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Bach and Jacobs PA

Babette B. Bach, Esq. to Speak on Medicare Changes for 2013 Post-Election

By Firm News, Medicare

 Babette Bach will be the keynote speaker for a seminar on November 14, 2012 at Kobernick House in Sarasota, Florida regarding potential Medicare changes in 2013.  Topics will include potential Medicare changes now that the election is over, what is already in place despite the election and what could change after the election based on the outcome of the election.

Ms. Bach is looking forward to speaking to the community on such an important topic.

If you need legal advice for estate planning, Medicare, Medicaid planning, or VA planning, please contact our office at (941) 906-1231 for an initial consultation.

November 12, 2012
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Babette B. Bach, Esq. to Speak for Suncoast Paralegal Association

By Firm News, Medicaid Planning, Medicare, Veterans Affairs

 Babette Bach will be the keynote speaker for a seminar on November 12, 2012 at Marina Jacks in Sarasota, Florida for our local Suncoast Paralegal Association.  Topics will include Medicare and Medicaid benefits, along with Veterans Benefits and Estate Planning.

Ms. Bach is looking forward to speaking to the members of the association on such important topics.  She appreciates the invite to lecture to paralegals from all fields of the law.

If you need legal advice for estate planning, Medicare, Medicaid planning, or VA planning, please contact our office at (941) 906-1231 for an initial consultation.

November 6, 2012
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Landmark Decision for Medicare Recipients Increasing Medicare Coverage for Home Care and Skilled Nursing Rehabilitation

By Elder Law, Government Benefits, Long-Term Care, Medicare

Historically well informed Elder Law advocates have challenged the denial of Medicare coverage for a full 100 days in skilled care after a three night hospital stay under the premise that this common practice is not consistent with federal law.  Finally this denial of coverage may end thanks to a landmark class action settlement.

            Those receiving rehabilitation in skilled care or Medicare home care have historically been told that coverage will end when the patient is no longer showing signs of improvement.  However, neither Medicare law nor any Medicare regulations require the patient show a likelihood of improvement.  But this became “the” accepted practice due to provisions of the Medicare manual and guidelines use by Medicare contractors which suggested that coverage should be denied or terminated when a patient reaches a plateau or is not improving or is stable.

            This settlement should result in increased Medicare coverage for rehabilitation in skilled care and home care if the services are needed to “maintain the patient’s current condition or prevent or slow further deterioration.”

            Under a proposed settlement expected to be approved by a Federal Judge this week,  Federal officials will rewrite the Medicare manual to make it clear that Medicare coverage of nursing and therapy services does not turn on the presence or absence of an individual’s potential for improvement but is based on the patient’s need for care.

            While this may increase the Medicare budget it is an honest reflection of what the law is currently.  Is it an honest correction of a misapplication of regulations interpreting the law.

Many beneficiaries may now be able to continue Medicare home care and thereby avoid skilled care.  In these cases, Medicare costs may actually be reduced by keeping the patient at home.  Many more patients should be able to receive the full 100 days of skilled nursing services, so long as the care is required to maintain the patient’s current condition.

If you need legal advice for estate planning, Medicaid planning & Medicare, or VA planning, please contact our office at (941) 906-1231 for an initial consultation.

October 26, 2012
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Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans

By Tax Law, Veterans Affairs

The VOW to Hire Heroes Act of 2011 made changes to the Work Opportunity Tax Credit (WOTC). The Act added two new categories to the existing qualified veteran targeted group and made the WOTC available to certain tax-exempt employers as a credit against the employer’s share of social security tax. The Act allows employers to claim the WOTC for veterans certified as qualified veterans and who begin work before January 1, 2013.

The credit can be as high as $9,600 per qualified veteran for for-profit employers or up to $6,240 for qualified tax-exempt organizations, but the amount of the credit will also depend on a number of factors, including the length of the veteran’s unemployment before hire, the number of hours the veteran works, and the veteran’s first-year wages. The amount of the credit for qualified tax-exempt organizations may not exceed the organization’s employer social security tax for the period for which the credit is claimed.

