NAVIGATING COMPLICATED LEGALISSUES FOR SENIORS: ESTATEPLANNING, VETERANS BENEFITS,MEDICARE, AND MEDICAIDP. Haans Mulder, J...
Upcoming Seminars• Medicaid Planning for Couples-January 17• Medicaid Planning for Singles-April 18• Veterans Benefits, Es...
Background• Haans is a partner at Cunningham  Dalman, P.C.• Has a Masters in Tax, CFP®, and  specializes in estates/elder ...
Background• Jessica is an associate at Cunningham  Dalman, P.C.• Cunningham Dalman, P.C. has been  serving the greater Hol...
Overview • Elements of an estate plan and what the   process involves • Most common types of estate plans • Veteran’s Aid ...
Overview •   Medicare Parts A-D •   Transition from Medicare to Medicaid •   Medicaid process and eligibility rules •   Ex...
Overview • Will not cover Social Security benefits • Will also not talk about long term care   insurance • Should still be...
Estate Planning • Did you know you could save   approximately $5,000 by having an   estate plan that will cost you $1,000 ...
What is estate planning? • Process of planning for the future   management and distribution of your   assets and your futu...
Why is it important? •   Reduces the cost of administration •   Minimizes stress for family and friends •   Determines who...
What is probate? • Probate is a court process to administer   a deceased person’s financial affairs • Required when someon...
Why avoid probate? •   It is a public process •   Can exacerbate family situations •   Can be costly to administer ($5,000...
What are the most commonestate plans? • Basic plan includes wills (potentially with   a trust) and powers of attorney • Fo...
What are the most commonestate plans? • More comprehensive plan includes a living   trust, pour-over wills, and powers of ...
Veteran’s A&A Benefit • Veteran is eligible for up to $1,704 per   month (expenses must exceed income) • Surviving spouse ...
Veteran’s A&A Benefit • Will cover in-home, assisted living, and   nursing home care • Can either have low monthly income ...
Medicare and Medicaid • 40% of people 65 years and older will   stay in a nursing home • Average cost to stay in a local n...
Medicare and Parts A-D • Medicare is a government insurance   program that has many aspects and is   divided into parts • ...
Medicare Parts A-D • Part B deals with doctor’s and out-patient   expenses • Part C is a private insurance plan that   cov...
Transition to Medicaid • Many people who are eventually   approved for Medicaid start on Medicare • Must have a three day ...
What is Medicaid? • State and federal program that pays   for medical treatment (including   nursing home care) • Oftentim...
When does Medicaid apply? • Applies principally in a nursing home   (could apply in your home or an   assisted living faci...
Who does Medicaid apply to? • Under income test, you cannot have   enough income to pay the monthly   cost of staying in a...
Who does Medicaid apply to? • Under assets test, a single person can   only have $2,000 in countable assets • Can keep you...
Who does Medicaid apply to? • Asset test allows a married couple to   keep their home (again, if it’s not in a   trust), a...
Example • Clients were husband and wife • Wife had to go to a nursing home • Didn’t stay in a hospital for three days   so...
Example • Could keep the house (because it was   properly owned) and their vehicle • Without any Medicaid planning, they  ...
Example • Drafted a “Spousal Benefits Trust” that   allowed them to protect all of their   investments (as opposed to just...
Questions……              Serving the Holland area since 1900
Upcoming Seminars• Medicaid Planning for Couples-January 17• Medicaid Planning for Singles-April 18• Veterans Benefits, Es...
Thank You P. Haans Mulder, JD, MST, CFP® Jessica Arends Cunningham Dalman, P.C. 321 Settlers Road Holland, MI 49423 (616) ...
