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Estate planning includes the creation of wills and trusts, elder law and Medicaid planning including the avoidance of the Medicaid Estate Recovery Program.

Reduce Inheritance Taxes with a Generation Skipping Trust

For families with a high net worth, inheritance and estate planning can be complex.  Although there is no inheritance tax or estate tax in the State of Florida, it is important to note that the estate of a deceased person could still owe federal inheritance taxes if the value of the estate exceeds the lifetime [...]

2022-01-16T16:18:37+00:00Elder Law, Estate Planning|

Medicaid Planning Facts

Florida Medicaid is the state and federal partnership that provides health coverage for selected categories of people, including the elderly, in Florida. Because having low income and virtually no assets is an eligibility requirement, one of the most complex areas of estate planning involves preparing someone with significant income and assets for eventual Medicaid eligibility.  [...]

2022-01-03T15:08:20+00:00Medicaid Planning|

Qualified Income Trusts (A Medicaid Solution for Florida Residents)

Long-term care for seniors delivered in a nursing home setting can be prohibitively expensive for most people. Still, some 70% of those over 65 are expected to need long-term care with 20% of seniors likely to require it for five or more years. Medicaid provides financial assistance to those requiring long-term care and qualified income [...]

Navigating Medicaid Means Testing

By most people’s standards, a nursing home can be very expensive. It is not unusual to pay anywhere between $5,000 and $10,000 a month to a facility for an individual (or double that cost for a couple). Medicaid means testing ensures that the people who have the greatest financial need for coverage receive Medicaid benefits. [...]

Beneficiaries 101: What to know about those who are designated to receive assets

Many estates include assets with beneficiaries already designated to them.  These include life insurance policies, investments accounts like IRAs and 401Ks and bank accounts.  Language naming beneficiaries in the contracts which govern these assets may supersede the language in a will.     In estate planning, it is important to understand the types of beneficiaries and how [...]

2021-09-29T21:01:13+00:00Estate Planning|

Non-Financial Aspects of Estate Planning

When you think of estate planning is the only thing that comes to mind how your money will be distributed after you pass?  If so, think again. An estate plan outlines how the legacy you leave behind should be allocated and cared for after you are no longer there to manage it.  While your financial [...]

2021-04-04T22:54:11+00:00Estate Planning|

7 Estate Planning Facts to Consider As You File For Divorce

Plans change during a divorce.  Inheritance, beneficiary and guardianship arrangements that seemed ideal a few years prior suddenly seem unthinkable when faced with an impending and contentious divorce with a soon-to-be ex-spouse.   If you are in this situation, there are many reasons to consult an experienced Florida estate planning attorney in addition to an expert [...]

2021-02-22T22:32:59+00:00Estate Planning|

Investing with an LLC

Previously we have written about using an LLC to invest in Real Estate.  However, there are many situations outside of real estate investing in which it makes sense to use the LLC business formation to make investments in company shares, bonds, ETFs and even non-traditional assets such as cryptocurrency.  Investing with an LLC can range [...]

Five reasons why you should hire an estate attorney

The probate phase is played out in court Probate is a necessary step in the process of executing a last will and testament.  Because of the various moving parts in this process and the fact that is tried in court, it is essential that you hire an experienced estate attorney to guide the process. Florida [...]

2020-12-20T23:51:00+00:00Estate Planning|

10 Important Terms in Estate Planning Vocabulary

If you are suffering the loss of a close loved one, in addition to the pain of loss, you may also need to navigate the nomenclature and processes associated with managing the affairs of the person who has passed away.  It is best not to attempt to go through this process alone.  It is highly [...]

2020-12-21T00:55:39+00:00Estate Planning|