Bigstock-Estate-Planning-Word-Circle-Co-60362105

Medicaid Planning For Previously Transferred Assets

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal Technical

Many clients who come into my office in search of "qualifying for Medicaid" are concerned about losing their assets.  Unfortunately, in many instances they got advice at the beauty shop or coffee shop (and sometimes a lawyer) to give their assets away so that they could be protected if sixty months goes by. 

Bigstock-Estate-Planning-Word-Circle-Co-60362105As we know, there is no rule that says a client has to wait 60 months, even if they transferred assets, and we are typically able to get clients qualified in much shorter periods of time, even in crisis. When preplanning, we are also able to protect between fifty and one hundred percent of assets immediately with the proper facts and planning. Understanding this level of planning requires a complete and thorough understanding of the 12 key Medicaid rules and how they apply to each client differently.  For a demonstration of how the LWP industry exclusive software documents tally in minutes for any client fact pattern go to https://www.lawyerswithpurpose.com/Estate-Planning-Drafting-Software.php to schedule a software demo.  

A key challenge for many clients who have already transferred assets is, how does it figure in in determining their eligibility now, in crisis, or later if they are preplanning. (The answer comes down to two distinctions.) 

First, has the transfer been within the sixty months of when they come to see you? If so, the amount of the transfer should be added back to the client's assets as if they still owned them.  That is the practical result when applying for Medicaid if within the sixty months of the application.  Re-including the assets provides a proper picture of all assets of clients that have to be considered in determining how much can be protected and how much would be lost if the client is in crisis or will require long-term care within sixty months of the transfer. 

After re-including the transferred assets, you must then calculate the amount of assets that will be protected and those that will be needed for care (in a crisis case), or, could be needed in a preplanning case, (if care is within sixty months).  The key distinction actually comes down to funding.  Pre‑transferred assets are a funding issue, not a calculation issue.  After adding back the transferred assets and completing the calculations to determine the amount protected, then the first funding task is to allocate the previous transfer to the amount protected and then you only have to fund the balance.  If the previous transfers are more than the amount of assets that could be protected, the family must make up for the excess transfer by giving it back (cure).  If the amount previously transferred is less than the amount protected then the balance of the assets that can be protected, are thereafter transferred pursuant to the asset protection plan created by the attorney.

While complicated in the written word, with a proper understanding of the law and how to apply it to each client and when you have the software that calculates and supports the law and provides calculations in real time utilizing the Medicaid laws, you are able to confidently help your client protect their assets.

If you are interested in learning more about becoming a Lawyers With Purpose member, consider joining us for our Practice With Purpose Program in Charlotte, NC, February 3rd – 5th.  We are almost at capacity and there are only a few seats left so register today!

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

 

Bigstock-Banana-Peel-43463881

The Pitfalls Of Aged Distribution

by with 4 Comments Asset ProtectionEstate Planning Drafting SoftwareLegal Technical

Many lawyers counsel clients to make distributions to beneficiaries at certain ages.  Typically it’s distributed one-third at 25, one third at 30 and one third at 35 or some variation thereof.  This is a mistake on many levels. 

Bigstock-Banana-Peel-43463881In fact, when properly examined, it’s contrary to most clients’ goals. Many clients’ primary goal with staged distributions is to “protect” the assets for the beneficiary.  Jane was a client with only one son who was going to inherit all of her $750,000.00.  She was concerned about his ability to manage it so she asked me to distribute it in staged distributions so he had time to come to understand how to manage it. 

After Jane died her son, Bob, was disappointed to learn that his mom “didn’t trust him”.  I shared with Bob that his mom adored him but just wanted to “protect him” from his inexperience of other “good intending” people.  Well the rest of the story played out and after the first five years, Bob had blown through his first distribution. When he was entitled to his second distribution he actually asked the trustee not to give it to him and asked how he can better manage it to ensure that it was protected from being lost like his first third.

When Bob was entitled to his final distribution, five years later, his portfolio had grown over seventy percent from when mom died.  Today, Bob still has all his money and what it’s grown to and it’s protected from his predators and creditors.

We accomplished this by permitting distributions at the discretion of the trustee, who, by the way, was Bob, rather than forcing the distribution out.  The downsides of staged distribution at different ages is that it forces the money out of the asset protection trust and makes it available to all the creditors and predators of the beneficiary.  When properly designed, like for Bob, the assets can be held for the beneficiary with the beneficiary in full control of when distributions are made out of the trust to them.  Not only will this assure asset protection but it will also assure all of the growth of the assets will be protected while allowing the beneficiary access to the use and benefit of the money for their entire lifetime.

