Page 4 - Jupiter West - October '24

Page 4, Jupiter West
Won’t My Spouse And Kids Inherit Everything When I Die?

Part 1 Of 2
One analysis identified 50 different types of family Look for next month’s article to finish this
By Anné Desormier- structures in American households. Approximately 40 conversation.
1
Cartwright, JD, Esq. percent of all marriages in the United States are remarriages If you have questions about your estate plan and what
You may think that if you for at least one spouse, and—through adoption and documents you should have in place to plan your estate,
2
die while you are married, stepfamilies—millions of children are living in blended schedule a free consultation today by calling our office at
everything you own will families. Unfortunately, the laws have not kept up, and absurd 561-694-7827, Anné Desormier-Cartwright, Esq., Elder
automatically go to your results can occur if you rely on intestacy as your estate plan. and Estate Planning Attorneys PA, 480 Maplewood Drive,
spouse and children. But you Stepchildren whom you helped raise (but did not legally Suite 3, Jupiter, FL 33458.
are thinking of state rules adopt) may end up with no inheritance, while a soon-to-be- The content of this article is general and should not be
that apply if someone dies ex-spouse may inherit from you. relied upon without review of your specific circumstances by
without leaving a will. In For example, Carey and Blake each have a child from competent legal counsel. Reliance on the information herein
legal jargon, this is referred a prior relationship (Carey has a daughter, Rose; Blake is at your own risk, as it expresses no opinion by the firm
to as dying intestate. In that has a son, Whitley) living with them full-time. During the on your specific circumstances or legal needs. An attorney
case, the specifics will vary depending on your state’s law, marriage, Carey and Blake have a child together named client relationship is not created through the information
but generally, your spouse will receive a share of what you Penny. Carey and Blake treat all three children the same. provided herein.
own, and the rest may be divided among your children or Yet when Carey dies without a will or trust, her family To comply with the U.S. Treasury regulations, we must
parents, depending on your situation. Exactly how much your must rely on state law to determine who receives Carey’s inform you that (i) any U.S. federal tax advice contained in
spouse will inherit depends on the state law, though. assets. Everything that was owned solely by Carey is this newsletter was not intended or written to be used, and
Now, it may seem like so far, so good. Your spouse is divided between Blake, Rose, and Penny. Although treated cannot be used, by any person for the purpose of avoiding
getting an inheritance, and so are the kids. But here are like a son, Whitley would be entitled to nothing. This may U.S. federal tax penalties that may be imposed on such person
some examples of how the laws can fail in many common not be the outcome Carey would have desired. Without an and (ii) each taxpayer should seek advice from their tax
family situations. estate plan, however, nothing more can be done. With a advisor based on the taxpayer’s particular circumstances.
First, when it comes to who will get your money and will or trust, you can control what happens to your money 1 David H. Lenok, The 50 Most Common Family Types in
property, most states’ laws presume that a family comprises a and property and who will benefit from your hard work, America, WealthManagement.com (July 20, 2016), http://
married couple and their biological children. But because that essentially eliminating the risk of regrettable results. www.wealthmanagement.com/high-net-worth/50-most-
is not how many families are structured, things can quickly The best way to safeguard and pass along what you have common-family-types-america.
become legally complicated. worked so hard to build is to talk to a qualified estate planning 2 Jannik Lindner, Remarriage Trends: Statistics Show
attorney. Protect yourself, your family, and your money and Complex Dynamics for Couples Blending Families, Gitnux
property by contacting us today.
(July 17, 2024), https://gitnux.org/remarriage-statistics.
Financial Focus ®
“Service is our number one priority”

Vote For Solid Investment 561-743-0070

Strategies www.palmspoolservices.com

By Sally Sima Stahl
With the presidential
election just a few weeks
away, the public is
naturally interested in
not just the outcome but
what the results will mean
for issues of national
importance. As a citizen,
you likely share these
concerns—but how about
as an investor? After the
votes are counted—or even before—should you make
some moves in anticipation of possible changes in policy? Expires 11/15/24.
Let’s look at the big picture first, through the lens of
history. The financial markets have performed well—and State Licensed & Insured CPC #
at times, not so well—under Democratic and Republican Serving Palm Beach County 1457468 • LPG#30099
presidents alike. And the same is true about which party
controlled Congress.
While it might be an overstatement to say that decisions
made in Washington have no effect on the markets, it’s
not always so easy to draw a direct line between what
happens there and how the markets perform. For one
thing, political candidates often make promises that are
not fulfilled, or, if they are, have different results than
intended. Also, other institutions can have a significant
impact on the markets. For example, the Federal Reserve,
which controls short-term interest rates, can certainly
affect many market sectors. And there will always be
external events, such as foreign conflicts and even
natural disasters, that can make short-term impacts on
the investment world.
So, rather than making changes to your portfolio in
anticipation of what might happen if certain candidates
get elected, or even in response to actual policy changes,
look to other factors to drive your investment decisions.
These factors should include the following:
• Your goals – You probably have short- and long-
term goals you’d like to achieve. For your short-term
goals, such as a wedding, a down payment on a house or
a long vacation, you may want to invest in instruments
that provide stability of principal. For your long-term
goals, most important of which may be a comfortable
retirement, you’ll need to own a reasonable number of
growth-oriented investments. A College Preparatory Catholic High School
• Your risk tolerance – When you build and maintain
your investment portfolio, you’ll need to accommodate Our Vision is to build life’s champions
your individual risk tolerance. All investments carry through FAITH, ACADEMICS, SCAN TO LEARN MORE
some type of risk, but you need to be comfortable with SERVANT LEADERSHIP and a
the overall risk level of your investments. STRONG FAMILY ATMOSPHERE.
• Your time horizon – Where you are in life is an
important consideration when investing. When you cardinalnewman.com
West Palm Beach, FL
Financial Focus on page 5 (561) 683-6266