Page 21 - The Jewish Voice - January '25

The Jewish Voice, Page 21

Lifestyles from page 20 • Use clear and unambiguous language to outline alternate Medicare Corner with Kathy O
beneficiaries.
alternative plan for the gift. For example, if the will states, “If • Regularly update their will to reflect changes in family Medicare Season Is Over — or Is It?
my son John predeceases me, his share shall go to charity,” circumstances, such as the death of a beneficiary.
the statute will not override this instruction. January 1 to March 31
3. Gifts to Non-Family Members: If a non-family member Conclusion is Open Enrollment Period
(someone not a grandparent or descendant of a grandparent) Florida’s antilapse statute under Section 732.603 provides (OEP). During this time,
is the predeceased beneficiary, the antilapse statute does a safety net when a named beneficiary, who is a close family people on a Medicare
not apply. In such cases, the gift will lapse and fall into the member, predeceases the testator. By ensuring that gifts pass Advantage plan may make
residuary estate unless otherwise specified in the will. to the deceased beneficiary’s descendants, the law upholds plan changes. If you meant
the testator’s presumed wishes and prevents the unintended to change and didn’t, there
How Per Stirpes Distribution Works lapsing of gifts. is still time. If you chose the
When the antilapse statute applies, the distribution to the However, careful estate planning and clear drafting of wrong plan, you can change
deceased beneficiary’s descendants follows the per stirpes wills remain essential to ensure that your assets are distributed back to your original plan.
method. Under this method: according to your precise intentions. For personalized advice, Contact me to see if I can get
) The share of the deceased beneficiary is divided equally consulting an experienced estate planning attorney is always you more benefits or lower
among their surviving descendants by generation. recommended. costs than your current plan.
) For instance, if a beneficiary has three children and What about drug plans and supplement plans? If you are
one child predeceases the testator but leaves two children We Are Here to Help turning 65 or just activating your part B coverage now, you can
(grandchildren of the testator), the deceased child’s share will We understand that you are grieving the loss of a loved enroll in any plan. There are other circumstances that may give
be divided between the two grandchildren. one. When you are ready, we are here to help you take the you a Special Enrollment Period.
next step in your estate planning journey, whether you are People with Medicare and Medicaid have more options.
Practical Example of the Antilapse Statute starting, completing, or updating your estate plan. Give us a Full Medicaid beneficiaries can change any quarter. Medicaid
Consider the following scenario: call to schedule your in-person or virtual appointment. beneficiaries are eligible for plans that offer groceries. You may
• Testator’s Will: “I leave $100,000 to my daughter Mary.” apply for Medicaid at myaccess.myflfamilies.com; this program
• Situation: Mary passes away before the testator, but she If you have questions about your estate plan and what is for very low-income people.
is survived by two children. documents you should have in place to plan your estate, Choosing your Medicare and drug plan is very important,
• Outcome: Under Florida’s antilapse statute, Mary’s share schedule a free consultation today by calling our office at but not necessarily permanent. This is why the assistance of a
of $100,000 would pass equally to her two children ($50,000 561-694-7827, Anné Desormier-Cartwright, Esq., Elder and no-cost local agent like me is invaluable.
each), since Mary is a descendant of the testator’s grandparent. Estate Planning Attorneys PA, 480 Maplewood Drive, Suite Medicare New Year’s Advice
However, if the testator’s will explicitly states, “If Mary 3, Jupiter, FL 33458.
predeceases me, her gift shall lapse,” then the antilapse statute Review plan information so you understand benefits.
would not apply, and the gift would fail. The content of this article is general and should not be Download apps that your carrier offers to manage claims
relied upon without review of your specific circumstances by and benefits.
Why the Antilapse Statute Is Important in Estate Planning competent legal counsel. Reliance on the information herein Review medications with your doctor at your annual exam.
The antilapse statute plays a critical role in preserving is at your own risk, as it expresses no opinion by the firm on Earn rewards or use extra benefits your Advantage Plan
the testator’s likely intentions and ensuring that close family your specific circumstances or legal needs. An attorney client offers each month.
members do not lose their inheritance due to the death of a named relationship is not created through the information provided If you still need to review or change your Medicare plan,
beneficiary. However, it is essential for testators to clearly outline herein. Open Enrollment is January 1 to March 30, and you may qualify
their intentions in the will to prevent any ambiguity. To comply with the U.S. Treasury regulations, we must for a Special Enrollment. Call me! If you have Medicare Topic
inform you that (i) any U.S. federal tax advice contained in suggestions, email me at czak82@aol.com.
Avoiding Pitfalls: Drafting Clear Wills this newsletter was not intended or written to be used, and I speak Medicare: Supplement, Drug Plan, and Advantage
To avoid unintended consequences, individuals creating cannot be used, by any person for the purpose of avoiding U.S. Plan. For your free Medicare Plan review, please call me, Kathy
a will in Florida should: federal tax penalties that may be imposed on such person and Olejniczak, Agent, 561-835-5413, or cell/text 561.212.7640.
• Specify what happens if a named beneficiary (ii) each taxpayer should seek advice from their tax advisor
predeceases them. based on the taxpayer’s particular circumstances. Lifestyles on page 22