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Medicare Part D is an optional plan offered to anyone who
qualifies for Medicare, and covers prescription drug charges. There have been
many changes to Medicare Part D in 2023, including more vaccines being
covered with no out-of-pocket cost to the recipient; lowered or fixed insulin
prices; and the creation of the new “Extra Help” program. The Extra Help program is for low-income individuals (less
than $21,870 per year for a single person or $29,580 for a married couple
living together) who also have limited resources ($16,660 for a single person
or $33,240 for a married couple). If you qualify for Medicaid, Social
Security Income, or a Medicare Savings Plan, you automatically qualify for
the Part D Extra Help program. Extra Help offers full or partial benefits to
the recipient. Starting in January 2024, a further expansion to the Extra
Help program will allow an even wider range of seniors to enroll. Currently,
the applicant’s household income must be less than 135% of the federal
poverty level. The 2024 change will expand it to more potential recipients by
raising that amount to 150% of the federal poverty level. According to the
Centers for Medicare and Medicaid Services, this change is expected to
benefit more than 300,000 current enrollees who are only receiving partial
benefits, who will now be eligible to receive full benefits under the
program. There are even more changes coming in 2025 and beyond. According to the Department of Health and Human Services, up
to three million seniors could benefit from this Extra Help program, but are
not currently enrolled. |
Losing a loved one can be a difficult and painful time for family and friends. There are many things to consider after someone passes away, including what happens to their bank. If someone dies without a will in Florida, their bank account and other assets will be subject to the states intestacy laws.Dying IntestateIntestacy laws dictate how a persons assets will be distributed if they die without a will. In Florida, if someone dies without a will, their assets will be distributed according to these laws. This means that the deceaseds bank account will be distributed to their heirs according to the states laws. It is important to note that if the deceased person had outstanding debts or liabilities, they must be paid before any assets, including funds in a bank account, can be distributed to heirs. If there are insufficient funds in the bank account to pay off the debts, the heirs may not receive any inheritance from the account.Bank Accounts with Named BeneficiariesIf the decedents bank account has named beneficiaries, it will pass directly to those individuals upon the decedents death. This setup allows control of the bank account and its assets to pass directly to the named beneficiaries without waiting for the exhausting probate process to be completed. The named beneficiaries must show a valid ID and the decedents death certificate to the bank. Bank Accounts with No Named BeneficiariesBank accounts with no named beneficiaries must pass through the probate process. Probate is timely and expensive, and when no will is present, the court will appoint an estate administrator to carry out its orders under state law. This often triggers family disputes and other problems because the law seldom distributes assets like bank accounts according to the familys wishes. Jointly Owned AccountsJointly-owned bank accounts in Florida typically pass to the sole ownership of the surviving joint account owner. This is called rights of survivorship. No probate process should be required.Probate AdministrationTo access the funds in a deceased persons bank account, the appointed executor must provide documentation to the bank to prove that the court has appointed them as the estate executor. This documentation may include a death certificate, letters testamentary, and other legal documents. Avoid Burdening Your Loved Ones Create an Estate Plan TodayIf someone dies without a will in Florida, their bank account will be subject to the states intestacy laws. The funds in the account will be distributed to the heirs according to the states laws. This seldom happens according to the decedents or the familys wishes. Complicated family structures and relationships can prolong the probate process while some may contest the courts distributions. A Tampa Probate Attorney from Mortellaro Law is an invaluable resource when faced with controversial beneficiary distributions by the court-appointed administrator of an intestate loved ones estate. We are happy to consult with you and advise you on your rights and possible courses of action. Of course, preventing this scenario and its burden on your loved ones is crucial. Mortellaro Law can help you create a sound estate plan to fulfill your wishes after your death. Asset distribution, including bank accounts, is just one benefit of establishing an estate plan now. Contact us today for a free consultation about estate planning in Florida.
