What if your loved one needs a nursing home? Can you pay $10,000.00 every single month? Long term care costs are insanely high. Learn how to protect your family and your assets.
What Is the Difference between a Trust and an LLC?
Can I protect my IRA with a Trust?
What do you have to do to protect your business?
Make sure you protect your business by following the basic corporate formalities.
1. REGISTER YOUR ENTITY WITH THE STATE
In order to establish a limited liability company (LLC) or corporation in Florida, you must register the entity with the Florida Division of Corporations. An attorney can register the corporation for you, or you can do it yourself by visiting the Florida Division of Corporations website. When registering your entity, you should search the name records to make sure that the name you intend to use for your entity is not already in use. Generally, the cost to register a corporation or LLC is one hundred and twenty-five dollars ($125.00).
In most circumstances, an unregistered entity is not authorized to transact business in Florida. Additionally, an unregistered entity will not be able to bring a lawsuit in Florida.
2. OBTAIN AN EMPLOYER IDENTIFICATION NUMBER
Once you have received confirmation from the Florida Division of Corporations that your entity has been successfully registered with the state, it is important to obtain an employer identification number (EIN) for your entity. An EIN can be obtained for you by an attorney. You can also obtain your own EIN by visiting the IRS website. Once you have your entity’s EIN, you should use this to establish a bank account in the name of the entity.
An EIN is necessary to open a bank account in the name of the entity. It is important to maintain a bank account dedicated to business funds, and to refrain from comingling your personal funds with business funds. If you fail to keep your business funds separate from your personal funds, in the event of a lawsuit against your entity, it is likely that a plaintiff will be able to recover from your personal assets and funds. You should contact an attorney in order to ensure that your personal assets are adequately protected in the event of a lawsuit against your business.
3. MAINTAIN AN OPERATING AGREEMENT/BYLAWS/SHAREHOLDER AGREEMENT
It is important that your business has an operating agreement or bylaws or shareholder agreement, depending on your entity type. An operating agreement sets forth the rules for your entity such as how profits and losses will be split, the members of the entity, who controls the entity, etc. This document is especially important if your entity has more than one member or if there is a possibility your entity could have more than one member in the future. If your entity does not have an operating agreement, bylaws or a shareholder agreement, you should consult an attorney who can prepare the document for you.
We can help protect your business…
so you can get back to running it.
4. KEEP COPIES OF RECORDS
Florida requires that LLCs and corporations maintain certain records. An LLC must maintain the following records:
List of names and addresses of each member;
Copy of Operating Agreement;
Copy of Articles of Organization;
Copy of tax returns for the last three (3) years;
Copy of financial statements for the last three (3) years; and
List of contributions given by each member to the LLC.
A corporation must maintain the following records:
Articles of Incorporation;
Bylaws;
All written communications to shareholders for the past three (3) years;
Meeting minutes;
List of names and addresses of current directors and officers; and
Copy of most recent annual report.
5. FILE AN ANNUAL REPORT WITH THE STATE
Florida requires that all entities registered in Florida file an annual report each year. An attorney can file this report, or you can do it yourself by visiting the Florida Division of Corporations website. The annual report confirms the entity’s name, principal place of business, registered agent, mailing address, and other clerical information. An annual report should be filed between January 1st and May 1st. Generally, the price to file an annual report is between one hundred thirty-eight dollars ($138.00) and one hundred fifty dollars ($150.00). Any annual report filed after May 1st will be assessed a four hundred dollar ($400.00) late fee.
Any entity that fails to file an annual report, can be administratively dissolved by the State. This means that in the eyes of the State the entity no longer exists and cannot bring a lawsuit on its behalf within Florida. In the event a lawsuit is necessary, the entity would need to file a reinstatement with the Florida Division of Corporations and pay a fee.
6. SEEK AN ATTORNEY FOR AMENDMENTS OR ADDITIONS OF PARTNERS/MEMBERS/SHAREHOLDERS
In the event that your entity wishes to amend its corporate structure or add a partner, member, or shareholder, it is important to consult an attorney prior to making any changes. The attorney can walk you through the best way to achieve your goal while still protecting your interest.
Call us today - for protection and peace of mind!
(954) 233-0682
What is a will contest?
HOW TO RELATIVE-PROOF YOUR WILL
When you plan and you protect your family, you can relax and have peace of mind.
When talking about their will, clients will frequently say the following to me -” I just want to make sure I don’t have problems from X.”
X can be a an ex-spouse, a child, a child’s spouse, the list goes on.
For a client, this can be difficult to admit or to discuss, but we can help.
This is why a will and estate plan is not “a form.” I get to know my clients. I get to know their relationships with their children, their spouse, their business partners, etc. These dynamics are extremely important in planning. These are not check the box answers or check the box solutions.
