Page 18 - The Jewish Voice - May '22

Page 18, The Jewish Voice

LiFestyLes

MorseLife to Offer Outpatient What Happens to Your lifetime, with the person you want to succeed you named as
the successor trustee who will step into your shoes at the time
Parkinson’s Therapy Services Business When You Die? of your death. Other succession strategies you can consider
involve creating a sophisticated trusts or setting up a family
MorseLife Health System has announced that its Submitted by Anné limited partnership or a family limited liability company.
pioneering program for people with Parkinson’s disease Desormier-Cartwright, J.D. The Risks of Not Having a Plan
is now available in Palm Beach County on an outpatient You spend a significant Not having a business succession plan could lead to
basis. The expansion of Parkinson’s Therapy at MorseLife, part of your life building your headaches and disputes for your heirs and damage the company
as the program is called, broadens access to the effective business, and it becomes a you spent years building. The following are some risks of not
and evidence-based Lee Silverman Voice Treatment major part of your legacy. But having a plan:
(LSVT) therapy program and offers highly individualized when you die, everything you • Business assets and ownership will go through probate.
Parkinson’s treatment plans led by certified therapists. have built could fall apart if Business assets, including ownership interests, generally
Parkinson’s Therapy at MorseLife was created to you have not taken the time to must go through the probate process upon an owner’s death.
meet the distinctive needs of MorseLife’s long-term care create a business succession This may not be a problem if your will describes in detail the
residents who suffer from Parkinson’s disease or other plan. Without a plan in place, distribution of business assets to beneficiaries. But if your will
movement-related disorders. Since its launch in 2020, the your business’s fate may be is silent on this subject, the assets will be divided among your
program has had a positive impact on the lives of many decided by a court instead of according to your wishes. You beneficiaries when your estate is settled. At that point, your
MorseLife patients. can take actions now to position your business for continued business is unlikely to end up in the hands of the successor
Research conducted by MorseLife reports that program success — even when you are no longer around to run it. you would have chosen.
participants have shown significant improvements in daily Depending on the type of business entity you have formed, • Your heirs will owe taxes and expenses. Probate
functioning. Remarkably, 100 percent of patients report that a business succession plan can be addressed in your last will expenses are paid out of the estate. Through careful planning,
their balance function has either improved or maintained, and testament, the business’s operating agreement, or in a buy- you may be able to transfer business assets outside of probate,
while 92 percent report improved fine motor skills, 95 sell agreement. Consider consulting with an attorney who can leaving more for your heirs. Strategies used to avoid probate
percent report improved muscle strength, and 83 percent explain the options for business succession planning and help may also minimize estate and inheritance taxes that are levied
report increased success in completing daily care tasks. you take the necessary next steps. on the decedent’s assets. The threshold for the federal estate
“Parkinson’s Therapy at MorseLife addresses a critical Business Succession Planning Considerations tax is quite high, but 16 states and the District of Columbia
need in our community, considering that Florida has the Before you create a succession plan for your business, keep also have an estate tax, an inheritance tax, or both (Florida
highest percentage in the nation of people diagnosed with in mind the following key steps: does not).
the disease,” said Keith A. Myers, MorseLife’s President 1. Determine the type of business entity. Is your business • The business fails. Succession planning does not
and CEO. “As a leader in senior care, we are pleased to a sole proprietorship, partnership, limited liability company, guarantee the continued success of the business after you
be able to meet this growing need by offering innovative or corporation? The type of business entity affects more than die. Although the eventual outcome is outside of a deceased
and high-quality care to members of the community on just taxes and day-to-day operations. It can also affect the business owner’s control, you can take steps to position the
an outpatient basis.” succession planning options available to you. If you own your business for success. Small details matter. Is your chosen
There are 64,000 people diagnosed with Parkinson’s business as a sole proprietor, for instance, no one else has an successor likely to work well with existing associates? Are the
disease in Florida, according to the Parkinson’s Association. ownership interest, so you are free to pass the business on to best interests of your business and the best interests of your
In 2020, Marlene and Martin Silver made a generous your chosen successor (or successors). But if co-owners are family compatible? Should you transfer the business during
donation to help launch the Parkinson’s program at involved, your share of the ownership could be distributed to your lifetime? How will your departure from the business
