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November 2019

Do You Have a Guardian Designation for Your Minor Children?

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Parents of minor children should frequently update their estate plans, particularly their guardian designation. It is one of the essential steps in making sure your children are taken care of in any “worst-case scenarios.” Naming a guardian directs who will take over as your minor child or children’s caregiver in the event of your death or incapacity. If you have any minor children, your estate plan is not complete until you have nominated a guardian. A guardian, when speaking in legal terms, is an adult named as responsible for a minor’s welfare, decision-making, and property/benefit management on their behalf until they...

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Medicaid Planning: How Qualified Income Trusts Help

elder law, elder law attorney, elder law planning, estate planning attorney, Florida elder law attorney, Medicaid planning, Florida Medicaid planning, Florida Medicaid planning attorney, Florida estate planning attorney

Qualified Income trusts are a legal method used to qualify for Medicaid coverage. Which provides essential services for many senior Americans as one of the coverages offered by Medicaid is nursing home or long term care. Individuals and families that face the need for long term care without the assistance of Medicaid coverage usually find the costs insurmountable and financially devastating. Yet, the eligibility requirements for Medicaid appear to limit benefits to those who are already impoverished. At this point, Qualified Income trusts can step in to help seniors and younger individuals putting Medicaid planning in place early. Qualified Income trusts...

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Simple Estate Planning for College Students

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If you are the parent of a college student, you probably have mixed emotions; parents of young adults often do. It’s a new and exciting stage for parents as their children start to branch out and learn to be adults. It’s also a time full of nervous anxiety. Parents are worried about their kids because they want them to be safe and healthy and happy while they pursue their dreams. When your child turns 18, they hit an official (and legal) transition from child to adult. This transition has a significant impact on parents. When a child becomes a legal adult,...

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The Laws Behind Medicaid and What You Need To Know

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The government-funded program called Medicaid helps “low-income citizens” in the U.S. In 2015, over 97 million Americans were covered in some way by the Medicaid program. The covered Americans include 33 million children, 6 million seniors, and 27 million adults. Medicaid is an integral part of the lives of many Americans – a piece essential for their health. Yet the laws surrounding and supporting Medicaid can be hard to understand. The Law & Medicaid Qualification (to qualify to apply for Medicaid coverage at least one of the following requirements must be met)*: Be a child under the age of 18...

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Medicaid Planning: How to Care for Your Aging Parents

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Providing the necessary care for aging parents is challenging, both financially and emotionally. Studies indicate that close to 50% of family caregivers spend over $5,000 each year. 30% say they spend over $10,000. If you have aging parents, are you ready to help? Do you know how to provide care for your aging parents? Providing Care for Aging Parents: Communicate Clearly: Speak with your parents openly. You will probably have to ask hard questions. Do they have a strategy in place to cover the costs of long-term care? They may need encouragement to seek the assistance of a Medicaid planning...

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Elder Law: How Alzheimer’s Impacts Retirement

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Have you taken the possibility of Alzheimer’s into consideration when planning for retirement? The risk that at least one spouse will develop Alzheimer’s is significant. The risk is one more reason to make careful financial planning and estate planning a top priority. The Alzheimer’s Association states that 13% of those 65 and over have Alzheimer’s. They further indicated that of those 85 and older, 43% have Alzheimer’s. Baby Boomers will only see an increase in the prevalence of the disease due to a longer life expectancy. Even in the early stages of Alzheimer’s and dementia, an individual’s financial skills may notably...

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Different Types of Special Needs Trusts

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Are you thinking about creating a special needs trust? If so, you may be confused. There are three main types of special needs trusts: the first-party trust, third-party trust, and pooled trust. The trust beneficiary is always the individual with special needs regardless of which type of trust being used. Special needs trusts are set up for individuals with special needs as a supplement to any benefits received from government programs. A special needs trust allows the individual with special needs to receive their government benefits, while also receiving funds allocated from the trust. The typical special needs trust creates a...

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Discussing Personal Service Contracts and Caregiver Income Taxes

Personal Services Contracts (also known as Family Medicaid Caregiver Agreement), are one of several potential Medicaid planning techniques regularly used to protect Medicaid applicants’ resources. Many have questions regarding the tax implications of this strategy. At Elder Solutions Law Firm, we do not employ any tax experts, and we do not provide income tax advice. We are not CPAs or tax attorneys. For detailed questions related to taxes, we recommend getting in touch with a tax specialist. But we can provide information on Personal Services Contracts and common issues you may experience. The Medicaid Family Caregiver Agreement: An Overview Florida law allows...

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What Do You Need for Your Medicaid Planning Consultation?

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The most crucial element of Medicaid Planning is timing, so if you are worried about not locating a document or a piece of information, do not delay your appointment. Time is of the essence. If you are preparing for your consultation with an elder law attorney, there are several items and pieces of information you should attempt to locate and bring along. What to Bring to Your Initial Medicaid Planning Consultation: *All information below applies to both the Medicaid applicant and the spouse. Again, to reiterate, if you cannot find any of the items listed, do not delay your appointment. Go...

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Common Florida Medicaid Planning Issues

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Do you already know Florida Medicaid requirements? If you said yes, please keep reading anyway. The Medicaid application and eligibility process is confusing. Even those who think they know the requirements often make costly Medicaid mistakes. These costly Medicaid mistakes are typically based on common misconceptions about how Medicaid determines eligibility for benefits. Common Misconceptions About Medicaid Eligibility Requirements: Misconception #1: You have to “spend down” all your assets to meet Florida Medicaid Requirements. Some assets do not count toward Florida Medicaid eligibility requirements. Assets that do count can often be restructured to convert them from “countable assets” to assets that...

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