Estate Planning Attorneys - Elder & Estate Planning Attorneys

Does Medicare Cover the Expenses of Long-Term Care in Florida?

Are you finding that navigating the landscape of healthcare costs in senior years is not easy? In fact, as the population ages, there are more and more individuals requiring long-term care services. In addition, whether due to chronic illness, disability, or the natural progression of aging, long-term care needs can quickly become complicated and complex.

It is a fact that long-term care can be expensive. Often many of the seniors we meet with wonder if Medicare will help bear the brunt of these costs. Are you seeking answers to how to pay for the care you or a loved one may need? We have some important information to share on what Medicare covers and what it does not. We will also discuss why early planning with an experienced Florida elder law attorney is crucial.

We will begin with understanding Medicare basics. Medicare is a federal health insurance program primarily for individuals 65 and older and covers a broad range of healthcare services. Medicare is divided into parts:

Part A (Hospital Insurance). This covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
Part B (Medical Insurance). Covers specific doctors’ services, outpatient care, medical supplies, and preventive services. Often you will hear of Part A and Part B referred to as Traditional Medicare.
Part C (Medicare Advantage). A type of Medicare health plan offered by private companies that contract with Medicare. It provides all of Part A and Part B benefits.
Part D (Prescription Drug Coverage). This covers the cost of prescription drugs.

However when it comes to long-term care, Medicare’s coverage is limited. Even though Medicare Part A does provide coverage for care in a skilled nursing facility, it is important to note the limitations that apply to most situations:

Coverage is only for short-term stays (up to 100 days) in a skilled nursing facility, and only after a qualifying 3-day hospital stay.
It does not cover long-term stays or custodial care, which includes assistance with daily tasks like bathing, dressing, and eating.

If deemed medically necessary, Medicare can cover part-time or intermittent skilled nursing care and physical therapy. But again, it does not cover 24-hour care or purely custodial care as you would need in an assisted living facility or nursing home. Because of the limitations of Medicare when it comes to long-term care, it is vital for seniors to have an elder law financial strategy in place. Here are some concepts to consider:

Research alternative options. Look into long-term care insurance, which is designed specifically to cover these costs. These policies can be tailored to your needs, but they are more affordable if purchased when you are younger and in good health.
What about Medicaid? Unlike Medicare, Medicaid does cover long-term care services, but it is for individuals with limited income and assets. Proper planning can help seniors protect their assets while still qualifying for Medicaid.
Find out about asset protection. Through trusts and other financial strategies, seniors can shield their assets from being completely depleted by long-term care costs.
Meet now with an experienced Florida elder law attorney. Elder law attorneys specialize in helping seniors and their families navigate the complexities of long-term care, estate planning, and related financial matters. They can offer invaluable advice on protecting assets, qualifying for Medicaid, and ensuring that seniors receive the care they need.

The good news is that Medicare offers invaluable health coverage for seniors, but unfortunately its provisions for long-term care are limited. Because of the high costs of such care, seniors need to plan ahead as soon as possible and utilize the guidance of an experienced Florida elder law attorney who can help ensure that you or your loved one has access to the best care without the looming stress of exorbitant costs.

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

4 Tips for Reviewing Your Florida Estate Plan During National Estate Planning Awareness Week

Did you know, during the third week of October every year we focus on National Estate Planning Awareness week? How familiar are you with estate planning in Florida? Did you know estate planning involves putting legal protections in place to help secure a future you want for yourself and your loved ones? Do you have a Florida estate plan right now but need to make sure it reflects what you need?

Many of our potential clients have estate planning that is years out of date. It does not reflect their goals for their:

• Decision makers for finances and health care
• The age or marital status of their children
• Is missing key beneficiaries such as grandchildren
• Does not reflect their disability needs
• Does not represent the legacy they wish to leave

Let us share four tips on how to review your Florida estate plan with your attorney on our blog.

1. Is it from Florida? While this may seem like an unusual question to begin with, your out of state estate plan may not work in Florida. Start by reviewing your plan to make sure that it was written and executed in Florida. After you determine the state of origination, look at the dates. Is it only a few years old? Or older? Laws change over time and you may need to work with your attorney to update it to reflect the current laws.

2. Does it consider your incapacity planning? Incapacity planning allows for considerations such as having someone you have selected assist you if you are unable to make decisions for yourself. The most important tools for incapacity planning include a Florida durable power of attorney, health care planning tools, and living will.

3. Does it reflect your goals for your legacy? Creating a legacy is what most of our potential clients who come to our firm are looking for. While the last will and testament may be the most common legal document for estate planning, there may be more flexibility to create the legacy you want through a trust agreement. What are your goals? Have they changed since you last created your estate plan?

4. Make a list of what you want, now. Your needs met change over time. They may have changed since you last created your Florida estate plan. Go ahead and make a list of what you want, now, and the changes you anticipate you will need to make. You can bring this list to your meeting with your estate planning attorney so that she can help you update your existing Florida estate plan or create a new one to reflect what you need.

