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Elder law in Florida

How to Obtain “Uncollectible” Status if you Owe Back Taxes

By Tax Law

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.

August 22, 2017
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Probate Court Series: Can I Avoid Probate?

By Asset Protection Planning, Estate Planning, Probate

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.

August 18, 2017
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Probate Court Series: What is a Probate?

By Probate

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.

August 15, 2017
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Long term care planning series: Planning Before a Crisis

By Long-Term Care

The best long term care options are available through early planning. We care a great deal for our clients and try to help make transitions as seamless as possible for them. We recommend planning prior to these issues, so that when difficult issues arise things go as smoothly as possible. Typical estate planning involves the distribution of a person’s assets after they pass away. Here at Bach and Jacobs we have additional focus on end of life planning and encourage you to contact us to review your plans before crisis hits. However, we will also help you navigate emergency senior care issues as well. Because we want to help you plan for all of life’s possibilities and protect you and your investments, we include irrevocable trusts that are designed specifically for that purpose.

If you have further questions, contact our office at: 941- 906-1231 to schedule an appointment with one of our attorneys.

 

August 8, 2017
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Understanding the Parts of Medicare: Medicare Part D

By Medicare

Medicare part D provides outpatient prescription drug coverage. This part of Medicare is optional and is offered through private companies, which are certified by centers for Medicare/Medicaid services each year. If you want Medicare Part D coverage, you can either apply for a stand-alone plan or, if you have Medicare Part C coverage, you can get your Part D coverage through a Medicare Advantage Plan. Medicare.gov has an excellent program to assist you in choosing the best plan given your geographic location and your current prescriptions.

 

August 1, 2017
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What to Know About Having Witnesses Present at Your Will Signing

By Estate Planning

When you create a Will, you must obtain signatures from at least two witnesses at the time you sign it for it to be considered valid. The purpose of having two witnesses is so that, if the validity of your Will is ever challenged, they can both attest to your state of mind. These witnesses do not have to read your Will or even be aware of its contents, they just have to be able to certify that you were competent when you signed it. If you are working with an attorney, they should make you aware of this information and help explain the process of having a document witnessed. However, it is good to know some general information regarding rules for witnessing so that you feel more prepared when the time comes to make your Will official or update it.

If you would like to choose your own witnesses, be careful who you pick. Select individuals that are credible and will likely live longer than you, in case they are later asked to testify about the validity of your Will. If possible, avoid having beneficiaries of your Will also be witnesses, as this could be considered a conflict of interest. However, having a beneficiary or interested person witness the Will does not automatically invalidate the Will. If you would rather not choose witnesses, the attorney that you have been working with will likely have paralegals or legal assistants on-hand that can serve as credible witnesses. This eliminates the added stress of having to choose your own witnesses and bring them to the signing. At Bach & Jacobs, members of our team generally serve as witnesses during Will and trust signings.

Make sure you have the right number of witnesses, as every state requires that you have two individuals sign your Will in order for it to be legally binding. Additionally, these witnesses must sign your Will in front of you. Generally, your witnesses will sign the Will immediately after you do.

February 9, 2017
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Is a First-Party Supplemental Needs Trust right for you?

By Asset Protection Planning, Estate Planning, Government Benefits

A first-party supplemental needs trust is created to allow disabled persons to receive the benefit of their funds in a trust while still qualifying for and receiving government benefits. An alternative to this trust is a pooled trust. A pooled trust is created by a non-profit organization, and individual beneficiaries can create accounts within the trust.

By pooling the assets of disabled persons, the organization can manage one master trust and maximize the benefits for the beneficiaries. The non-profit can make more stable investments and provide more services than a normal supplemental needs trust.

Most people with special needs join a pooled trust when they do not have anyone to create a first-party supplemental needs trust for them. And just like a first-party supplemental needs trust, a pooled trust is used for people to qualify for and remain eligible to receive government benefits, such as Medicaid and SSI.

A couple advantages of a pooled trust are the low costs and the fact that the funds will be used to help others with disabilities.

If you have further questions on this topic, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

 

October 18, 2016
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Alert To New IRS Phone Scam

By Firm News, Tax Law

If you have recently received a computerized call or a call from a real person stating that you are being investigated for tax fraud and asking you to call a specific telephone number, chances are this was a scam call to try to trick you into providing a criminal with your personal information and ultimately trick you out of your money. This has been happening to numerous people across the country so please be on alert and do not give up your personal information over the telephone no matter how convincing the caller sounds.
There are some points you can consider to help you to identify whether an IRS caller is a fake. Remember that the IRS will NOT:

1. Call to demand immediate payment, nor call about taxes owed without first having mailed you a bill.
2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
4. Ask for credit or debit card numbers over the phone.
5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

Things you can do if you suspect you have been a victim of an IRS telephone scam:
Contact the IRS office at 1.800.829.1040.
Contact the Treasury Inspector General for Tax Administration (TIGTA) to report the call. Use their “IRS Impersonation Scam Reporting” web page or call 800-366-4484.
Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov.

Please share this information with friends and family to ensure that they are also on alert especially if they are elderly and particularly vulnerable to scams of this sort.

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 any questions.

September 1, 2016
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