Category

Estate Planning

Jun 06
0

HIPAA Release

By | Estate Planning

When you’re receiving health care, you want to know that your PHI, or protected health information, is secure. Even so, there are times when you’ll want or need a HIPAA release. Whether you’re looking into estate planning or are dealing with a medical emergency, having a HIPAA authorization in place is vital. What Is HIPAA? The Health Insurance Portability and Accountability Act (HIPAA) of 1996 set up national standards for the protection of patients’ health information. In essence, this law keeps PHI from being disclosed without a patient’s knowledge or consent. This act even applies to close family members and partners. Violations can result in steep fines or even jail time, so healthcare providers tend to strictly adhere to this law. The act is a net positive for patients and keeps their protected health information safe and secure. With that said, there are provisions in place for PHI to be…

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Jun 06
0

Advance Directive & Living Will

By | Estate Planning

It is impossible to know if or when you will end up in a life-threatening medical condition, but you have the option to plan for such a dreadful event. By establishing an advance directive and living will, you can take some of the weight off of your loved ones and ensure that no one will have to guess your wishes regarding end-of-life care. Florida Advance Directives Florida law recognizes your right to make advance directives regarding your medical care in the event that you become incapacitated. You can dictate in a living will document what, if any, life-sustaining treatments or care you receive. You can also designate a healthcare surrogate to make those decisions on your behalf. Contemplating your options for such a distressing situation can be challenging and confusing. The experienced lawyers at Sawyer & Sawyer, P.A. can help you understand what type of decisions you might face if…

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Mar 15
1

What Are the Essential Documents for a Good Estate Plan?

By | 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…

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Jun 30
3

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

By | 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…

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Jun 18
7

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

By | 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….

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May 29
5

Yes, You Can Receive Unemployment and Social Security at the Same Time

By | Elder Care, Estate Planning

The COVID-19 pandemic has sent unemployment to its highest levels since the Great Depression, and older workers have been particularly hard hit, with one in five over age 55 now out of work, according to one estimate. Many people continue to work beyond retirement age, either by choice or out of necessity, at the same time that they receive Social Security benefits. Other older workers are now being forced to take their benefits early after losing their jobs (although doing so permanently reduces the amount beneficiaries can receive). If you are already receiving Social Security, are you also eligible for full unemployment benefits? Until recently, the answer was not necessarily. Many states reduced unemployment benefits of those receiving Social Security retirement benefits by up to 50 percent, something called the “Social Security offset.” But after AARP and the National Unemployment Law Project pushed to have these laws overturned, this is…

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May 21
5

Retirement Account Owners Do Not Have to Take Required Distributions in 2020 – Coronavirus Relief

By | Estate Planning

Retirement account owners, many of whose retirement balances have been pummeled by a stock market drop due to the coronavirus pandemic, do not have to take mandatory withdrawals this year. Federal law requires individuals who were age 70 1/2 before the end of 2019 to begin taking required minimum distributions (RMDs) from their retirement plan in April of the year after they turned 70. (Note that those who were younger than 70 ½ at the end of 2019 can wait until they turn 72 to take RMDs.) The amount of the distribution is based on the value of the account at the end of the previous year, but the funds you withdraw are treated as taxable income in the year you take the distribution. The coronavirus pandemic caused the stock market to tumble, depleting many retirement accounts. RMDs for this year would be based on the value of the account…

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May 04
6

Should Seniors Who Lose Their Job During the Coronavirus Pandemic Claim Social Security Benefits Early?

By | Elder Care, Estate Planning, Legal info

In the wake of the Coronavirus pandemic, unemployment is skyrocketing. Seniors who lose their jobs may be tempted to claim Social Security benefits early, but should they, given the resulting reduction in future benefits? The answer depends on your situation, but you may be able to claim and not sacrifice much in terms of future benefits. While you can claim Social Security benefits as early as age 62, the better financial decision is usually to wait to take benefits as long as you are able. If you take Social Security between age 62 and your full retirement age, your benefits will be permanently reduced to account for the longer period you will be paid. Individuals who file at age 62 this year will receive 72 percent of their full benefit. On the other hand, if you delay taking retirement beyond your full retirement age, depending on when you were born,…

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