planning for life: margolis & associates estate and elder law planning solutions protecting...
TRANSCRIPT
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Planning for Life:
Margolis & Associates
Estate and Elder Law Planning Solutions
Protecting Yourself,
Your Family
and Your Estate
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AgendaAgenda
• Introduction of program and handouts
• Presentation
• Introduction of Margolis Associates
• Questions and answers
• Attorneys of Margolis & Associates will be available for 15 minutes to answer personal questions after the program
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Why Plan?
• Maintain your own and your family’s quality of life
• Ensure that your wishes for yourself and your family are carried out
• Positive legacy
• Peace of mind!
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Attack on Medicaid Planning
“Medicaid must not become an inheritance protection plan. Right now, many older Americans take advantage of Medicaid loopholes to become eligible for Medicaid by giving away assets to their children…. We must close these loopholes and focus Medicaid's resources on helping those who really need it. Doing so will save $4.5 billion during the next decade.”
-- Mike Leavitt, Secretary of H&HS
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A Few Statistics
• National Spending on Nursing Home Care (2003)
Total Expenditures: $111 billion
Medicaid 42.0%Out-of-pocket 27.9%Medicare 12.4%Private Insurance 7.7%Other 6.1%
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A Few More Statistics
Population (in millions)
65+ 85+
2003 35.9 4.7
2030 71.5 9.6
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Just a Few More Statistics
Percentage of Seniors Who Need Assistance
Age Percent
65-69 8.1
70-74 10.5
75-79 16.9
80+ 34.9
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We’re almost done with the numbers
Caregivers• 44.9 million (21% of adult population)• Average of 21 hours a week• But half provide 8 or fewer hours a week• 17% provide 40 or more hours a week• 34% care for mother, 11% for grandmother
and 10% for father
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The rabbi, the priest and the lawyer
Moral: You can’t take it with you
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How the beloved niece lost out
Moral: Get professional help
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Donna’s Dilemma
Donna’s husband, George, has Alzheimer’s disease and has moved to a nursing home costing $8,000 a month. She’s terrified that she’ll lose her savings and not be able to afford to live herself.
What should she do?
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What Donna has
IncomeGeorge Donna
Social Security $1,600/mo $800/mo Pension $600/mo
Savings & IRAs $300,000Home FMV $400,000
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What should Donna do?
• Spend down
• Transfer into her name
• Buy immediate annuity
• Update her estate plan
• Increased spousal allowance
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Wanda the Worrier
What is Wanda worried about?
Losing her home!
When does she worry?
All of the time!
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Wanda’s Solutions
• Life estate
• Irrevocable trust
• Long-term care insurance
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Wanda’s New Worry
Her (no good) son-in-law
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Wanda’s New Solution
• Family Protection Trust
– Divorce
– Bankruptcy
– Spendthrift
– Financial aid
– Death
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The World Traveler
Moral: Don’t procrastinate
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The Top Eight Mistakes of Medicaid Planning
• Thinking it’s too late to plan• Giving away assets too early• Ignoring safe harbors• Ignoring spousal protections• Applying too early• Applying too late• Confusing liens and estate recovery• Not getting expert help
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Our Ad
• Initial Consultation - $500/$250
• Applied towards future work
• Discount for attendees
• Non-transferable
• Expiration date
• Peace of mind.
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Our Approach
“I loved your letter. It was in English.”
- recent client from Cambridge
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The Margolis & Associates Team
• Lawyers– Harry S. Margolis– Jeffrey A. Bloom– Jennifer K. Rankin– Alyssa Adams
• Paralegals– Eugenia Kofitsas– Maana Soroken– Angela Lourio
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Margolis & AssociatesEstate and Elder Law Planning Solutions• Our Offices
– Boston• 535 Boylston Street
– Framingham• 340 Union Avenue
• Our Web Site– www.margolis.com
Our E-letter– Sign up today or on our web site