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What is the difference between a living will and a medical power of attorney? The living will, which is really a dying decoration, authorizes direct that life support be discontinued in the event of three different circumstances. One is if you have a terminal condition, two, if you have an end state’s condition, and three, if you have a permanent vegetative state. This is when you’re unconscious and you’re laying there on a ventilator. The medical community or your doctors make the determination if you have one of those three conditions and then they turn to who you designate and ask permission or direction to discontinue life support. A medical power of attorney, also known as a designation of a healthcare surrogate is not whenever you’re dying. It is whenever you may need medical treatment and you designate who you’d like to make that decision. It further authorize the release of your medical information or a HIPAA waiver. And so that is the difference. One is to keep you alive and authorize medical procedure and allow someone to access your medical records, whereas a living will or a dying declaration covers whenever you are in the twilight of your life and doesn’t look like you’re going to recover. So if you have any questions, give me a call at (727) 847-2288.

What Is A Testamentary Trust

Video Summary

What is a testamentary trust? A testamentary trust is found in a will. That’s why they call it testamentary, and that the terms of the trust are spelled out in the will, and the trust does not take effect until after you die. That is versus setting up a revocable trust while you’re still alive, transferring all the assets into the name of your trustee while you’re alive, and as many times set up to avoid probate. If you have a testamentary trust, your will has to be admitted to probate, and then the testamentary trust is established and all the assets that were in your name at the time of your death passed to the trustee under the testamentary trust. The testamentary trust spells out who the beneficiaries are and how the trust is to be distributed. So, if you have any questions, give me a call at (727) 847-2288.

Video Summary

How can I help my kids so that they do not spend their entire inheritance after turning age 18? Well, number 1, is if they’re entitled to the money or they have the money in their name, there’s nothing you can do other than give them parental advice and hopefully they will listen to you. However, if there’s any planning to be done, you can provide in your will or your trust that their monies be held in a trust so that, I usually suggest that, their money be held until their age 25 with the direction of whoever the trustee is. So, hold the money for their health, education, and maintenance. And then at age 25 that they receive a third or a half of the money, and then they receive the balance of money at 30 or 35, depending if you want, at what age you believe that they would be responsible enough to take care of the money.
So, there’s little you can do if the money is in their name, you can do something about it as if you are putting it in your estate planning documents and they’ll be inheriting it from you. You can either put this in a testamentary trust, which is in your will, or if you want, you can set up a trust,  if you’re by yourself and you want the money to be held after you pass away for them and so that they don’t receive it at age 18. If you have any questions, give me a call at (727) 847-2288.

Video Summary

Do you have to pay capital gains tax on the sale of your home? Well, that depends. The new provisions or the provisions and the internal revenue code that have been there for several years provides that. If you’re a single person and you sell your home and you’ve lived in the home for two of the past, owned and lived in your home for two out of the past five years, you can exempt up to $250,000 of gain. So, if the sale of your home is less than 250,000, the sale is not even reported to the Internal Revenue Service. You may have to check a box that you sold your house. However, if it’s for more than 200 and $50,000, whenever you do your taxes, your accountant will know to exempt the gain. So, you’ll have to show your basis and then exempt $250,000 of gain if you have more than $250,000 in gain.
Yes, you would have to pay capital gains tax. If you’re married and you own this house jointly and have owned and lived in the house for two out of the past five years, the amount increases to $500,000. So, if the house sells for less than $500,000 per husband and wife, then you can, you don’t even have to report the sale. If it sells for more than that amount, you can exempt up to $500,000. And if you have more than $500,000 of gain, you would pay the capital gains tax on any, any gain over and above the 5,000. If you have any question about the sale of your house, give me a call at (727) 847-2288.

Video Summary

Do I need to set up a medical directory directive? Yes, you should. The medical directive has a HIPAA waiver in it, which authorizes the hospital to release your information to a third party. Without this, without a HIPAA waiver, they’re not supposed to discuss your medical condition or release your records to anyone. Many times you sign this in the doctor’s office, but if you go into the hospital and you’re not able to sign these releases or a hip waiver, then they’re not supposed to discuss this with anyone. So that’s the purpose of the medical directive, is to authorize someone to be able to find out how you’re doing in the hospital, that’s a HIPAA waiver, and also access your medical records. That also allows them to make medical decisions for you if you’re unable to do so. They do not have a right to override your decisions or either verbal or written that you’ve given if you go into the hospital. So, yes, you should have a medical director, which is a designation of a healthcare cert. If you have any questions, please call me at (727) 847-2288.