In March of 2016, Florida adopted a new law, entitled the “Florida Fiduciary Access to Digital Assets Act”. This law went into effect in July of 2016 and contains rules regarding the management and disbursement of digital assets by a fiduciary upon the death of an individual. This gives individuals the ability to specify what it is that they want to do with their digital assets, which simplifies the process of Estate Planning. The overarching goal of the “Florida Fiduciary Access to Digital Assets Act” is to give people the power to plan for the management of their digital assets if they die or become incapacitated. It accomplishes this goal by authorizing fiduciaries to either access, control, copy or delete an individual’s digital assets after their passing, according to the wishes set forth by said individual. The “Florida Fiduciary Access to Digital Assets Act” also gives the custodians of digital assets the authority to communicate and interact with the fiduciaries of their users without breaching any privacy expectations. Before this law was introduced, Florida did not have any legislation that specifically addressed the access of digital assets by a fiduciary upon an individual’s death or incapacity.
A digital asset is content owned by a person that is stored in digital form. Generally, digital assets relate to data or information that is stored on a device such as a smart phone or computer. Types of digital assets include, but are not limited to: photographs, presentations, spreadsheets, word documents, email, online banking, credit cards, or social media accounts. Digital assets are just as important as physical assets because they have financial and/or personal value to their owners. It is important to address the conveyance of your digital assets, which can be done in your Will. The attorneys at Bach & Jacobs specialize in Estate Planning and can help you develop a Durable Power of Attorney and a Will that not only address who will have access to your digital assets, but also clearly express your wishes for the transfer of your various assets when you pass away.
If you would like more information or have questions regarding asset protection or estate planning, please contact our office at: (941) 906-1231.
The term Estate Planning refers to the act of preparing for the transfer of a person’s wealth and assets after they pass away. Your “estate” consists of all of the property you owned at your time of death, including but not limited to: real estate, bank accounts, stocks, life insurance policies and personal property. Estate planning is essential because it prevents your assets from ending up with unintended beneficiaries, protects your family and can minimize the amount of taxes that need to be paid for your beneficiaries to receive your property. Additionally, Estate Planning establishes what kind of funeral arrangements that you want, states what kind of life-prolonging medical support you wish to receive if incapacitated and avoids the time as well as the costs associated with probate proceedings. Estate Planning is a way to ensure that your wishes for your assets are honored after you pass away, and can greatly reduce the amount of stress and uncertainty your loved ones will be faced with when you die. Grieving is difficult enough without having to handle a myriad of complex decisions, and Estate Planning can help your family minimize their stress in difficult times such as these.
The skilled attorneys at Bach & Jacobs are experienced in Estate Planning, so if you need assistance or have any questions, please contact our office at (941) -906-1231.
In her time as a Florida U.S. Representative, Congresswoman Gwen Graham introduced legislation to create a national registry that identifies individuals who have been convicted of elder abuse. Under this proposal, the Justice Department would develop a registry that individual states could use to create their own list of offenders. This list would be public and searchable, so that any person or company looking to hire a care-giver for an elderly individual would be able to see if any of their potential hires had committed elder abuse in the past. Supporters hope that if this registry were to be implemented, it could help to greatly reduce the instances of elder abuse by keeping individuals convicted of this crime from working with the elderly. Across the country and in Florida especially, elder abuse is a highly prevalent issue that cannot be ignored. The safety of our seniors’ matters; it is important to explore ways to end the cycle of elder abuse and to hold individuals who commit crimes against the elderly accountable for their actions.
Dementia is a disorder of the mental processes that is caused by brain disease or injury and is linked to memory problems, personality changes and impaired reasoning. Since individuals are living longer than they did in the past, our population of elderly people is increasing. This has created the belief in many that the rates of dementia would start to rise significantly. However, studies suggest that Dementia rates in the United States and around the world are decreasing. An observational study posted by the Jama Internal Medicine Network of more than 21,000 Americans age 65 or older found that dementia rates have fallen by 24% in the last 12 years. Other studies have also found that individuals who do get dementia are starting to get it at older ages. Though the exact reasons for this decline have not been determined as of yet, scientists and researchers across the nation have agreed that this is very positive news and are working to discover what factors could be causing this significant drop.
