HOW CAN I SPEND THE PERSONAL NEEDS ALLOWANCE?

When receiving Medicaid benefits under the Institutional Care Program (ICP), a Medicaid recipient is allowed to retain a portion of their income as their “personal needs allowance." In Florida, the current personal needs allowance is $105/month, whether you are a single or married individual. This amount may seem very small, but when all of your expenses are otherwise met through your own income, Medicare, Medicaid, or other supplemental insurance, the $105/month personal needs allowance can be sufficient.

What can the personal needs allowance be spent on? The allowance is generally spent on items or services that will solely benefit the Medicaid recipient. These may include: clothing, toiletries and other personal hygiene products, vitamins or supplements, beauty or barber shop services, co-pays for prescriptions not otherwise covered by insurance, eyeglasses, hearing aids and batteries, and the list continues. Again, it can be spent on anything that will solely benefit the Medicaid recipient- use your best judgment.  

Does the personal needs allowance need to be spent prior to the end of the month? The answer is no. Any allowance remaining can carry forward into the next month, so long as the Medicaid recipient assets do not exceed their allowed asset limit. If you have further questions or would like to schedule a consultation, please contact The Law Offices of Hoyt & Bryan at 407-977-8080 or info@HoytBryan.com.

Class action lawsuit claims that Purina pet food is killing dogs - Seattle Pets | Examiner.com

This could be very important information as Beneful is available on grocery store shelves everywhere!



Class action lawsuit claims that Purina pet food is killing dogs - Seattle Pets | Examiner.com

A GOOD DEED GONE WRONG

Bob and Suzy get divorced.  Suzy has an adult child, Annie, from a prior relationship. As part of the marital settlement agreement, Bob is supposed to sign a deed conveying his interest in their homestead to Suzy. Suzy is supposed to get a new home loan in her individual name. 

Time passes.  Bob never signed a deed and Suzy never got a new loan.  Suzy dies.  As a result of the divorce, Bob owns a one-half (1/2) interest in the house and he is also responsible for the repayment of the loan. This was not the intent of either Suzy or Bob.  With proper follow through and estate planning after their divorce, this situation could have been avoided.

What if Suzy was behind on her loan payments?  This deficiency could be reported on Bob’s credit as his name is still on the loan. Who now owns Suzy’s one-half (1/2) interest in the home? In this case, Suzy's heirs because she died without a will.  As a result, a probate will also be required in order to properly transfer Suzy's interest to Annie.  What if Annie does not want to own the house with Bob?  Like it or not, she does.  These are only a few of the questions and issues that might be raised with this family scenario.  

Proper estate planning could have avoided this situation. If you are divorced, you should review your family situation, your assets and your estate plan regularly with a qualified attorney, to make sure your wishes will be carried out properly. We are happy to be of assistance, for an appointment please call the Law Offices of Hoyt & Bryan at (407) 977-8080.

Petnups- Who Gets Fluffy?

"You may now kiss the bride!" This is how all marriages begin.  Unfortunately, not all married couples can withstand the test of time.  The question then becomes, "Who gets to keep the pet(s)?"

To avoid a potential conflict over the care and custody of your pets in the event of a divorce (or termination of the relationship in the event of an unmarried couple), consider what has been coined, a Petnuptial Agreement.  A Petnuptial Agreement is a premarital agreement, drawn up by the couples' attorneys that specifically addresses issues related to the care and custody of the couple's pets in the event of a divorce or dissolution of the relationship.  

Pets are an integral part of our family.  We care for them like our children. For some couples, the pets are the children.  Pet custody disputes can become very ugly and expensive. A Petnuptial Agreement will help prevent unnecessary stress and anxiety for the pet, as well as the human parties involved. The Petnuptial Agreement allows you to decide in advance who will be the primary caregiver for your pet, how custody will be shared, the division of responsibility related to ongoing daily care, veterinary bills and unexpected emergency situations. 

Relationships don't always last forever.  However, your commitment to your pet lasts a lifetime; the lifetime of your pet. A properly planned and executed Petnuptial Agreement can provide both parties with the certainty that their loved pet(s) will be provided for in the manner they intend without an expensive custody battle.  If you have any questions related to estate planning for your pet, including the preparation of a Petnuptial Agreement or resolution of a pet related dispute, please call the Law Offices of Hoyt & Bryan (407) 977-8080 for an appointment today.  

