Coronavirus: Here’s how to apply for unemployment in Florida

Coronavirus: Here’s how to apply for unemployment in Florida: With the Coronavirus pandemic ongoing, many people have found themselves without a job or enough income to pay for their needs.

So, how do you apply for unemployment?

According to the Florida Department of Economic Opportunity, you must have the following information before you can file:

  • Social Security number
  • Driver’s license or state ID number
  • Your employment for the last 18 months, including for each employer:
  • Name, address and phone number
  • First and last day of work
  • Gross earnings (before taxes are taken out) during the listed dates
  • The reason for separation
  • FEIN (this is found on any W2 or 1099 tax forms you have received)
  • If you don’t have the FEIN, you can use employer details off of a recent pay stub
  • Claims filed without correctly reporting employers may experience delays. It is important to list the correct employment information when filing your claim. If you fail to do so, your benefits may be delayed while the missing employment information is obtained.

The United States Department of Labor says anyone who meets the following criteria is eligible:

  • An employer temporarily ceases operations due to COVID-19, preventing employees from coming to work.
  • An individual is quarantined with the expectation of returning to work after the quarantine is over; and
  • An individual leaves employment due to a risk of exposure or infection or to care for a family member.

In order to file a claimclick here or call 800-204-2418.

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Probate, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-449-8191 to schedule your free consultation.

https://www.wftv.com/news/local/coronavirus-heres-how-apply-unemployment-florida/F2KPKJFYLVFWNGCKLZKG5NZMIQ/

C19 UPDATE: Emergency Estate Planning Decisions to Make Right Now

C19 UPDATE: Emergency Estate Planning Decisions to Make Right Now:  Though it may be hard not to panic when the grocery store shelves are empty, the number of confirmed cases of COVID-19 keeps rising, and we see sobering statistics across the globe … we will not overcome this challenge with a panicked response.

Nonetheless, there are certain things we all need to be doing right now – and your public health officials are the best resource on how to stay personally safe and help prevent the virus from spreading.

When it comes to the seriousness of this outbreak, however, there also are some critical estate planning decisions you should make – or review – right now.

Ask yourself these questions:

  1. Who will make medical decisions for me should I become severely ill and unable to make these decisions myself?
  2. Who will make my financial decisions in that same situation — for example, who will be authorized to sign my income tax return, write checks or pay my bills online?
  3. Who is authorized to take care of my minor children in the event of my severe illness? What decisions are they authorized to make? How will they absorb the financial burden?
  4. If the unthinkable happens – what arrangements have I made for the care of my minor children, any family members with special needs, my pets or other vulnerable loved ones?
  5. How will my business continue if I were to become seriously ill and unable to work, even remotely … or in the event of my death?

These are the most personal decisions to make right now to protect yourself and your loved ones during this emergency. Now is also a good time to ask yourself if you have plans in place for the smooth transfer of your assets and preservation of your legacy.

We are ready to help walk you through these decisions, understand the ramifications of your choices, and memorialize your plans in binding legal documents. We are currently offering no-contact initial conferences remotely if you prefer. Book a call now and let us help you make the right choices for yourself and your loved ones.

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Probate, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-449-8191 to schedule your free consultation.

Caregivers Are Getting Younger, Making Planning for Long-Term Care Even More Important

Caregivers Are Getting Younger, Making Planning for Long-Term Care Even More Important, As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain.

The term “sandwich generation” was coined to refer to baby boomers who were taking care of their parents while also having young children of their own. Now millennials are moving into the sandwich generation at a younger age than their parents did. According to a study by the AARP, one in four family caregivers is part of the millennial generation (generally defined as being born between 1980 and 1996). And a study by Genworth found that the average age of caregivers in 2018 was 47, down from 53 in 2010. Gretchen Alkema, vice president of policy and communications at the SCAN Foundation, told the New York Times that the rise in younger caregivers may be because baby boomers had kids later in life than their predecessors and many are divorced, so they do not have a spouse to provide care.

Younger caregivers have different challenges than older caregivers. They may have younger kids to manage and careers that are just beginning, rather than established. In addition, more millennial men are caregivers compared to previous generations. The AARP study found that millennials spend an average of 21 hours a week on caregiving, and one in four spend more than 20 hours per week. More than half (53 percent) also hold a full-time job in addition to their caregiving duties and 31 percent work part time. Younger caregivers are also less likely to discuss their caregiving duties with their employer than previous generations.

