Page 7 - Jupiter West - January '23

Jupiter West, Page 7
Important Milestones

You Can Incorporate In Your Estate Plan

Submitted by Anné • Financing a first wedding. Parents typically pay herein is at your own risk, as it expresses no opinion by
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Desormier-Cartwright, Esq. for most wedding expenses. A clause in an estate plan the firm on your specific circumstances or legal needs.
Recently, we were can direct wedding money to a child the first time they An attorney client relationship is not created through the
contacted by a person tie the knot. information provided herein.
dying. We were able to • Employment. You might hesitate to leave money
complete the estate plan. to a beneficiary who is bad with money or has a poor 1 Kim Forrest, Who Pays for the Wedding? Here’s the
The client died the day employment record. As a compromise, you can base their Official Answer, WeddingWire (May 21, 2021), https://
after the estate plan was inheritance on being fully employed for at least a year. www.weddingwire.com/wedding-ideas/who-pays-for-
signed. Life is full of • Sobriety. Like an employment clause in your estate what-in-a-wedding.
contingencies. While some plan, there can be a clause that releases an inheritance 2 Sean Dennison, 64 Percent of Americans Aren’t Prepared
outcomes are relatively only if the beneficiary has stayed sober for a certain length for Retirement—and 48 Percent Don’t Care, Yahoo (Sept.
certain, other events are of time such as a year or has successfully completed a 23, 2019), https://www.yahoo.com/now/survey-finds-42-
more difficult to predict. This uncertainty can create rehab program. americans-retire-100701878.html.
estate planning challenges. Because life changes quickly • Having children. Having a child is expensive. To
and sometimes unexpectedly, your estate plan needs to help with the expenses of childbirth and childrearing,
be flexible. include an estate planning provision that kicks in extra
You can make changes to your estate plan when you money to a family member when they give birth, adopt,
are still alive, but when you pass away, your plan is or require assistance with reproductive technology, such
effectively – but not entirely – set in stone. Incorporating as in vitro fertilization. Medicare
milestones into your estate plan is one way to hedge • Retiring. Approximately two-thirds of Americans
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against the unpredictable future. By creating incentives are not financially prepared for retirement. If you want
for special events, you can continue to exercise your to ensure that a beneficiary continues to work but can
values and provide for your loved ones beyond your retire comfortably at an appropriate age, reward them
lifetime. with a lump sum inheritance to be used once they reach open enrollMent
Clarifying Your Wishes With If-Then Statements retirement age.
Keep in mind that these estate planning milestones can
If-then statements allow outcomes to be determined
Financial Focus with conditions. They are found in deductive logic, be combined and modified as you wish. For example, you
might give wedding money to a child, but keep the rest
computer programming, and legal documents, including
estate planning documents. of their inheritance in a trust so that if your child gets for 2023
The premise of an if-then statement is simple: if a divorced, the money and property you pass on will not
given criteria is met, then a certain action follows. For end up in the hands of their ex-spouse.
example, you might write in your will that, “If my spouse Another option is to set up your estate plan to direct
predeceases me, then I leave my house to my oldest son,” more money to someone if the value of a certain account cHecK For
or, “If both my spouse and I pass away, then [Person X] or property rises. Or, if the account overperforms, the
will be nominated as guardian of our children.” increase in value could be donated to a charity of your eXcItInG
Such clauses can help you retain some power over choice. You could also use an if-then statement to provide
outcomes that would otherwise be out of your control. that a beneficiary receives an extra gift only if they meet
They can also help you to plan for future contingencies a certain milestone. The options are nearly endless.
in a way that is not possible with simple declarative Now Is The Time To Plan For The Future neW PLanS
statements (e.g., “I leave my house to my spouse.”). Populating your estate documents with numerous
If-then clauses can be combined to account for if-then clauses and milestones can make things more and
numerous future possibilities. So, in addition to “If my complicated. But it might give you greater peace of
spouse predeceases me, then I leave my house to my mind knowing that numerous potentialities have been
oldest son,” you could specify that “If my son is not anticipated. aLL neW
employed, then I put my home in a trust to be managed It is crucial to make sure that everything is in writing.
by [Trustee Y].” Your estate planning attorney can create a diagram or
Common Beneficiary Milestones Used In Estate Plans flowchart that helps you keep track of all the moving BeneFItS
Conditional provisions that offer enhanced flexibility pieces. Having a chart – rather than a jargon-filled legal
to your estate plan can take many forms. These provisions document – can make it easier to review and update your
do not always have to be if-then statements. They can also estate plan if there is a major life event, such as a death, YoU are
include gifts or distributions that are triggered at specific birth, marriage, or illness).
times or milestones. Whatever you decide to do, do not put it off. Act now entItLed to
The following are some events that you might consider to create a plan that provides for your loved ones while
incorporating into your estate plan: honoring your wishes. Schedule an appointment with our
• A child turning 18 or 21. A child celebrating a estate planning attorneys to get started. neW!
milestone birthday could trigger an action in your estate If you have questions about this or your estate
plan, such as the child receiving distributions from a trust plan and what documents are necessary schedule a maY cHanGe PLanS
to which they are a beneficiary. consultation today by calling our office at (561) 694-
• Completing a degree or certificate. A gift in your 7827, Anné Desormier-Cartwright, Esq., Elder & Estate JanUarY 1 tHrU marcH 31, 2023
will might be conditioned upon the beneficiary graduating Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
from college or earning a professional certificate. Jupiter, FL 33458. caLL WItH QUeStIonS
• Purchasing a first home. You could give some or The content of this article is general and should not be
all of a bequest to a beneficiary when they purchase their relied upon without review of your specific circumstances
first home. by competent legal counsel. Reliance on the information Peter Gratzon
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