In fact, when examined closely, beneficiaries usually use the trust funds to purchase assets like a home or vacation property.  This subjects the new asset to the creditors and long term care costs of the beneficiary.  All these risks are avoided, when the beneficiary has his separate share asset protection trust purchase the asset.  Before you design a plan that  forces money out of protection trusts, consider instead educating your client into how a lifetime asset protection trust with the kids in control can ultimately serve the clients’ needs. 

To learn more about Asset Protection Strategies and how Irrevocable Pure Grantor Trusts meet many needs of clients not traditionally considered join us at our Asset Protection & Medicaid Practice With Purpose Program.  Hotel cut off is January 12th so register today.  This event will sell out!

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

Bigstock-Elementary-School-Kids-Group-I-50081939

Free Webinar – Why NOT To Name Kids As IRA Beneficiaries

by with No Comment Asset ProtectionLegal Technical

The US Supreme Court in Clark v. Rameker (June, 2014) solidified that children or other “non-spouse” individuals should not be named the beneficiary of an IRA, if asset protection is a goal.  The court, in a 9-0 decision, declared that an inherited IRA is not a “retirement account” and allowed the bankruptcy trustee to invade an IRA inherited by the debtor (child), to pay her creditors.  The decision set the new precedent that inherited IRAs are not protected from the creditors and predators of its owners. Click here for a decision tree on naming your IRA beneficiary options and the asset protection impact.

Bigstock-Elementary-School-Kids-Group-I-50081939The Supreme Court decision left intact the ability to name a spouse as beneficiary, since a spouse has the right to create a new IRA or combine the IRA of the deceased spouse with his or her existing IRA. While this method may appear to protect a spouse’s inherited IRA, it is not a viable approach when an individual dies without a spouse, or if the surviving spouse is in need of long-term care.  There is however, a foolproof way to protect IRAs after death, regardless of circumstance. Name a trust as beneficiary!

Most legal and financial professionals will grimace at the idea of a trust being named beneficiary of an IRA.  They believe that doing so makes the entire IRA taxable at death or will result in the loss of the “stretch” and force it to be paid out within five years.  This is true only if the trust named beneficiary is not a “qualified” pass thru beneficiary, but if it is, it enjoys all the benefits the trust beneficiaries would receive as direct beneficiaries.

For a trust to be a “qualified” pass thru beneficiary of an IRA it must meet four criteria:

1) it must be valid under state law;

2) it must have identifiable “human” beneficiaries;

3) it must be irrevocable after death; and

4) a copy of the plan document must be provided to the plan administrator.

While there are some complexities in complying with these rules, once understood and properly applied, naming a trust as the beneficiary is the only way to ensure asset protection of inherited IRAs in the post Clark v. Rameker world. When properly drafted, a Revocable Living Trust, an Irrevocable Pure Grantor Trust (iPug™), a grantor trust or non-grantor trust can be utilized. The drafter of the trust must distinguish the “inside” designation strategy from the “outside” designation strategy. That is, how to structure the beneficiary designation on the IRA beneficiary designation form and integrate it with the beneficiaries designated in the Trust to accomplish a myriad of scenarios for the surviving spouse (or other beneficiaries) that do not have to be decided until after the death of the IRA owner.

Click here to download a copy of the LWP IRA Beneficiary Designations Decision Tree.  And to learn more about Clark v. Rameker join our FREE webinar THIS Wednesday, December 17th at 7:00 ET.  Register now.  It's 100% free!  We'll see you then.

Dave Zumpano

 

Book

Welcome LWP Sponsor Asset Protection Strategies To Our Tri-Annual Retreat

by with No Comment Asset Protection

BookAs a busy attorney juggling multiple responsibilities, you know first hand it is smart to delegate what no longer serves you in order to provide your client with supreme service, up-to-date information, and most of all protect their assets.

The Medicaid application process can be grueling, uncertain, and ever-changing. Uncovering the meanings within the loopholes, clauses, and fine print is time consuming. Especially when time is of the essence for a successful Medicaid eligibility outcome for your client, your expertise and precision are called upon.

Cheryl and her team at Asset Protection Strategies offer a successful one-of-a-kind program – Medicaid Application Back Office. Some of the program’s features are: 

  • Pre-planning for eligibility
  • Pre-application intake, review, and verification
  • Application preparation and submission
  • Application management prior to eligibility decision
    • Issue Resolution
    • Proof and Verification
  • Communications management
    • Financial Institutions
    • State Medicaid Offices
    • Clients and Families

Successful Medicaid eligibility outcomes require communications with a variety of entities for application monitoring, communication management, issue management, and verification request management. APS initiates and manages these communications so you don’t have to.

For over 22 years, Cheryl has been building trusted relationships with estate and elder law attorneys, multiple state Medicaid offices, and direct clients. APS has built its long-standing, highly regarded national reputation from experience, expertise, focus, and genuine care of its clients.

