Blog Feed: Florida Asset Protection and Estate Planning Blog

Steven Covey, in his best seller "The Seven Habits of Highly Effective People," maintains that to be highly effective you must take time to "sharpen the saw." > read more

Wills and Trusts Online Documents Wins ABA eLawyering Award

Published on 2012-04-23 07:00:31

A Lexington, Kentucky, based law firm, Hargrove Madden, has been named the recipient of the 2012 American Bar Association eLawyering Award, given annually to recognize innovative delivery of personal legal services. Special attention is given by the ABA to firms that serve both moderate income individuals and the middle class.Roger Madden, a founding partner who holds an advanced tax degree, added: “Everyone can benefit from a Last Will and Testament, a Living Trust, as well as medical and fin [..] > read more

If I Am In a Nursing Home, Is It Too Late to Give Away My Assets and Qualify for Medicaid to Nursing Home Costs?

Published on 2012-04-01 13:53:42

In Florida, if you are already in a nursing home, it may be too late to "give away" your assets and still qualify for Medicaid benefits for nursing home care, but that doesn't mean that you can't protect most of your assets and still qualify for Medicaid benefits to pay for the cost of the nursing home care. With the assistance of an elder law attorney experienced in Medicaid planning and nursing home care planning, you can protect substantial assets from nursing home costs that can exceed $80,0 [..] > read more

Why Do I Need Help Obtaining Medicaid Coverage for Nursing Home Costs?

Published on 2012-03-31 12:07:29

Getting Medicaid benefits to pay for nursing home costs may be something that is easy and straightforward for some. For others, those who want to protect assets from nursing home costs, the Medicaid planning process > read more

How Much Income Can I Make and Still Qualify for Medicaid?

Published on 2012-03-28 05:04:31

In Florida, which is an "income cap" state, eligibility for Medicaid benefits is barred if the nursing home resident's gross income from all sources exceeds $2,094 a month (for 2012). However, if the excess income above this amount is paid into a "(d)(4)(" qualified income trust" ("QIT"), or "Miller" trust, any person in Florida, regardless of income level, can qualify for Medicaid benefits to pay for nursing home costs.A QIT is a trust that is designed to allow the individual whose income is ab [..] > read more

Must I give away all my assets to keep them from being taken to cover the costs of my spouse's nursing home care?

Published on 2012-03-25 10:43:33

If your spouse is required to enter a skilled nursing facility it is not necessary for you to "give away" all of your assets to protect your assets from the cost of your spouse's nursing home care.Assuming that you and your spouse do not have adequate assets, or long term care insurance, to pay for your spouse's long term care needs in a skilled nursing facility, you will want to apply for and obtain Medicaid benefits to pay for your spouse's nursing home care. There are two financial critieria [..] > read more

How can I avoid being impoverished by the high cost of nursing home care?

Published on 2012-03-22 06:54:19

Nursing home care in a skilled nursing home in Northeast Florida now averages about $85,000 per year. If you, or a family member or other loved one, needs skilled nursing home care, there are only three ways to pay for the cost of the nursing home care. The first is to use your own assets to pay for nursing home care, assuming you have sufficient assets. The second is to use long term care insurance, which is becoming increasingly difficult, and expensive, to obtain, as more insurance companies [..] > read more

Is it a good idea to list my TRUST as beneficiary for my 401k plan?

Published on 2012-02-29 07:23:15

There is a difference of opinion among estate planning professionals regarding designating a revocable living trust as a beneficiary of a 401(k) plan or other retirement plan (such as an IRA).Some of the differing opinions derive out of misconceptions involving the Internal Revenue Code and the income tax. Prior to 2003 there was much concern with regard to naming a trust as the beneficiary of a retirment plan. The concern was that it would be necessary to immediately distribute the retirement p [..] > read more

Academy Awards Nominee "The Descendants" Really About Estate Planning

Published on 2012-02-24 14:41:51

If you can get past the swooning over George Clooney, this year's five time Oscar nominee "The Descendants" is really about estate planning. In the movie plot, Clooney's character's ancestors left valuable Hawaian real estate in a trust, of which Clooney's character is a beneficiary and the trustee of the trust. The trust is about to end, and George Clooney's character, King, as the trustee, must decide whether to sell the land to a developer make him and his cousins all very wealthy, or keep [..] > read more

