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.

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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.

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5 Tips to Help Navigate Tax Season This Year

Stay Organized

While this may seem like a simple and insignificant step, keeping your records organized throughout the year is one of the easiest ways to help avoid chaos when it is time to file your taxes. Whether you choose to use a filing cabinet, an electronic scanner to digitize your important papers or a computer program that will automatically keep track of your transactions, make sure you stay consistently organized throughout the year. If you have access to all of your receipts, invoice and tax forms, filling out your taxes will be much easier.

Understand Which Forms You Need

If you are planning to do your taxes on your own, you need to know which IRS forms you are required to use. For example, if you are the sole proprietor or sole owner of an LLC, you may use a Schedule C attachment on your personal income tax return to recording your business income and expenses. However, corporations must file a separate corporate tax return with Form 1120. Additionally, if your business hired independent contractors or if you have employees, you must take care of the appropriate 1099 forms and W-2’s.

Avoid Procrastination

Waiting to file your taxes can leave you vulnerable to steep penalties, so be sure that you know your tax filing deadline date. If you use a Schedule C, it will need to be filed along with your Federal 1040 form by the typical April 17 deadline. But for small businesses that must file a Form 1120, your taxes typically need to be completed by March 15. If you’ve fallen behind, you may be eligible for a tax extension but keep in mind that you may be subject to penalties and interest charges even if you are granted an extension.

Remember Your Deductions

One of the greatest incentives for starting up your small business is the sheer number of business deductions that are available to help offset your business income. But before you can take advantage of this awesome incentive, you need to know which deductions are available to you and which ones you may qualify for. Most business deductions have a few different requirements that you must meet before you can claim them on your taxes. If you are unsure where to start, consult with a tax attorney to help optimize the deductions you are entitled to.

Hire a Tax Attorney

If you are having difficulty juggling your business operations and tax preparation steps, it may be time to enlist help from a trusted professional. By working with an attorney that specializes in tax law, you don’t have to worry about which forms you need to file, what your deadline is and whether or not you are taking advantage of the right deductions. A knowledgeable tax attorney will be up-to-date with the current requirements you must meet and make sure that you never overpay in taxes. Additionally, they will be able to keep track of which credits and deductions you may benefit from, saving you lots of money in the long run.

Contact France Law Firm Today

The tax filing process is something that can be daunting for even the most experienced small business owners. But with the help of a few smart preparation tips, you don’t have to suffer through the tax season this year. Want to learn more about the benefits of working with our experienced tax attorneys as you navigate the upcoming tax season? Contact us online for more information and be sure to schedule a consultation today.

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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.

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Prepare for Tax Season with Our Last Minute Checklist

Whether you’re sitting down to fine-tune your tax documents or you’ve just now found the time to begin the tax preparation process, there are always last-minute items to consider. By creating a clear and concise prep checklist, you can help to keep the process organized and flowing nicely. With our helpful list of necessary tax items, we make it easy to avoid filing your taxes with forgotten or mismanaged information.

1. Collect Your Business Records

Before you can begin crunching numbers, you’ll need to have all of the proper paperwork ready. Take the time to go through and gather all of your important business records include anything that affects your business expenses and earnings. If you use software or a spreadsheet to stay organized, you should be able to input the information directly into your tax return.

2. Meet with Your Bookkeeper

While most bookkeepers do not prepare tax forms, they already have much of the information you’ll need when filing your federal income taxes this year. If possible, schedule a meeting with your bookkeeper to go over your books and ensure that all of your accounts are fully reconciled. Knowing what your books look like will only help to make the tax process go more smoothly.

3. Update Your Mileage Log

Do you use your personal vehicle for business? If so, deducting the standard mileage rate may actually help you save more than if you choose to pay for vehicle expenses over the course of the year. But to do so you’ll need to accurately track your mileage. Skip the pen and paper in favor of a handy smartphone app for easy access and bring in a copy of your mileage report when meeting with your tax preparer.

4. Which Form Should You Use?

Which tax forms you use will depend on how you use your business. For example, if you are a sole proprietorship, an LLC or you are the sole owner of your business, you can actually report all of your business income to the IRS by using a Schedule C attachment on your personal income tax forms. However, if you are a corporation or you operate your LLC as one, you will need to file a separate corporate tax return using Form 1120.

5. Don’t Forget Out of Pocket Expenses

If you purchased anything for your business using a personal credit card or account, with your personal PayPal account or with personal cash funds, each transaction is likely to count as a legitimate tax deduction. Scanning your personal expenses for any business-related purchases is an important part of preparing to file your taxes, so don’t leave it off of your list!

6. Issue 1099s

Did you make any payments in 2017 that would require your business to file Form(s) 1099? Don’t forget that the IRS requires businesses to issue a Form 1099 to any non-corporate service providers who were paid more than $600 in the given tax year. While there are certain exceptions to this rule –like paying for services with a credit or debit card– you should double check that you have issued all 1099s with your bookkeeper.

File Your Federal Income Taxes with Help from France Law Firm

Want to make sure you haven’t left anything off of the list as you prepare to file your taxes this year? Put your trust in our knowledgeable and experienced tax preparation team in 2018. Call (850) 224-1040 for more information or to schedule an initial consultation.

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