For more information on your tax return and tax filing deadlines, visit www.irs.gov.  Please contact our office at (941) 906-1231 for an initial consultation if you need legal advice.

October 17, 2012
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How to Protect your Records this Hurricane Season

By Tax Law

With the early start of this year’s hurricane season, the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.

Create a Backup Set of Records Electronically

Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set.

Keeping a backup set of records –– including, for example, bank statements, tax returns, insurance policies, etc. –– is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Even if the original records are provided only on paper, they can be scanned into an electronic format. With documents in electronic form, taxpayers can download them to a backup storage device, like an external hard drive, or burn them to a CD or DVD.

Document Valuables

Another step a taxpayer can take to prepare for disaster is to photograph or videotape the contents of his or her home, especially items of higher value. The IRS has a disaster loss workbook, Publication 584, which can help taxpayers compile a room-by-room list of belongings.

A photographic record can help an individual prove the market value of items for insurance and casualty loss claims. Photos should be stored with a friend or family member who lives outside the area.
Update Emergency Plans

Emergency plans should be reviewed annually. Personal and business situations change over time as do preparedness needs. When employers hire new employees or when a company or organization changes functions, plans should be updated accordingly and employees should be informed of the changes.

IRS Ready to Help

If disaster strikes, an affected taxpayer can call 1-866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues.   Back copies of previously-filed tax returns and all attachments, including Forms W-2, can be requested by filing Form 4506, Request for Copy of Tax Return.

For more information on your tax return and tax filing deadlines, visit www.irs.gov.  Please contact our office for an initial consultation if you need legal advice at (941) 906-1231.

October 11, 2012
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Should I Hire A Tax Attorney?

By Tax Law

An experienced tax attorney can help with a variety of tax and business issues. In addition to the obvious need of legal help when facing IRS collections, a tax lawyer can also help companies structure themselves to the best tax advantage allowing for the minimum taxes required to be filed.

However the most urgent time to hire an experienced IRS tax lawyer is when a taxpayer or business is facing a large delinquent tax problem or a dispute over the amount of taxes owed.

Other than professional and technical benefits, working with a skilled tax attorney can offer the troubled taxpayer some peace of mind. An experienced tax lawyer will know the steps to take to halt IRS collections efforts during negotiation of the tax liability and may even reduce the amount owed to the IRS. It can be a big relief to know steps have been taken to bring the tax debt problems back under control.

For more information on your tax return and tax filing deadlines, visit www.irs.gov.  Please contact our office for an initial consultation if you need legal advice at (941) 906-1231.

October 3, 2012
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Reverse Mortgage-Consumer Financial Protection Bureau seeks Stronger Disclosures

By Elder Law, Estate Planning, Real Estate

The Consumer Financial Protection Bureau is planning stronger disclosure requirements for reverse mortgages as more evidence emerges that senior citizens are using the product without fully understanding its main features and risks.

As part of a Dodd-Frank Act requirement, the agency was set to release a study showing  that signs reverse mortgages are not being used as intended, with increasingly younger borrowers taking out larger pots of money rather than gradual income streams to help finance their later years.

The bureau, which is required to study the reverse mortgage sector and identify potential consumer protection concerns, found that 73% of borrowers last year accessed nearly all or almost all of their home equity available in the reverse mortgage — an increase of 30 percentage points since 2008 — leaving few funds available later in life.

Nearly half of borrowers were younger than 70, and taking out a loan at the earliest eligibility (typically age 62) has become more common. The study found the biggest players in selling reverse mortgages currently are nonbanks, and the sector is “increasingly dominated by small originators.” The two largest providers, Wells Fargo and Bank of America, left the market last year and MetLife left it in April.

“It can be hard to tell a reverse mortgage is better than downsizing, refinancing or using a traditional home equity loan,” CFPB Director Richard Cordray said. “Even when a homeowner makes a careful decision to take out a reverse mortgage, it can be a challenge to select the right product and determine the appropriate amount to borrow initially.”

Consumers need to better understand reverse mortgage loans.  Additionally, consumers need to understand that this is an expensive product which is only recommended as a last resort.

