2 of the most important  limits for 2009 Florida Medicaid  are as follows:

Gross Monthly Income Cap: $2022.00

Individual Asset Limit $2,000.00 

Limit for Couple $3,000.00

Community Spouse resource Allowance $109,560

You should review your estate plan when:

• You have children
• Your children grow up
• Death or Divorce
• Remarraige
• Your circumstances change
• Your assets increase or decrease
• You want to make changes
• The law changes
• Whenever you feel like it !!!!!!!!!

• For 2009, the annual exclusion amount that you can gift annually 'Free" of tax rises to $13,000.00 per person per year. The estate and generation skipping tax exclusion rises to $3,500,000.00 and the lifetime gift tax exemption remains at $1,000,000.00 

A will is a document that allows you to designate where you want your property to go after your death. If you do not have a Will, the State of Florida will designate who gets your property and you will be giving up valuable rights.

WITHOUT A WILL YOU UP GIVE UP THE RIGHT TO:

• APPOINT YOUR PERSONAL REPRESENTATIVE
• NAME GUARDIANS FOR YOUR MINOR CHILDREN
• CREATE A TRUST FOR YOUR BENEFICIARIES
• DISINHERIT A CHILD 
• SPECIFY HOW TAXES AND EXPENSES WILL BE PAID       

A Revocable Trust is a document that you create during your lifetime and fund with assets. If you fund your Trust while you are living you will have the following advantages:

• Your estate should avoid Probate
• Your assets will remain provate and not subject to PUBLIC SCRUTINY
• You select who you want to manage your assets in the event of your disability or death
• In the event of your disability, assets placed in the Trust are not subject to Court control
• You set the terms ounder which your beneficiaries will receive your assets after your death
• You get to select who you want to manage your assets
• You will decrease the legal costs of administering your estate

If you are involved in a Domestic Partnership, proper pre emptive estate planning with your Partner may avoid protracted legal entanglements in the future.  By preparing, Powers of Attorney, Joint Living Arrangement Contracts, Wills, Trusts and Health Care Directives you rather than others can set the parameters of your Partners involvement into your affairs. Please note however, it is unclear how the passage of Amendment 2, in Florida will affect the rights of Domestic Partners.

This office can assist you and your Partner in obtaining the legal protections you each desire 

In the event you are SOON TO BE DIVORCED OR ARE DIVORCED, you need  to revise your wills, living wills, power of attorney and all other estate planning documents you have. If you do not have an estate plan you need one.  

Once you are divorced, if you have no estate plan and die owning assets in your name, Florida law will govern who gets the assets and who controls the assets. Your wishes will not bind the Court in any fashion. At the very least, a Will is required to dispose of your assets as you rather than a Court wishes. 

After divorce or in the event your first spouse dies, should you remarry planning is required to make sure your new spouse and "old" children receive and/ or share in your assets after your death.  If, you leave everything to your "new"  spouse, your assets are now his/her property and he/she can dispose of those assets as he/she wishes. Your children could get nothing.

With proper planning by use of a Trust, your "new spouse" gets use of the assets while alive and your "old" children get the assets when the new spouse dies as you stated in your trust document.

Should you have any questions, please contact my office for assistance.

In the event IRS deteremines that you owe taxes because :

            1.  you signed a joint return with your spouse or ex spouse

            2. your spouse or ex spouse did not report all income or paid all taxes when due

           3. As a result of  your spouses or ex spouse's actions, income taxes were increased and you had no knowledge of  the former spouse's actions

Then you may qualify for  innocent spouse relief. This  will stop IRS collection activity against you, if granted by the IRS. There are time deadlines and other standards you must meet to qualify for innocent spouse status.

If  you think that you may qualify for relief please contact this office for assistance.  

When you hire a new worker, it is important that you properly classify them as either an employee or independent contractor. If you misclassify a worker's status, this will have major implications for the Employer's taxes as well as the Workers'. If you classify a worker as an Employee, the Employer will be liable for payment of  FICA, FUTA and State Unemployment taxes. In addition, the worker will be eligible to participate in any retirement  or health benefit plans maintained by the Employer. If you classify the worker as an independent contractor , they are not eligible for any benefit plans maintained by the Employer and the Employer need not pay and FICA or FUTA taxes on the worker's behalf. The worker is responsible for the payment of self employment and other taxes. An employer can incur large tax and other liabilities if a worker is incorrectly classified. It is important that you consult with a tax professional before classifying a worker as an independent contractor.