May 2015 Archives

What is necessary for a disclaimer to be "qualified?"

As discussed in a previous blog entry, making a qualified disclaimer can be a useful tool in estate administration. In particular, it allows a beneficiary to renounce an interest in an inheritance or gift and thereby let it pass to another beneficiary. However, what does it take for the disclaimer to be "qualified" in the eyes of the IRS?

In estate administration, what is a "qualified disclaimer?"

One definition of "disclaim" is when a person denies or renounces a claim to some thing or some right. In the context of estate administration, when a person disclaims, they are renouncing part or all of their right to receive under a Will, Trust or by operation of law. 

In Florida, should you own your principal residence in an LLC?

In certain situations, Florida property owners recognize the benefits of owning real property in a Limited Liability Company (LLC). In particular, such ownership can protect the owner's other assets from liability in a lawsuit. It may also make transfer at death easier. However, in doing their estate planning attorneys can be asked by clients whether they should title their primary residence in an LLC.

Long-Term Care Planning: Beware the Five-Year Look-Back!

Clients often approach us as elder law attorneys explaining that their elderly loved-one needs to go into a nursing home. Because of the prohibitive expense of such care, they want governmental assistance to pay for the care. Specifically, they want to qualify for the Managed Care Long-Term Care Program offered through Medicaid. 

How do I pay for long-term care in Florida?

As our population ages, providing long-term care becomes increasingly important. Long-term care can include everything from in-home assistance, assisted living facilities (ALF) and nursing home care. In particular, how to pay for long-term care can overwhelm both the elderly and their loved ones. Thinking about this issue should be considered in any estate planning process involving an elderly person.

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