Video Summary

 

How does a single person qualify for Medicaid coverage for skilled nursing care?  Well first, you have to fit certain criteria, one of which being either 65 years of age or older or a disabled adult.  You also must have residency status and be a resident of the state of Florida.  Now as long as you’re in a nursing home at the time of the application you will be considered a resident of the state of Florida.  You also must have citizen requirements.  You must be a citizen of the United States of America or you can be admitted as a permanent resident to satisfy this requirement.

 

Most importantly, you must have the medical necessity for skilled nursing care.  One may ask, how do you determine the medical necessity for skilled nursing care?  Well there will be a unit from the Department of Children and Family known as a Cares Unit that will come out to the facility or to your home if you’re currently living in your home when the application is made in order to complete an assessment to determine whether or not you are medically needy for skilled nursing care.

 

Also there are income and asset requirements to be eligible for Medicaid coverage for skilled nursing care.  This is probably the biggest area of concern for most people attempting to gain Medicaid coverage.

 

Well what are the monthly gross limits for Medicaid skilled nursing care coverage?  The limits did recently change after many years of remaining the same and the current monthly gross income for a single person applying for Medicaid coverage is $2,163.00 per month.  Now there are ways to get qualified for Medicaid if your gross monthly income exceeds the maximum allowance of $2,163.00 per month.  One way is that you can create a Medicaid trust.  This is also known as Miller Trust and this can be accomplished by our office.

 

The Medicaid trust allows individuals to deposit their funds on a monthly basis and to remit their portion of patient responsibility to the nursing home, thereby leaving any excess funds in the trust.  One caveat of the trust is the trust is irrevocable and upon the passing of the Medicaid applicant the state of Florida is subject to recovery of the money that remains in the trust.  But this is a very useful tool in qualifying individuals for Medicaid.

 

Also there is an asset requirement for Medicaid coverage.  The asset requirement is that your countable assets may not exceed $2,000.00.  The $2,000.00 in countable assets seems very minimal for most people who have worked very hard their entire lives to gain things such as homes or cars.  Well there are also exempt assets that are not counted as a quote-unquote countable asset for the determination for Medicaid.  Some of these exempt assets which are not countable assets include your homestead residence of value of up to $500,000.00 as long as the applicant intends on returning home, although the applicant in most situations never does return home.

 

Also you are allowed to have one vehicle regardless of age and regardless of value.  You may have a second vehicle but the second vehicle cannot be a luxury vehicle and it must be seven years or older.  You also can have life insurance policies; however there cannot be a cash value or a face value of more than $2,500.00 for the life insurance policies.  And also a non-countable asset would be a burial fund or a prepaid burial contract.  You can have an irrevocable funeral contract for any amount which is not considered a countable asset.  You also can have a separate account labeled, and it must be labeled burial account, with up to $2,500.00 which can be used for expenses upon your death such as plane tickets for your family members, meals, flowers, things of that nature to assist your family with these expenses.

 

If you’d like more information on how to qualify for Medicaid as a single person, please give me a call here at Waller and Mitchell.  The phone number is 727-847-2288 and we’d love to help you get qualified for coverage.

 

Video Summary

 

If my property is taken by eminent domain, how is the compensation for the property determined?  Well the Florida statutes provide that you are entitled to just compensation.  So the amount that you’re entitled to recover is determined through the appraisal process.  And so if you hire an eminent domain attorney, he will select appraisers and see about getting your property appraised.  And then he will negotiate or if necessary, have a trial and have a jury determine the amount of your compensation in an eminent domain transaction.

 

The issue is is whilst I’m worried about having to pay the attorney.  What is nice about the eminent domain statute, it provides that the attorney is entitled to be paid by the condemning authority, so whatever governmental body is condemning the property, must pay the attorney fees.  The attorney fees are measured by taking the amount that the first offer that was made by the condemning authority to you for the property and subtracting it from the amount that they eventually wind up paying you and then taking a percentage of that amount and that’s going to be the attorney fees that your eminent domain attorney is entitled to.  So it will not cost you any money for an eminent domain attorney to handle that.

 

So if you’re notified that a condemning authority is going to take a portion of your property for road right of way or for any reason, give me a call and I don’t handle these but I will put you in touch with a very, very good eminent domain attorney that will be pleased to represent you and help you with this process.  You will find that the condemning authority will first come and ask them if you’ll give them the property.  I believe that’s the first step, then they will make you an offer and then once they make the offer then, I don’t suggest you accept it until you consult with a eminent domain attorney and see if they can help you get any more money for your property.

 

So if you have any questions or you’ve gotten a letter from the condemning authority, well give me a call at 727-847-2288.

