How Do I Protect My Healthcare Rights?
Video Summary
How do I protect my healthcare rights? Well, HIPPA does a pretty good job of protecting that and that your healthcare, uh, professionals are restricted to not release any of your healthcare information to anyone without your authorization. So, my advice and opinion to you is to designate a healthcare surrogate form where you designate what person or persons that you would like to be able to receive your healthcare information and also to be able to make medical decisions for you if you’re unable to do so. And this is called a healthcare surrogate form. In addition to that, you should execute a living will, which is a really, a dying declaration, which gives designates an authorized life support to be discontinued any one in any one of these three uh, circumstances. If you have a terminal condition, end stage condition, or permanent vegetative state, you can select all or any one or two of these circumstances where you would want life support to be discontinued. There’s one other form that you can execute when you sign your estate planning documents. It’s called a standby guardian file, so that if you would be adjudicated, incapacitated, that you can designate who you’d want to be your guardian in order to be able to make healthcare decisions for you. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos
Will My Assets Be Protected From Creditor Claims, If I Place Them In a Trust?
Video Summary
Will my assets be protected from creditor’s claims if I place my assets in a trust? The answer is no. This is a myth. I often hear this, from time to time whenever I’m doing estate planning, or people call about setting up a trust and that your assets are not protected. The only exception of this, is if you set up an irrevocable trust, meaning you can’t change it and you can’t have any control of your assets, and irrevocable mean you can’t change it. So, I rarely if ever, draft an irrevocable trust, except if it had to do with a life insurance trust and those may be irrevocable. As far as insurance policies are concerned, in this vein, if you are married, you have certain protections. If you hold your assets as husband and wife, this is called tenancy by the entireties, and you can set your bank accounts up with 10 under tenancy by the entireties, or simply if you hold your assets as husband and wife, it creates tenancy by the entireties. And this gives you some asset protection so that if your spouse, if they get a judgment against your spouse and not against both of you, then they cannot attach any assets that you own jointly as husband and wife or tenancy by the entireties. This is different than joint tenants with right of survivorship. If you own it as joint tenants with right of survivorship, then each of you own a one-half interest and the asset half the asset is not protected. If they get a judgment against one of you, they can attach that asset. So, this is a myth and I don’t draft irrevocable trust. Also, as if you do set up a joint trust, as far as husband and wife is concerned, you destroy the tenancy by the entireties that you possibly had before you set it up and, and may subject your, the assets in the trust, your spouse owned or you owned to your creditor’s claim. So don’t set up a trust to try and protect your assets. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
How Do I Decide What Type of Will Is Best For Me?
Video Summary
How do I decide the best Will for me? Well, that is by discussing with your attorney, your situation, meaning, well, are you married? How many family members you have, who you want to receive your estate, whether or not they are minors, whether they have special needs. All of these things go into considering who you want to receive your assets and what type of well is best for you. Whether it be a trust, whether it be a testamentary trust, meaning a trust inside your will, or whether it’s simply designated who you want to be, your beneficiaries and what percentage they receive or specific devices as far as the amount of money or certain personal property. So that is what you need to discuss with your attorney as well as your other estate planning documents such as your power of attorney, living well and a designation of a healthcare surrogate. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
What Is Not Covered By Insurance After A Hurricane
Video Summary
What is not covered by insurance after a hurricane? Well, the first answer the question is, whatever’s not covered by your insurance policies as far as what’s not covered. So let’s start with, do you have flood insurance? Flood insurance is necessary to cover your loss as a result of rising waters or flooding. If you don’t have flood insurance, you don’t have coverage for rising waters or flooding. If you have homeowner’s insurance, again, you need to look at what coverages you have. And, if you don’t have wind coverage, well then you not gonna be covered for any wind damage to your home. Also on your homeowner’s insurance, there’s a hurricane deductible damage caused as a result of a hurricane. And I believe the smallest percentage of your policy is like 3%. So if your home is insured for a hundred thousand or, let’s say $200,000, the first $6,000 of damages is not covered by your, your homeowner’s insurance and that there’s a hurricane deductible. My suggestion is that you might wish to contact your insurance agent before you have a problem, or if there’s a hurricane coming your way, give them a call and ask them what exactly what coverages you do have. I’m not an insurance expert and don’t practice insurance law. And this is more of a practical approach to your insurance. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate, Videos
How Do I Handle An Inherited 401k
Video Summary
How do I handle an inherited 401k? Well, the, whenever the decedent passes away and you’re designated as the beneficiary of 401k you need to deal with the company’s custodian or whoever is handling the 401k, and they’ll explain to you what your options are. I think one of the primary options you’ll always have the 401k paid out a lump sum right after the death of the decedent. And so you take it in a lump sum. The disadvantage of that, of course, is that you have to pay all the income tax on the money that you receive. You can then discuss with the provider or the one who is managing the 401k as far as your other options whether or not you can roll it into your own IRA and spread it out over your lifetime. And some of the other questions: are they already receiving some of these distributions? Also are they what their age are and whether or not you’re the spouse. All these are factors which would need to be discussed with the provider or whoever manages the money on in the 401k. I can’t tell you that I’m an expert in this area but if you give me a call, And as far as that’s concerned, my phone number’s (727) 847-2288.
- Published in Estate Planning, Videos