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.
Quick-Read Summary A Generation-Skipping Trust (GST) is an estate planning tool designed for high-net-worth families to transfer wealth to beneficiaries at least 37½ years younger than the grantor, typically grandchildren, bypassing the grantor’s children. This “skipping” of a generation helps to avoid estate taxes that may otherwise be incurred by the immediate next generation. While…
For Medicaid eligibility, there are a set number of activities that the program takes into consideration when determining whether to approve an applicants request for coverage. These are in addition to Medicaid means testing in which the program reviews assets and income to determine Medicaid eligibility. Activities of Daily Living (ADLs) for Medicaid Eligibility …
Medicaid Planning – 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…
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…
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….
Quick Read Summary (TLDR) Many estate assets like life insurance policies, IRAs, 401Ks, and bank accounts have designated beneficiaries organized into primary, secondary, and tertiary classes to create a clear succession plan. Naming an estate as a beneficiary is generally undesirable because it increases probate fees, reduces inherited wealth, and risks a judge making distribution…
For many, the warmer climate and a lack of state income tax make Florida an attractive location for people to take up residence for at least a part of the year. Many people from other US states as well as other countries make this decision every year. For these individuals and families, multijurisdictional 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…
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…
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…
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