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florida asset protection attorney Tag

It’s Not Too Late to Implement an Elder Law Strategy

We've all heard the old saying, "Better late than never." We've also all seen life prove this particular old saying right – over and over. It's no less true when it comes to elder law planning. If you've been putting off your elder law planning because you fear it may be too late – don't waste another day. Planning late is better than never planning at all, but there's no time like the present. Be proactive. People who do no elder law planning at all often suffer severe financial consequences as a result. Putting elder law strategies in place today...

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Estate Planning: Strategies for Beneficiaries

When creating an estate plan, a lot of thought is given to who should be named an executor and who should fulfill the duties of the trustee. Equal care is usually given to choosing back up agents in the event the first is not able or not available when the time comes to fulfill their duties. Yet many don’t recognize the need to implement strategies for beneficiaries. When creating your estate plan, do not designate beneficiaries lightly. Create a list of your beneficiaries. Take time to consider if you have listed everyone you wish to include. Consider any specific options you...

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Planning Techniques to Help Gain Medicaid Eligibility

For older Americans seeking assistance with the costs of long-term care through Medicaid, income and assets must fit within the established guidelines. One of the most basic of the Medicaid guidelines is that you must spend down your assets before qualifying for state or federal assistance. Strict Medicaid rules are in place to prevent people from getting around the rules. However, numerous strategies are used to circumvent the rules. 5 Common Strategies Used to Qualify for Medicaid Without Spending Down Assets:   Irrevocable Trust: An irrevocable trust allows loves ones to receive the financial benefits of your assets. In the simplest...

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How to Seek Adult Guardianship

Do you have questions about adult guardianship? Are you unsure what it means to seek guardianship or how to start the legal process of naming a guardian? Adult guardianship is a legal procedure in which the court determines that an individual is incapable of making decisions due to a disability or that the individual requires protection. In some cases of adult guardianship, the individual is too confused or forgetful to make decisions about medical treatment or obtain appropriate food and shelter. This situation would be referred to as “disability.” If the court finds someone to be unable to make decisions...

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The Duties of a SNT Trustee

Are you considering taking on the duties and responsibilities of a trustee of a special needs trust? If so, you probably have questions about exactly what those duties and responsibilities are and what it means to be a SNT trustee. While there are many potential duties, these five responsibilities will constitute the majority of what a SNT trustee will need to manage. Duties of a Special Needs Trust Trustee: Make Distributions from the Trust: The trustee is legally required to abide by the terms of the trust when making distributions. Before the SNT trustee can make a distribution, they must...

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Make Your Own Decisions with an Estate Plan

Do you know what an estate plan is and why you are supposed to have one in place? Do you know the purpose? There is more to an estate plan than simply drafting a will or a trust. It’s more than just ensuring that your assets are transferred seamlessly to your heirs upon your death. The purpose of an estate plan is simple but profound: to allow you to make your own decisions. Don’t waste any more time – put the pieces in place today to keep the decision making power in your own hands: Will/Trust Durable Power of Attorney Beneficiary...

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5 Key Elements of the Estate Plan

A well drafted estate plan will cover five main elements: will, trust, power of attorney, beneficiary designation, and health care or medical directive. Will: A will is a legally binding document that specifies who is to receive property and assets after your death. The will names the executor of the estate who will be responsible for carrying out the directions. The document will also appoint a guardian to care for any minor children or dependents if necessary. Trust: When creating a trust, a trustee is designated and legally give the power to hold title to the property on behalf of the trust's...

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The Pros and Cons of Medicaid Planning

An experienced Florida Medicaid planning attorney helps their clients structure their assets and financial resources and prepare documentation to create a scenario in which they are most likely to be accepted into the Medicaid program. Medicaid planning attorneys use a variety of tools and strategies, including trusts, asset transfers, converting countable assets into exempt assets to improve eligibility while preserving resources. In some cases, Medicaid planners also protect their client’s family home from Medicaid recovery and manage to manipulate finances to ensure that a healthy spouse has an appropriate income to continue to live independently while their partner is receiving...

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Elder Law: Protection and Preservation of Assets

Did you know that long term care costs are the biggest threat to seniors’ financial security? Whether long term care is provided in the home or through an adult family home or other facilities like a nursing home or assisted living facility, long term care is expensive. It doesn’t take long for the costs of long term care to deplete a family’s finances when the costs associated with quality long term care often exceed $100,000 per year. If an individual or family is unable to cover the costs of long term care through private insurance or their own personal or family...

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The Duties of an Adult Guardian or Conservator

Are you a guardian or a conservator? Or both? The court appoints both guardians and conservators in situations where an individual has been determined to be incapacitated (mentally or physically) or when a minor requires an adult to manage property on their behalf. In this situation, the individual is generally referred to as a ward of the court. The duties associated with being a guardian and a conservator sometimes overlap, and in some cases, the same individual will be appointed to fulfill both roles. But guardians and conservators are not the same. Guardian: Responsible for a ward's personal care. Conservator: Oversees...

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