ESTATE PLANNING
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate is the total property owned by an individual prior to distribution through a trust or will. This allows you to ensure that your property will go to the people and/or charitable organizations you want, in the way you want, and when you want. Real property is real estate and personal property includes everything else, including but not limited to, bank accounts, cars, furniture, and collectibles.
Creating Your Estate Plan
To achieve a client’s estate planning objectives, we will ask you to complete our detailed Questionnaire that will provide the attorney with an overview of your assets and personal goals. Once we have received your completed questionnaire, we can better assist you in determining your estate planning needs.
Elder Law
Law Offices of Mark Bain, P.A., can help guide families through the complex issues of Elder Law and public benefits planning while helping them make informed decisions to meet their needs. There are many facets to Elder Law ranging from Assisted Living Facilities and Contract Review & Negotiation to multiple areas of litigation.
Actions Concerning Elder Abuse
Elder abuse and neglect are unforgivable actions, whether at the hands of a stranger, a family member, a friend, or a caretaker in a Nursing Home or Assisted Living Facility. If you suspect elder abuse, you may need to take steps to enforce your legal rights. The Law Offices of Mark Bain, P.A. is a Florida law firm that represents victims of elder abuse throughout the State of Florida and routinely confers with other members of the elder support team including care managers, accountants, physicians and financial planners to solve all issues regarding our clients. If you suspect a loved one is the victim of elder abuse, please do not hesitate to contact The Law Offices of Mark Bain, P.A. at (954) 455-8802 for a free consultation.Medicaid Planning Assistance
Medicaid is a federally funded health care program designed for those who are unable to afford medical care and nursing home costs. Our firm assists clients in preparing their financial affairs so that they can legally qualify for Medicaid benefits to pay for nursing home costs, while preserving and protecting assets for enhancing the lives of the nursing home resident during the period of time they are in the nursing home, and preserving assets for family members and loved ones who are devoted to the care of the elderly person confined to the skilled nursing facility. If you are a concerned relative, loved one, or friend of a person who is a resident in a nursing home or in need of nursing home services, and you want to legally protect some of that person’s assets from unnecessary payment of nursing home costs, then you should consider contacting Law Offices of Mark Bain, P.A. at (954) 455-8802 to explore how we can help you.Wills/Testamentary Trusts / Pour-Over wills
Wills
A will is a legal document that sets forth how a person’s property will be distributed upon their demise.Testamentary Trusts
A testamentary trust is any trust created by a will for any purpose. Just as a revocable living trust, a testamentary trust appoints a trustee to administer the trust. For more information on how you may benefit from a testamentary trust, contact the Law Offices of Mark Bain, P.A., at (954) 455-8802.Pour-Over Wills
A pour-over will acts as a safety net and accompanies a revocable living trust. Essentially, its function is to capture any asset which has not been already funded into a trust.Irrevocable Trusts
An irrevocable trust is a trust which cannot be revoked by the Grantor. Likewise, any asset with which the Grantor funds their irrevocable trust no longer legally belongs to the Grantor. Irrevocable trusts are used primarily in large estates that may be subject to estate taxes. To see whether or not an irrevocable trust would be right for you, please contact the Law Offices of Mark Bain, P.A., at (954)455-8802.
Life Insurance Trusts
There are revocable and irrevocable life insurance trusts. Depending on what your estate’s liquidity needs are and/or depending on what estate tax exposure you may have, these are factors in determining whether you should have a revocable or irrevocable life insurance trust. For more information, please contact Law Offices of Mark Bain, P.A., at (954) 455-8802.
Special Needs Trusts
A special needs trust is a type of trust that can provide supplemental services to your loved one(s) without jeopardizing their eligibility for government benefits.
You may want to consider contacting our firm about implementing a Special Needs Trust if you fit any of the following conditions:
You have a child or spouse who is currently receiving Medicaid or Social Security Disability payments;
Your child or spouse is likely to receive Medicaid or Social Security Disability payments in the future;
Your child or spouse currently depends on you for home care;
Your will names your special needs child or spouse as a substantial heir.
For more information or to further determine if a Special Needs Trust is needed, please contact The Law Offices of Mark Bain, P.A., at (954) 455-8802.
Revocable Living Trusuts
Unlike a will which takes effect only upon your death, a Revocable Living Trust takes effect as soon as it is signed and directs the management of your assets while you are living. By transferring your assets to a Revocable Living Trust, you maintain control of the assets during your life but have removed those assets from the time and expense of probate court intervention after your death.
Power of Attorneys / Planning for Incapacity
In order to safeguard your assets during a period of incapacity, you will need a Power of Attorney. A Durable Power of Attorney allows you to authorize another individual to manage your property and finances if you become incompetent or incapacitated.Designation of Health Care Surrogates
The designation of a health care surrogate is an important step in the estate planning process because this person will make the medical decisions for you if you become incapacitated.Living Will
A Living Will is a legal document that a person uses to make known his or her own wishes regarding life prolonging medical treatments. It is important to have a Living Will as it informs your health care providers and family members about your desires for medical treatment in the event you are incapacitated.
Formation Of Legal Entities
The Law Offices of Mark Bain, P.A., can assist you in choosing the correct legal entity for your business needs.
Investment Strategies
For investment strategies, the Law Offices of Mark Bain, P.A. utilizes a team approach offering our clients a wide array and choice of expert estate planning accountants and wealth management advisors depending on our clients’ financial needs. Elder Law often includes planning for long term care insurance, protecting assets, and making sure Medicaid and veteran benefits are available.