Abacoa & Alton Neighbors December 2020

D e c e m b e r 2 0 2 0 | Abacoa &Alton N E I G H B O R S 15 the proceeds to pay for your children’s health, education and living expenses. The policy proceeds will not be wasted on legal expenses and the probate judge will be kept out of your children’s financial affairs. OPTION A: Your children will receive their entire inheritance when they turn 18. How many 18-year-olds can handle a huge influx of cash? A guardianship of the property for a minor will terminate when your children turn 18 and all remaining policy proceeds will be distributed to your children. There will be no strings attached to the money and nothing to prevent an impulse purchase of an extravagant sports car and a trip to Las Vegas. OPTION B: Set up a trust and protect your children from squandering their inheritance. A trust can be set up to hold the policy proceeds well beyond when your children turn 18. A common approach is to instruct the trustee to manage the funds and to make distributions at 5-year intervals. Your children would receive 1/3 of the trust balance at age 25, 1/3 of the trust balance at age 30 and the remaining trust balance at age 35. At Lighthouse Law Firm, P.A., we make the estate planning process easy, straightforward and understandable. It starts with an initial consultation, which is really just a conversation to discuss you and your family’s specific needs. There’s no preparation necessary and no paperwork to bring. All of our estate planning fees are fixed, and we’ll explain them during the initial consultation. You’ll always know the cost up front so there are no surprises. Visit our website at lighthouselawfirmpa.com and use the online appointment calendar to schedule a complimentary consultation. EXPERT CONTRIBUTOR C A S U A L L I V I N G PATIO & POOLSIDE Come see our wide inventory of sofas, sectionals, recliners, swivel rockers, zero gravity chairs, sleep sofas, and home theater seating in over 100 different leather selections. 100 N Old Dixie Hwy, Jupiter, FL 33458 Open Mon. - Sat. 10 a.m. - 5 p.m. Sunday from 12:30 p.m. - 5 p.m. 561-295-5979 Your New Favorite Leather Store! Located in Jupiter! CASUAL LIVING LEATHER