Search Site
Menu

Securing Your Assets, Healthcare and Legacy in 2017

Securing Your Assets, Healthcare and Legacy in 2017

It’s your life and legacy. Help ensure your loved ones aren’t overtaxed and overburdened.

Control:

  • Your medical care if you become incapacitated
  • Distribution of your assets
  • Consequences to beneficiaries

Here are 5 tips to secure your assets, healthcare and Legacy in 2017:

1. Create or Update Your Estate Plan: avoiding unnecessary taxes, family arguments, and creditors

Wills

  • Allows property transfers
  • You select beneficiaries
  • Helps avoid disputes
  • Permits a parent to name a guardian
  • Can help protect heirs against creditors
  • Reduces burden on family

Irrevocable Trusts

  • Excludes assets from beneficiary’s control
  • Designates creator and beneficiary
  • Helps qualify for financial assistance
  • Can help save estate taxes
  • Can be modified and terminated

Revocable Trusts

  • Manages assets and distributes them at death
  • Can be revoked or amended
  • You do not give up control of your assets.
  • You can change the beneficiaries.
  • Helps avoid probate or guardianship

Special Needs Trusts

  1. Holds assets while exempting from programs like Medicaid, Supplemental Security Income and food assistance
  2. Can help individuals with a disability qualify for medical and long term care

2. Create Your Durable Power of Attorney and Advance Directives

  1. One or more persons granted powers within document to act on behalf of the principal.
  2. Cost effective, convenient legal, financial management and planning tool

DPOA authorizes agent to exercise:

  • Expanded gift powers
  • Expanded trust modification powers
  • Provide for rights of survivorship
  • Naming of beneficiaries
  • Waiver of benefits under joint and survivor annuity or retirement plan
  • Applying for public assistance

Designation of Healthcare Surrogate

  • Can make healthcare decisions for you if you are incapacitated

Living Will

  • Expresses your desire about life prolonging procedures if you are terminal or in vegetative state.

3. Review/Update Beneficiary Designations

  • Person(s) chosen by you to inherit your assets
  • Helps avoid Probate
  • Review because of marriage, divorce, birth, death, new business and other life changing events.

4. Consider New Laws

  • Will the new political administration:
  • Lower income taxes?
  • Lower business taxes?
  • Eliminate estate taxes?
  • Change eligibility requirements

5. Review Updated Social Security and Retirement Numbers

  • People born January 2, 1955 – January 1, 1956 will attain full retirement at age 66 and two months.
  • As your retirement age increases, benefits claimed prior to that age will be reduced.
  • If you delay your benefits until after full retirement age, you may be eligible for delayed retirement credits that would increase your monthly benefit.

If you would like to download or print this information as a helpful brochure, click here.

*The information is provided by the Academy of Florida Elder Law Attorneys.

Awards & Achievements
Reviews & Ratings
  • google
    5.0/5.0

    I've known Teresa for years. I've never understood the reason for lawyers. If everyone just kept their word and did what they were supposed to, then we would not need lawyers. But we all know that doesn't happen. So we'll need lawyers for a long long...

    Read more

    Bob Stone

  • lawyers
    5.0/5.0

    Rachel was absolutely the best! She was very professional and very compassionate with our case. She was very reliable and always returned our phone calls or emails promptly. She explained everything to us step by step. She went above and beyond he...

    Read more

    Client

  • lawyers
    5.0/5.0

    Everyone in the office is so pleasant and does everything they can to accommodate your schedule. I worked with Rachel. She was very good and patient when explaining anything that was unclear. I felt I was in good hands. Teresa Bowman was recommended...

    Read more

    Client

  • lawyers
    5.0/5.0

    I chose this attorney based on reviews in a neighborhood website. I needed her services to make sure my father’s will from another state, would be valid here in Florida. The attorney clarified what legal issues could be encountered and explained in...

    Read more

    Client

  • google
    5.0/5.0

    In trying to deal with the complicated process of applying for and obtaining Medicaid, Teresa and her staff were very professional. The initial consultation and then the entire process went smoothly. Every step of the way was explained to me. Each ti...

    Read more

    Steve Joselson

See all reviews
News
  • "The National Elder Law Foundation (NELF) – the only organization approved by the American Bar Association to offer certification in the area of elder law, has announced that Teresa K. Bowman, Esq., of Sarasota has successfully completed its examination leading to such certification."

  • "I am pleased to announce that I have joined the firm of McLin Burnsed, based in Leesburg and in The Villages Community, as an attorney of counsel. McLin Burnsed has maintained a presence in the Leesburg and Villages area for over 45 years and are expanding their practice to include Elder Law."

Contact us

Quick Contact Form