Managing caregiving duties, family, and employment is stressful. Having plans in place can help alleviate some of the stress, and the earlier you plan ahead the better. The following are resources you can use to put together a long-term care plan:

  • Long-term care insurance can help lessen some of the costs of caregiving if it is purchased early enough.
  • geriatric care manager can help determine what care is needed and where to find resources.
  • An elder law attorney can draft essential documents like a power of attorney and a health care proxy, as well as advise you on available benefits, such as Medicare, Medicaid, or Veteran’s Administration benefits.
  • Adult day care can give caregivers a much-needed break.

Having resources in place will help, but you also need to be mindful of when you need help. Recognize when you are being stretched too thin and consider your priorities. If possible, talk to your employer about flexible hours. Consult with other family members and do not be afraid to delegate tasks. Take care of yourself by eating well, exercising, and finding time to relax. For some tips on handling the caregiver/life balance, click here.

For an article on the unique caregiving challenges facing the women of Generation X, click here.

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Probate, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-449-8191 to schedule your free consultation.

2020 Guidelines Used to Protect the Spouses of Medicaid Applicants

2020 Guidelines Used to Protect the Spouses of Medicaid Applicants: The Centers for Medicare & Medicaid Services (CMS) has released the 2020 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures.

In 2020, the spouse of a Medicaid recipient living in a nursing home (called the “community spouse”) may keep as much as $128,640 without jeopardizing the Medicaid eligibility of the spouse who is receiving long-term care. Known as the community spouse resource allowance or CSRA, this is the most that a state may allow a community spouse to retain without a hearing or a court order. While some states set a lower maximum, the least that a state may allow a community spouse to retain in 2020 will be $25,728.

Meanwhile, the maximum monthly maintenance needs allowance (MMMNA) for 2020 will be $3,216. This is the most in monthly income that a community spouse is allowed to have if her own income is not enough to live on and she must take some or all of the institutionalized spouse’s income. The minimum monthly maintenance needs allowance for the lower 48 states remains $2,113.75 ($2,641.25 for Alaska and $2,432.50 for Hawaii) until July 1, 2020.

In determining how much income a particular community spouse is allowed to retain, states must abide by this upper and lower range. Bear in mind that these figures apply only if the community spouse needs to take income from the institutionalized spouse. According to Medicaid law, the community spouse may keep all her own income, even if it exceeds the maximum monthly maintenance needs allowance.

The new spousal impoverishment numbers (except for the minimum monthly maintenance needs allowance) take effect on January 1, 2020.

For a more complete explanation of the community spouse resource allowance and the monthly maintenance needs allowance, click here.

Home Equity Limits:

In 2020, a Medicaid applicant’s principal residence will not be counted as an asset by Medicaid if the applicant’s equity interest in the home is less than $595,000, with the states having the option of raising this limit to $893,000.

For more on 2020 Guidelines Used to Protect the Spouses of Medicaid Applicants & Medicaid’s home equity limit, click here.

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Probate, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-449-8191 to schedule your free consultation.

Should I Use a Trust to Protect My Children’s Inheritance?

Should I Use a Trust to Protect My Children’s Inheritance? Parents with savings have several options for their children’s future inheritances.

nj.com’s recent article answers this question: “We have $1.5 million. Should we get a trust for our children’s inheritance?” According to the article, parents could create lifetime trusts or trusts in their wills for the benefit of the surviving spouse during the spouse’s lifetime.

After that, they can have the remainder of the assets pass in trusts for each of the children, until they reach a certain age or ages.

A lifetime trust is a type of trust that’s created during an individual’s lifetime. This is different from a testamentary trust, which is a trust created after a person’s lifetime through the operation of that person’s will.

Usually the individual who settles the trust (the “Grantor”) will retain control over the assets in the trust, including the right to revoke the assets during his or her lifetime. These forms of lifetime trusts are known as grantor trusts.

Another option is to have these types of trusts continue for the benefit of the grandchildren.