People’s lives and the property and assets they have acquired are the result of a lifetime of decisions.
You probably worked most of your life. You maybe raised children. You may have started or purchased a business. Everything you did required thinking, sacrifices, and difficult decisions.
Over time, and after a lot of hard work, you acquired some assets. Now, you need to make sure you protect these assets and that they go to the people of your choosing at the time of your choosing.
What does this all mean and what can you do about it?
Do we leave assets outright to our kids? This may make these assets subject to a spouse or ex-spouse or a creditor.
Do I need a trust or a will?
How do I make sure the court is not involved and my designated loved ones are making decisions on my behalf and for my estate?
Is it better to keep these assets in your bloodline? Most of my clients want to provide for their children and their grandkids. They want to make sure their assets are protected in case of divorce, lawsuit, or irresponsible decision-making.
We will study these issues in later posts but for now, let’s get down to basics and learn the general ways people can contest wills.
Having an updated last will and testament is more important than ever, especially now. However, a will that is poorly created or not frequently updated can be vulnerable to contestation.
What is contestation?
It is the formal objection to a will’s (or trust’s) validity because it either: a) doesn’t reflect the wishes of the person who created the will, or b) because the will does not meet legal standards.
Will contests should be avoided at all costs. Not only can a contest derail your final wishes, but it can also rapidly deplete your estate and wreak emotional havoc on the family members left behind. Fear not. With proper planning, you can prevent that from happening.
Who can contest a will?
Will contests are usually brought on by individuals (could be family members, close friends, or business partners) who believe they have been wrongly disinherited. However, not all of your family or friends have the ability to contest your will in court. They must have legal “standing” to file a lawsuit. Standing means that a person involved in a lawsuit will be personally affected by the outcome of the case.
Who can contest?
● Current beneficiaries that are named in the will
● Previous beneficiaries who were disinherited but were included in a previous will
● An individual not named in the will but who would be eligible to inherit property based on a state’s intestacy laws (typically a biological child or spouse)
The following people have the ability to contest a will in probate court:
● Current beneficiaries that are named in the will
● Previous beneficiaries who were disinherited but were included in a previous will
● An individual not named in the will but who would be eligible to inherit property based on a state’s intestacy laws (typically a biological child or spouse)
If a will is successfully contested, then the court will declare the will invalid and “throw it out.” If there is a previous will, then the court will abide by those terms. If there are no other estate planning documents, the state’s laws of intestacy will decide who inherits what property. As you might expect, this can be a disastrous outcome for your intended beneficiaries.
Planning tip: Depending on your circumstances and goals, a trust can have superior benefits to a will; like offering better asset protection and enhanced privacy by keeping your personal information out of probate (a public process all wills must go through). If you’d like to learn more about the differences between trusts and will, and see what is a better fit for you, call our office (954) 233-0682.
We are here to help.
A trust may be better.
More asset protection, privacy, etc. Ask us about the difference.
Protect your finances with a Financial Power of Attorney - Don't risk it!
Don’t Risk it:
Protect Your Finances From Coronavirus Complications
Many Americans spend a lot of time and effort in managing their finances. While most are worried about how the coronavirus (COVID-19) will impact their income—whether that’s because they are temporarily furloughed, find themselves suddenly without a job, or watching their investment and retirement accounts dwindle—there is another way COVID-19 can wreak havoc on American’s finances: lack of incapacity planning.
As the coronavirus continues to expand across the country, thousands of Americans are unable to carry out normal financial responsibilities because they are too ill, or they are stuck abroad and unable to travel home, or from a lack of resources due to being isolated at home.
While feeling healthy, individuals should plan ahead now and ensure that someone will take care of their financial duties by setting up a Financial Power of Attorney. This important legal document will not only protect your finances should you fall ill from COVID-19 but also from any events that might leave you incapacitated, like an injury or accident.
Financial Power of Attorney: what is it?
A Financial Power of Attorney (FPA) allows you to select a trusted family member or friend who will be responsible for managing your money and other property if you become mentally incapacitated (unable to make your own decisions) due to illness or injury. Without this document, bills won’t get paid, tax returns won’t be filed, bank and investment accounts held in your name will become inaccessible, retirement distributions can’t be requested, and property can’t be bought, sold, or managed.
What happens if I don’t have one and get sick?
If you get sick and are unable to make or communicate your financial decisions and don’t have an updated FPA in place, a judge can appoint someone to take control of your assets and make all personal and medical decisions for you through a court-supervised guardianship or conservatorship.
Why would a court do that?—You may ask. As an adult, no one is automatically able to act for you, you must legally appoint them through the use of an FPA. Without it, you and your loved ones could lose valuable time, money, and control.