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Navigating Complicated Issues for Seniors

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Navigating Complicated Issues for Seniors

  1. 1. NAVIGATING COMPLICATED LEGALISSUES FOR SENIORS: ESTATEPLANNING, VETERANS BENEFITS,MEDICARE, AND MEDICAIDP. Haans Mulder, JD, MST, CFP®Jessica ArendsCunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) 392-1821phmulder@holland-law.comjessica@holland-law.com
  2. 2. Upcoming Seminars• Medicaid Planning for Couples-January 17• Medicaid Planning for Singles-April 18• Veterans Benefits, Estate Recovery, and Changes in the Medicaid Rules-June 13• All seminars are at 4:30 Serving the Holland area since 1900
  3. 3. Background• Haans is a partner at Cunningham Dalman, P.C.• Has a Masters in Tax, CFP®, and specializes in estates/elder law and business planning Serving the Holland area since 1900
  4. 4. Background• Jessica is an associate at Cunningham Dalman, P.C.• Cunningham Dalman, P.C. has been serving the greater Holland/Zeeland area since 1900 Serving the Holland area since 1900
  5. 5. Overview • Elements of an estate plan and what the process involves • Most common types of estate plans • Veteran’s Aid & Attendance benefit and eligibility rules Serving the Holland area since 1900
  6. 6. Overview • Medicare Parts A-D • Transition from Medicare to Medicaid • Medicaid process and eligibility rules • Example of how Medicaid planning works Serving the Holland area since 1900
  7. 7. Overview • Will not cover Social Security benefits • Will also not talk about long term care insurance • Should still be aware of these issues Serving the Holland area since 1900
  8. 8. Estate Planning • Did you know you could save approximately $5,000 by having an estate plan that will cost you $1,000 • You could make this process much less stressful for your children and loved ones Serving the Holland area since 1900
  9. 9. What is estate planning? • Process of planning for the future management and distribution of your assets and your future medical care • Includes documents such as wills, trusts, and powers of attorney (financial and health care)
  10. 10. Why is it important? • Reduces the cost of administration • Minimizes stress for family and friends • Determines who will receive your assets • Authorizes who will make your medical decisions
  11. 11. What is probate? • Probate is a court process to administer a deceased person’s financial affairs • Required when someone passes away with assets in his or her own name or fails to name a beneficiary
  12. 12. Why avoid probate? • It is a public process • Can exacerbate family situations • Can be costly to administer ($5,000) • Takes time to complete (6-9 months)
  13. 13. What are the most commonestate plans? • Basic plan includes wills (potentially with a trust) and powers of attorney • For clients who do not have a house or are not concerned with avoiding probate
  14. 14. What are the most commonestate plans? • More comprehensive plan includes a living trust, pour-over wills, and powers of attorney • Designed for clients who want to avoid probate
  15. 15. Veteran’s A&A Benefit • Veteran is eligible for up to $1,704 per month (expenses must exceed income) • Surviving spouse is eligible for up to $1,094 per month • Veteran with a spouse is eligible for up to $2,020 per month Serving the Holland area since 1900
  16. 16. Veteran’s A&A Benefit • Will cover in-home, assisted living, and nursing home care • Can either have low monthly income or medical expenses that exceed income • Must have not more than $80,000 of countable assets Serving the Holland area since 1900
  17. 17. Medicare and Medicaid • 40% of people 65 years and older will stay in a nursing home • Average cost to stay in a local nursing home is $7,500-9,000/month Serving the Holland area since 1900
  18. 18. Medicare and Parts A-D • Medicare is a government insurance program that has many aspects and is divided into parts • Have to be 65 years old, be disabled, or fit specific criteria • Part A covers hospital expenses Serving the Holland area since 1900
  19. 19. Medicare Parts A-D • Part B deals with doctor’s and out-patient expenses • Part C is a private insurance plan that covers your medical expense in general • Part D is your prescription drug coverage Serving the Holland area since 1900
  20. 20. Transition to Medicaid • Many people who are eventually approved for Medicaid start on Medicare • Must have a three day hospital stay • Medicare will cover up to 100 days, but there can be a co-pay after the 20th day Serving the Holland area since 1900
  21. 21. What is Medicaid? • State and federal program that pays for medical treatment (including nursing home care) • Oftentimes confused with Medicare Serving the Holland area since 1900
  22. 22. When does Medicaid apply? • Applies principally in a nursing home (could apply in your home or an assisted living facility) • Applies to people who are 65 years or older, blind, or disabled • Must pass the income and asset tests Serving the Holland area since 1900
  23. 23. Who does Medicaid apply to? • Under income test, you cannot have enough income to pay the monthly cost of staying in a nursing home ($7,500-9,000 in this area) Serving the Holland area since 1900
  24. 24. Who does Medicaid apply to? • Under assets test, a single person can only have $2,000 in countable assets • Can keep your home (if it’s not in your trust) and a vehicle • All other assets are countable Serving the Holland area since 1900
  25. 25. Who does Medicaid apply to? • Asset test allows a married couple to keep their home (again, if it’s not in a trust), a vehicle, and one-half of their other assets Serving the Holland area since 1900
  26. 26. Example • Clients were husband and wife • Wife had to go to a nursing home • Didn’t stay in a hospital for three days so Medicare didn’t cover stay • Had house, vehicle, and investments Serving the Holland area since 1900
  27. 27. Example • Could keep the house (because it was properly owned) and their vehicle • Without any Medicaid planning, they would have had to spend down one-half of their investments Serving the Holland area since 1900
  28. 28. Example • Drafted a “Spousal Benefits Trust” that allowed them to protect all of their investments (as opposed to just half) • This provided peace of mind to the husband Serving the Holland area since 1900
  29. 29. Questions…… Serving the Holland area since 1900
  30. 30. Upcoming Seminars• Medicaid Planning for Couples-January 17• Medicaid Planning for Singles-April 18• Veterans Benefits, Estate Recovery, and Changes in the Medicaid Rules-June 13• All seminars are at 4:30 Serving the Holland area since 1900
  31. 31. Thank You P. Haans Mulder, JD, MST, CFP® Jessica Arends Cunningham Dalman, P.C. 321 Settlers Road Holland, MI 49423 (616) 392-1821 phmulder@holland-law.com jessica@holland-law.com www.holland-law.com Serving the Holland area since 1900
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