Share

Gainesville Florida Estate Planning & Elder Law Blog

Wednesday, October 28, 2015

North Florida Older Population Set to Grow in Next 25 Years

In the next 25 years, regions of North Florida such as Jacksonville and St. Augustine will double in its population of older residents. Along with this change, come changes in other markets in these regions such as the pricing of housing. As of right now, the cost of housing is the biggest obstacle that these areas will need to overcome in the next coming years.

Unfortunately right now people are paying more than half their income for their housing in these areas. In a recent report titled, Re-think Aging, these problems were discussed. Projections regarding the amount of older residents expected in the next coming years along with their jobs were also made.

The results of the report find that not only will there be more residents, but there will be more jobs open for them and their life expectancy will increase which is both a cause for hope and concern.

The cities have come up with recommendations that will be implemented in the next two years in order for these cities to be more accommodating to older residents. Some include developing more workplace policies, more emphasis on healthcare training and educating the community on age discrimination. 


Sunday, October 18, 2015

The Benefits of a Living Trust

Living trusts are often used in Florida as an effective and useful estate planning tool. Also known as a revocable trust, this can often help avoid the need for dealing with a Probate Court. With Florida’s probate system as challenging as it is, this is often an attractable alternative.

Unlike a will, which is only used after a death, a living trust allows you to appoint someone to handle your business affairs in the event you become incapacitated, thereby minimizing the possibility of guardianship and court involvement in your personal affairs. The trust gives the right to someone, and you can be that someone, the right to control assets given the current terms and conditions.

You can also add a beneficiary. The beneficiary will not receive anything while the grantor is still alive.

When one has a trust, it can be ended or changed at any time during the owner's life. This means that the owner may buy and or sell their property without it causing any damage to their personal income taxes.

Make sure you are aware of all the benefits you get when making a living trust in order to get the most out of your money and your property.


Thursday, October 8, 2015

Medicare Open Enrollment Starts Oct. 15

Open Enrollment for Medicare is quickly approaching and there is a lot you should know in order to make the most of your money. Enrollment begins every year on Oct. 15 and runs through Dec.7. The changes you make are not set immediately, but will reflect at the beginning of 2016. Most people over the age of 65 take advantage of Medicare in order to pay for their health care. When applying, one must consider their own needs.

Being smart about your decisions is key with open enrollment because people underestimate how difficult it can actually be. With a number of different plan options, coverage and cost it is easily to slip up and end up in the wrong plan.

Understanding your own needs can also go a long way. When it comes to your health, a lot can change in a year's time and open enrollment is the best time to change your plan to fit your current health. Often, someone will choose a plan and later develop a health problem that is not covered. Being prepared can lead to a better decision and one that is stress free.


Tuesday, October 6, 2015

Good News for Millennials

Right now there is a common misconception that once the millennial generation reaches the age of their parents, there will be no money for them when it comes to health care and health-care benefits. A recent study was released that proved this theory wrong. In fact, if the government continues to spend what they are spending now and continue heading in the right direction, millennials can expect to receive more than double what their parents will receive in payments when they hit retirement.

The main reason for this pay increase is an expected upsurge in salaries over the next few years. Social Security benefits are raised when salaries are higher, which means more benefits for later generations applying to Medicare and receiving social security checks.

Projected high benefits might appear to reassure millennials that they will enjoy a strong federal safety net in their later years. Level patterns of government spending during the lifetime of millennials could improve living standards for younger Americans, while still providing Social Security and Medicare benefits to them during their later years.


Friday, October 2, 2015

Knee Replacements Become All Too Common for Baby Boomers

Knee replacements are on the rise. A study done between 2000 and 2010 found that knee replacement surgery nearly doubled during that time. And according to the survey, knee replacement surgery was the leading inpatient surgery performed in 2010 by people age 45 and over. Yes, the baby boomer generation is getting more knee replacements than any generation before them.

Why are the numbers increasing?  The main reason is people aren’t waiting as long to get the knee replacement surgery done.  In the past, doctors often encouraged patients to wait for the surgery until the pain became debilitating.  But the new philosophy is to get the procedure done sooner to avoid the debilitating pain and to allow those receiving the surgery to maintain their activity level.

Recent improvements in the procedure have decreased the recovery time. A hospital stay can be down to 1 to 3 days. This all might impact insurance rates in the future considering that the second knee replacement will probably need to get done in 10 to 15 years which will increase the need for rehabilitation.

This new philosophy and procedure could have an impact on insurance rates down the road. And it will be interesting to see how well a patient will respond when a second replacement is needed after the joint wears out – usually between 10 and 15 years. One question for the future is whether there will be a need for longer hospital stays or longer rehabilitation when 80 and 90 year olds are receiving their second (or third) knee replacement?  


Sunday, September 27, 2015

What does retirement look like?

Retirement has changed its definition as time has progressed. It went from being something everyone looked forward to in order to relax, to something people dreaded because it only signified that they were getting old. Now retirement has taken another turn and for the better. Retirement these days means a break from the stress of work, and the start of a new chapter and possibly even more active lifestyle.

The stereotypes that come along with retirement tend to be negative. Most people close to retirement age worry that they will become boring, stay at home all day and end up being very lonely. The reality is that a lot of elders are reporting that retirement age might just be the best time of their lives.