PROTECT YOUR ASSETS AND YOUR FAMILY WITH A FINANCIAL POWER OF ATTORNEY.
WORD OF CAUTION: Don’t think you’re protected just because your assets are held jointly with your spouse, child, or family member. Here are three reasons why you shouldn’t rely on joint ownership:
Limited power. While a joint account holder may be able to access your bank account to pay bills or access your brokerage account to manage investments, a joint owner of real estate will not be able to mortgage or sell the property without the consent of all other owners.
Tax liability. By adding a family member’s name to your accounts or real estate titles you might be saddling them with gift tax liability.
Property seizure. You read that correctly. If your joint owner is sued than your property could be seized in order to pay their debt.
Medicaid disqualification. Putting a loved one’s name on a joint bank account or property title can disqualify them from receiving government benefits, such as Medicaid.
Only a comprehensive incapacity plan will protect you and your assets from a court-supervised guardianship or conservatorship and the misdeeds of your joint owners. Do not rely on joint ownership as your plan—it’s simply too risky and unreliable.
Already got one? Chances are it’s outdated.
TAKE THE STEPS TO PROTECT YOUR FAMILY NOW. THEN RELAX!
An FPA can become “obsolete” in as short as one year. This is because many institutions don’t want to rely on stale, outdated documents. Depending on your circumstances, a stale, obsolete power of attorney may not be able to help you and your family with insurance contracts, retirement plans, banking and investment accounts, online personal accounts such as email, Facebook, Instagram and LinkedIn, and elder care and special needs planning.
If it’s been more than a year or two since you’ve signed your power of attorney, it might be time for a fresh one. Call us! We can help make sure you and your family are fully protected by helping you determine:
● Who would be the best choice for this responsibility,
● How much authority you should give your financial agent, and
● When to make your power of attorney become effective.
Regardless of your priorities, there is a financial power of attorney right for your situation and goals. Determine your specific needs while you are of sound mind. Of course, nothing tops the advice and recommendations of an attorney experienced in these matters. So if you are wavering between your options, give us a call.
Health Care Power of Attorney - what is it? Why do I need one? Why now more than ever?
What is it?
What changed?
COVID-19 - NEW REALITY - NOW ALONE AT HOSPITAL
WHO MAKES MEDICAL DECISIONS - AND HOW?
WATCH THE SHORT VIDEO BELOW FOR MORE INFORMATION.
We need to make sure we are as prepared as we can be during these times.
Call us (954) 233-0682.
We are here to help and we can do safe, secure, and distant signings for your safety and peace of mind.
We can help go over your existing documents or prepare new ones to make sure you, your family, and your assets are protected.
We will get through this. Stay safe!
PK LAW COVID-19 updated procedures
We are truly in uncharted waters. I sometimes feel like we are in a movie. This feels surreal. Unfortunately, it is all too real and we must adapt to this reality.
Our first priority is the health and safety of our clients and families. Most of our clients are elderly. Many of our clients care for elderly parents or family members. Furthermore, we have seen that even asymptomatic people can be carriers of this virus and can unwittingly infect others. Here are some of the policies we have implemented to keep our clients safe:
All meetings will be held telephonically or via video
Please submit any documents electronically
Our staff is not traveling and observing social distancing and the guidelines issued by the CDC
Our signings will be done outside, while everyone remains at least 6 feet apart. We will provide gloves, and disinfected supplies in order to complete the signing safely and while “social distancing”
We will send detailed signing instructions to our clients before a signing so everyone is on the same page
We have the technology in place to work remotely and securely
We are here to help you. Hang in there and stay safe!
We understand these are unprecedented times but we also know life and legal needs do not stop even during this crisis. We are committed to continue helping our clients with their legal needs. We continue to monitor this situation and will adapt as necessary.
We will post important information on our social media accounts so make sure you follow us on Facebook, Twitter, and Instagram. The links for those accounts are at the very bottom of this post. Just click on the icon for each social media account.
We will get through this together and until then, we are here to help!
Social distance - stay safe - stay calm.
We are all in this together.
Nursing Homes and Coronavirus - what should the facility be doing to protect your loved one?
The Coronavirus seems to be dominating our headlines. New cases are popping up every day in the U.S.
By now, we know that the most vulnerable to the virus are the elderly and specifically those with underlying medical conditions.
My grandmother is currently in a facility. Her children visit her at least twice daily.
As Coronavirus started to multiply in the U.S. my mom noticed it was just business as usual at the facility. Even though we seemed to be waking up to more and more cases of people infected with Coronavirus all over the country, the facility was not doing anything differently to address the spread of the virus. My mom asked several nurses and staff members and there was no response. Then, over the weekend, we heard the virus spread to Florida.