How a Qualified Income Trust Can Help You Qualify for Medicaid to Pay for Nursing Home Care

Published on 2012-02-06 17:07:54

Florida is an "Income Cap State" with regard to eligibility for Medicaid benefits to pay for nursing home care. That means that if the nursing home resident's income exceeds the "income cap", he or she will not be able to qualify for Medicaid benefits to pay for their nursing home care, unless a "Qualified Income Trust" is implemented. [A "qualified income trust" is often referred to as a "QIT", a "QIT Trust", or a "Miller Trust".]How much income can I make and still qualify for Medicaid?For 20 [..] > read more

Proper Long Term Care Planning Helps Ensure Best Care

Published on 2012-01-25 07:03:24

There is no question that long term care for the elderly is expensive. Similarly, there is no question that as the population ages, the cost of long term care will continue to increase if for no reason other than the basic economic propositon that increased demand pushes prices higher when the supply doesn't increase proportionally. With boomers turning 65 at the rate of 10,000 a day there is practically no way for supply to keep up with demand. It's also true that everyone doesn't have the fin [..] > read more

Why You Should Not Create a Special Needs Trust

Published on 2012-01-19 10:46:23

Let's say you have a child with "special needs," or a sister, brother, mother or other family member. You have not created a special needs trust as part of your own estate plan. Why not? We know why not. We have heard pretty much all the explanations and excuses. Here are a few, and some thoughts we would like you to consider: I don't have enough money to need a special needs trust. Really? You don't have $2,000? Because that's all you have to leave to your child outside a special needs trust to [..] > read more

Happy Holidays! Merry Christmas! Happy Hanukkah!

Published on 2011-12-23 05:54:35

To all of our friends, clients, vendors and readers, we wish each and everyone of you a very happy holiday season, filled with good spirit and family gatherings. May your New Year be your happiest, and most prosperous, ever.But, should that holiday party or family gathering turn out to be a little stressful, here's some good counsel on how to avoid committing a crime against family from Gina Simmons of Forbes.com: Holidays: An Occasion for Crimes of the Heart Gina Simmons, Contributor I [..] > read more

Veterans Pension Benefits - Aid and Attendance - Housebound Aid

Published on 2011-12-14 05:49:16

For about the last year I have been an Accredited Attorney with the Veterans Administration, Department of Veterans Affairs. Over that period of time I have been exploring all of the nuances of Veterans Benefits and the situations in which Veterans Benefits can be of most value to my clients and prospective clients. During that period of time we also have successfully represented several clients through the process of applying for and being awarded Veterans pension benefits and Aid and Attendan [..] > read more

Medical Emergencies During the Holidays - The Need for Advance Directives

Published on 2011-12-04 09:43:29

It's the holiday season. No one wants to talk about estate planning, advance directives, life prolonging procedures, or dying. It's supposed to be the festive part of the year. But, people do die during the holidays. They also have strokes, heart attacks, aneurisms, and other health failures. Accidents occur daily. Some of them fatal.The story told by Carolyn Rosenblatt, in "Don't Pull the Plug! A Family's Battle with the Hospital," is reflective of what can happen if consideration of end [..] > read more

Honoring Veterans 11-11-11

Published on 2011-11-11 09:21:54

Today is Veterans Day 2011. Our sincere thanks and gratitude to the many in America who have served our great country, and our heartfelt desire that the politicians running our country can have the backbone and resolve to keep it great.More than 41 million Americans have served in the US military since 1775. Approximately 23 million of them are alive today, and more than 17 million living veterans served during a period of conflict. There are approximately 7.391 million veterans of the Vietna [..] > read more

