16 March

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You Can Now Retire in Margaritaville

If you’re a diehard Jimmy Buffett fan (also known as a Parrothead) you’ll now have the opportunity to go “searchin' for your lost shaker of salt” at Latitude Margaritaville, a new Florida retirement community. Jimmy Buffett is partnering with an Ottawa-based developer called Minto Communities to develop the Margaritaville-themed community in Daytona Beach, Florida. The community will eventually have close to 7,000 homes for residents age 55 and older. The homes will be built on streets affiliated with lyrics to Buffett’s 1977 mega hit “Margaritaville.” For example, you will be able to live on Flip Flop Court, Coral Reef Way or St. Somewhere Drive. You’ll be able to take your dog to the “Barkaritaville” pet spa and work out in the Fins Up! Fitness Center or the Paradise Pool. You’ll also be able to take classes at the Workin’ and Playin’ Center or catch a show at the Last Mango Theater, according to The...

19 February

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Should You Establish an ABLE Account? Understanding the Positives and Negatives

Posted by Bobby Feisee

in Bobby's Blog

If you, or a family member, has a long-term disability, you have the ability to establish a tax-free savings account that can be accessed to pay for certain expenses without harming your ability to qualify for Medicaid and other means-tested government programs. This option was made available through the Achieving a Better Life Experience (ABLE) Act. Below is a list of some positives and negatives associated with ABLE accounts: Positives Associated with ABLE Accounts You can set up your own account with your own funds instead of relying on a parent or loved one to establish a first-party special needs trust. You can manage your funds in your own ABLE account, which in turn reduces your reliance on other friends and family members for assistance and making it easier for you to access these funds. The funds you deposit into your ABLE account will grow tax-free and are not subject to gift tax...

02 February

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Important Info You Need to Know About How Divorce Can Impact Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

Most people never expect to get divorced. They love their spouse and anticipate spending the rest of their lives in marital bliss. Unfortunately, the data indicates this is not the norm. In fact, in the United States, nearly half of all married couples wind up getting divorced, according to the American Psychological Association. This is why it is important to be prepared and have as much information at your disposal. Below is a general overview of how a divorce can impact your estate plan. How Divorce Can Impact Your Will When you get divorced, any items or funds that are directed to your ex-spouse will be automatically revoked, according to Virginia Code § 64.2-412(A). This statutory provision means your ex-spouse will lose the following rights, responsibilities, and benefits described in your Will: · General or special power of appointment; · Executor status · Guardian status · Any assets designated to go to the ex-spouse Despite the automatic revocation,...

29 January

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Advances in Medical Technology Making Prospect of Living to 120 and Beyond a Possibility

Posted by Bobby Feisee

in Bobby's Blog

In trust and estate planning, there is an emphasis on the end of life and what needs to be done after you’ve left this earth. This blog will be a breath of fresh air since we’re focusing on living longer and enjoying as many years on this earth as possible. Advances in medical technology have made it possible to actually identify risk factors in the human body before they can inflict significant harm on your overall health. These risk factors are identified through “biomarkers” and “genome sequencing.” Basics of Biomarkers Biomarkers are biological data points that reveal the current physical state of affairs of a specific medical condition. The majority of biomarkers are discovered through blood tests for future risk, but they also might include other health data points like an individual’s calcium score and blood pressure. Furthermore, new health biomarkers are being identified quite frequently, according to Fortune.com. This will give doctors more...

18 January

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Understanding the Shocking Link Between Sleep Problems and Dementia

Posted by Bobby Feisee

in Bobby's Blog

The Institute for Dementia Research & Prevention reports that approximately 1-in-10 men and 1-in-6 women will likely be diagnosed with symptoms of dementia after they reach the age of 55. The most common form of dementia is Alzheimer’s disease. In fact, more than 60 percent of dementia patients are subsequently diagnosed with Alzheimer’s disease. What Exactly is Dementia? Dementia is a fairly broad term that includes a number of pathophysiological conditions. For example, the most common form of dementia is Alzheimer’s disease. Nevertheless, forms of dementia include Parkinson’s disease, Shy-Drager syndrome, Huntington’s disease, and Creutzfeldt-Jakob disease. The Connection Between Sleep Disorders and Dementia The link between sleep issues and dementia share the same conundrum as the chicken and the egg – do people with dementia simply have sleep problems, or do sleep problems contribute to the development of dementia? The definitive answer remains unknown, but is the subject of multiple studies. Check out this NBC...

