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Bach and Jacobs PA

What to do if Elder Exploitation is Suspected

By Asset Protection Planning, Elder Law

If you believe that you or an elderly person are being exploited financially, take immediate action to protect the alleged victim of the exploitation.  Acting quickly can increase the chance that misappropriated assets can be recovered.  An example of financial exploitation would be if a son or daughter took money out of a parent’s account to help with their own personal financial troubles.  In a situation like this, you should call adult protective services, the Elder Abuse Hotline, the police, and an experienced elder law attorney.  Florida laws protect elderly residents from financial exploitation and if misappropriated assets are not returned by the exploiter within 60 days, you could be entitled recover triple your money.

An elder law attorney may be able to help you protect your assets and pursue remedies under Florida’s civil theft statute.  To speak with Florida Board Certified Elder Law Attorney Babette Bach, Esq. call our office at (941) 906-1231.

Adult Protective Services: (877) 595-0384

Elder Abuse Hotline: 1-800-962-2873

May 3, 2016
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Sarasota County Senior Exemption with Limited Income

By Elder Law, Real Estate, Tax Law

A resident who qualifies for the homestead exemption can also be eligible for the senior exemption providing that at least one owner of the property is 65 years of age or older and they meet the annual household adjusted gross income limit.  This can be determined by calling the Sarasota County Property Appraiser at (941) 861-8200.

According to the Sarasota County Property Appraiser:  “The limited income Senior Exemption provides an additional Homestead Exemption for residents 65 and over… Within Sarasota County the benefit amount for this exemption has been established by the different governing authorities and varies depending on where you reside:  $25,000  exemption for the City of Sarasota municipal ad valorem taxes, $50,000 exemption for the Town of Longboat Key municipal ad valorem taxes, $5,000 exemption for the Sarasota County ad valorem taxes, and $0 exemption for the City of North Port or the City of Venice municipal ad valorem taxes.”

For more information about this exemption, or if you need other tax planning advice, call our Florida Board Certified Tax Attorney, Fredric Jacobs, at (941) 906-1231.

April 29, 2016
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Avoiding Guardianship

By Elder Law, Guardianship

If you believe that you or an elderly person are being exploited financially, take immediate action to protect the alleged victim of the exploitation.  Acting quickly can increase the chance that misappropriated assets can be recovered.  An example of financial exploitation would be if a son or daughter took money out of a parent’s account to help with their own personal financial troubles.  In a situation like this, you should call adult protective services, the Elder Abuse Hotline, the police, and an experienced elder law attorney.  Florida laws protect elderly residents from financial exploitation and if misappropriated assets are not returned by the exploiter within 60 days, you could be entitled recover triple your money.

An elder law attorney may be able to help you protect your assets and pursue remedies under Florida’s civil theft statute.  To speak with Florida Board Certified Elder Law Attorney Babette Bach, Esq. call our office at (941) 906-1231.

Adult Protective Services: (877) 595-0384

Elder Abuse Hotline: 1-800-962-2873

April 26, 2016
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Are skilled nursing facility fees tax deductible as medical care expenses?

By Long-Term Care, Tax Law

            Because skilled nursing facilities are basically medical facilities, all expenses incurred including room and board are deductible for income tax purposes.  However, independent living facilities are different as only expenses directly associated with medical care are deductible.

For personalized tax planning advice from a Florida Board Certified Tax Attorney, contact our office at (941) 906-1231.

April 19, 2016
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Are assisted living facility fees tax deductible as medical care expenses?

By Long-Term Care, Tax Law

If the client’s physician prescribes assisted living pursuant to a plan of care and the client has either severe cognitive impairment or is chronically ill, 100% of the cost of the client’s monthly charges in the assisted living facility will be tax deductible as medical care expense.  The IRS defines “chronically ill” as applying to a person who is unable to perform at least two activities of daily living without substantial assistance for at least 90 days.  The activities of daily living are eating, toileting, transferring, bathing, dressing and continence.  This tax exemption would not apply to purely discretionary items such as telephone costs or extra meals for visitors.

For personalized tax planning advice from a Florida Board Certified Tax Attorney, contact our office at (941) 906-1231.

April 15, 2016
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Missing Heirs

By Probate

Executors are tasked with locating the heirs identified in estate planning documents but this can often prove difficult and, sometimes, an heir cannot be located.  When this happens, Florida Probate Code directs PRs to determine the worth of the unclaimed assets and, depending on their value, deposit the proceeds with the clerk who will publish a notice to attempt to locate the heir.  If a missing heir finds out that they were to inherit assets, even after their sale, they can contact the Chief Financial Officer and obtain the proceeds from the assets within 10 years of the date of their deposit.

April 12, 2016
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How should I hold or invest estate or trust assets?

By Asset Protection Planning, Estate Planning, Probate

            If you are the personal representative or trustee of an estate, you have certain fiduciary obligations regarding the investment and use of the probate or trust assets.  You should be careful to keep all statements from the estate account and records of activity.  The attorneys at Bach & Jacobs, P.A. can advise you on the prudent investor rule and your responsibilities as a fiduciary to protect against liability.  If you are the designated TTEE or PR for an estate, contact Bach & Jacobs, P.A. at (941) 906-1231 for a consultation.

April 8, 2016
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Does a testamentary trust avoid probate?

By Asset Protection Planning, Estate Planning, Probate

No, a testamentary trust is usually created by a person’s will and has assets transferred to it during the probate process.  These assets are then distributed by the trustee according to the terms of the trust.  One advantage to a testamentary trust is that its administration would be carefully overseen by the courts.  However, this type of trust does not avoid the process of probate which can be costly in terms of time and money.  For advice on what kind of estate planning documents would best serve your individual needs, contact one of our experienced estate planning attorneys at (941) 906-1231.

April 1, 2016
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Rights of Immediate Family Members of a Decedent

By Asset Protection Planning, Elder Law, Estate Planning, Government Benefits, Probate

Florida law does not allow for a total disinheritance of a surviving spouse or surviving minor children.  These family members have the right to claim an “elective share” of assets which usually amounts to 30% of certain probate and non-probate assets.  Surviving spouses who are trying to decide between inheriting under the terms of a will or taking an elective share should consult an attorney to explore the implications of the two options.  Prenuptial agreements can impact the ability of a spouse to take the elective share.

If you have questions about the probate process, contact one of our probate attorneys at (941) 906-1231.

March 30, 2016
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What is a Children’s Trust?

By Asset Protection Planning, Estate Planning

A children’s trust or a standby trust for minors can be set up to help manage the inheritance of a beneficiary who is underage.  If a beneficiary is not 18 or another minimum age chosen by the benefactor, a children’s trust can be used to designate a trustee who will manage the minor’s assets until a certain age.  The trust creator can choose at what age the child receives part of all of the inheritance and under what circumstances and for what purposes the child will access to the funds in the trust.

If you need advice about planning for the young people in your life, contact one of our experienced estate planning attorneys at (941) 906-1231.

March 29, 2016
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