Could your assets be at risk? What you have is important to you and is therefore important to us. Our Asset Protection Attorneys in Tampa can help protect you against creditors, divorce, lawsuits, and judgments. Michelangelo Mortellaro calls it protection against creditors, predators, and other mean people. He also puts this need into perspective like this: He asks, If you lost what you have, how bad a day would that be? No one wants to lose what theyve worked a lifetime to gain, so protecting your assets is wise. Explaining Asset ProtectionInvestopedia defines asset protection as the adoption of strategies to guard ones wealth. It sounds simple enough, but the process can involve significant planning, strategizing, and steps to enact the protection you need. Our Asset Protection Attorneys in Tampa can use legal strategies to shield your assets from creditor claims, frivolous lawsuits, or other attempts at taking them. This can include the following: Retitling propertyLiability Insurance coverageLife InsuranceRetirement accountsTrustsHolding separate properties in an LLCAnnuitiesGifting assets to familyMore There are also laws in Florida that make certain assets exempt from creditors, like retirement account exclusions and homestead statutes that protect your primary home. An Asset Protection Attorney in Tampa from Mortellaro Law can show you how to take advantage of these and other legal barriers. Together with other tools, we can raise a multi-layered bastion of legal protections around your assets to prevent their loss. Why Would I Need Asset Protection?Millionaires are not the only ones needing asset protection. Creditors and others can come after what you have even if you dont think it could be at risk. Anything worth having can be desired by someone else. What are some likely scenarios that could see your assets at risk of seizure or judgments? Youre a business owner whose employee left the floor wet in your store after cleaning up. A customer slips and falls, sustaining an injury. You are now facing a personal injury lawsuit. Youre a rental property owner and a guest becomes injured after falling over a broken step from the deck down to the beach. You are now facing a personal injury lawsuit. Youre a commercial property investor with several large industrial properties. One of the companies occupying your property is being investigated for illegally disposing of hazardous materials. You are named in the judgment against them by a government regulatory agency. Youre a pretty decent person, but your spouse disagrees and now he or she is suing you for a disproportionate portion of your assets in a divorce. Yes, these types of incidents happen all the time and leave individuals and businesses struggling to stay afloat after losing significant assets. On another note, you may need to protect assets to qualify for Medicaid Long-term Care coverage if you suffer a debilitating health condition. A well-structured Asset protection strategy can also help you keep major assets from being counted in the drastic Medicaid asset and income limits.Consult Our Local Asset Protection Attorneys in Tampa When you contact Mortellaro Law about help from our Asset Protection Attorneys in Tampa, we will help you design and implement an asset protection plan with three primary functions: Deter lawsuits (because your assets are untouchable) Provide leverage during settlement negotiations (because your assets are untouchable)Placing your assets beyond the reach of opponents (making your assets untouchable) What would happen to you and your family if you lost everything? Dont let that happen! Contact our Asset Protection Attorneys in Tampa at Mortellaro Law to schedule a free consultation about asset protection in Florida.
Estate planning looks different for every individual because so many elements are unique to the person. This is especially true when estate planning for business owners. Your type of business and its structure are only the beginning when determining how to protect your companys future and assets. An Estate Planning Attorney in Tampa from Mortellaro Law discusses estate planning for business owners and some key things you need now. Create a Financial Power of AttorneyEstate planning for business owners focuses on much the same concerns as estate planning for individuals. The unexpected looms large, and you need to enact measures to prepare for any eventuality. A Financial Power of Attorney is vitally important for Florida business owners. This legal document appoints a trusted individual to handle your financial concerns if you are incapacitated or die suddenly. Accidents, unexpected heath reversals, coma, dementia, and more can impair your ability to reason and make decisions. Your companys unique financial system demands a wise and experienced person to handle the transition when something happens to you. An attorney or other third party is often a great choice; they can be neutral and act as you would in the businesss best interests. Create and Regularly Update a Living Trust | Estate Planning AttorneyBusiness owners can own numerous assets that are vital to the companys operation. In fact, their absence may mean the failure of the business. A Living Trust can protect these assets and provide instructions for their disposition so the business can continue even after something happens to you. Keeping this vital document up-to-date is also critical, as circumstances can change often. A Living Trust is a legal document where you can name an individual or entity as the Trustee to manage the trust assets on behalf of your business. The assets are in the hands of a trusted person and can only be used to benefit the business. You can include instructions for selling them, investing them, or other directives as you choose. Sole proprietors especially need this legal protection because they are essentially the business. You want to protect any assets that are critical to your business operations. Create a Succession PlanA succession plan is a strategic blueprint for the seamless transition of your business management, ownership, and operations to successors or future generations. This vital aspect of business estate planning facilitates the smooth transition of your company to ensure its continued existence in a way that adheres to your original values and mission. Without a succession plan in place, battles for control and the companys assets are likely to ensure and destroy your legacy. Your succession plan spells out in advance who you trust to handle the business when you pass away or become unable to run it yourself. Larger businesses especially want to have this plan in place to reassure investors or other stakeholders that the company will continue on as before and that their investments are safe. Meet with a Business Estate Planning Attorney in Tampa There are other aspects of business estate planning that you need to consider, and a Business Estate Planning Attorney in Tampa can help you review your needs and create measures to protect your assets and legacy. At Mortellaro Law, we know business owners are busy people with full schedules. We can handle the details and legwork to help you protect your business and future while you work to grow your success. Contact Mortellaro Law in Tampa and schedule a consultation to discuss your business estate planning with an experienced attorney. Call us at (813) 945-6495 or request a consultation online at your convenience.
