Considerations for Your Living Will

When creating a living will, you’ll have several things to consider before creating the document with the help of an attorney. You will want to talk with your family, your lawyer, your doctor or an important religious figure in your life. You want to consider your attitude towards living as well as dying. You’ll also want to think about how the treatments will impact your family and how ready they are to let go – should it come to that.

Know What You’re Refusing

A living will that meets your needs and life philosophy requires a little familiarity with the medical jargon used to describe situations or procedures that a doctor may want to perform when you’re incapacitated. You may feel okay with a doctor performing some of them and you may not want others.

Resuscitation – restarts your heart when it has stopped. It can be either Cardiopulmonary Resuscitation (CPR) or the electric shock. A medical professional may use these after an event like an auto accident, so you may want to allow this one.

Mechanical Ventilation – a device takes over your breathing when you can’t do it for yourself.

Tube Feeding – provides nutrition the body needs if you are incapacitated. Not only can you issue an order preventing a doctor from initiating this treatment, you can determine the length of time to allow it to continue once it has started.

Dialysis – does what your kidneys cannot do if you are incapacitated, remove waste from bodily fluids. Like tube feeding, it can be time regulated.

Antibiotic or Antiviral treatments – if you are incapacitated and contract a disease, a doctor may prescribe aggressive (and possibly expensive) medications to stop the spread of the infection.

You can approve or disapprove any kind of treatment in your will. You have an absolute right to control your medical care. Only in extreme circumstances can anyone force an invasive treatment on you.

Family Considerations

As we all know, medical treatments, even with “blue blood” insurance, can be expensive. Unfortunately, that cost would be one of the burdens you’d be placing on your family for some types of medical care should you become seriously ill. You should take the costs into account when making a decision on what types of care you would allow in your will.

The other burden you could place on your family is an emotional one. They may be desperate to see you recover from your illness or injury. Yet, as time wears on, they may be suffering unnecessarily. You may have young children that you have hopes of seeing grow older, and you may not quite understand the circumstances they are in when you are incapacitated for a length of time. Limiting the length of time under which you are subject to some treatments may be a good compromise between the two extremes; you give them hope but limit their angst.

Decisions That Affect You

Those issues focus on others. You also have to think about yourself. What kind of lifestyle do you enjoy now? How would you feel knowing that you are bed-ridden and dependent on machines and a team of medical professionals to keep living? Do you want to attempt to extend your life at any cost?

You can get very specific in dictating your treatment. You can make your demands situational. You can specify how you will be treated in case of an accident versus how you will be treated if you have suffered a currently incurable disease.

Talk to an Attorney About a Living Will

Discussing end-of-life issues are among the most difficult topics we can broach with each other, let alone with an attorney. Good lawyers are aware of this and will treat topics like a living will with the appropriate sensitivity and compassion. At the France Law Firm, we will give you peace of mind as we help you navigate the legal issues associated with medical care so that you can plan for your family’s future.

The post Things to Consider When Creating a Living Will appeared first on France Law Firm.

These three steps can help you get the process started, and your estate planning lawyer can help you make your plan virtually flawless.

1. Develop Your Estate Planning Goals.

Perhaps the hardest part of creating an estate plan is to develop what you want to accomplish with your scheme. You have a lot to consider when planning for your legacy. You may want to think about the following questions:

• Whom do you want to be sure you include?
• Do you need to consider complete support for someone or will your inheritance just be a helpful gift?
• Which assets need to be distributed?
• Should particular people get specific assets?
• Whom do you want to administer your estate?
• Do you have concerns about privacy?
• How will your estate affect your family dynamic?
• Are you concerned about minimizing tax obligations?
• If you own a business—how will your business be affected by your passing? Should it be addressed in your estate plan?

Deciding what you want to accomplish with your estate plan means considering the who, what, and why of everything you own and many people that you love. It can be somewhat overwhelming and may take time. It is a good idea to sit down and do some conscious analysis of what your estate will look like when you pass and how you want to pass down your legacy.

2. Analyze and Discuss with a Professional.

The best way to ensure that you are going to accomplish your estate planning goals is to work through potential scenarios and options with an experienced professional. Your attorney will be able to examine your assets, review your goals, and craft a tailored estate plan to meet those objectives.

No one has the same estate plan, just like no one has the exact financial situation or legacy planning goals. Do not assume that something that works well for another person will fit your needs.

Unfortunately, many people fall into the trap of assuming they can use a ready-made plan off of the internet. Those plans do not specifically address your situation, and they certainly cannot consider the best options for your needs. Instead, a professional will be able to help you create a package of estate planning tools to create a great plan. These tools may include a will, a power of attorney, trust instruments, or even insurance policies.

