THE ROLE OF YOUR HEALTH CARE SURROGATE

♠ Posted by Marc J. Soss in florida estate planning,Florida Guardianship Attorney,health care planning,health care surrogate,incapacity planning,sarasota elderly,sarasota estate planning lawyer

The creation of a Health Care Surrogate is a vital part of every Florida estate plan. However, the individual appointed to serve in this capacity typically has no idea what the job may entail. The following is a brief synopsis of their expected responsibilities on your behalf: approving medical treatments, medications, diagnostic tests; requesting and approving the release of medical records; determining where medical treatment will be provided (hospital, rehab facility, nursing home, Hospice, etc.); obtaining a second medical opinion; handling insurance carriers and claims; and most importantly...

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TAX REPORTING OF YOUR QUALIFIED CHARITABLE DISTRIBUTION

♠ Posted by Marc J. Soss in 2017 federal gift tax exemption,charitable giving,IRA charitable gift,IRS Form 1099-R,qualified charitable distribution,required minimum distribution,tax deduction

The ability to transfer up to $100,000 each year from your IRA to charity tax-free, have it count as your Required Minimum Distribution (RMD) and have it not included in your adjusted gross income is now a permanent part of federal tax law. As a result it is important to understand how a Qualified Charitable Distribution should be reported to the IRS. The gift should be reported on IRS Form 1099-R, which you should receive from the IRA administrator. The gift should also be listed on line 15a of your Form 1040 as a gross distribution from your IRA. On line 15b, write $0 for the taxable amount...

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REASONS TO FUND YOUR REVOCABLE TRUST

♠ Posted by Marc J. Soss in avoid florida probate,estate plan,florida estate planning,florida probate attorney,Revocable Trust

You have created a Revocable Trust (aka Revocable Living Trust) as a part of your estate plan and wonder what do you need to do next? The first, and most important thing, that you need to do is ensure that it is properly funded by transferring or assigning ownership of your assets and real property to the Trust. The benefit of properly funding your Trust is that you will not lose any control over or enjoyment of the assets. While you are handling the funding process it is important to recognize why you are doing it: Avoidance of Probate Proceedings. The most common reason individuals create...

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ESTATE PLANNING IS NOT JUST FOR THE OLD AND WEALTHY

♠ Posted by Marc J. Soss in Connecticut Estate Planning,estate planning,Estate planning attorney,estate planning young adults,florida estate planning,rhode island estate plan

Is your child ready for college? While you may have purchased for them new clothing, linens, towels, etc. the question becomes whether they have executed an estate plan? Most families fail to recognize that once their child (young adult) reaches age 18 years they are considered an adult under most state laws and their parents can no longer make all financial and health care decisions for them or have access to their medical records. As a result, estate planning is not only for the old or the wealthy and every individual over age 18 should have, at a minimum, a Power of Attorney and Health Care...

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