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File and Suspend: Changes to Social Security May Affect Retirement Planning

By Elder Law, Government Benefits

In the fall of 2015, Congress voted down the Social Security strategies known as “file and suspend” and “restricted filing” which were collectively called “claim now, claim more later.” These practices allowed couples to increase their benefits by thousands of dollars. However, because of the Bipartisan Budget Act of 2015, spousal benefits could cost Americans millions of dollars.

 

File and Suspend

 File and suspend was a strategy utilized by married couples about to retire. One spouse would apply for Social Security upon retirement and then ask to suspend their benefits. The other spouse would then be eligible for a spousal benefit, which is half the normal benefit. While this process is happening, the spouse with suspended benefits would watch their Social Security benefit increase at 8% each year until the spouse turned 70.

However, now due to the changes enacted in Congress, spousal benefits may only be received when the spouse whose financial record is being used for the application is currently receiving their own benefit.

 

February 28, 2017
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Emergency and Disaster Planning for Seniors

By Health

Disaster preparedness is important for everyone, but especially for those who reside in Florida and experience the hurricane season. For seniors, it is imperative that they create plans with family members and know who to contact during times of emergency.

A good first step is to discuss the risks in the area where you reside. Depending on your location, it may be necessary to make multiple plans for different emergency situations.

Make arrangements with family, friends, and neighbors before an emergency. Make sure to exchange important keys, phone numbers, and addresses. Also, share copies of emergency documents, evacuation plans, and health information.

For families offering assistance to their elderly loved ones, show them where their emergency supplies are located. In addition to showing them, periodically check with them to see if they remember the location. Your supplies should include items like water, nonperishable food, important medications, extra glasses, hearing aids, and batteries. It is also a good idea to store documents and information on a flash drive to have access to digital copies.

See the attached form from the Federal Emergency Management Agency to fill out a family plan: https://www.ready.gov/sites/default/files/documents/files/Family_Emegency_Plan.pdf. The form includes spaces to fill out relevant phone numbers, insurance information, and social security information.

February 24, 2017
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How do I obtain a veteran’s identification card?

By Veterans Affairs

As of July 20, 2015, the federal Veterans Identification Card Act allows veterans to apply for a Department of Veterans Affairs identification card. This card differs from a Veteran Health Identification card or a retiree ID card in that it demonstrates proof of service for discounts at private businesses.

Although the VA is still in the process of implementing the law and creating the program, which should occur by 2017, there are still ways to obtain an identification card:

  • You can print a free veterans ID card through the VA/DoD portal eBenefits. To get a free eBenefits veteran account, go to https://www.ebenefits.va.gov/ebenefits/homepage.
  • In 49 states, with the exception being the state of Washington, your driver’s license or state ID card can demonstrate a veteran designation. This designation grants veterans many benefits. To learn more, you can contact your state’s department of motor vehicles or department of veterans affairs at http://www.va.gov/statedva.htm.
  • Veterans who are enrolled in VA health care can acquire a free Veterans Health Identification Card. Go to http://www.va.gov/HEALTHBENEFITS/vhic/index.asp to learn more.
February 21, 2017
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How to Prevent Property from Getting Lost and “Unclaimed”

By Asset Protection Planning, Estate Planning

In the last few blogs, we discussed the process of finding and claiming lost property. However, there are safeguards and steps to follow in order to prevent your property from getting lost.

Because property goes unclaimed due to the absence of communication between the financial institution and the owner of the account, you should contact the institutions each year and notify them of any changes to your address, financial matters, or marital status.

It is also imperative to maintain detailed and accurate financial records. These records should also include records of bank account numbers, types of accounts, insurance policies, and stock certificates.

After receiving checks such as for wages, dividends, and insurance settlements, make sure to cash them without delay. Also, if you have a safe deposit box, record its number, bank name, and provide the extra key to a person you trust.

Lastly, you should prepare a Last Will and Testament that sets up the distribution of your assets. To create or update these documents, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

February 17, 2017
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Claiming Lost Property in Florida

By Asset Protection Planning, Estate Planning

To claim lost property, go to your state’s unclaimed property administrator’s office. There you will find the proper instructions and forms. If you are a Florida resident, go to https://www.fltreasurehunt.org/.

The claim forms may require certain documentation such as a copy of current identification and proof that you are the owner of the account. The Florida Department of Financial Services may take up to 90 days to make a determination about the claim.