MorseLife. After Marlene Silver’s brother was diagnosed them per the terms of an operating agreement or other legal affect suppliers, creditors, customers, and employees? When
with Parkinson’s, it became clear through her extensive document. did you last review your estate and succession plans, and have
research that there were limited resources available in 2. Determine who gets the business. Some owners want there been significant changes to the business since then?
Palm Beach County. to pass their business on to their family, and it may make sense Understanding business succession and creating a
“I wanted to help all Parkinson’s patients associated to do so in a will upon the owner’s death. Other owners may comprehensive plan can allow your company to thrive in your
with MorseLife, and I am happy to see that because of want to have the business sold after they die so that the proceeds absence. Don’t leave anything to chance. Talk with experienced
the program’s initial success, MorseLife is expanding it can be distributed to their beneficiaries. Business owners can business law, tax, and estate planning professionals about how
to provide a lifeline to those in the community who suffer also leave their businesses to nonfamily members, such as to protect the legacy of your business.
from Parkinson’s and would benefit from MorseLife’s employees or charity. Still, some owners may prefer that the If you have questions about your estate plan and what
five-star quality of care,” added Marlene Silver. business continue to operate while they leave their interest to documents you should have in place to plan your estate,
Today, MorseLife is setting a new standard for the one or more co-owners. In this case, a buy-sell agreement can schedule a free consultation today by calling our office at
treatment of Parkinson’s Disease in Palm Beach County ensure that the decedent’s beneficiaries do not unintentionally 561-694-7827, Anné Desormier-Cartwright, Esq., Elder &
by extensively evaluating each patient and providing a become owners. Estate Planning Attorneys PA, 480 Maplewood Drive, Suite
highly personalized treatment plan. Parkinson’s Therapy 3. Plan for management and ownership. Your business 3, Jupiter, FL 33458.
at MorseLife relies on the holistic and innovative program succession plan must do more than simply name who receives The content of this article is general and should not be relied
known as Lee Silverman Voice Treatment (LSVT). Each your business. A succession plan should address issues such upon without review of your specific circumstances by competent
plan incorporates evidence based LSVT strategies for as training and supporting successors; delegating duties to legal counsel. Reliance on the information herein is at your
improved movement, speech, and emotional and cognitive successors; naming outside directors, advisors, and professionals; own risk, as it expresses no opinion by the firm on your specific
changes associated with Parkinson’s and other movement- designating who will own the business versus who will manage circumstances or legal needs. An attorney client relationship is
related disorders. the business; and retaining key employees. Thinking ahead about not created through the information provided herein.
LSVT therapy involves training the brain to modify such issues will improve the odds that ownership and management To comply with the U.S. Treasury regulations, we must
or adapt through exercises that lead to functional changes won’t cause the business to fail. inform you that (i) any U.S. federal tax advice contained in
improvements in everyday movement (LSVT BIG) and 4. Get creative. Wills, operating agreements, and buy-sell this newsletter was not intended or written to be used, and
speech (LSVT LOUD). Patients learn to exaggerate agreements are common legal documents used to specify what cannot be used, by any person for the purpose of avoiding U.S.
movement patterns leading to smoother, larger, and safer happens to your business when you pass away. There are some federal tax penalties that may be imposed on such person and
movements and to adjust voice levels while speaking other solutions that might work well, however, depending upon (ii) each taxpayer should seek advice from their tax advisor
in different settings. The result is comfort, confidence your particular situation. One solution is gifting the business based on the taxpayer’s particular circumstances.
and a better quality of life for patients suffering from to a successor while you are still alive. Another is to create a
Parkinson’s. living trust and transfer the business into the trust during your Lifestyles on page 19
All LSVT treatment is administered by certified LSVT
therapists. In addition to treatment, MorseLife offers the “Service is our number one priority”
unique opportunity for family and caregivers to find the
support and education they need through group meetings 561-743-0070
and counseling sessions.
“We are seeing amazing results with our Parkinson’s www.palmspoolservices.com
patients thanks to our individualized treatment protocols
and expert knowledge of LSVT therapy,” noted the chair
of Parkinson’s Therapy at MorseLife, Carolyn Carter. “As
we move forward with the program’s expansion, we are
committed to doubling the number of patients we serve and
are working to add new certified therapy staff to our team.”
To learn more about the Parkinson’s Therapy Program at
MorseLife visit www.morselife.org or call 561-472-2900.

Expires 5/31/22.

State Licensed & Insured
Serving Palm Beach County CPC # 1457468 • LPG#30099