Understanding 501(c)(3) Nonprofits

A nonprofit is an organization whose primary objective is to support some issue or matter of private interest or public concern (such as the arts, charities, education, politics, religion, scientific research, or some other endeavor) for non-commercial purposes. There are different kinds of nonprofits, one known as a 501(c)(3).  This particular nonprofit gets its name from the specific section of the Internal Revenue Code (Section 501(c)(3)), which exempts the organization from paying federal income tax.

There are two primary benefits of an organization obtaining 501(c)(3) status. First, the 501(c)(3) company is exempt from all federal income and (sometimes) property tax and frequently receives beneficial treatment from states. Second, 501(c)(3) companies are qualified to receive tax-deductible donations. This means, subject to certain limitations, contributions to a 501(c)(3) company can be deducted from the donor’s taxable income -  more incentive for individuals to give to the organization.

It is important to know that tax exempt organizations, other than churches, must file a yearly return or statement with the IRS.  The required return is most typically IRS Form 990.  If the 501(c)(3) does not file the Form 990 as required for three consecutive years, the law provides the organization automatically loses its tax-exempt status.  Loss of this important exempt status means an organization must file income tax returns and pay tax, and its contributors will not be able to deduct their donations.

IRS Form 990 may also be used by donors as the starting point for any financial analysis of a charity. The Form 990 details sources of funds received, use of funds, and changes in assets and liabilities.  Anyone may obtain a copy of an organization’s exemption application or annual information return (Form 990).  A request may be made directly to the organization or by submitting a request at the IRS.gov website or directly to the Internal Revenue Service on Form 101 4506-A.  Further, many Central Florida charities are profiled by the Central Florida Community Foundation at their website mycfcf.org.

            Individuals that want to leave a legacy often consider lifetime or testamentary gifts to 501(c)(3) charitable organizations.  If you have questions about creating a lasting legacy or updating your estate plan to include your favorite charity, don’t hesitate to contact The Law Offices of Hoyt & Bryan at 407-977-8080 or visit our website at HoytBryan.com.  

Estate Planning Document You Need Now!

Now that the holiday season is in full swing, if you are preparing to travel, don’t forget these important legal documents you need to include in your suitcase.  We never think an accident or illness will happen while away from home. Are you prepared? There are two legal documents you will want to have a copy of in case of an emergency. 

First, your Healthcare Power of Attorney (also known as a health care proxy or surrogate) is a Durable Power of Attorney specifically designed to name someone you trust to make healthcare decisions for you if you are unable to do so. When choosing a health care agent, select someone who will keep your best interests and wishes in mind.  Not all powers of attorney are created equal, so be sure you bring your Healthcare Power of Attorney and not your Financial Durable Power of Attorney.  

Second, your Living Will (also known as an advance medical directive) is a declaration setting forth your wishes regarding how you want to be treated with respect to life prolonging medical procedures. A Living Will applies in situations where you are unable to make your own decision, you have either a terminal condition, end stage condition or are in a persistent vegetative state and your doctors have determined there is no reasonable medical probability of your recovery.  If these elements are present, then your Living Will says you do not want to be kept alive by life prolonging procedures (respiration, hydration or nutrition) but you will accept a procedure or medication that will alleviate your pain or provide comfort care.  

Your healthcare documents will not do you any good if no one knows about them; you will need to talk with the person you designate in them to make sure they know where you keep them. If you are travelling, put a copy in your suitcase or save a copy to one of the many cloud storage programs available today.  

Remember, your Healthcare Power of Attorney and Living Will go into effect if you meet specific medical criteria and are unable to make decisions for yourself. If you do not have these valuable planning tools, feel free to contact The Law Officesof Hoyt & Bryan today to schedule an appointment with one of our experienced attorneys.

For more information or to schedule an appointment, call The Law Offices of Hoyt &Bryan at (407) 977-8080 or visit our website HoytBryan.com. Happy Holidays!

How to bequeath Emblem3 to loved ones - MarketWatch

My friend Jack Tatar explains how important and difficult it may be to plan for your digital assets.  This includes your blogs, Facebook, LinkedIn and other online profiles you may have.  It is easy to overlook something we use every day and take for granted.  Many of the social media sites you use may have their own rules for what happens to your online presence in the event of your death.  You agreed to those rules when you created your profile - and I don't know anyone who has actually read what they've agreed to.



Be sure and create a comprehensive password list and keep it updated.  Make sure the people you asked to fill in the helper roles - agent under your power of attorney, personal representative or executor of your will, successor trustee to your trust - all know where to find this valuable information.



For more information, read my latest book "What's the Deal With...Estate Planning" published by People Tested Publishing. 



How to bequeath Emblem3 to loved ones - MarketWatch