Whether you schedule an appointment with our firm during the month of October or anytime throughout the year, our law firm is here to help you. We can guide you through your Florida estate planning options and update your existing plan to ensure it reflects what you want. Please do not hesitate to contact our office today to schedule a meeting with our experienced Florida attorneys.

Moving to a New State? Here are 3 Key Reasons Why You Need to Update Your Estate Plan

Did you move back to your home state during the pandemic after having lived away during college and afterwards? It may have been a move that you did not really plan for. If you have decided to stay, however, you should consider taking control now. Whether you are single and starting life anew, or you moved closer to family for help with your kids, it can be important to ensure you have a solid estate plan in place in your new home state. Let us discuss three reasons why.

1. You Should Have Estate Planning Documents Anyway. If you moved to a new state and you only had minimal estate planning in place, now may be the perfect time to execute documents in your new home state. Many young, single adults do not have formal estate plans. Those who are newly married or became parents during the pandemic often do not have them either, even if you have been meaning to get around to it. Now may be the perfect time. Consulting with a qualified estate planning attorney in your new state can help ensure you have everything you need in place.

2. You Should Consider a New Health Care Surrogate. If you did have an estate plan where you used to live, it is likely that you named a health care surrogate who lived in that state. Most states only allow you to choose a state resident for this purpose. If you had chosen a local friend, but you are now back living near family, you may want to update your choice of health care surrogate to someone you trust who lives near your new home.

3. You Should Name a Guardian for Minor Children. If you became a parent during the pandemic, you may not have had the chance to name guardians for your child yet. When you update your estate planning documents for your new state, you can choose someone for the task. If you already had kids, but you have moved to a new state, the people you had chosen previously may no longer be suited to the role if your intent was to keep your kids in your new location should you pass away. If you update your estate planning documents now that you have moved, you can consider who might be the best choice for keeping your kids in their new home and update your guardianship arrangements if that is necessary.

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

Woman of the Year Nominee, Anne’ Desormier-Cartwright

Did you know that Attorney Anné Desormier-Cartwright was recently honored as a Palm Beach North Chamber of Commerce 2020 Woman of the Year nominee? She is among 25 nominees that were selected from 50 nominations from the community. In a year where there were a record-breaking number of nominations for this highly sought after award, Attorney Desormier-Cartwright finds herself among the highest caliber of women in the Palm Beach North community.

The Woman of theYear award recognizes women for their outstanding leadership as well as their demonstrated commitment to the Palm Beach North Region. It should come as no surprise that Attorney Desormier-Cartwright finds herself among such prestigious company. Her dedication to the community and to excellence is clear in everything she does. In addition to being appointed to the Guardianship Education Committee for the Palm Beach County Bar since 1998, she also serves on the Probate and Guardianship Practice Committee of the Florida bar.

While excelling in her capacity as managing partner of Elder and Estate Planning Attorneys PA, Attorney Desormier-Cartwright is also a Charter member of Elder Counsel, which is a nation wide association of elder law attorneys who focus on how changes in the law impact the elderly. She remains dedicated to organizations that pave the way for both understanding and preparing legislation that impacts the elderly, such as the National Academy of Elder Law Attorneys and Academy of Florida Elder Law Attorneys. Additionally, she has been a member of The Greater Palm Beach Chapter of the National Association of Women in Construction for the past 30 years and has served on the Board of Directors.

Do you have questions about elder law or estate planning? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

What are the Different Types of Trusts to Use in Estate Planning?

Trusts are an estate planning tool created for the management of assets, both during your life and after your death. Are there different types of trusts to use in estate planning? Yes, there are several types. They can, however, be divided into a couple of categories, which may make them much easier to understand.

First of all, trusts can be either living or testamentary. Living trusts, also known as inter vivos trusts, are created while the trustor is still living. There are also testamentary trusts, which are created by a trustor after his or her death.

Secondly, trusts are either revocable or irrevocable. In simplest terms, this speaks to whether or not they can be changed or revoked after they are created. There can be important legal implications of choosing between revocable or irrevocable.

A revocable trust is created by a trustor, who also remains as the beneficiary until his or her passing, and then passes onto the successor trustee and beneficiaries. The easiest way to envision a revocable trust may be one created by a married couple, who remain as both co-trustors and co-beneficiaries until their passing and then, an adult child becomes the successor trustee and their other children, and possibly grandchildren, become the successor beneficiaries. A revocable trust can be revoked or changed at any time prior to the original trustor’s death. Accordingly, there are no tax benefits. Essentially, the revocable trust can function as a means of distributing assets to beneficiaries while avoiding the timely and costly probate process.

