Estate planning includes the creation of wills and trusts, management of cases through probate court, elder law, and Medicaid planning including the avoidance of the Medicaid Estate Recovery Program.
Life insurance plays a vital role in Florida estate planning. When properly structured, life insurance can provide liquidity for estate taxes, create wealth for future generations, and offer tax advantages. Understanding available strategies helps Florida residents make informed decisions about incorporating life insurance into their estate plans. 1. Irrevocable Life Insurance Trusts (ILITs) One of…
When planning an estate in Florida, the choice between a revocable and irrevocable trust represents a significant decision that affects asset control, tax implications, and beneficiary rights. Understanding the key differences between these trust types helps inform the best choice for individual circumstances. Revocable Trusts: Flexibility and Control Revocable trusts, also known as living trusts,…
For many Florida families, the family home represents not just a significant financial asset, but also a repository of memories and a legacy to pass on to future generations. However, when a loved one requires long-term care through Medicaid, concerns often arise about the potential loss of the home after the recipient’s death. Medicaid applicants…
Elder abuse is a serious issue that rightfully receives significant attention in Florida. However, there are instances where individuals may find themselves the victims of false elder abuse claims. Understanding how to defend against these spurious claims is crucial for protecting one’s reputation and legal standing. There are a number of steps and remedies that…
Trusts are valuable tools in estate planning that allow individuals to manage their assets, provide for their loved ones, legally avoid probate, and potentially reduce the burden of estate taxes. Two common types of trusts are revocable trusts and irrevocable trusts. It is important for asset owners to understand the differences between revocable vs. irrevocable…
Medicaid for seniors serves as a crucial medical and long-term care insurance program for residents of Florida with limited assets and income. In this FAQ guide, we’ll delve into the specifics of Medicaid eligibility for seniors in the State of Florida, covering various aspects from house ownership to income thresholds. 1. Which seniors are eligible…
To understand the difference, between revocable trusts and irrevocable trusts, it is improtant to first know what a trust is. Trusts are legal entities created to hold assets for the benefit of one or more beneficiaries. They are often used in estate planning to manage and protect assets, minimize taxes, and provide for loved ones….
People either take care of the elderly in their families or outsource the care to third parties. Either way, the costs associated with this care can be paid out of pocket, by long-term care insurance, Medicare or Florida Medicaid. Which source of payment a family uses depends on whether there is a long-term care policy…
Many Florida Medicaid recipients are faced with the complexities of selling a house while on Medicaid benefits. Often, a Medicaid recipient may need to sell a house because they do not have the money to pay for its upkeep, property taxes or other real estate-related costs. However, remaining financially eligible for Medicaid after receiving the…
Medicaid in Florida provides manifold benefits to those who are eligible. In many cases, such as with long-term care, it can be difficult to become eligible for Medicaid benefits if you have assets or income over a certain limit. Because these limits are low, many are not eligible. However, working with an elder law attorney…
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