Whats Next Workshop 2010
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Plus de P. Haans Mulder, JD, MST, CFP®
Plus de P. Haans Mulder, JD, MST, CFP® (20)
Whats Next Workshop 2010
- 1. MEDICAID AND ESTATE PLANNING: HOW TO DEVELOP A PEACE OF MIND P. Haans Mulder, JD, MST, CFP® Cunningham Dalman, P.C. 321 Settlers Road Holland, MI 49423 (616) 392-1821 phmulder@holland-law.com What’s Next Workshop 2010
- 2. Background • Partner at Cunningham Dalman, P.C. • Masters in Tax, CFP®, and specialize in estates/elder law and business planning • Cunningham Dalman, P.C. has been serving the greater Holland/Zeeland since 1900 Serving the Holland area since 1900
- 3. Overview • Medicaid process and eligibility rules • Example of how Medicaid planning works • Parts of an estate plan and process • Most common types of estate plans Serving the Holland area since 1900
- 4. Did you know? • 40% of people 65 years and older will stay in a nursing home • Average cost to stay in a local nursing home is $6-7,000/month Serving the Holland area since 1900
- 5. 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
- 6. When does Medicaid apply? • Must be in a nursing home • 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
- 7. Who does Medicaid apply to? • You cannot have enough income to pay the monthly cost of staying in a nursing home ($6-7,000 in this area) Serving the Holland area since 1900
- 8. Who does Medicaid apply to? • A single person cannot have more than $2,000 in countable assets • Can keep your home (it’s not in your trust) and a vehicle • All other assets are countable Serving the Holland area since 1900
- 9. 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
- 10. 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
- 11. 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
- 12. Example • Drafted a 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
- 13. Did you know? • You could save approximately $5,000 by having an estate plan prepared for $850 Serving the Holland area since 1900
- 14. 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
- 15. 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
- 16. 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
- 17. Why avoid probate? • It is a public process • Can exacerbate family situations • Can be expensive to administer (between 3-8%) • Takes time to complete (6-9 months)
- 18. What are the most common estate 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
- 19. What are the most common estate plans? • Other plan includes a living trust, pour- over wills, and powers of attorney • Plan is designed for clients with grown children and who desire to avoid probate
- 20. What does the estate planning process look like? • Complete estate planning questionnaire • Attend a meeting that we discuss your goals and the types of estate plans
- 21. What does the estate planning process look like? • Review draft of documents • Attend a signing conference • Change beneficiaries or/and fund your trust
- 22. Questions…… Serving the Holland area since 1900
- 23. Thank You P. Haans Mulder 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