The CDC and CMS have issued guidelines to facilities to prevent the spread of the virus. Nursing homes are, and have been, required to have a plan in place for emergencies. The spread of infection is included in the definition of emergencies. So, every facility should already have a plan in place on what procedures to follow in case of a virus outbreak and how to prevent the spread of infection and viruses.
Here are some steps for nursing homes to follow:*
Some tips…
Screen visitors, staff, and vendors for international travel from certain countries in the last 14 days, signs of a respiratory infection like a cough, sneezing or fever, or if a person has had contact with someone who has Covid 19;
Increase availability of hand sanitizers and no touch receptacles for disposal;
Properly disinfect medical supplies and try to limit sharing of medical supplies;
Provide extra materials, like pens and papers, to discourage sharing of the same;
Monitor the CDC website for frequent updates;
Frequently monitor residents, staff, and visitors for signs of potential symptoms of respiratory infection - this should be done multiple times a day;
Increase signage for vigilant infection prevention like hand hygiene and cough etiquette;
The Trump administration and local governments are working together to provide guidance and information to facilities. They have also increased inspections to make sure facilities are doing their best to protect their residents.
Although government agencies are working to provide information and to combat the spread of infection, we all must use common sense. We owe it to our loved ones, especially our older loved ones who are the most vulnerable.
“We all have a part to play. Even if you are young and not part of the demographic most seriously affected by this virus, you must take steps so that you do not become infected and potentially pass the virus to someone more vulnerable. ”
Keep calm - we are in this together
And we will get through it.
*This list is not exhaustive. Please refer to the following sources for more complete information :
cdc.gov
cms.gov
How to make sure your loved one gets proper care in a nursing home
TIPS TO ENSURE PROPER CARE IN A NURSING HOME
Over the years we have met with many families who face the difficult step of having to place a loved one in a facility. We routinely counsel families and help them protect their assets so they can afford the cost of these facilities. Excellent documents and structuring assets to protect the client and the family are vital.
However, that is only one part of my job. My cases are not transactions - they are people.
There is always a box of tissues in my office. Why? Because this is one of the most difficult and heart wrenching decisions a person will have to make. We are talking about someone’s husband, wife, mother, or father. We are talking about taking this person out of their home, where they thought they would spend their final days, and placing them into a strange facility, surrounded by strangers. There is a tremendous amount of guilt and doubt that comes with making that decision.
Making this decision is hard enough. Once a person finally makes the decision to place a loved one in a facility, they begin experiencing a whole new range of concerns.
One of the top concerns of family members is the care and safety of their loved one in the facility. These concerns are common:
“Is my mom being mistreated when I am not there?”
“Is the facility doing all it can to try to prevent my dad from falling?”
“Is my mom being neglected?”
Maybe, and hopefully, you do not notice a clear-cut possible sign of abuse such as bruising or physical injury. These are some of the common doubts we hear from clients that MAY point to the possibility of lack of good care:
“My husband’s dementia just advanced really quickly”
“I don’t know why the nursing home waited so long to take mom to the hospital”
“I don’t know why the nursing home waited so long before calling me and telling me mom was hurt, fell, etc.”
“My dad just went downhill really fast”
There are things you can do to try to ensure your loved one is treated well in a nursing home or facility.
Statements like these can alert you to serious problems that have happened to your loved one in a facility. If you think this could be the case….
There are some simple things you can do to try and make sure mom or dad get proper care. In a perfect world, this would not be necessary but we don’t live there - we live in reality. In my opinion, anything you can do to TRY to ensure your parents or loved ones are well taken care of is well worth trying.
Here are some tips:
1- Visit at different times. If the staff knows you always visit at 5 p.m. they may only clean mom up right before 5 in preparation for your visit. Try not to let your schedule become predictable and “pop” in during different times of the day.
2- Bring food or treats for the staff. You can bring the nurses cake, pie, bagels, etc. This is common sense but people notice and remember kindness.
3- Try to visit for more than two hours. Certified nursing assistants are required to check in on their residents at least every two hours. Are they doing that? Observe how the staff treats mom. The staff will also see that you are involved.
4- Keep a log of your visits and take detailed notes of anything that rubs you the wrong way. Take pictures of dirty linens, unclean rooms, etc. If mom has actual physical signs of injuries or neglect, take pictures, and find out what happened immediately. Ask for the director of nursing or the nursing home administrator. Remember NOT to take pictures of any other residents as that could be a HIPAA violation. The bottom line is to keep good records.
WATCH OUT FOR…
Bed sores
Falls
Poor hygiene
Infections
Changes in loved one’s health
In our office, we have been blessed with families who fiercely protect their loved ones. We hope these practical tips help ensure your loved one is getting proper care.
If you need help or guidance, call us at (954) 233-0682 or email at info@mypklaw.org.