Aging Boomers Ignorantly Blissful About Long Term Care

Published on 2011-11-03 10:53:45

Ignorance is bliss! The baby boomers, turning 65 at the rate of 10,000 per day, seem to be fooling themselves into believing they won't need long term care during their lifetime. In a recent study conducted by Genworth Financial (the 2011 Financial Reality Check Study), one of the larger providers of long term care insurance, less than 33% of the respondents believe it is only somewhat likely that they will need long term care. Only 7% think it is "extremely likely" they will need long term c [..] > read more

Why You Should Periodically Review Your Estate Planning

Published on 2011-11-02 06:51:44

Diamonds are forever! Estate planning is not!The travails of the James Brown (Godfather of Soul) estate show just how bad things can get when estate planning documents are not updated when there are changed circumstances. Brown didn't update his estate planning after a late in life marriage, nor after his last child was born. The result is five years of probate litigation - and still counting! For a detailed analysis, take a look at this Forbes article: Court Battles and Debt Leave James Bro [..] > read more

Nursing Home Costs Now $87,000 Annually

Published on 2011-10-26 06:14:10

MetLIfe has just released its annual survey of long term care costs. Not surprisingly, those costs are rising faster than inflation with the national average cost of a skilled nursing home facility at $87,000. The cost of an assisted living facility rose from $3,293 to $3,477 monthly, or $42,000 annually. For those needing dementia care, the costs are even higher - an average of $92,000 annually for a skilled nursing facility, and $55,000 a year for an assisted living facility. The full MetLi [..] > read more

Ridiculous Lawsuits of the Month

Published on 2011-06-29 11:05:35

This month's Ridiculous Lawsuits of the month, as provided by the US Chamber Institute for Legal Reform offers more reasons to be concerned with asset protection. 1 - Unemployed Graduate Sues Law School over Lack of Job Offers& > read more

Estate Planning is a Women's Issue

Published on 2011-06-14 06:09:25

As Deborah Jacobs has so eloquently stated in her Forbes.com article, Estate Planning for Women (and the Men Who Love Them), estate planning is, or at least should be, an issue for all women, young or old, rich or not so rich, married or un > read more

Nine Things Women Should Know About Estate Planning

Published on 2011-06-10 05:52:24

A recent article at Forbes.com, Estate Planning for Women (and the Men Who Love Them)", is a very informative, and perhaps even provocative article. I encourage all of my readers, clients, colleagues and financial advisors to take the time to read th > read more

Small Business Owners at High Risk for Employment Violations

Published on 2011-06-09 09:58:42

An article in today's Open Forum, by American Express, provides an analysis, and warning, for small business and family business owners about the potential liability pitfalls there are with regard to employees, and the regulation of employment r > read more

"Exceptional" Estate and Gift Tax Planning Opportunity for 2011 and 2012

Published on 2011-06-07 06:24:00

Last night was a very interesting evening. As the guest of my good friend Dennis Rosa, a wealth manager at Morgan Stanley Smith Barney, I attended Morgan Stanley's annual gift to the Northeast Florida community of bringing Andy Friedman to town. > read more

Sometimes, Guardianship or Conservatorship Is The Only Way To Get The Keys From Parents

Published on 2011-05-31 06:35:17

A recent article at Forbes.com is a reminder to all of us who have aging parents that eventually our parents shouldn't be driving anymore. Taking the keys from Mom and Dad is never an easy thing to do, but is often necessary. The story fr > read more

New Survey Show 57% of All Adults Don't Have Wills or Trusts

Published on 2011-05-23 17:12:00

A survey recently conducted by the website Rocket Lawyer reveals that 57% of all adults in the US do not have either a will or a trust in place. That's actually a better result than most surveys previously conducted which show as much as 70% of > read more

Many Military Veterans Entitled to Pension Benefits, But Are Not Aware of the Existence of the Entitlement

Published on 2011-05-21 12:42:00

As we celebrate Armed Forces Day today in Jacksonville, and as Memorial Day approaches, and we prepare to honor those who have sacrificed their lives for our country, we need also to honor those who served and are now elderly or disabled, and on a fi > read more

