Attorney Sean M. Byrne will be the guest speaker at the meeting of the Suncoast Chapter of the Paralegal Association of Florida, Inc. on the topic of land conservation law in Florida. The meeting will be held on April 14. Byrne will present an overview of the federal and state laws governing conservation easements and identify the various financial incentives available to landowners who choose to conserve their land. The presentation will also showcase some of the local success stories of conservation land transactions, including donations and purchases of conservation easements through Sarasota County’s Environmentally Sensitive Lands Protection Program. Byrne represented Sarasota County in the acquisition of conservation easements across privately owned working ranches in east Sarasota County. The presentation will give real estate lawyers options to provide landowner clients who are considering conservation as a part of their estate planning.
Question: I am interested in doing Medicaid planning for potential future long term care costs, but I don’t know for sure that I’ll even need skilled nursing care or long term care. Should I start the Medicaid planning process ahead of time or wait until I need the nursing home care to make the plans?
Answer: Because there is a look back period, there are risks to waiting until a crisis hits to plan for Medicaid. It is more advantageous to make an appointment with an elder law attorney to evaluate your situation, income, and assets at the outset of a gradual condition that may cause you to eventually need long term care. Babette Bach is a Florida Board Certified Elder Law Attorney and an expert in public benefits and asset protection planning. Call Bach & Jacobs today at (941) 906-1231 to make an appointment for a consultation with her.
Question: When is ancillary administration necessary for non-Florida residents who die owning real estate in Florida? What are the options for ancillary administration?
Answer: When a resident of another state dies owning real estate in Florida titled in the decedent’s name, probate proceeding must be commenced to validly transfer the property after the death. This is the case even if a personal representative has been appointed in the decedent’s home state. If the decedent left a will, any person may petition to admit the Foreign Will to Record in the Florida County where the property is located. The person petitioning for admission of the will should have “authenticated copies” (learn more about authenticated copies here). The probate court will appoint an ancillary personal representative who is qualified under the Florida Probate Code who will administer the ancillary probate for the Florida estate. There are other options available to certain ancillary estates that have values less than $50,000 called short form ancillary administration. There is also a proceeding called summary administration available to estates with property subject to Florida probate that are worth less than $75,000. If you are seeking to administer the Florida assets of a non-Florida resident decedent who has died, contact Bach & Jacobs, P.A. to learn which options are available to you under Florida Law.
Question: How much can I give away as a gift without having to pay gift taxes?
Answer: For gifts made in 2013 and 2014, the gift tax annual exclusion is $14,000. This means that anyone can gift up to $14,000 to another person in these years without using any of their lifetime exclusion for estate, generation skipping and gift taxes. Married couples can gift up to $28,000 to any person in 2013 and 2014.
You only have to begin paying gift taxes after you have transferred more than the lifetime exclusion amount, which is $5,340,000 for 2014. However, you will have to file a gift tax return on any gifts to a specific individual in excess of $14,000 ($28,000 for married couples), even if you do not actually owe any gift taxes.
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.
Aid and Attendance is a pension for Veterans and surviving spouses who require regular care attendance form another person to assist with the activities of daily life such as eating, bathing, dressing, medication allocation, blind, or need for assisted living or skilled nursing care.
Aid and Attendance benefits can assist paying for the costs of a caregiver in the home, assisted living and skilled nursing costs.
Aid and Attendance benefit for wartime Veterans for 2014 is as follows:
- Single Veteran = $1,758 a month
- Married Veteran = $2,085 a month
- Surviving Spouse of at Veteran = $1,130 a month
If you need legal advice for VA benefits, Medicare, Medicaid planning, estate planning, probate or trust administration, please contact our office at (941) 906-1231 for an initial consultation.
Question: How do I benefit from setting up a QIT or Qualified Income Trust for Florida Medicaid – and what is it?
Answer: A Qualified Income Trust is commonly called a QIT or a Miller Trust. It is necessary under Florida Medicaid law when the Medicaid applicant for skilled nursing home care or Medicaid diversion has gross monthly income of $2,163 or greater. (2014 figures).
When set up properly, this irrevocable trust enables a person to deposit income into a trust account each month. The money in the QIT account will not be counted as an asset for Medicaid or Long Term Care Benefits eligibility. However all monies deposited into the QIT can only be used to pay for the applicant’s medical expenses, care costs and spousal or other court ordered support. The goal of the QIT is to secure all of the income for medical necessities and spousal support and to provide a Medicaid lien on the account upon the passing of the applicant.
Only an attorney is licensed to draft an irrevocable QIT. Once established the trustee needs to be advised as to how to set up and correctly fund the account. If the QIT account is not correctly funded, the applicant will be either denied or disqualified from receiving Medicaid. These accounts are monitored by the Florida Department of Children and Families and the trustee must produce all bank statements, proof of gross income and receipts for all disbursements. Be careful to save all records.
Upon the death of the Medicaid applicant, Medicaid has a lien on all assets remaining in the QIT and the trustee is responsible to satisfy this lien and to provide documentation. This is another time that professional assistance is recommended.
For this reason, it is often recommended that board certified elder law attorney is consulted. It is also worth noting that this type of trust is irrevocable which means it cannot be cancelled and any funds remaining in the account at the time of your death are paid to the State up to the value of benefits paid out to you.
Please call us at (941) 906-1231 to schedule an appointment for assistance with Medicaid planning.