3. Review and Revise.

As your life changes, you may need to adjust your estate plan so that it continues to meet your needs. For example, if you welcome a new grandchild into the world, you may need to adjust the assets or funds that you are providing to each child or even the grandchildren individually. You may also need to adjust individuals whom you have named as guardians or as an executor if some change should affect those people as well.

It is a good idea to do a periodic review of your estate plan to ensure that you do not need to make any changes. Most estate planning attorneys will suggest a review once per year, but you should be sure to review your plan any time your family situation changes as well.

Using a Florida Estate Planning Attorney

You may not realize which type of estate planning documents will work best for your situation. It is essential to keep in mind that proper estate planning often goes far beyond crafting a simple will. Having an experienced estate planning attorney to help you with this process will increase the likelihood that your plan will be upheld if it is challenged—saving your loved ones significant time, money, and stress after you have passed.

If you are ready to start the estate planning process, involve the team at the France Law Firm. Call today to schedule a consultation.

The post 3 Steps for Flawless Estate Planning appeared first on France Law Firm.

Top 7 Reasons to Hire a Tax Lawyer

1. Time

You have plenty of things to worry about as you go about your daily operations without adding complicated tax laws to your list. Learning about the various tax obligations your business must comply with can be very time-consuming. An experienced tax attorney can go over everything you need to know and what you need to do to avoid an audit by the IRS.

2. Setting Your Tax Year

All businesses have a tax year that can be defined by the calendar year or fiscal year. In some cases, you may be able to set your own tax year but in other instances, the government will set your tax year for you. Your tax attorney can help you chose the appropriate tax year that works best to meet your business needs or they will help to ensure that you comply with all the government requirements under your business tax year.

3. State and Local Taxes

These taxes can be very tricky to deal with because different obligations may be triggered depending on where transactions take place and the type of activity outlined. For example, if your company is based in one city but conduct much of your sales outside of the city limits, you could be left do navigate complex tax calculations. With the help of an attorney, you won’t waste time trying to figure out these minor details.

4. Employee Taxes

Even for businesses with zero true “employees,” there may be certain requirements you must meet for self-employment taxes, such as quarterly estimated tax payments. In many cases, a sole proprietor can be considered both an employer and an employee, leading to many complicated tax implications. If you are unsure where you stand in this area, consulting with a knowledgeable tax lawyer is a good idea.

5. Business Income

When preparing your taxes, remember that the IRS is interested in your “gross income” which includes everything from services and property to goods, bartering and income that is derived from sales. When you file your business taxes you need to have a clear idea of what falls under “gross income” or you could end up paying additional taxes for anything that you fail to report.

6. Business Deductions

Your business deductions are one of the best ways to offset your business income and lower the amount that you owe to the IRS. But before you can take advantage of this great advantage, you must know what deductions are available to you and what is required before you can muse them. Your tax lawyer will help to optimize your deductions and ensure you aren’t paying more than you need to.

7. Keep Up with Changes

Just when you think you’ve gotten the hang of filing your business taxes, the rules can change on you. Both federal and state tax laws can change frequently and you can expect to deal with new Tax Code each year. In fact, during the year the IRS can issue new rulings interpreting the Tax Code daily. Experienced tax attorneys have the knowledge and skills necessary to follow these rulings and understand how they will impact your business.

Contact Our Tax Attorneys Today

Want to learn more about the benefits of working with an experienced tax attorney? Our highly-skilled and reputable team is here to help ensure you meet IRS requirements and don’t miss out on important deductions this year. Contact the team at France Law Firm online today for more information or to schedule a consultation.

The post Benefits of a Tax Attorney appeared first on France Law Firm.

As a tax attorney with years of experience representing client interests, we’ve seen many different scenarios and provided extensive legal advice to clients facing audits and other complex taxation matters. Here are some of the top things that can trigger an audit.

1. The greater your income, the greater the chance for an audit. Taxpayers with an income of $1 million or more have a 1-in-13 chance of being audited. However, if you’re annual income is $200,000 or less, your chance of being audited is only 1-in-128.

2. If the amount of income you report on your tax return doesn’t match the information provided to the IRS in the way of 1099s and W2s, you’re more likely to be audited. Obviously failing to report income causes the IRS to take notice of your return and can trigger further investigation.

3. Deducting a large amount on your return, in comparison to your income. If your deductions seem disproportionate to your income, it may be an indication to the IRS that something is askew. But if you have the documentation to support your deductions, then feel confident taking them.

