      In a July 2, 1973, letter to Mayor Wiley, MacArthur stated:   the grantor’s lifetime. The trust will name a trustee, and this   the taxpayer’s particular circumstances.
      “I had no interest in having a street named after me or I
      would have done so when I named all the streets. I am not
      a shrinking violet and am proud of the city’s skeleton which
      I built. I think, if the future generations will approve of the
      original concept and wish to recognize and perpetuate the
      memory of the founder, I will be proud.”

        For more seeds, see Images of America, Palm Beach
      Gardens  by Arcadia  Publishing. The  PBG  Historical
      Society’s mission is to collect, preserve and share the rich    Upscale Resale
      history of the Gardens.
                                                             Experience The Difference

       Upcoming Fashion                                       New and consigned furniture, unique lighting, accessories and gifts.
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       Show And Speaker

        The upcoming Fashion Show and Speaker at Turtle
      Creek Country Club is sponsored by Christian Women’s
      Connection of the Northern Palm Beaches, an affiliate
      of Stonecroft Ministries. Stonecroft is an international,
      interdenominational ministry and women of all ages are
      invited. Jan. 14, the fashion show will be by The Dress
      Collection Boutique of Jupiter and the Stonecroft Speaker
      will be Linda Moore with a message entitled, “Dinner will                   Call us to sell. See us to buy.
      be ready when the smoke alarm goes off.”
        The December luncheon featured Haley Brown, a     Over 16,000 sq. ft. in 2 locations to serve you!
      Palm  Beach Atlantic  University  junior  with  a  medley   PALM BEACH GARDENS: Promenade Plaza
      of  Christmas  songs  and  speaker  Jen  Reelitz  with  her   9810 Alternate A1A • 561.694.0964
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        The  cost  is  $36,  no  tipping  required.  Reservations   WELLINGTON: Wellington Marketplace
      can  be  made  by  calling  (561)  744-8703  or  emailing   13857 Wellington Trace • 561.798.5222
                                                                                                                               Nanci Smith, CEO
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