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Florida Elder Law Numbers for 2012

Medicaid Spousal Impoverishment Figures for 2012 The new minimum community spouse resource allowance (CSRA) is $22,728, and the new maximum CSRA is $113,640. The new maximum monthly maintenance needs allowance is $2,841. The minimum monthly maintenance needs allowance remains $1,838.75...

Where the 65 Year Old's Live

There are now more Americans age 65 and older than at any other time in U.S. history. According to a new Census Bureau report, there were 40.3 million people age 65 and older on April 1, 2010, up 5.3 percent from 35 million in 2010 (and just 3.1 million in 1900). The 65-and-older population jumped...

Caring for an Elderly Relative in Sarasota, Florida

Caring for an elderly relative isn't just costly and time-consuming but could even be harmful to your own health. Some companies and nonprofits are rolling out free and low-cost professional help for family caregivers. The bottom line is that "families need help keeping their loved one safe...

Florida Guardianship Checklist

FLORIDA GUARDIANSHIP CHECKLIST CHECKLIST AND RESPONSIBILITIES FOR FLORIDA GUARDIAN'S 1. Visit the ward - While this may seem obvious, it is important that they know you and their family are their for them. 2. Secure an attorney - Every Florida guardian needs an attorney. Find one who is willing...

PTSD Ruling Returns Benefits to Thousands of Vets

The Defense Department issued a memo mandating that service members diagnosed with PTSD receive a 50% rating when they retire. A 50% rating guarantees lifetime TRICARE medical coverage and tax-free retirement payments. While the ruling has helped hundreds of veterans over the past four years, more than...

Sarasota Florida Ranked as Best Place to Retire

Sarasota Florida came out on top of a list of best places to retire that was produced by a national website, with Venice Florida not too far behind. The list by TopRetirements.com was cited in a recent national report by MarketWatch, part of Dow Jones & Co. In Sarasota's favor at the No. 1...

A Recent Study on How to Outsmart Social Security

A savvy Sarasota or Bradenton Florida retiree can maximize their Social Security benefits by choosing to begin payments at just the right time. Eligible Sarasota and Bradenton residents who turn 62 this year must wait until age 66 to begin receiving full payments. But they can receive smaller payments...

Another State Repeals Its Inheritance Tax

Indiana Governor Mitch Daniels officially signed legislation to repeal the states inheritance tax . The relief is retroactive to January 1 and increases amounts exempt from the levy for 2012 deaths. Currently there are still 22 states plus the District of Columbia that impose estate and/or inheritance...

Florida Homestead Protection Available to Non-Citizens

The recent Florida 3rd DCA case of Estate of Favio Jose Grisolia Sanchez v. Pfeffer [ enhanced version available to lexis.com subscribers ] has found that " Florida Homestead Protection " from estate creditor claims is available to individuals who are in the United States on a temporary visa...

Personal Representative Liable for Unpaid Federal Income Taxes

The recent Pennsylvania District Court case of U.S. v. David A. Tyler and Louis J. Ruch [ enhanced version available to lexis.com subscribers ] is designed reminds estate executors ( Florida Personal Representatives ) that if they fail to do their job right, they can incur personal liability for the...

Can Your Florida Trust Document Limit a Settlement

Chapter 736 of the Florida Statutes provides for a trustee and beneficiary or the Florida courts to modify a trust agreement (i) if it is in the best interests of the beneficiary, (ii) to accomplish a grantor's intent, or (iii) for other appropriate purposes. This typically involves a settlement...

New York Obtains Jurisdiction over Non-U.S. Jurisdiction/Cook Island Trustee

Southpac is a trust company that operates in several Non-U.S. jurisdictions, including the Cook Islands and Nevis (both have aggressive asset protection laws that seek to attract international asset protection trusts). Most individuals seeking non-U.S. asset protection utilize a trust company that has...

New IRS Regulations For Estates and Trusts

The IRS has issued final regulations ( T.D. 9582 ) requiring that a provision in a trust, will, or local law that specifically indicates the source out of which amounts are to be paid, permanently set aside, or used for a charitable purpose must have an independent economic effect aside from income tax...

Discretionary Trust Deemed Available Medicaid Asset

In April 2012, an Ohio Court of Appeals has affirmed [ enhanced version available to lexis.com subscribers ] the state's denial of Medicaid benefits to a deceased nursing home resident's estate , concluding that the resident's irrevocable discretionary trust was an available asset for purposes...

Thirty-Three Social Security Planning Tips

Social security can be a confusing government benefit. The following is a brief list of tips to make it more beneficial to you. 1. If you are already collecting your retirement benefit and are at or over full retirement age, you can tell Social Security you want to suspend further benefits and then...

Dont Count on an Inheritance as Half of Americans Die Broke

If you want the best retirement outcome possible, get rich. If that fails, consider getting married, staying married-and doing your best to die before your spouse does. That last is not entirely serious, but the general take-away is that being married pays off in retirement. For example, remember...

Hope You Were Not Counting on an Inheritance

The increase in lifespan of members of older generation and medical expenses are depleting the amount of money that the greatest generation has to bequest to their heirs. While some future heirs are well aware that the amount of inheritance that they are likely to receive has decreased, less than half...

Naming a Trustee Is a Key Florida Estate Planning Decision

Every Sarasota and Manatee County Florida resident leaving property and assets to their heirs at death, via a trust, must consider who will run the trust after they have passed away. The chosen fiduciary will be responsible for managing the assets the trust owns and making distributions to your loved...

Deducting the Cost of Life in a Retirement Community

Many Sarasota and Manatee County Florida residents in our aging population are transitioning from home ownership to living in a "continuing care retirement community" ("CCRC"). To enter a Sarasota or Manatee County Florida CCRC , an individual will pay a one-time entry fee and then...

Your Social Security Is Not Safe from Unpaid Student Loan Debts

Thousands of retirees are learning today that defaulting on student-debt can threaten something that used to be untouchable: their Social Security benefits . The federal government is withholding money from a rapidly growing number of Social Security recipients who have fallen behind on federal student...

When Bad Florida Estate Planning Ruins Your Asset Protection Planning

According to the 1 st District Court of Appeals ruling in Morey 2004 v. Everbank , and Air Craun, Inc, 37 Fla. L. Weekly D1739 [ enhanced version available to lexis.com subscribers ], simple estate planning mistakes can defeat years of asset protection planning . In Morey 2004 , both the trial court...

Florida Prenuptial Agreement Ruling Brings Specificity

The recent Florida appellate court ruling in Heiny v. Heiny, 38 Fla.L.Weekly D200g (2nd DCA 1/25/13) [ enhanced version available to lexis.com subscribers ] provides guidance in the area of drafting of prenuptial and postnuptial agreements. The DCA, in over-turning the lower court, found the agreements...