A concierge doctor is a primary care physician that you pay an annual fee or retainer in return for certain benefits. The number of doctors who practice “concierge medicine” is starting to rise in the United States. These doctors stray from the traditional healthcare system to provide medical services in a manner that is more personal and patient-oriented. Concierge doctors take on fewer patients so that they are able to focus more on an individual’s needs and on providing preventative healthcare, which helps to reduce the instances of medical issues or emergencies. A concierge doctor will talk to you personally by phone or email, give you same day or next day service, will get to know you well, coordinate with any specialists you may have, make house calls if you need them, and even meet you at the ER if you have a medical emergency. Having a concierge Doctor eliminates aggravations such as sitting in crowded waiting rooms for extended periods of time or dealing with a physician that is overburdened with patients and can’t give you the focus you deserve. A limiting factor for utilizing “concierge medicine” is the cost involved for the patient who participates, as the average retainer for a concierge doctor is $1200-$1500 per year. If you think a concierge doctor may be right for you, further research your options and consider the benefits of “concierge medicine”.
Alzheimer’s disease is a sadly prevalent illness that most commonly affects senior citizens. It destroys brain tissues and causes memory changes as well as erratic behavior and loss of body functions. Though Alzheimer’s can progress slowly and have limited symptomatic effects when first diagnosed, it is a terminal illness. Alzheimer’s is the sixth leading cause of death in the United States and is among the top 10 diseases in the nation that cannot be reversed or cured. The Alzheimer’s epidemic is greater than ever, as more than 5 million people in the U.S. have this disease. Additionally, deaths resulting from Alzheimer’s disease have increased by 68% between 2000 and 2010. As Alzheimer’s progresses, an individual loses their memory as well as their mental and physical function. It is the loss of these functions that ultimately leads to death. Although Alzheimer’s cannot be cured and is fatal, there are treatments available to delay its symptoms and improve the quality of life of Alzheimer’s patients.
Medicaid is a joint federal and state program that provides health coverage to millions of low-income individuals and their families across the nation. Medicaid is the single largest source of health coverage in the United States and, although Medicare is the primary medical coverage provider for the elderly, the Medicare and Medicaid programs work together to provide medical coverage to senior citizens. Florida Medicaid provides a broad level of health insurance that covers services including, but not limited to: doctor’s visits, hospital visits, home health care, hospice, nursing home services, dental services, vision services and prescription drugs. Both the state and the federal government share the cost of the Medicaid program. In Florida, Medicaid services are administered by the Agency for Health Care Administration. If you think that you may qualify for Medicaid, you can apply at: http://www.myflorida.com/accessflorida/ .
The skilled attorneys at Bach & Jacobs specialize in Medicaid Planning, so if you need assistance or have any questions, please contact our office at (941) -906-1231.
As a senior citizen, it can be difficult to pay normal living expenses each month. If you also have past-due taxes that you cannot afford, they become a constant worry and hindrance. However, there are ways to help resolve this issue. The IRS is able to designate your account as “Currently Not Collectible” (CNC) if you have a low-income. As long as you have CNC status, you do not have to pay your past-due income taxes for the periods described below, as applicable, but you will still be able to remain current in tax compliance. Once you obtain CNC status, it will be maintained for at least one year. However, if you are a retiree, it is very possible that your status will be labeled as “indefinite”, since it is likely that your income will remain constant. If you have an extremely low income, being granted CNC status could be as simple as calling the number on the IRS collection notice and asking an IRS collector to file form 53 (this form can only be filed by an IRS official). If you do this, you will not need to file an excessive amount of paperwork. However, you may have to complete IRS form 433-A. This form demonstrates that you don’t have a high enough surplus of income, after paying living expenses, to pay your taxes. If you aren’t sure whether or not you qualify for uncollectible status, the IRS website has articles that include the national standards for items such as food, clothing, transportation, housing and utility expenses.
If you need further assistance with any tax matters, our attorney Frederic C. Jacobs is Florida Board Certified in Tax Law and is happy to help. To contact our offices, please call: 941-906-1231.
Probate proceedings can be very time consuming, make assets inaccessible for months, and involve the filing of documents and information in court that you may want to keep private. There are also legal fees involved in a probate proceeding that may be minimized or eliminated by alternatives to transfer assets after death.
If you have further questions or would like to talk about options for transferring assets outside of probate, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.