4. Being self-employed can raise your audit risk. Give careful attention to your Schedule C, and make sure that all of your information is accurately reported – including income, expenses, etc. The IRS also pays special attention to sole proprietors in cash-based businesses, such as taxi companies, barbershops, restaurants, etc.

5. Since the IRS knows the average amount of charitable contributions according to income bracket, if you write-off a particularly large contribution in relation to your annual income it may be a red flag.

6. Alimony can be an audit trigger, since the tax laws on taking this deduction set forth specific conditions that must be met.

7. Claiming that a vehicle is used 100 percent for business may make IRS agents take a closer look at your return. Keep detailed records of each trip you take in the vehicle and claim the usage of the vehicle accordingly.

8. Deductions related to home office use or meals and entertaining expenses. The IRS looks into any potential abuse of these deductions, so if you have legitimate deductions to make in these areas, make sure you follow the letter of the law. If you have questions on what qualifies and what doesn’t, seek the advice of your tax attorney.

The easiest way to avoid an audit is to keep thorough, transparent records and make accurate entries on your tax return. If you are audited, having a tax attorney like Belinda France on your side can guide you through the process and make sure that your rights are protected.

The post 8 Things That May Make the IRS Audit Your Tax Return appeared first on France Law Firm.

-A charitable contribution will only count as a deduction if you plan to itemize your deductions on your tax return. This means that if you take the standard deduction, charitable contributions will not offset your tax liability. To benefit from itemized deductions, your sum total of deductible expenses (such as mortgage interest, charitable contributions, state and local taxes paid, etc.) will need to be greater than the amount of the standard deduction.

-Keep a record of your donations. If you are donating money, obtain a bank record or written statement acknowledging the donation. If you are donating clothing or household items, try to obtain a receipt from the charity with a description of the donated property. If it’s an unattended drop-off donation for clothing or household goods, then make your own record of the date, and the fair market value of the goods. Note that any donation over the amount of $250 must have a written acknowledgment from the charity that includes a description of the donation.

-If you’re planning on claiming a tax deduction for a gift given, use the Select Check tool from the IRS to see if the organization qualifies as an eligible charity. However, churches, synagogues, temples, mosques, and government agencies are automatically considered eligible charities – even if they don’t appear on the list generated by the Select Check tool.

-Donations are deductible in the year that they’re made – regardless of whether or not the check gets cashed or the credit card bill is paid within the same calendar year. For instance, you might make a donation by credit card on December 24^th, 2015 but not pay the statement on which the charges appear until January 15^th, 2016. Even still, the contribution would be deducted on your 2015 tax return.

If you are in need of advice specific to your situation, contact France Law for the advice of an experienced tax attorney. By making the most of what remains in 2015, you can experience less headaches and greater savings when it comes to pay your taxes in 2016!

The post IRS Reminders for the Season of Giving appeared first on France Law Firm.

Here are the top things your tax attorney wants you to know if divorce or legal separation has made a change to your domestic situation.

• Your name as filed with the Social Security Administration must match the name on your tax return. If you change your name after a divorce, then make sure that you also submit an application for an updated Social Security card. If there is a discrepancy between the name on your tax return and what is on file with the Social Security Administration, your return may be delayed.

• Know what you CAN and CANNOT deduct. If you are required to make alimony payments, you may be able to deduct these on your taxes. However, child support or contributions to your former spouse’s IRA account are not tax deductible.

• Know what IS taxable and what ISN’T. If you receive child support, you won’t need to pay taxes on what you receive. However, alimony received is taxable in the year you receive it.

A special note of caution from your tax attorney: There is no tax withholding on alimony payments, so consider making                           adjustments to your tax withheld from your wages or make estimated tax payments to avoid a penalty.

• Make changes to your health care. Remember that you must maintain health insurance every month of the year, or else pay a penalty at tax time. So if you lose coverage due to a divorce, you’ll need to obtain new coverage right away. If you and your former spouse have insurance through the Health Insurance Marketplace and receive advance payments of the premium tax credit, report changes in your domestic situation. Doing so will help ensure that you receive the right amount of financial assistance and don’t end up having to pay a portion of the credit back when you file your taxes.

Seek the advice of a qualified tax attorney that understands your situation and can help you to plan wisely. Knowing the tax implications that result from divorce or legal separation can help you to make proactive adjustments, rather than facing reactive penalties when tax time arrives.

The post The Impact of Divorce and Separation on Your Taxes appeared first on France Law Firm.