Sawyer & Sawyer, Author at Sawyer & Sawyer

Jun 15

0

Estate Planning for College Students and Young Adults

By Sawyer & Sawyer | Estate Planning

People often assume that estate planning is something you don’t have to worry about until you’re at a stage of life where you have children to protect or are preparing for your final years. However, many of the critical components of an estate plan are just as essential for young adults as for older ones. Here are some important documents to consider as your children head off to college or embark on life as independent adults. Health Care Surrogate Designation Illness or injury can strike anyone regardless of age. If a young adult is unconscious or incapacitated, a health care surrogate designation would allow someone they trust to make health care decisions and authorize medical treatment on their behalf. Financial Power of Attorney While a health care surrogate designation allows an agent to make health care choices for someone who is incapacitated, a financial power of attorney enables an agent…

Jun 15

1

Do I Have to Spend All My Money on a Nursing Home Before I Can Qualify for Medicaid?

By Sawyer & Sawyer | Medicaid

Florida Medicaid can provide funding to help cover the costs of long-term care, but the requirements make it seem like you have to use up all the money you have on care costs before Medicaid will be willing to pay any of your nursing home costs. Many people do just that. But they don’t have to. There are strategies to preserve assets while still establishing eligibility for long-term care benefits through Florida Medicaid. Overview of Medicaid Nursing Home Requirements Sometimes referred to as the Statewide Medicaid Managed Care program, Florida Medicaid offers a number of different long-term care programs to assist with long-term care for seniors. The benefits and eligibility requirements vary according to the program and factors such as marital status. However, one general rule to qualify for Medicaid assistance is the need to demonstrate a low level of income and a very limited number of assets. If you…

Mar 15

1

What Are the Essential Documents for a Good Estate Plan?

By Sawyer & Sawyer | Estate Planning

A good estate plan should include six important documents. Many clients are surprised to realize that three of these important components involve medical issues rather than financial ones. If your plan is missing one of these elements, your loved ones may have to deal with added legal expenses and delays, or they may be unable to assist you in an emergency. When you have these essential documents up-to-date, you can rest easy knowing that you have taken the right steps to prepare for the future. A Trust Can Be the Key to Security One or more trusts often serve as the cornerstone of a thorough estate plan. There are different types of trusts used to accomplish different goals. For instance, you might use: A revocable living trust to avoid probate An irrevocable asset protection trust to become eligible for long-term care assistance through Florida Medicaid A charitable remainder trust to…

Oct 27

2

A Modest Social Security Increase for 2021

By Sawyer & Sawyer | Legal info

Social Security Gets Slight Boost The Social Security Administration has announced a 1.3 percent increase in benefits in 2021, an increase even smaller than last year’s. Cost-of-living increases are tied...

Oct 27

1

How to Fix a Required Minimum Distribution Mistake

By Sawyer & Sawyer | Estate Planning

IRS Rules For Your Retirement Accounts The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake,...

Sep 28

5

Medicare Open Enrollment Starts Oct 15

By Sawyer & Sawyer | Elder Care, Medicare

Is It Time to Change Plans? Medicare's Open Enrollment Period During Medicare's Open Enrollment Period, you can freely enroll in or switch plans, from October 15 to December 7. Now...

Jul 23

3

Will Medicare Cover a Coronavirus Vaccine?

By Sawyer & Sawyer | Elder Care, FAQ, Medicare

With the coronavirus pandemic responsible for more than a hundred thousand deaths and disrupting life across the United States, the only way for the country to return to normal is an effective vaccine. When a vaccine is available, Medicare will cover the cost. Medicare covers vaccines in a variety of ways, depending on the vaccine. It may be through Medicare Part B, Medicare Part D, or a Medicare Advantage plan if you are enrolled in one. Part B covers vaccines only for certain illnesses: flu, pneumonia, and Hepatitis B (if you are at medium or high risk). Medicare covers 100 percent of the cost of these vaccines if you go to an approved provider, and you do not have to pay a deductible or coinsurance. Medicare Advantage is also required to provide these vaccines at no additional costs. Part B also covers vaccines if you are exposed to a dangerous virus…

Jul 20

4

When Buying a Medigap Policy, It Really Pays to Shop Around

By Sawyer & Sawyer | Elder Care, Medicare

Medigap policies that supplement Medicare’s basic coverage can cost vastly different amounts, depending on the company selling the policy, according to a new study. The findings highlight the importance of shopping around before purchasing a policy. When you first become eligible for Medicare, you may purchase a Medigap policy from a private insurer to supplement Medicare’s coverage and plug some or virtually all of Medicare’s coverage gaps. You can currently choose one of eight Medigap plans that are identified by letters A, B, D, G, K, L, M, and N (If you were eligible for Medicare before January 1, 2020, but not enrolled, you may also be able to purchase Plans C and F, but those plans are no longer available to people who are newly eligible for Medicare). Each plan package offers a different menu of benefits, allowing purchasers to choose the combination that is right for them. While…

Jun 30

3

Is Your Child 18? Here Are Legal Documents Young Adult Children Should Have in Place

By Sawyer & Sawyer | Estate Planning, Legal info

We have a client whose child was in his first year of college. One day, the client received a call from the residence hall supervisor that their child was transported to the emergency room after a night of heavy drinking. Our client immediately called the hospital for an update. Unfortunately, the hospital legally could not provide any information about the child’s condition because the child was over the age of majority (18 years of age in Florida). Of course, this was frustrating for the client as they pay the child’s tuition, claimed the child as a dependent for tax purposes, and included the child on their medical plan. Our client quickly learned that as the natural parent, once the child turns 18 years old, the parent can’t make healthcare decisions or get personal information without certain legal documents in place. Legal planning documents are not the first thing most people…

Jun 18

7

Four Ways the Coronavirus Pandemic May Affect Long-Term Care Insurance

By Sawyer & Sawyer | Elder Care, Estate Planning

The coronavirus pandemic has had a devastating impact on the elderly, particularly those in nursing homes and other long-term care facilities. This has raised questions about how the virus has influenced the costs and provision of long-term care insurance, which covers care in facilities and sometimes at home as well. If you have a long-term care insurance policy, you may wonder how it is affected by the pandemic. If you don’t have a policy, you may wonder if the pandemic will make it more difficult to get one. An article by US News and World Report, examines issues with long-term care insurance that have arisen in the last few months, including the following: Qualifying for insurance. It is already more difficult to qualify for long-term care insurance the older you get. Because older individuals are at a higher risk for coronavirus, this can affect your long-term care application as well….