Page 8 - Jupiter West - March '22

Page 8, Jupiter West
Celebrate Single Parent Day:

Take Steps To Provide For Your Kids’ Future

Submitted by Anné will has been probated, a process that may be expensive constitutional right to determine whether – and how often
Desormier-Cartwright, J.D. and time-consuming. Also, by creating the trust through – your children will see your parents (their grandparents).
In 1984, Congress your will, the management and distribution of funds may However, when you pass away, grandparents may have
issued a resolution, signed also be subject to ongoing oversight by the probate court. a right to see your children. Every state has enacted a
by President Reagan, The trust terms can specify the purposes for which the grandparent visitation statute, and they vary regarding
establishing March 21 as trust funds can be used, how and when the trustee should their permissiveness or restrictiveness. Some statutes
National Single Parent make distributions, and, if you so choose, the age at which only allow grandparents to obtain a visitation order when
Day: a day devoted to you would like the trust funds to be fully transferred to the children’s parents have separated, divorced, or one or
1
recognizing the dedication your children – which does not have to be at the age of both of them have died. Others are less restrictive and
of single parents, who make majority. You can choose the type of distributions you allow grandparents to obtain a visitation order even if the
self-sacrificial efforts to believe are best for your children: Some parents give the parents are still married and are both still living. What both
care for their children’s trustee the discretion to make distributions for specific types of statutes have in common is that they both require
needs, and encouraging family members, friends, and purposes, such as the children’s health, maintenance, visitation not to interfere in the parent-child relationship
communities, to help provide an optimal environment for education, or support, or even for a down payment on and to be in the best interests of the child.
their children. As a single parent, you should feel proud a house or to provide funding for the child to start up a Call Us Today
of your efforts to nurture and care for your children. Here business. Others give the trustee complete discretion in As a single parent, you can gain substantial peace of
are a few additional things you can do to provide for your making distributions for the benefit of the children. The mind by creating an estate plan that ensures your children
children’s future that you may not have considered. timing of distributions, which can be designed to meet will be properly cared for – both physically and financially
Name a guardian. If your children’s other parent your particular goals, can also be spelled out in the trust. – in the unlikely event that something happens to you
is willing and able to care for them if you pass away If you have more than one child, you can specify while they are still too young to take care of themselves.
unexpectedly, he or she will likely be given physical whether the distributions should be for equal amounts or Please call our office today to schedule a consultation.
custody of the children and responsibility for their care. if a greater percentage of the money in the trust should be If you have questions about your estate plan and what
In the case of single parents, however, the other parent distributed for the benefit of certain children, e.g., children documents you should have in place to plan your estate,
often may not be able or willing to take on this role. This with special needs or younger children who did not get as schedule a free consultation today by calling our office at
is why it is crucial for you to name a guardian who will much financial assistance from you while you were alive. (561) 694-7827, Anné Desormier-Cartwright, Esq., Elder
step into your shoes to provide day-to-day care for your In addition, you can address specific issues that may be & Estate Planning Attorneys PA, 480 Maplewood Drive,
children if something happens to you. If you do not name of concern. For example, you can indicate whether you Suite 3, Jupiter, FL 33458.
a person you trust, a court will step in to appoint someone. would like a home you own to be sold, or if you prefer for The content of this article is general and should not be
Because the person the court chooses to be your children’s the children’s guardian to move into the home so they will relied upon without review of your specific circumstances
guardian may not be the person you would have chosen, not have to relocate. If your home is not sold, the terms by competent legal counsel. Reliance on the information
it is vitally important that you designate this person in of the trust can also indicate who will be responsible for herein is at your own risk, as it expresses no opinion by
advance. You can name a guardian in your will (and in some paying the real estate taxes, utility bills, and maintenance the firm on your specific circumstances or legal needs.
states, a separate document can be used specifically for this expenses. The home is a particularly complex issue to An attorney client relationship is not created through the
purpose): Although the court will still have to appoint the consider, as there are often emotional ties and memories information provided herein.
guardian, the court will typically defer to your wishes. connected to it, as well as ongoing costs, and frequently, To comply with the U.S. Treasury regulations, we must
In making your decision, there are a few factors to keep a mortgage. As experienced estate planning attorneys, we inform you that (i) any U.S. federal tax advice contained
in mind: Does your chosen guardian share your values and can help you think through the best course of action for in this newsletter was not intended or written to be used,
parenting style? Will your chosen guardian require your your family. and cannot be used, by any person for the purpose of
children to relocate? Does your chosen guardian have the Consider writing down your wishes regarding avoiding U.S. federal tax penalties that may be imposed
energy and stamina needed to care for your children? Do grandparents’ visitation. If you have named someone other on such person and (ii) each taxpayer should seek advice
they have the time to be an involved caregiver? Do you than a grandparent (your parent) to be your children’s from their tax advisor based on the taxpayer’s particular
want more than one guardian to care for multiple children, guardian, it is important to specify in your estate planning circumstances.
or do you prefer for the children to stay together? It is documents whether you wish the grandparents to be able 1 Some of these less restrictive statutes have been found
important to weigh the importance of these considerations to visit with your children. to be an unconstitutional infringement on the fundamental
in making your decision. While you are living, it is your fundamental right of parents to control the upbringing of their children.
Create a custodial account. If your children are minors,
you can establish a custodial account to hold an inheritance WE SERVICE
under a law called the Uniform Transfer to Minors Act or ALL Locally Owned & Operated
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manage your children’s inheritance until they reach the
age of majority. This is necessary because minors legally
cannot own money or property on their own. A custodian
will manage the funds in the account for the benefit of your Reg. $389.00
children, but the downside is that when they reach the age Up to 5 Ducts
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they wish, which may not be optimal for a young person Not valid with any other discounts, Not valid with any other discounts, Not valid with any other discounts,
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Create a trust. A trust is often preferred over a custodial
account because it is more flexible and can be designed to “Service is our number one priority”
protect the funds against your children’s future creditors
and their own imprudent spending. You can name someone 561-743-0070
who is adept at handling money to manage and disperse
the funds for the benefit of your children if you die before www.palmspoolservices.com
they reach adulthood – or the age you have decided the
funds should be distributed to them. This can be the same
person who will act as the children’s guardian or a different
person if you do not trust the guardian (e.g., an ex-spouse)
to handle the money you have left to your children.
If you would like to set up a trust that can be used
to manage your money and property for your (and your
children’s) benefit if you become too ill to do it yourself,
you can establish a revocable living trust with yourself as
the trustee. This type of trust will remain in effect if you
pass away, and the successor trustee you have named can
continue to manage the funds and make distributions for
the benefit of your children. The successor trustee can also
step in to manage and distribute the funds for your benefit Expires 3/31/22.
if you are unable to do so. An often less preferable option
is to include provisions in your will for the establishment
of a trust at your death. This type of trust will not help if State Licensed & Insured
you become disabled because it will not go into effect until Serving Palm Beach County CPC # 1457468 • LPG#30099
your death. In addition, it will not be funded until your