♠ Posted by Marc J. Soss in elder law,estate plan,estate planning,florida estate planning,florida probate attorney,florida probate lawyer,Last Will and Testament,Revocable Trust,Sarasota attorney at Friday, October 09, 2015
Florida Estate planning does not
only involve the preparation of a Will, Trust, or Power of Attorney, but also
takes into consideration retirement issues. For the ordinary individual, both
the means-tested and non-means-tested government benefit programs (Security Security,
Medicare and Medicaid) are an important retirement consideration.
As a result, individuals
must consider whether they should dispose of their assets, prior to death,
through pre-need planning in order to qualify for means-tested government
programs (Medicaid – which may pay for the cost of long term nursing home care).
However, in order to qualify for these programs, the programs will consider the
transfers of assets in the 60 months prior to the benefits application, with
limited exceptions (irrevocable college saving plans, and the "two-year
caretaker rule”). Veteran benefits and health care may also be available for
eligible individuals and their surviving family.
In addition, a means-tested
government benefit recipient who receives an inheritance or is the beneficiary
of a life insurance policy, may have their government benefits terminate as a
result of the windfall. As a result, more sophisticated estate planning
techniques may be utilized to ensure the beneficiary does not lose their
eligibility for government benefits and can still receive the benefit of the
bequest.
