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Asset Protection Planning

Does Medicaid Consider the Assets of My Unmarried Partner?

By Asset Protection Planning, Government Benefits, Medicaid Planning

For unmarried individuals applying for Medicaid who have not commingled their funds, the state will not count the assets and income of the individuals’ partners.

The state will treat each partner as single when determining their eligibility for Medicaid. It is important for unmarried couples to be aware of transfer rules, however. For married couples, they are free to transfer assets to one another, but for unmarried couples, they may be penalized for a transfer of assets with a period of ineligibility for benefits.

To find out more about becoming eligible to receive Medicaid benefits to cover long term care, contact Board Certified Elder Law Attorney Babette Bach, Esq. at (941) 906-1231.  Babette is experienced in giving Medicaid eligibility advice and navigating the process of applying for and receiving Medicaid benefits while protecting your assets to the highest degree possible.

 

 

September 9, 2016
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How can I pay someone’s medical expenses and still qualify for the medical expense gift tax exclusion?

By Asset Protection Planning, Government Benefits, Tax Law

To qualify for the medical expense gift tax exclusion, one has to give the payment directly to the medical provider. For example, one can make the payment out directly to the provider or they can give the check to a relative, as long as it is only payable to the provider. You should not “reimburse” the patient for an expense the patient already paid for or it will not be covered.

Attorney Fred Jacobs is Florida Board Certified in Tax Law.  Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.

August 23, 2016
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What expenses does the medical gift tax exclusion cover?

By Asset Protection Planning, Government Benefits, Tax Law

The Internal Revenue Code states that the medical expense gift tax exclusion applies to the transfer payments for “the diagnosis, cure, mitigation, treatment or prevention of disease, or for the purpose of affecting any structure or function of the body,” or “transportation primary for and essential to medical care.” For example, hospital bills, doctor’s visits, medication, and nursing home care are all expenses that qualify for the exclusion. Some long-term care services, health insurance payments, and travel to receive the care also qualify for the exemption.

Attorney Fred Jacobs is Florida Board Certified in Tax Law.  Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.

August 19, 2016
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Florida launches ABLE United Program

By Asset Protection Planning, Elder Law, Government Benefits, Medicaid Planning

Being one of the first ABLE (Achieving a Better Life Experience) savings plans in the country, Florida’s ABLE program now allows individuals with disabilities to maintain their eligibility for government benefits while owning more than $2,000 in assets.

As of July 13, 2016, Intuition ABLE Solutions has partnered with the Florida Prepaid College Board to launch the program. Qualifying individuals are required to hold their assets in ABLE accounts, which are modeled after college savings plans. The disabled individual acts as the owner and beneficiary of the account, and the growth of the account is tax-free. Up to $100,000 of the account is considered a non-countable resource. Funds may be withdrawn tax-free for qualifying expenses such as transportation, medical expenses, and housing.

However, there are several restrictions to the program. The individual applying for the program must have developed the disability by his/her 26th birthday. When the individual passes away, the state government must be paid back from any funds that remain in the account. Also, no more than $14,000 per year may be contributed to the account by the individual. The maximum limit of the account is $418,000.

If you have further questions on this topic or want to find out whether you or a loved one could benefit from an ABLE account, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

August 9, 2016
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Creditor Period in Florida

By Asset Protection Planning, Estate Planning, Probate

During a probate administration, a Notice to Creditors must be published and creditors must be given 90 days to submit claims against an estate.  If there are known creditors for an estate, they must be notified directly by the personal representative to avoid the creditor being granted an extension to file after the 90 day standard period.  If you are trying to avoid probate or need legal assistance during a probate or ancillary probate administration, contact one of our experienced probate attorneys at (941) 906-1231.

May 6, 2016
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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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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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