Estate and Medicand Planning Issues for Widowed Persons

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Estate and Medicand Planning Issues for Widowed Persons

  1. 1. ESTATE AND MEDICAID PLANNING ISSUES FOR WIDOWED PERSONS P. Haans Mulder, JD, MST, CFP® Cunningham Dalman, P.C. 321 Settlers Road Holland, MI 49423 (616) 392-1821 phmulder@holland-law.com
  2. 2. Background • Partner at Cunningham Dalman, P.C. • Practicing for 10 years • Have a Masters in Tax and am a Certified Financial Planner® • Specialize in estates/elder law and business planning Serving the Holland area since 1900
  3. 3. Background • Cunningham Dalman, P.C. has been serving the greater Holland/Zeeland since 1900 • Has 14 attorneys practicing in all areas of the law Serving the Holland area since 1900
  4. 4. Consider a Living Trust • A last will and testament does not avoid probate • Jointly owning property with a child has its risks (divorce and creditors) • A living trust avoids the cost and stress of probate Serving the Holland area since 1900
  5. 5. Update Your Estate Plan • Have been changes the law regarding health care powers of attorney • Review appointment of successor trustee, personal representative, financial agent, and health care agent • Involve a trusted child Serving the Holland area since 1900
  6. 6. Ownership and Beneficiaries • Make sure the trust is the owner • Talk to your adviser about the beneficiary of retirement accounts • Check your beneficiaries on life insurance and retirement accounts Serving the Holland area since 1900
  7. 7. Tax Planning Issues • Name a charity as the beneficiary of a retirement account • “Down-size” to avoid income taxes on sale of your house if there’s been significant appreciation and your spouse passed less than two years ago Serving the Holland area since 1900
  8. 8. Remarriage Considerations • Seek advice on a prenuptial agreement • Consider having separate trusts and fund them appropriately • Are there rights to live in the house after a spouse passes Serving the Holland area since 1900
  9. 9. High Net Worth • If you have over $1 million, be aware of the estate tax (55% tax) • Ask your attorney about gifting options • Consider charitable planning techniques Serving the Holland area since 1900
  10. 10. Medicaid Planning • Have your attorney draft a ladybird deed for your house • Prepay a funeral contract • If you’re healthy, consider gifting to a divestment trust (consult an elder law attorney) Serving the Holland area since 1900
  11. 11. Questions…… Serving the Holland area since 1900
  12. 12. Thank You P. Haans Mulder, JD, MST, CFP® Cunningham Dalman, P.C. 321 Settlers Road Holland, MI 49423 (616) 392-1821 phmulder@holland-law.com www.holland-law.com Serving the Holland area since 1900

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