There are a number of estate planning options available to Florida residents who want to transfer their assets without the need for an extended formal probate proceeding. One such option is something commonly referronableed to as a “Lady Bird Deed.” This is a special type of life estate deed that allows you to transfer title to your home while reserving the right to live there, either for yourself or your spouse. First, let's backup a bit. You may not be familiar with the concept of a “life estate” deed. Let's say Allison wants to leave her home to her daughter Caroline. Allison could just name Caroline the beneficiary of her entire estate, including the house, in her will. But that would mean the house would need to go through probate after Allison's death. Alternatively, Allison could sign a life estate deed that gives the property to Caroline now, with the caveat that Alison has the right to remain in the house rent-free until her death. Allison would still be responsible for paying for any property taxes and maintenance on the home, but legally the title now belongs to Caroline. One consequence of this arrangement, however, is that Allison may no longer sell or mortgage the house without Caroline's permission. This is where a Lady Bird deed can be useful. With this “enhanced” life estate deed, Allison can still leave her house to Caroline without going through probate, but Allison retains a greater degree of control over the property while she is still alive. For example, if Allison needs to sell or mortgage the house after signing the deed without seeking her daughter’s approval, she can. Lady Bird Deeds & Medicaid Lady Bird deeds are also helpful if you need to apply for Medicaid. As you may know, Medicaid rules impose strict asset and income limits on applicants. Normally your primary residence (or homestead) is exempt from the “countable assets” against your limit, up to $572,000 in equity as of July 2018. But if you give away any assets during the five years before you apply for Medicaid–known as the “lookback period”–it is treated as countable property. In plain English, you cannot simply give away all of your property to become eligible for Medicaid. But if you sign a Lady Bird deed, you retain the homestead exemption for your residence, since it is still considered your property. Additionally, after you die and the property transfers under the Lady Bird deed, it is not considered part of your probate estate. This is important because Medicaid can only seek to recover the costs of your medical care against probate assets. While Lady Bird deeds may sound the like a great idea, they do carry certain risks. You should never execute any kind of life estate deed without first consulting a qualified Fort Myers estate planning lawyer. Call the Kuhn Firm, P.A., at 239-333-45429 to meet with an attorney today. Dear Doctor: My friends and I are all getting older, and I've noticed that some of them are on statins to lower their cholesterol. My doctor chose a fibrate for me, Lopid (gemfibrozil). What's the difference between statins and fibrates, and what's special about Lopid? Dear Reader: Statins and fibrates act in fundamentally different ways. Statins, more officially known as HMG-CoA reductase inhibitors, target cholesterol in the bloodstream, most of which comes from the liver, not from foods that we eat. They work by binding to the enzyme HMG-CoA reductase, which the liver needs to form cholesterol. Statins act in another way as well. Because they make cholesterol levels fall within the liver, the liver then increases production of a substance, or receptor, that takes LDL, the so-called "bad" cholesterol, from the bloodstream and shepherds it back into the liver. There, it is eventually removed via the bile. Because we make more cholesterol at night, statins are given before bedtime. Fibrates, which include gemfibrozil (Lopid) and fenofibrate, target triglycerides in the bloodstream. They work by decreasing the liver's release of triglycerides and by increasing the production of lipoprotein lipase, which breaks down triglycerides. In addition, fibrates increase the formation of HDL, the so-called "good" cholesterol; they have only minor effects in reducing LDL. Unlike statins, fibrates should be taken before eating. Statins have undeniably shown benefits in decreasing the risk of both heart attacks and strokes; fibrates seem to have a more narrow benefit. In 2010, a Lancet review analysis of 18 studies involving more than 45,000 patients showed a 13 percent decrease in heart attacks and angina among people who were taking fibrates, but no reduction in stroke risk, no decrease in overall death rates and no decrease in death rates from heart attacks. A 1987 study published in the New England Journal of Medicine also showed mixed results. It followed more than 4,000 middle-aged men with elevated triglyceride levels for five years. At the start of the study, one group began using gemfibrozil, and the other group began taking a placebo. At the end of the study, the group that took gemfibrozil had a 34 percent decrease in the risk of coronary heart disease, but there was no difference in the death rate. Overall, statins appear to have greater benefit than fibrates in decreasing the risk of both heart attacks and strokes. That's not to say fibrates aren't the right choice for some people, however. Significant elevation of triglycerides, greater than 400, can cause inflammation of the pancreas, so people with very elevated triglyceride levels would benefit from a fibrate medication. So too might those with elevated triglycerides and normal LDL cholesterols. Before you suggest combining a statin and a fibrate for added benefit, be aware that the combination can increase the risk of muscle aches and possible muscle breakdown. On occasion, I will prescribe this combination to my patients with very elevated triglycerides, but I monitor them carefully for any signs of muscular problems or breakdown. Also in such cases, I try to lower the statin dose to decrease the chance of muscular symptoms. In summary, statins and fibrates work by different mechanisms. Statins have greater benefit than fibrates in decreasing heart attacks and strokes. Fibrates, though, may be appropriate for people with elevated triglyceride levels. How Can a “Lady Bird Deed” Help My Florida Estate Planning? ASK THE DOCTORS Are Fibrates Better Than Statins Eve Glazier, M.D., MBA, and Elizabeth Ko, M.D. Sun Bay Paper Available Do you like this News Paper? Interested in having your own Franchise in your hometown or in taking over this one? Call Bobby at: 239-267-4000 Low Tide High Tide Fri, Feb 18 Tide Set One 01:33 AM 2.36 ft 08:42 AM -0.39 ft Tide Set Two 02:46 PM 1.64 ft 08:19 PM 0.43 ft Sat, Feb 19 Tide Set One 02:18 AM 2.20 ft 09:07 AM -0.13 ft Tide Set Two 03:04 PM 1.80 ft 09:10 PM 0.23 ft Sun, Feb 20 Tide Set One 03:09 AM 1.94 ft 09:31 AM 0.13 ft Tide Set Two 03:27 PM 2.03 ft 10:07 PM 0.03 ft Mon, Feb 21 Tide Set One 04:08 AM 1.64 ft 09:55 AM 0.46 ft Tide Set Two 03:55 PM 2.20 ft 11:12 PM -0.13 ft Tue, Feb 22 Tide Set One 05:25 AM 1.31 ft 10:13 AM 0.75 ft Tide Set Two 04:29 PM 2.36 ft ----- --- Wed, Feb 23 Tide Set One 07:37 AM 1.08 ft 12:31 AM -0.26 ft Tide Set Two 05:11 PM 2.46 ft 10:09 AM 1.02 ft Thu, Feb 24 Tide Set One 06:08 PM 2.49 ft 02:02 AM -0.43 ft Tide Set Two ----- --- ----- --- Tide Chart
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