 

Video Summary

 

Why do I need to hire a lawyer to prepare my real estate contract?  The answer to that is all the written information that’s in a standard contract you need to understand and also what your liabilities are, as far as contracts are concerned. Whether it is commercial real estate or whether it is residential real estate.  Also, in the event that you are doing owner financing, I believe that you would want to have an attorney prepare the note and mortgage and that there is a lot involved as far as owner financing.

 

Also there is various clauses in the contract that you have a right to make an election of and that has to do with paying of assessments.  If you use a standard contract you need to discuss that and have a meeting of the mind so both the buyer and seller understand the transaction and the real estate deal, the contract really, everybody understands the deal or the agreement that they made and the contract represents the understanding of the parties.  And another big issue is who is paying the closing costs, what are the closing costs, whether or not we have title insurance, whether or not the buyer wishes to have a survey.  If it is residential property, have the property inspected even it is an as-is contract, the seller is responsible for disclosing to the buyer any matters that may materially affect the value of the property but are not readily observable.

 

So there is any number of responsibilities of both the buyer and the seller as far as preparing the contract and basically it is a roadmap to the closing and if you have a lawyer prepare it, he can explain to you the provisions of the contract and protect you whether you being the buyer or the seller.

 

So, if you are selling your property or buying real property and would like to have your contract reviewed or a contract prepared, give me a call at 727-847-2288.

 

 

Video Summary


What considerations are involved in a corporate stock acquisition?  Usually you are talking about a stock acquisition whenever you’re purchasing a business.  There’s two ways to buy a business as you buy the assets, the good will, the accounts receivable, the use of the name and maybe a restrictive covenants.  And if so, that’s an asset purchase and you do not buy the stock and that’s the way most businesses are sold.  The reason for that is, that the buyer does not want to get hit with any unknown liabilities of the business.  So to answer the question, the consideration as far as taking the stock rather than just buying the assets of the business is that you are responsible for all liabilities that you may or may not know of also as far as any tax liabilities.  Sometimes if they are subchapter S’s why you can allocate the stock.

 

Also another tax consideration is you do not get an increase or a stepped up in basis in the assets if you buy the stock, you line up with the assets as far as being depreciated.  Now that’s looking at it from the buyer’s perspective.  From a seller’s perspective it works very well to simply sell the stock and that way it’s very easy.  You simply transfer the stock, roll the stock certificate over and hand it over to the buyer and the buyer turns around and gives you a check or gives you the proceeds.  Usually with a contract though, there’s a lot of due diligence to try and determine if there are any liabilities and any taxes that are owed.

 

Usually a stock acquisition happens whenever you have a one shareholder is buying out another shareholder and it’s not a complete sale but they are already involved in the business and you are buying out the retiring partner or a partner that wants to leave or under a buyout arrangement that you have entered into previously if we have a unhappy shareholder, you are not getting along on a small business where everyone works in the business and someone’s leaving, then they can simply buy his stock out since they already know of all the liabilities and the tax considerations.

 

So that’s the considerations you have as far as how to structure a purchase of a business if you are buying from a stranger and buying all the assets.  I suggest you do an asset purchase rather than purchasing the stock whereas if you are involved in a corporation or an LLC and you’re buying out your partner, well then the purchase of the stock is the way to handle that buyout.

 

If you have any questions, well give me a call at 727-847-2288.

 

Video Summary

 

How does a lender determine a borrower’s eligibility for a loan modification?  The lender’s usually need a loan modification when they are in a mortgage foreclosure action and the standard is they look at 31 percent of your gross income and see whether or not they can modify your loan for principle, interest, taxes and insurance to see if it comes within the 31 percent.  I do not know what guidelines they have and how they do that but they usually do not forgive principle.  They try and spread your loan out over say a 40-year amortization to see if they can make that work, depending on the size of your loan.

 

They usually reduce your interest rate to in or around four percent and they may modify this for the entire 40-year period or they just may modify it for a short period of time.  But each lender looks at each loan on an individual basis but the 31 percent of gross income is what they look at.  If you are in foreclosure and want to have a mortgage modification you can call my office and we will undertake representation of you in the foreclosure.  My associate Jaleh Piran-Vesseh has done a lot of work as far as modifying mortgages.

 

That’s not, you’re not guaranteed that you’re going to get a mortgage modification and it’s up to the individual lenders.  There are some other programs that were available which if you haven’t missed a payment in 12 months and your loan was current, the lenders would give you, refinance your mortgage even if the value of the property was less than the amount that was owed.  I don’t know the name of that program but that was available.  I don’t know if it’s still available or not.  But that hopefully that gives you some insight about getting a mortgage modification.

 

If you have some questions about it, well give me a call at 727-847-2288.  Thank you.