The children’s trusts can have instructions that the assets and income are to be used for the health, maintenance, education and support of the child.

The parents would need to name a trustee or co-trustee. This is the person who’s responsible for investing the assets, filing tax returns and paying taxes (if necessary). He or she will also distribute the assets, according to the terms of the trust.

Trusts are complicated business, so meet with an experienced estate planning attorney to determine the best strategies based on your circumstances and goals.

Reference: nj.com (October 16, 2019) “We have $1.5 million. Should we get a trust for our children’s inheritance?”

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable TrustsEstate Planning, Probate, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-418-0169 to schedule your free consultation.

 

Don’t Let Medicare Open Enrollment Go by without checking your benefits

Don’t Let Medicare Open Enrollment Go without checking your benefits: Medicare’s Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Don’t let this period slip by without shopping around to see whether your current choices are the best ones for you.

During this period you may enroll in a Medicare Part D (prescription drug) plan or, if you currently have a plan, you may change plans. In addition, during the seven-week period you can return to traditional Medicare (Parts A and B) from a Medicare Advantage (Part C, managed care) plan, enroll in a Medicare Advantage plan, or change Advantage plans. Beneficiaries can go to www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227) to make changes in their Medicare prescription drug and health plan coverage.

According to the New York Times, few Medicare beneficiaries take advantage of open enrollment, but of those that do, nearly half cut their premiums by at least 5 percent. Even beneficiaries who have been satisfied with their plans in 2019 should review their choices for 2020, as both premiums and plan coverage can fluctuate from year to year. Are the doctors you use still part of your Medicare Advantage plan’s provider network? Have any of the prescriptions you take been dropped from your prescription plan’s list of covered drugs (the “formulary”)? Could you save money with the same coverage by switching to a different plan?

For answers to questions like these, carefully look over the plan’s “Annual Notice of Change” letter to you. Prescription drug plans can change their premiums, deductibles, the list of drugs they cover, and their plan rules for covered drugs, exceptions, and appeals. Medicare Advantage plans can change their benefit packages, as well as their provider networks.

Remember that fraud perpetrators will inevitably use the Open Enrollment Period to try to gain access to individuals’ personal financial information. Medicare beneficiaries should never give their personal information out to anyone making unsolicited phone calls selling Medicare-related products or services or showing up on their doorstep uninvited. If you think you’ve been a victim of fraud or identity theft, contact Medicare.

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Probate, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-418-0169 to schedule your free consultation.

Here are more resources for navigating the Open Enrollment Period:

 

 

VETERANS DAY: HOW IT’S DIFFERENT FROM MEMORIAL DAY

VETERANS DAY: HOW IT’S DIFFERENT FROM MEMORIAL DAY.  Two holidays, Memorial Day and Veterans Day, are dedicated to the nation’s service members, leading, at times, to confusion as to how they’re different. While they’re both focused on the military, one day is meant to thank living veterans and the other is intended to pay tribute to those who gave their lives for their country.

America’s veterans, those who served in the military and weren’t dishonorably discharged, as defined by the Department of Veterans Affairs, are thanked on the aptly named holiday Veterans Day. Included under the umbrella of the term “veteran” are those who served their country and passed away, although the holiday is predominately geared toward the living.

It occurs annually on November 11, six months after Memorial Day, which, as its name indicates, is intended to be a way of memorializing those who gave their lives serving America.

Originally called Armistice Day, the holiday commemorated the day the Allied forces and Germany put into effect an armistice on November 11, 1918, signaling an end to the fighting of World War I. It became an official holiday in 1938, according to the Department of Defense.ds by scrollerads.com

By 1954, Americans had served in World War II and the Korean War, causing veterans service organizations to urge Congress to change Armistice Day to Veterans Day. This way, service members from all wars would be honored and not just those who served in World War I.

Just as Veterans Day wasn’t always called Veterans Day, it wasn’t always commemorated on November 11. In the beginning, people celebrated veterans on November 11, but the passage of the Uniform Holiday Act in 1968 moved the holiday to Monday, regardless of the date. The goal was to create guaranteed three-day weekends, which, theoretically, would spur travel and family activities, therefore boosting the economy.

From October 25, 1971, until 1977, Veterans Day was celebrated on the fourth Monday of October. However, in 1975, President Gerald Ford signed a law and the holiday was returned to November 11 in 1978.