Pam Buff Baker, Esq., owner and founder of Safe Harbor Law Firm works closely with clients to meet their legal needs. In particular, Pam works in all areas of Estate Planning, Elder Law, Probate and Trust Administration. Pam graduated magna cum laude from Tulane University, having majored in chemical engineering. Since graduating from Tulane, Pam has worked in sales, marketing, and technical support for Eka Chemicals (part of Akzo Nobel), a company division that supplies water purification and treatment systems. Later, Pam moved to Naples, Florida. Since then, Pam graduated summa cum laude from Ave Maria School of Law, where she was Associate Editor of the Law Review and a scholarship winner. During her time at Ave Maria School of Law, Pam worked in the legal department of Arthrex and interned for several local law firms. Pam is a champion golfer, having been a varsity player at Tulane, inducted into the Hall of Fame. She was an All-American golfer, three-time conference champion, conference player of the year, and student athlete of the year. When she has free time, Pam likes to play golf and go to the beach and pool with her family. Originally from Chicago, Pam has lived year-round in Naples, Florida since 2005.
Pam Buff Baker, Esq., owner and founder of Safe Harbor Law Firm works closely with clients to meet their legal needs. In particular, Pam works in all areas of Estate Planning, Elder Law, Probate and Trust Administration. Pam graduated magna cum laude from Tulane University, having majored in chemical engineering. Since graduating from Tulane, Pam has worked in sales, marketing, and technical support for Eka Chemicals (part of Akzo Nobel), a company division that supplies water purification and treatment systems. Later, Pam moved to Naples, Florida. Since then, Pam graduated summa cum laude from Ave Maria School of Law, where she was Associate Editor of the Law Review and a scholarship winner. During her time at Ave Maria School of Law, Pam worked in the legal department of Arthrex and interned for several local law firms. Pam is a champion golfer, having been a varsity player at Tulane, inducted into the Hall of Fame. She was an All-American golfer, three-time conference champion, conference player of the year, and student athlete of the year. When she has free time, Pam likes to play golf and go to the beach and pool with her family. Originally from Chicago, Pam has lived year-round in Naples, Florida since 2005.
At Safe Harbor Law Firm (formally known as Buff Law Firm PLLC), we focus on estate planning, elder law, and closely related practice areas. Our true focus, however, is helping families plan for and take control of their future. This can involve:Ensuring your assets will go to the people you want, when you want, in the manner you want after you pass awayPreparing for the possibility that you or your spouse will need expensive long-term careand helping you find ways to pay for itEnsuring that people you trust have the authority to make financial and medical decisions on your behalf in the event of incapacityProtecting your assets and those of your heirs against threats such as creditors, lawsuits, divorce, the high cost of long-term care, and moreGuiding your loved ones through the probate and/or trust administration processSafe Harbor Law Firm has helped families from all walks of life find solutions to challenges like these and many more. We welcome the opportunity to do the same for you. Ultimately, our goal is to help you enjoy the peace of mind that comes from having a plan in place for the future. We invite you to contact us for a personal meeting to discuss your particular needs and goals.