If you are a guardian or acting as an agent for someone under a durable power of attorney, you can complete a search on behalf of the individual for whom you advocate, if you are authorized to do so.  To claim the property as a guardian, you may be required to provide a copy of the documents appointing you as guardian or power of attorney to ensure you actually have the authority to do so.

And for executors of an estate or personal representatives, you should also search for any unclaimed property of the deceased individual. Unlike the process for guardians and agents, the search process may be more difficult for executors and personal representatives due to the documents that you must produce. However, Bach & Jacobs, P.A. represent and assist executors and personal representatives in the administration of estates, including ancillary administration, and can guide you through the process.

February 14, 2017
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How do I find unclaimed property?

By Asset Protection Planning, Estate Planning

Companies and financial institutions are required under law to returns the money from abandoned accounts to the state of the owner’s last address.

To find missing funds, you could begin your search at http://www.missingmoney.com/ which is endorsed by the National Association of Property Administrators. Some companies and institutions also assist you in finding your property for a percentage of the value they help recover.

However, some of these offers are not always legitimate. In Florida, the state’s unclaimed property administrator gives a free online search at to https://www.fltreasurehunt.org/. Contact our office at (941) 906-1231 meet with an attorney regarding the transfer of your deceased loved one’s assets and to ensure that your lost property search is conducted properly.

February 10, 2017
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What is unclaimed property?

By Asset Protection Planning, Estate Planning

Unclaimed properties are the assets in accounts that have remained inactive for more than a year. This unclaimed property includes assets in checking and savings accounts, stocks, dividends, trust distributions and more.

The financial institutions where these accounts are located are required under state law to return these accounts to the state’s unclaimed property administrator. In Florida, if the rightful owner never makes a claim for the assets being held by the administrator, then the unclaimed property goes into the State School Fund for public education. The process of claiming property is simple and at no cost.

Assisting in the search for unclaimed property is part of the services that Bach & Jacobs, P.A. provide to personal representatives, trustees, and families of those who have passed away. Bach & Jacobs is a full services probate and trust firm that can assist you in recovering any unclaimed assets titled in the name of your deceased loved one.

February 7, 2017
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New study reveals benefits of sniff test for Alzheimer’s

By Health

According to an NPR article titled “A Sniff Test for Alzheimer’s Checks For The Ability to Identify Odors,” it may become more common for doctors to utilize a sniff test to screen people for Alzheimer’s disease. The test assesses people’s ability to identify odors like chocolate and coffee.

At the Alzheimer’s Association International Conference in Toronto, a team of scientists presented their findings; the majority of 60- and 70-year-old  individuals in the group who performed poorly identifying the smells later went on to experience cognitive and memory problems.

This odor test, called the University of Pennsylvania Smell Identification Test, presents many benefits for the medical and Alzheimer’s communities. The article implies that although the tests are not perfect at predicting the disease, they are inexpensive and easy to use. Currently, most tests that are used to identify early stages of Alzheimer’s are reportedly much more expensive. Examples of these tests include PET scans and spinal taps.

Read the original article here: http://www.npr.org/sections/health-shots/2016/07/26/487391863/a-sniff-test-for-alzheimers-checks-for-the-ability-to-identify-odors.

February 3, 2017
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What are niche senior communities?

By Elder Law, Long-Term Care

For many retired seniors, finding a senior living community can be a challenging task. It can be tough to transition from living independently to moving into a community with frequent and close interaction with lots of other folks. However, a growing alternative to the traditional senior living community experience is the niche or “affinity” senior living community. These communities offer seniors the opportunity to live with other like-minded individuals who want to engage in similar activities.

Niche senior communities are particularly attractive to the Baby Boomer generation. They provide couples and individuals of certain religions, backgrounds, and groups a place to meet others like them and to connect with their interests.

Examples of these “niche” communities include those geared toward Indian-Americans, fitness enthusiasts, country music lovers, and more. By joining a niche senior community, you can continue to explore your interests into retirement and surround yourself with like-minded individuals with whom you already have a few things in common.

January 31, 2017
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Where do I find the Florida land conservation tax exemption form?

By Land Conservation Easements

If you are a Florida landowner who has a conservation easement on your property, the form to apply for a property tax exemption for the land protected by the easement is located at: http://dor.myflorida.com/dor/property/forms/current/dr418c.pdf.

The form must be completed by the property owner and returned to the applicable county property appraiser by March 1. Check with your county property appraiser to see if you are required to reapply each year.

January 24, 2017
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