Whats Next Workshop

445 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
445
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Whats Next Workshop

  1. 1. MEDICAID AND ESTATE PLANNING: HOW TO DEVELOP A PEACE OF MIND<br />What’s Next? Workshop <br />P. Haans Mulder, JD, MST, CFP®<br />Cunningham Dalman, P.C.<br />321 Settlers Road<br />Holland, MI 49423<br />(616) 392-1821<br />phmulder@holland-law.com<br />
  2. 2. Background<br />Partner at Cunningham Dalman, P.C.<br />Masters in Tax, CFP®, and specialize in estates/elder law and business planning<br />Cunningham Dalman, P.C. has been serving the greater Holland/Zeeland since 1900<br />Serving the Holland area since 1900<br />
  3. 3. Overview<br />Medicaid process and eligibility rules<br />Example of how Medicaid planning works<br />Parts of an estate plan and process<br />Most common types of estate plans<br />Serving the Holland area since 1900<br />
  4. 4. Did you know?<br />40% of people 65 years and older will stay in a nursing home<br />Average cost to stay in a local nursing home is $6-7,000/month<br /> <br />Serving the Holland area since 1900<br />
  5. 5. What is Medicaid?<br />State and federal program that pays for medical treatment (including nursing home care)<br />Oftentimes confused with Medicare<br /> <br />Serving the Holland area since 1900<br />
  6. 6. When does Medicaid apply?<br />Must be in a nursing home<br />Applies to people who are 65 years or older, blind, or disabled<br />Must pass the income and asset tests<br />Serving the Holland area since 1900<br />
  7. 7. Who does Medicaid apply to?<br />You cannot have enough income to pay the monthly cost of staying in a nursing home ($6-7,000 in this area)<br />Serving the Holland area since 1900<br />
  8. 8. Who does Medicaid apply to?<br />A single person cannot have more than $2,000 in countable assets<br />Can keep your home (it’s not in your trust) and a vehicle<br />All other assets are countable<br />Serving the Holland area since 1900<br />
  9. 9. Who does Medicaid apply to?<br />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<br />Serving the Holland area since 1900<br />
  10. 10. Example<br />Clients were husband and wife<br />Wife had to go to a nursing home<br />Didn’t stay in a hospital for three days so Medicare didn’t cover stay<br />Had house, vehicle, and investments<br />Serving the Holland area since 1900<br />
  11. 11. Example<br />Could keep the house (because it was properly owned) and their vehicle<br />Without any Medicaid planning, they would have had to spend down one-half of their investments<br />Serving the Holland area since 1900<br />
  12. 12. Example<br />Drafted a trust that allowed them to protect all of their investments (as opposed to just half)<br />This provided peace of mind to the husband<br />Serving the Holland area since 1900<br />
  13. 13. Did you know?<br />You could save approximately $5,000 by having an estate plan prepared for $850<br /> <br />Serving the Holland area since 1900<br />
  14. 14. What is estate planning?<br />Process of planning for the future management and distribution of your assets and your future medical care<br />Includes documents such as wills, trusts, and powers of attorney<br />
  15. 15. Why is it important?<br />Reduces the cost of administration<br />Minimizes stress for family and friends<br />Determines who will receive your assets<br />Authorizes who will make your medical decisions<br />
  16. 16. What is probate?<br />Probate is a court process to administer a deceased person’s financial affairs<br />Required when someone passes away with assets in his or her own name or fails to name a beneficiary<br />
  17. 17. Why avoid probate?<br />It is a public process <br />Can exacerbate family situations<br />Can be to administer (between 3-8%)<br />Takes time to complete (6-9 months)<br />
  18. 18. What are the most common estate plans?<br />Basic plan includes wills (potentially with a trust) and powers of attorney<br />For clients who do not have a house or are not concerned with avoiding probate <br />
  19. 19. What are the most common estate plans?<br />Other plan includes a living trust, pour-over wills, and powers of attorney<br />Plan is designed for clients with grown children and who desire to avoid probate<br />
  20. 20. What does the estate planning process look like?<br />Complete estate planning questionnaire<br />Attend a meeting that we discuss your goals and the types of estate plans<br />
  21. 21. What does the estate planning process look like?<br />Review draft of documents<br />Attend a signing conference<br />Change beneficiaries or/and fund your trust<br />
  22. 22. Questions……<br />Serving the Holland area since 1900<br />
  23. 23. Thank You<br />P. Haans Mulder<br />Cunningham Dalman, P.C.<br />321 Settlers Road<br />Holland, MI 49423<br />(616) 392-1821<br />phmulder@holland-law.com<br />www.holland-law.com<br />Serving the Holland area since 1900<br />

×