ESTATE PLANNING, WILLS AND TRUSTS:
Estate Planning is the process in which we look at the assets we have, how we want to manage them during our life, who we would like to receive these assets upon our death, who can make our decisions for us regarding any financial decisions, and who will make our health and medical decisions … when we cannot do it for ourselves. This is the planning we do for our families and ourselves when we are living. The estate planning tools that can assist with these decisions include Wills, Trusts, Durable Power of Attorney, Designation of Health Care Surrogate, Living Will, Organ Donor and other advance directives.
ADMINISTRATION OF ESTATES – PROBATE:
A Probate Estate administration proceeding is initiated when someone has passed away and there is a need to administer their assets, ensure that their last wishes for burial are carried out, and the assets are distributed to the proper persons. A Will admitted to the Probate Court will direct the Court to follow that person’s last wishes. If someone has passed away and does not have a valid Will, then Florida law will determine who will inherit a person’s estate by operation of the relevant laws of the State. If you have questions about the administration of an estate or the probate process, please contact me.
GUARDIANSHIP:
Guardianship is a court monitored system which considers the form of assistance that least interferes with the legal capacity of a person to act in her or his own behalf. For Minors and Adults, the law allows a guardianship estate to be created to assist individuals who have unique needs and differing abilities or who may have become permanently or partially incapacitated. An example is an older adult who may need assistance from another for caring for his or her personal needs because they are of the age and physical infirmity that makes it difficult for them to help themselves. Other instances in which a guardianship may be required is when a person is not capable to safely guard themselves or their property from abuse, exploitation or fraud.
LONG-TERM CARE & MEDICAID PLANNING:
Medicaid is a federal/state partnership welfare program to provide medical care to the elderly, blind and disabled. One of the criteria to qualify for nursing home Medicaid benefits is medical necessity. Many clients do not retain an attorney to apply for Medicaid. They retain an Elder Law Attorney to become Medicaid eligible, either immediately or for some time in the future. At the outset, the attorney should determine whether the circumstances dictate whether a plan can be formulated or needed. A client may not be Medicaid eligible and the attorney can acquaint the client or family members with the drawbacks of applying for Medicaid. Some of the Medicaid Planning Goals we provide for our clients are:
- Provide for long-term care needs of client;
- Preserve assets for the benefit of the well spouse and other dependents;
- Reduce fear of being left impoverished by accepting Medicaid;
- Use all sources for care in order to meet care needs of the client;
- Be fully informed of his or her financial requirements;
- Inform client of Medicaid’s limitations as to the provision of care and benefits;
- Cover all issues relating to estate planning, income taxation and asset preservation.
SUPPLEMENTAL NEEDS PLANNING:
A “Special Needs or Supplemental Needs Trust” is a trust created for a physically or mentally disabled person, whether it is an adult or child, and for those who will need resources, other than governmental benefits, to care for them over their lifetime. Generally special needs trusts fall into two categories, self-settled trusts and third party trusts. Self-settled trusts are trusts created by an individual for themselves utilizing their own resources, possibly from an insurance settlement following an accident which rendered one disabled. A Third party trust is usually a spouse of a disabled person, a parent for a disabled person, or some other third party (possibly a grandparent) which sets aside funds or resources for the benefit of another. With a special needs trust in place, a third party can provide funds for various needs or lifestyle betterment for the disabled individual, while preserving access to governmental benefits and health care for the recipient.
The benefits received by the special needs individual from a supplemental needs trust need not jeopardize their governmental benefits. A beneficiary of a properly drafted special needs trust never has a legal claim to the property (funds) in the trust. The funds are used for their various needs or to enhance their lifestyles that are not provided by the governmental programs.
BUSINESS & CORPORATE MATTERS
Rebecca Proctor can assist you in the following areas relating to business and corporate matters:
- Formation/Creation of Business Entities
1. Profit Corporations
2. Professional Service Corporations
3. Non-Profit Corporations/Private Foundations
3. Limited Liability Companies/ Professional Limited Liability Companies
4. General or Limited Partnerships - Maintenance Required of Business Entities
5. Annual Reports
6. Annual or Special Meeting Minutes Preparation - Miscellaneous Corporate and Business Matters
7. Buy Sell Agreements/Shareholders Agreements
8. Dissolution of a Business Entity
9. Mergers / Buy-In’s
10. Sales of Business Assets or Business Entity