Steps to Avoid Power of Attorney Abuse

Published on 2011-05-15 20:10:00

An article in Saturday's Wall Street Journal, "Power Grab," reminds us that one of the most useful estate planning tools is the durable power of attorney. However, without some guidance - and some controls - a durable power of attorney can > read more

Excellent Information for Seniors - New Times, New Challenges

Published on 2011-05-11 15:47:00

A recent book release is one that should be of interest to all seniors and their advisors. It discusses the challenges we face as we grow older. The authors employ an engaging and often humorous tone, in New Times, New Chal > read more

Personal Service Contracts Not Directly Impacted By New Medicaid Legislation

Published on 2011-05-08 16:52:00

The Florida legislature passed a fairly massive overhaul of the Medicaid law in Florida last Friday just before adjourning this year's legislative session. The Florida Senate President called it "a momentous moment and the most comprehensive re > read more

The Everchanging Tax Laws

Published on 2011-05-02 09:14:00

As everyone is generally aware, Congress and state legislatures are in session and passing new laws. Unfortunately, many of them are laws dealing with increasing taxes, directly or indirectly. In other words, the statutes governing taxes > read more

May 1 Deadline Approaches for Florida Business Owners

Published on 2011-04-24 15:04:00

The May 1 deadline for filing the Annual Report for legal entities formed in the State of Florida is approaching. Whether you own or operate a corporation incorporated in Florida, a limited liability company organized under Florida law, or a ge > read more

One Reason Good Lawyers Seek to Avoid Litigation for Clients

Published on 2011-04-16 09:37:00

Unhappy family members are almost always quick to sue other family members regarding the "fairness" of a deceased parent's distribution plan. Whether it's trust litigation or probate disputes, the emotions of the heirs who feel they have been " > read more

When Should You Start Social Security?

Published on 2011-04-09 19:35:00

Many, if not most, of my clients are retired, or are planning to retire within the forseeable future. One of the most important decisions that is required for the vast majority of Americans is when to start taking their Social Security payments > read more

Another Reason to Avoid Probate

Published on 2011-04-05 07:09:00

A recent appellate court decision from Florida’s Fifth District Court of Appeal provides yet another reason for one to plan for the disposition of their estate in such a manner that probate can be avoided. The case is Bernadette Lauritsen, as Perso > read more

Blog Named One of Top 25 Estate Planning Blogs

Published on 2011-04-01 12:47:00

Thanks to all of my readers who took the time to vote on the best estate planning blogs. Lexis-Nexis just released the results and we are included in the Top 25 Estate Planning Blogs. You will note the new logo that is now included i > read more

Florida Legislature Proposes Action Against Families Seeking Medicaid Benefits

Published on 2011-03-28 10:13:00

Both chambers of the Florida Legislature are considering legislation that would make it more difficult for Florida families to secure Medicaid benefits for long-term nursing care for their elder members. Florida Senate Bill 1356, and its companion H > read more

More Ridiculous Lawsuits

Published on 2011-03-21 09:55:00

This month's U.S. Chamber Institute for Legal Reform "Most Ridiculous Lawsuit of the Month Poll" offers more reasons for engaging in asset protection planning and ensuring that your assets are protected.This month's first reidiculous lawsuit involves > read more

Disposition of Bodily Remains Can Be Controlled Through Proper Estate Planning

Published on 2011-03-17 13:29:00

A story in Jacksonville's Florida Times-Union today - in which I was quoted by the reporter - highlights yet another good reason to engage in meaningful estate planning. The article (click here) describes how in different cases, famil > read more

The Importance of Advance Directives

Published on 2011-03-15 08:59:00

My wife is undergoing some surgery tomorrow morning. The surgery prompted us to review her advance directives to ensure they were current and in good form. While her advance directives (Living Will, Designation of Health Care Surrogate, H > read more

AARP Sues Federal Government over Reverse Mortgages

Published on 2011-03-14 14:26:00

The AARP has sued the U.S. Department of Housing and Urban Development, the federal agency that regulates reverse mortgages. The AARP lawsuit claims that the U.S. governement's actions have caused many elderly homeowners to lose their homes to > read more

