Hospice is end-of-life care in which health professionals give individuals’ medical and emotional support. Hospice can be provided in a patient’s home, hospice center, hospital, nursing home, or long-term care facility. An individual who is diagnosed with a terminal illness is eligible for hospice after a physician certifies that they may have a life expectancy of six months or less. Deciding when it’s time for a loved one to go into hospice is a complicated emotional issue and, because of this, families often wait until the final days of their loved one’s life to request this form of care. However, if you have a terminally ill family member that is eligible, requesting hospice earlier can bring them more comfort and make the end of life process less turbulent. Hospice care can allow your loved one to get the assistance that they need and experience as little pain as possible during this difficult process. If you’re having trouble deciding when hospice care should be implemented, remember this: when the goal of medical treatment starts to become keeping an individual comfortable rather than trying to cure their illness, it is definitely time to consider hospice.
A living trust is a legal entity that you create with rules and conditions that apply to any assets owned by the trust. This type of trust is in operation during the lifetime of the person who establishes it and can resemble a Will in that it expresses your wishes in regards to matters such as your assets, your dependents and your heirs after death. A living trust is different than a Will because a Will only becomes effective after you die and it has been entered into probate. Living trusts are popular because they allow individuals to bypass probate, which can be a costly and time-consuming process. With a living trust, you appoint a successor trustee to transfer assets to the beneficiaries. In some circumstances, this process can take only a few weeks, while probate has the potential to last for months. Additionally, individuals concerned with privacy generally prefer a living trust, as probate records are filed in the court records and available for public inspection.
If you have further inquiries regarding living trusts or other forms of Estate Planning documents, contact our office at: 941-906-1231 to schedule an appointment with an attorney.
A Qualified Personal Residence Trust (QPRT) is a lifetime transfer of a personal residence in exchange for rent-free use of said residence during the trust term. When that term comes to an end, the home passes to the intended beneficiary or beneficiaries. If you are still living at the end of the specified term, you have the option to have the home distributed amongst your loved ones or put into a trust for them. This is a popular estate planning method for individuals that want to give their vacation homes to family members when they pass away because it can reduce the gift or estate tax cost that comes with transferring a residence. Both residence and vacation homes can qualify as QPRTS and often more than one home can be protected.
If you think that a Qualified Personal Residence Trust may be the right choice for you, or need assistance with any Estate Planning matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
To ensure that your end-of-life wishes are carried out in a manner that comports with your wishes, it is important to understand the difference between a Living Will and a DNR (Do Not Resuscitate Order).
A DNR is a medical document that must be signed by both you and your physician in order to be considered valid and in effect. This document asserts that you do not want to be resuscitated if you die, and one can be obtained at your physician’s office. Additionally, a DNR tells the medical staff that is responsible for treating you, should your heart or lungs give out, not to perform CPR or implement a breathing tube. The original copy of this document must be visible to the EMTs to stop them from trying to resuscitate you. Most individuals that choose to have DNRs are those suffering from long-term illnesses or that are very old and want to maintain their dignity in death.
A Living Will is a legal document that details an individual’s end of life desires in regard to their medical treatment if they become incapacitated or unable to express informed consent. A Living Will is implemented so that you are still able to make important health care decisions, such as whether you want to be kept alive via life support, in the event that you are unable to communicate those wishes yourself.
A Living Will and a DNR serve different purposes and can ensure that your wishes are expressed in the most clear and concise manner possible. For help regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.
Today is World Alzheimer’s Day, and we want to raise awareness regarding this multifaceted disease. Alzheimer’s disease is a progressive and irreversible disorder in which a person’s brain cells deteriorate over time. Alzheimer’s usually occurs in individuals over 65, although younger-onset Alzheimer’s can appear in an individual as young as 30. Approximately 1 in 8 people that are 65 or older have Alzheimer’s disease. Alzheimer’s can cause memory loss, coordination issues, mood swings, disorientation, trouble focusing and a decline in reasoning skills. Alzheimer’s is ultimately a terminal illness, but it progresses at different rates in different individuals. This means that a person who is diagnosed with Alzheimer’s can live anywhere from several years to several decades. Although this condition cannot be cured, treatment can help alleviate its symptoms and slow its progression. If a loved one starts showing possible signs of Alzheimer’s, the best option is to take them to see a doctor immediately and get the condition treated. The best way to fight Alzheimer’s is to be aware of its signs and to realize quickly if a loved one is experiencing symptoms. The earlier Alzheimer’s is found, the easier it is to treat and the smaller the likelihood that it will progress rapidly.
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.
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.
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.
Probate is the legal process following someone’s death that involves the payment of the decedent’s debts and the transfer of assets to beneficiaries.
The process includes:
- Proving that the deceased’s Will is valid
- Locating and taking inventory of all property of the deceased
- Appraising the property once it is located
- Ensuring that all debts and taxes are paid
- Distributing the remaining property according to the will or as determined by the state if there is no Will.
If you have further questions, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.
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