If you need legal advice for reviewing a reverse mortgage, Medicaid planning, VA planning, tax planning, estate planning or trust and probate administration please contact our office for an initial consultation at (941) 906-1231.

September 27, 2012
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The Taxpayer Advocate Service –Your Voice at the IRS

By Tax Law

The Taxpayer Advocate Service (TAS) is an independent organization within the IRS. They help taxpayers who are experiencing economic harm, taxpayers who are seeking help in resolving problems with the IRS and those who believe an IRS system or procedure is not working as it should. Here are ten things every taxpayer should know about TAS:

  • This service is free and tailored to meet your needs.
  • You may be eligible for TAS help if you have tried to resolve your tax problem through normal IRS channels and have gotten nowhere, or you believe an IRS procedure just isn’t working as it should.
  • The worst thing you can do is nothing at all!
  • TAS helps taxpayers whose problems in dealing with the IRS are causing financial difficulty or significant cost, including the cost of professional representation.  This includes businesses as well as individuals.
  • The Taxpayer Advocate Service is your voice at the IRS.
  • If you qualify for help, they’ll do everything they can to get your problem resolved.  You will be assigned to one advocate who will be with you at every turn.
  • They have at least one local taxpayer advocate office in every state, the District of Columbia, and Puerto Rico.  You can call your local advocate, whose number is in your phone book and in Pub. 1546, Taxpayer Advocate Service — Your Voice at the IRS.  You can also call their toll-free number at 1-877-777-4778.
  • As a taxpayer, you have rights that the IRS must abide by in its dealings with you.  The tax toolkit at www.taxtoolkit.irs.gov can help you understand these rights.
  • TAS also handles large-scale or systemic problems that affect many taxpayers.  If you know of one of these broad issues, please report it to TAS through the Systemic Advocacy Management System.
  • You can get updates on hot tax topics by visiting the TAS YouTube channel at www.youtube.com/tasnta and the TAS Facebook Page.

 

For more information on your tax return and tax filing deadlines, visit www.irs.gov.  Please contact our office for an initial consultation if you need legal advice at (941) 906-1231.

September 26, 2012
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People with Medicare Beware- COBRA is Not Coverage as a “Current” Employee

By Medicare

There is an increase in the number of Medicare beneficiaries who are delaying beyond age 65 to enroll in Medicare Part B.   They are thinking that because they pay for and receive health coverage under COBRA that they do not need to enroll in Medicare Part B.  This is incorrect and comes with heavy penalties.

The beneficiary who does not enroll during the initial enrollment period at their 65th birthday must wait to enroll in the next general enrollment period (January-March) and the coverage does not begin until July 1st of that year.  Further, there is a 10% late penalty assessed to the standard monthly premium for every 12 months of delayed enrollment in Part B.  This penalty has no durational limit, so it continues for the lifetime of the Medicaid beneficiary.

Beneficiaries may, however, qualify for a Special Enrollment Period to enroll in Plan D if the drug coverage they had under COBRA is considered creditable coverage.  The individual will have to pay a penalty if there is a continuous period of 63 days or longer after the individual’s initial enrollment period.

If you need legal advice for probate and trust administration, tax advice, estate planning, Medicaid planning, or VA planning, please contact our office for an initial consultation at (941) 906-1231.

September 13, 2012
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Long-Term Care Expenses Can Be Tax Deductible

By Long-Term Care, Tax Law

Long-term care expenses quickly add up, but it is good to know that many long-term care expenses can be deducted from your taxes. Under the tax code, expenses for medical care may be claimed as an itemized deduction if they exceed 10 percent of adjusted gross income. The definition of medical expenses includes the cost of long-term care if a doctor has determined you are chronically ill. “Chronically ill” means you need help with activities like eating, going to the bathroom, bathing, and dressing, or you require substantial supervision due to a severe cognitive impairment.

For more information on your tax return, visit www.irs.gov.  Please contact our office for an initial consultation if you need legal advice at (941) 906-1231.

September 12, 2012
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