As the name implies, once an irrevocable trust is created it cannot be changed, except under rather limited circumstances. Once the assets are transferred to the trust, they are no longer considered to be the property of the trustor, but rather, are the property of the trust. The benefits include limiting or eliminating both income and estate tax and usually the trust property cannot be reached by the trustor’s creditors. Another key draw of the irrevocable trust may be because the assets of the trust are no longer the property of the trustor, they are not considered, when determining the trustor’s eligibility for government programs, such as Medicaid, which can make them an integral tool in long-term care planning. Along the same lines, a special needs trust, which is most typically created to provide for an adult disabled child following the passing of their parents is most usually irrevocable, assuring the disabled child remains eligible for government programs.

Now that you have an understanding of the fundamentals of trusts, it is a great time to meet with an estate planning attorney to discuss how best to meet your estate planning goals. Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

Choosing the Right Estate Planning Attorney in Your Area

Does choosing the right estate planning attorney to help you create an estate plan seem like an overwhelming task? It can be understandable to feel like this. With these tips, however, it can be easier to narrow your choices to a few qualified attorneys in your area. Let us discuss these tips for choosing the right estate planning attorney in your area.

You might want to first start your search by asking your accountant or financial planner for recommendations. Estate planning can be a critical part of financial planning and money management. Drafting a will, a health care proxy, or power of attorney, as well as creating a trust, and maximizing your loved ones’ inheritances by minimizing taxes can all be important financial matters that often benefit from the specialized knowledge of an estate planning attorney. If your financial advisor and accountant have not already brought up estate planning, ask them who did their estate plan, and whether they would recommend their estate planning attorney.

You could also ask other attorneys for recommendations. You may have already worked with an attorney on another matter, perhaps setting up a business, buying a home, or reviewing a contract. Lawyers are often happy to refer their clients to other lawyers who practice in other areas of expertise, and they will want to refer you to good attorneys so that you will trust them again when you next need their assistance. Ask your former attorney who did his or her estate plan, and for references, so you can choose the right estate planning attorney in your area.

Contacting the state or local bar association may also be a good idea. State and local bar associations offer referral services or a searchable directory of attorneys with their practice areas. These services can make choosing the right estate planning attorney in your area as easy as a Google search.

Your friends may also act as a solid referral source. While a staggering number of people do not have estate plans, there are many who do. Ask your friends if they have a will or a trust, and if so, who the attorney was that drafted it. Let friends know that you want to choose the right estate planning attorney in your area, and that you want to know if they worked with a great attorney.

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

Life Insurance Trusts

Estate taxes can be expensive, but if you plan ahead, you can reduce or even eliminate these taxes. A life insurance trust can be one way for you to greatly reduce or eliminate the estate taxes so more of your estate can go to your loved ones. “The insurance trust owns your insurance policies for you. “Since you don’t personally own the insurance “or have any incidents of ownership, “it will not be included in your estate, “so your estate taxes are reduced” says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA. An irrevocable life insurance trust give you more control over your insurance policies and the money that is paid from them. It also can provide your survivors immediate cash to pay expenses following your death. Also, this can create an inexpensive way to pay estate taxes. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

Why You Need An Estate Plan

People try to stay healthy so they can live longer. But since no one lives forever, it’s important to make arrangements for the inevitable. To determine who gets your assets and how they receive them after your death and even what happens to you if you are unable to speak for yourself, you need an estate plan. But what does an estate plan cover and how do you make one? There are some important estate planning issues to consider when you decide what you want. Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA offers some insight. “Make a will, consider a trust, “establish healthcare directives, “make a financial power of attorney, “protect your children’s property, file beneficiary forms, “prepare for funeral and related expenses, “and make your final arrangements.” You should also plan ahead for your business and store your paperwork so your attorney and executor will have access to these documents. Desormier-Cartwright continues that this is a partial list and the advice of an experienced estate planning attorney will be the guidance you need to have a thorough understanding of a comprehensive estate plan. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

Strategies to Protect Your Assets

Or, in other words, “What you need to do for your nest egg”.

You’ve worked hard for your entire life and want to have a nest egg for your loved ones after you’re gone. What many people don’t realize is that protecting your assets can often be as difficult as accumulating them.

However, there are some things you can do to preserve what’s rightfully yours. First, and most importantly, never try to avoid paying your taxes. It’s not worth it.

Also, avoid a “one size fits all” solution for protecting your assets, since everyone has a unique financial situation.

“Strategies that work well for one person could be harmful for another person. This means you’ll have to do some work, but it also means you’ll know exactly what your asset protection strategy is and that it’s right for you.” says Anne Desormier Cartwright of Elder & Estate Planning Attorneys PA.

Take a proactive approach to asset protection and start early in life. Use it as a supplement to insurance, rather than a substitute. Another important thing to know is to never mix personal and business assets. Don’t pay personal expenses with a business account, and vice versa

An experienced estate planning attorney can help simplify your goals and create an asset protection plan catered to you.

Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

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