Keeping active during your retirement age can not only keep a person happy but it can keep them extremely healthy at a time that they need it the most.


Sunday, September 20, 2015

Keeping Nursing Home Residents Out of Hospitals

Unfortunately, it is often the case that nursing home residents are sent to a hospital when it is not necessarily needed. About one third of nursing home residents are sent to a hospital at least once each year. The numbers should be decreasing because the reasons for hospitalization can sometimes simply be solved within the nursing home.

The Center for Medicare and Medicaid Services recently announced that it is going to continue to push for the initiative to reduce nursing home hospitalizations that can easily be avoided.

The first thing to focus on is training of nursing home staff so that residents are not sent to a hospital for something as simple as a low-grade fever. Another common problem that needs to be resolved is that the nursing home should be equipped with the proper tools and resources to deal with medical problems.

In the past year, the number of hospitalizations has decreased thanks to this initiative. Hopefully the numbers will continue to decrease as time goes on.


Wednesday, September 16, 2015

Your Digital Estate

When you die, there are a number of things that need to be taken into consideration. It is a fact that when it comes to your physical belongings, whoever you name in your will receives your belongings. However, when it comes to your digital estate, sometimes the fate of your social media accounts lies in the company themselves.

Each social media platform has different policies when it comes to the deceased. For example, Facebook gives your family members two options. Either one can deactivate your account, or it can be turned into a memoir where no one can log in or out.

There are certain things you can do to prepare your digital estate. You can write down a list of accounts you have, write down their passwords, keep your pictures on either iCloud or Dropbox, decide what you want done with your profiles and write out a list of instructions depending on what you wish to do.

 


Sunday, September 6, 2015

When is the best time to apply for Social Security?

One can start receiving social security benefits as soon as age 62. In order to make the decision of when to apply for these benefits, one must consider when the right time is in order to get the full benefits they will need.

In general, if one can postpone their application until they reach 70 years old, they will receive an 8 percent increase a year as far as benefits go. Looking at these statistics could assist you in making the decision that is right for you. If you are a married couple, it is also important to use strategies in order to increase the overall benefit as well.

For those born between the years of 1943 and 1954, at age 66, you are considered to be at “full retirement age” which basically means you’ll be getting a larger monthly benefit. Benefits will then increase until you hit age 70.

The system basically states, “You get a smaller payment for a longer amount of time, or a larger payment for a shorter amount of time.” Once this is understood, one can make an informed decision.

One thing to consider is life expectancy and this chart taken from Schwab.com can help

Other things to consider include, your income from other sources, combining your benefits with a loved one and your tax situation. Once you consider these things, you can make an informed decision on when to start receiving health care benefits.


Sunday, August 30, 2015

White House Conference on Aging

 

Every decade, the White House hosts a Conference on Aging in order to advance the quality of life in older Americans. The conference was held in 2015 which is also the year celebrating the 50th anniversary of Medicaid and Medicare. The conference collects information from different states and cities in order to find out what topics need to be covered in upcoming events.

This year, the main issues that were discussed were retirement security, healthy aging, long-term services and support and elder justice. In the 2015 budget, there was a proposed $3 million that is being used to support aging as well as new technology that will be utilized.

A major project that was implemented was a new one-stop shop for all aging resources. The website for the new services is www.aging.gov,  and the home page contains information on social security, Medicaid and more. The site is easy to navigate according to state and local information.


Sunday, August 23, 2015

Personal Services Agreements

A personal services agreement permits an elderly person to pay adult children for caregiving while still preserving the eligibility of their long-term Medicaid benefits. The contract itself prevents lawsuits from happening and uncompensated transfers that count against the Medicaid eligibility.

When writing up one of these agreements, it is important to keep the following criteria:

The nature of services must be specific, there must be proof of payments, documentation must be provided, the recipient must pay income tax and the recipient must pay self-employment tax on the income. In order for the agreement to be accepted, it must meet all of these key elements.

Most of the time, paying a relative for care is the safest and most cost-efficient way to handle caregiving. However, it is crucial to know how to structure your agreement so that these arrangements can be made. And it’s always best to have a legal professional who concentrates in these areas to help you set up the agreement.


Archived Posts

2019
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013



The Law Office of Sam W. Boone, Jr. assists in Gainesville, Florida and the surrounding counties.

*The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.*

* I have read and accept the disclaimer **


The hiring of an attorney is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. Additionally, the comments, statements and articles contained herein are general in nature and should not be relied upon as a basis for any legal opinion, action or conclusion on the part of the reader with respect to any particular set of facts or circumstances.

© Sam W. Boone, Jr., P.A. | Disclaimer | Law Firm Website Design by Zola Creative



© 2019 Sam W. Boone, Jr., P.A. | Disclaimer
4545 NW 8th Avenue, Suite A, Gainesville, FL 32605
| Phone: 352-374-8308

Estate Planning | Advanced Estate Planning | Elder Law | Special Needs Planning | Probate / Estate Administration | Asset Protection | Guardianships | Pet Trusts | Planificación de Bienes | Planificación Avanzada de Propiedad | Reviews | About Us | Resources

Attorney Web Design by
Amicus Creative