11 December

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Skin in the Game – Should Doctors Comply with a “Do Not Resuscitate” Tattoo?

Posted by Bobby Feisee

in Bobby's Blog

Many patients find it difficult to communicate their end-of-life wishes to family members and doctors at critical points of time, especially if you are confronted with a sudden or unexpected ailment. There are legal documents designed to help address this important issue. For example, your estate planning attorney can draft an advance directive that tells your doctor and loved ones what kind of medical care you desire if you are incapacitated or deemed unable to make such decisions. You can also draft a do-not-resuscitate (DNR) order to be included with your advance directive. A DNR is a request not to have CPR administered if your heart stops or if you stop breathing. Your doctor should place the DNR order in your medical chart and doctors and hospitals in most states accept DNR orders. But what if you tattoo “Do Not Resuscitate” on your body? Are doctors obligated to treat this marking...

12 November

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Estate Tax May Survive Federal Tax Reform

Posted by Bobby Feisee

in Bobby's Blog

Congress is in the midst of debating tax reform which features an attempt to possibly repeal the federal estate tax (also referred to as the "death tax"). This tax typically effects high value estates that can result in a whopping 40 percent estate tax. In fact, the 40 percent estate tax affects approximately 0.2 percent of estates in America. That translates to 5,460 estates in 2017, according to the nonpartisan Tax Policy Institute. Though, there are sizable exemptions to the estate tax under current law. For example, in 2017, the estate tax exemption is $5.49 million per individual. This means an individual can leave $5.49 million to their heirs and pay no federal estate or gift tax, according to Forbes. There has been long-held criticism behind the premise of the federal estate tax, especially in conservative circles. They point out that the estate tax is essentially a double-tax on hard-earned income and harms...

12 November

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Tips to Protect Yourself from The Equifax Credit Breach

Posted by Bobby Feisee

in Bobby's Blog

Equifax, one of the “Big 3” credit reporting agencies (including Experian and TransUnion respectively) announced a massive data breach impacting an estimated 143 million consumers. Experts have declared this to be the worst consumer data breach in U.S. history. The breach means that nefarious characters now have access to Social Security numbers, dates of birth and address information of 143 million Americans. Massachusetts Attorney General Maura Healey described the breach of Equifax to be "the most brazen failure to protect consumer data we have ever seen," according to NPR.org. Several state AGs and the Federal Trade Commission have opened investigations into Equifax’s practices and policies. Members of Congress have demanded criminal investigations and a full accounting of what exactly happened to allow the personal information of 100+ million people to become accessible to criminals. https://www.youtube.com/watch?v=BShjDamkNxI Take Action Now is the time to take action and protect yourself and the health of your credit. One...

16 August

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Multiple States Reducing Estate Tax Threat for Families and Businesses

Posted by Bobby Feisee

in Bobby's Blog

Since 2014, approximately nine states have eliminated or lowered their estate taxes. This was accomplished primarily by modifying and increasing specific exemptions thereby reducing the number of households that could be hit with a large estate tax bill. For example, Maryland is planning to raise its current $3 million estate tax exemption to $4 million in 2018. The District of Columbia is ahead of the game. In 2014, D.C. passed a major tax reform deal that included increasing its estate tax exemption amount from $1 million to $2 million at the start of 2017 and to ultimately match the generous federal exemption level ($5.49 million for 2017, indexed for inflation), starting in 2018, according to Forbes. Other states are going even further. For example, New Jersey plans to eliminate its estate tax entirely, according to the Wall Street Journal. Currently, six states have repealed their estate taxes over the past 10 years, including Virginia. Why...

11 August

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Benefits of a Series LLC

Posted by Bobby Feisee

in Bobby's Blog

The Uniform Law Commission (ULC) recently approved the Uniform Limited Liability Company Protected Series Act (ULLCPSA) to help provide consistency in the language used to structure Series LLCs. This was necessary since the series LLC is a fairly new concept for structuring ownership in a business, but it appears to be gaining popularity across the country. Eight states have already enacted their own Series LLC laws. What Exactly is a Series LLC? The Series LLC is a limited liability company comprised of a master LLC and other subservient LLCs that are separate from each other to reduce liability exposure. Some people have compared the Series LLC to a corporation that owns and manages multiple subsidiaries. Each LLC has its own set of assets that are distinct from the other LLCs, while the master LLC controls all LLCs in the series. Each LLC has its own owners and is only liable for its...