To celebrate Veterans Day, towns and cities will often have parades and businesses will offer discounts to service members and veterans. Unlike on Memorial Day, when it may be more appropriate to tell veterans to have a “meaningful day,” according to NPR, on Veterans Day, it’s entirely acceptable and encouraged to tell a veteran, “thank you for your service.”

Another free way to acknowledge a veteran’s service on Monday, as recommended by Military.com, is to ask them about their past. Instead of just thanking them for serving, inquire as to what their role in the military was and why they chose the branch they did. For some veterans, “thank you for your service,” can come off as hollow due to its widespread use, so taking time to listen can show a deeper appreciation.

Also, if you’re planning on making a card or sending someone a digital message for Veterans Day, be sure to spell it “Veterans Day.” People sometimes refer to it as “Veteran’s Day,” but the proper spelling does not include an apostrophe.

We don’t know them all but we owe them all.

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Probate, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-418-0169 to schedule your free consultation.

 

Where There’s A Will, There’s Not Always An Estate Plan

When I ask retirees if they have an updated estate plan in place, I get a mix of responses. Some people recognize their estate plan is lacking, as millions of Americans either don’t have one or have an outdated plan that doesn’t align with their life anymore. Other people believe they have an updated estate plan, but even this group is mistaken. Their “estate plans” are really just wills.

Wills have been the go-to estate planning documents for generations. They dictate guardianship guidelines and transfer aspects of your property and assets. Wills are an important component of estate planning, however they’re just one piece of it.

In order to control the spending or investing of your assets after death, you need to use a trust (living or Testamentary) or other instrument. If you give your money to someone in your will, including your feelings or best wishes likely won’t have any binding effect on their spending. A trust manages assets after your death and controls the spending patterns of your heirs – a must-have if you’re worried about their spending behavior.

A proper estate plan will need to address items like liquidity for the estate and naming heirs. This requires a thorough review of potential estate costs, income taxes and any potential estate taxes (either federal or state). Factor in your heirs to see if they’ll need cash or income after you pass away. If the estate has a significant liquidity need or heirs have an income need, life insurance could be used as a tax efficient way to pass wealth and liquidity to heirs or the estate.

In addition to liquidity reviews, you also need to review your assets. You need to know where they’re located and who has title to them. Incorrect titling or improper ownership of assets causes huge headaches for estates. Examples of improper ownership include: outright owning all your property and not splitting ownership with your spouse; owning business assets personally; owning assets a trust should. These mistakes can undermine an otherwise well put-together estate plan.

Estate Planning In This Day and Age

Technology nowadays brings new challenges to estate planning. In the past few years, most states have passed a law called the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). It allows wills, trusts, power of attorney and other documents to provide written instructions about granting access to digital assets to designated fiduciaries.

Under RUFADAA, if proactive planning and language specific to digital asset communications aren’t added into estate planning documents, access could be denied and the assets would be lost forever. If you haven’t updated your estate plan in the last two years, it likely doesn’t incorporate digital assets. An out-of-date plan places families, estates and businesses at risk.

Another aspect of estate planning that’s often overlooked is beneficiary designation planning. While wills, trusts, contracts, and how assets are titled control a lot of the estate planning process, beneficiary designations are extremely important.

The Benefit of Designations

Beneficiary designations transfer retirement accounts, taking precedence over a will or trust. If you don’t update your beneficiary designations or fill them out properly for your life insurance, 401(k) or IRAs, you could be undercutting your estate plan. Review these every few years or after major life events like divorce, marriage, birth of a child or a death of a loved one to make sure they’re still working in relation with your overall estate planning goals.

Here’s an example of why staying on top of beneficiary designations is so critical. If you had a 401(k) and got divorced, your ex-spouse could’ve received a divided lump-sum payout of your account under a qualified domestic relations order. However, if you forgot to remove the ex-spouse from the beneficiary designation on the 401(k) and died years later, they could be entitled to the entire 401(k) – even if you remarried and changed your will.

Too often we focus on the now at the cost of long-term planning and the future. But long-term planning, like estate planning, is crucial to protecting what we have today and taking care of our loved ones for the future.