Importance of Choosing the Right Executor (Personal Representative)

Published on 2011-03-07 06:58:00

A New York Times article a couple of days ago provides a reminder of how important it is to carefully choose the fiduciaries who will be responsible for administering your estate plan in the event of your incapacity and at your death. "Cho > read more

When Mom or Dad, or Both, Need Assisted Living

Published on 2011-02-23 09:07:00

When adult children find their elderly parents need more supervision and assistance, it's often difficult to discuss those needs among members of the family - and even more difficult to make informed, non-emotional, decisions. This is especiall > read more

Avoiding Probate - Perils and Pitfalls

Published on 2011-02-10 05:17:00

Today's New York Times has an excellent article on the issues faced by people seeking to avoid probate. The article explains some of the problems that can be properly dealt with when one engages in comprehensive estate planning. > read more

Trial and Heirs: Famous Fortune Fights

Published on 2011-01-28 10:48:00

Can we learn anything about estate planning from Jimi Hendrix, Princess Di, and Sonny Bono? Yes! Written by a husband-and-wife attorney team, Trial and Heirs offer a fascinating look at celebrity cases to illustrate important estate pl > read more

Many Americans Understand Importance of Long-Term Care Planning - But Don't Act On It

Published on 2011-01-18 10:46:00

A recent study by Lincoln Financial provides some interesting data that reflects a general understanding by American consumers of the value of long term care insurance, and long-term care planning, but less than half of the people surveyed took any p > read more

Why Parents of Young Children Need Proper Estate Planning!

Published on 2011-01-17 07:23:00

Typically, the couples that we work with in the estate planning environment are in their 50s, 60s, 70s and 80s. Often, when working with families to achieve their estate planning objectives, it becomes apparent that their adult children, who ha > read more

Turning 65 This Year? - Timely Filing for Medicare Saves Money for Retirement

Published on 2011-01-10 07:41:00

There are more than 200,000 Floridians turning 65 in 2011! More than 2.77 million turning 65 throughout the U.S. That's 7,596 people who will be eligible to apply for Medicare benefits every day in 2011. Applying for Medicare benefi > read more

Hiring a Family Member to Care for an Aging Parent

Published on 2011-01-03 06:39:00

As the New Year evolves, one of the critical questions that many families will face in 2011 is how to provide care for an aging parent, and who will provide that care. The choices are myriad, but are often driven purely by financial considerati > read more

Happy New Year 2011 - The Year for Planning

Published on 2011-01-01 10:22:00

Happy New Year to all. 2011 promises to be interesting, perhaps provacative, and increasingly uncertain politically, economically, and security wise. During this period of New Year's resolutions, I encourage everyone to consider reviewing > read more

What's In the Senate Tax Bill

Published on 2010-12-15 11:08:00

Earlier this week we discussed the provisions of the proposed tax legislation that the Senate is in the process of passing and sending to the House of Representatives. Throughout last week and the weekend, there was much discussion by and surro > read more

Estate Tax Planning Gets Simpler (Probably!)

Published on 2010-12-12 15:27:00

Estate tax planning appears to be getting simpler, at least for the next two years. Notwithstanding the liberal house Democratic caucus' vote to prevent the proposed compromise tax bill from getting on the House floor for a vote, the support for the > read more

Estate Tax Relief in Proposed Extension of Bush Tax Cuts

Published on 2010-12-08 06:14:00

The compromise reached between the White House and the Republicans to extend all of the Bush Tax Cuts for two years , also contains signficant estate tax legislation. The proposal, if adopted, would increase the estate tax exemption to $5 milli > read more

What Should We Do With The Estate Tax?

Published on 2010-09-20 05:36:00

There is a very comprehensive section of today's Wall Street Journal covering the current state of the estate tax, or "death tax". A must read for those contemplating estate planning. Estate Tax Planning ArticleCopyright 2010 - The Coleman Law Fir > read more

Online Marketing

Blog Feed: Florida Asset Protection and Estate Planning Blog

Home > Blog Directory > Newest Posts > Blog Feed: Florida Asset Protection and Estate Planning Blog