Page 7 - The Shores of Jupiter - December '22

The Shores, Page 7
Financial Focus It’s The Law!

Avoid Becoming “Burden” On consult with a financial professional on strategies for
protecting yourself from these costs.
Grown Children • Create necessary legal documents. If something were Did You Know That, In
to happen to you, and you didn’t have the appropriate Florida…
By Sally Sima Stahl legal documents in place, your loved ones could be placed
Here’s an interesting in a bind, both financially and emotionally. That’s why By Adam S. Gumson, Esq.
statistic: Some 72 percent it’s a good idea to create documents such as a durable A personal
of retirees say one of their financial power of attorney, which lets you name someone representative must be
biggest fears is becoming to manage your finances if you became incapacitated, and a Florida resident, or, if
a burden on their families, a durable power of attorney for health care, which allows out of state, the intended
according to a 2021 survey someone to make medical decisions on your behalf if you personal representative
by Age Wave and Edward can’t make them yourself. You’ll want to work with a must be a family
Jones. Both before and legal professional to develop the documents appropriate member, or spouse of
during retirement, what for your needs. a family member, or a
steps can you take to avoid • Evaluate your housing needs. As you enter retirement, legally adopted child or
burdening your loved ones you may want to evaluate your living situation. Could you parent of the decedent.
in the future? downsize to a smaller home, or perhaps a condominium The named person must
Here are a few suggestions: or apartment? Not only might you save money with such have no felony convictions, be 18 years or older and be
• Build your retirement savings. The greater your a move, but you could also end up relieving your grown mentally and physically able to perform their duties.
financial resources, the less likely it becomes that you’d children of the responsibilities and hassles involved in Always name a successor personal representative and
ever have to count on your grown children for financial clearing out and selling your home should you become meet with an attorney to discuss the pros and cons of
support. You may have access to a 401(k) or similar unable to do so yourself during the later years of your naming co-personal representatives.
retirement plan at work, so take advantage of it. Even with retirement. In a real estate transaction, a homeowner’s
an employer-sponsored plan, you also may be eligible to By taking these measures, along with others, you can association is permitted 10 days after receipt of
contribute to an IRA. In addition to offering a variety of go a long way toward maintaining your independence a written or electronic request for the estoppel
investment options, a 401(k) and IRA provide potential and putting yourself in a place where you won’t burden certificate to issue the certificate. The association is
tax advantages. And once you do retire, be careful about your grown children. And that’s a good place to be. permitted to charge a fee for the service, but it must
how much you withdraw each year from your retirement This article was written by Edward Jones for use by be set by written resolution of the Board.
plans and other investments. your local Edward Jones Financial Advisor, Edward While the grantor of a revocable trust is of capacity
• Plan for health care costs. Once you are retired, Jones, Member SIPC. and living, the grantor retains all duties and privileges
health care costs will be a significant expense. You may Edward Jones is a licensed insurance producer in of the trustee. Upon the death of the grantor, a revocable
have Medicare, but you’ll also want to consider your need all states and Washington, D.C., through Edward D. trust becomes irrevocable. The successor trustee
for supplemental health insurance to cover traditional Jones & Co., L.P., and in California, New Mexico and assumes the duties of the trustee, but not all rights the
medical costs. And you’ll want to consider another Massachusetts through Edward Jones Insurance Agency grantor held will pass to the successor trustee.
potential health-related expense: long-term care. You may of California, L.L.C.; Edward Jones Insurance Agency Florida law allows both voluntary and involuntary
never need the services of a home health aide or a stay of New Mexico, L.L.C.; and Edward Jones Insurance guardianships. A voluntary guardianship may
in a nursing home, but no one can predict the future. Agency of Massachusetts, L.L.C. be established for an adult who, though mentally
Medicare does not cover most costs for long-term care, Edward Jones, its employees and financial advisors competent, is incapable of managing his or her own
which can be quite high. In 2021, the annual national cannot provide tax advice. You should consult your estate and who voluntarily petitions for the appointment.
median cost for a private room in a nursing home was qualified tax advisor regarding your situation. A plenary guardian is a person appointed by the court
over $108,000, while the median cost for a full-time home Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, to exercise all delegable legal rights and powers of the
health aide was nearly $62,000, according to a survey 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. adult ward after the court makes a finding of incapacity.
by Genworth, an insurance company. You may want to Wards in plenary guardianships are, by definition,
unable to care for themselves.
Jupiter Law Center is a private neighborhood law
firm located in the RiverPlace Professional Center,
1003 W. Indiantown Road, Suite 210, Jupiter, FL, (561)
744-4600, jupiterlawcenter.com. The firm provides
peace of mind by solving problems with integrity
and compassion in the areas of estate planning
(wills and trusts, powers of attorney, health care
surrogates, living wills, probate estates, succession
planning, contracts and purchase/sale agreements),
family law (divorce, paternity, child support and time
sharing, alimony, property distribution, modifications,
collaborative law, pre/post nuptial agreements) and
real estate (community association law, residential
and commercial transactions, deeds, closings).

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