Out of date estate plans could cause assets to pass to undesirable parties like the government or an unintended beneficiary, or to be taxed at higher rates. Estate plans don’t only involve a will. It needs to include titling of assets, beneficiary designations, valuation of property, liquidity and keeping things updated. Take the time to update your estate plan, because it’s more than just a will – it’s a way.

Forbes 

Times Are Tough: Could Your Children Use Some Money Now?

In these tough economic times, those parents who have buttoned up their Florida estate plan to leave everything to their children and grandchildren upon their deaths may want to think about loosening the strings a little before they go and receive the added benefit of saving on estate taxes as well.

A married couple can provide a gift of $30,000 per year to a child or grandchild with no gift tax due.  In 2019, the number of gifts you can give as a couple is unlimited, but it is restricted to no more than $30,000 per calendar year per married couple, or $15,000 per year per spouse.

Generally speaking, the recipient of your gift will not have to pay any federal gift tax or income tax.  And it shouldn’t affect your federal income tax either.

With many adults jobless and their children struggling as well, this could be a financial lifesaver for family members who need the help now, not when you’re gone.  Even if the recipient is not jobless, the extra money can help fund retirement accounts or pay off debt that will result in a much better financial life for your loved ones.

The Dorcey Law Firm, PLC is an Estate Planning, Asset Protection and Business Planning law firm with offices in Fort Myers, Florida and Naples, Florida. Our firm is dedicated to its clients, the rule of law and the betterment of the Southwest Florida community.

It is our drive to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Living Trust, Irrevocable Trusts, Estate Planning, Asset Protection, and complete Business Planning. If you or someone you know needs assistance with Florida estate planning, please contact us today to schedule your free consultation.

If I pass, I have Provided for my Spouse – Or have I?

Do you have an Estate Plan that has the ability to transform your family for generations to come?  One that is thoughtful, and ensures your final wishes will be fully carried out?  Many think they do; yet I invite you to read the following true story of an unfortunate situation that happens all too often after the sudden passing of a spouse.

This client, we will call him Dr. Harris, was married to his second wife.  He assured his wife that she would be fully taken care of if anything ever happened to him.  He had his estate plan done through a well-known attorney in town, where he provided fully for his wife to ensure she would have more than enough to continue her lifestyle after his passing.  So where is the problem, you ask?  It lies with the way his estate plan was funded.  Unfortunately, this well-known attorney did not assist the client in putting his assets in the trust.  This becomes an issue because those assets (bank accounts, retirement funds, life insurance, etc.) had his children listed as beneficiaries.  This means those assets would pass directly to his children, and not through the trust.  I.e., his spouse, whom he loved dearly, would receive nothing.

Unfortunately, when Dr. Harris died unexpectedly one year after creating his Estate Plan, this was exactly the result.  Mrs. Harris assumed that everything was handled, and now had to learn that she did not have enough to pay for her home, expenses, or daily activities.  Her husband had promised her that she would be taken care of, but in fact did not have enough in the Trust to fulfill his gift.  This was certainly not his intent for his wife, and her only choice was to then sue her husband’s children from his first marriage, to receive the funds she needed to pay for her living expenses.  This dispute lasted over 2 ½ years in the Probate court before being settled.

During this process, there were 5 different attorneys hired to represent different family members.  At mediation one morning, while they were enjoying their coffee, one of them remarked with a smile “Isn’t this great?  Five attorneys all billing by the hour because this family can’t get along.”  This is a common mistake that we see; if you have a second marriage please do not let this example of poor planning become your family.

The moral of the story is this: no matter how great a reputation an attorney may have in the drafting of the documents, selecting an attorney who gives you more than a stack of papers is what matters.  This is why working with an attorney who is a process-driven office that includes a follow-up plan and ensures that your assets have been fully funded to your Estate Plan is so important.  Let your attorney assist you in funding your Estate Plan for you, so you can worry about truly providing for your spouse while you are still here.

Our firms offers a free consultation, which includes a 50-point complex review and funding analysis to evaluate your current Estate Plan.  To inquire more on your personal Estate Plan or how to properly provide for your spouse, please contact our office for a free consultation at (239) 418-0169 or visit www.DorceyLaw.com.

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