We look forward to seeing you in Phoenix!  Come by the booth and say hello - Contact: cheryl@planningaps.com or 888-666-8578.

Cheryl Fletcher, Asset Protection Strategies

Bigstock-Questions-and-Answers--Q-and--48848522

What Is The MMMNA?

by with One Comment Asset ProtectionMedicaid

MMMNA means minimum monthly maintenance needs allowance.  MMMNA[1] is the minimum income that the community spouse (CS), or well spouse, gets to keep when the other spouse, the institutionalized spouse (IS), goes into the nursing home.  Medicaid law says that the income of the Medicaid applicant in excess of the limits must be used toward the cost of care. But if the applicant has a spouse, Medicaid, through the concept of the MMMNA, allows the CS to keep some or all of their income. 

Bigstock-Questions-and-Answers--Q-and--48848522Medicaid considers the gross income of the CS.  If the CS’s income is in excess of the MMMNA, then under the federal law, 25% of the CS’s income in excess of the MMMNA must be used for the IS’s cost of care. While New York is currently the only state that enforces that provision, we must be aware of the federal rules because it is probably only a matter of time before other states are assessing the 25%.

Now if the CS’s income is less than the MMMNA, then income from the applicant will be diverted to the CS to try to get the CS’s income up to the MMMNA.  If the CS’s income is still below the MMMNA, then assets needed to generate sufficient interest to fill the income up to the MMMNA are exempt. This is what we call the assets to income rule.

But there's a little more to it than that.  The federal law says there’s a minimum MMMNA and there’s a maximum MMMNA.  The states are allowed to set the MMMNA for the CS, but the federal government says the states can’t set a MMMNA below $1938.75 (we will call it $1,939 to keep the math easy) or above $2,931[2]. So your state’s MMMNA will be somewhere between those two numbers.

States vary in how they set the MMMNA.  About half of the states are what we call “max states.”  They set the MMMNA at the maximum end of the range and say that the CS can keep up to $2,931 in gross monthly income.  Other states are “range states.”  That is the MMMNA can fall somewhere between both the maximum and minimum range the feds allow for the MMMNA.  In a range state, if the CS's income is less than $1,939, then the CS can take the IS’s income up to that minimum amount of $1,939.  If the CS’s income was more than the minimum but less than the maximum, then income of the CS would be the MMMNA. 

Let’s consider some examples:

First, let’s say there is a CS who had $1,000 in monthly income. The applicant, the husband, was the predominant income earner, and the CS had $1,000 of income. In a max state, the law says the CS could keep the first $2,931, regardless of whom it came from.  So if the wife had $1,000 of income, she would be able to keep the first $1,931 of the income of the husband, who is in the nursing home. And if the husband didn’t have $1,931, then the assets to income rule would come into play. That means the law would say that, if the total income between the IS and the CS does not equal the MMMNA, then the CS can exempt additional assets needed to generate the income to get the CS up to the MMMNA. So again, if this is a max state, the threshold is $2,931. If the CS had $1,000 and the husband had $3,000 of income, the CS would be able to keep $1,931 of the applicant’s income.

In a range state, the CS is allowed to keep the minimum MMMNA, but if the income is below $1,939, then the CS gets to take income from the IS to get to the $1,939 limit.  For instance, if a CS’s income was $1,000, she could take $939 from the husband’s income. If she had income of $2,500, then her MMMNA would be $2,500 because her income is below the maximum and above the minimum MMMNA.  And if a CS earns more than the maximum MMMNA, then 25% of that amount in excess would have to be contributed toward the cost of care. Those are the federal rules. But remember, only New York currently applies the 25% rule. Most states allow the CS to keep any income in excess of the MMMNA.

REVIEW:

You should now be able to figure out the MMMNA for a few basic cases. So let's go through what the minimum and maximum would be, and what the MMMNA would be, in each of four scenarios.

Starting with scenario one and scenario two, the fact pattern is this:

  • The husband has $3,000 a month of income.
  • The wife has $1,000 a month of income.
  • The MMMNA minimum is $1,939; the maximum is $2,931.

In scenario one, the husband is in a nursing home, so we know that the wife is the CS, and she has $1,000 in income. Plus, let’s say that in this scenario that are in a max state, which means that the CS is entitled to the maximum income – $2,931.

What does that mean? That means of the total income of $4,000 between the husband and wife, $1,069 will be contributed toward the cost of care each month.  If the husband goes into the nursing home, the wife gets her $1,000 of income plus she gets to keep $1,931 of the husband’s monthly income.  The balance of $1,069 ($4000 – $1000 – $1931=$1,069) would go toward the cost of his care. (We are setting aside the discussion of his personal needs allowance, but whatever it is in this state, the amount contributed to the cost of care would be reduced by the personal needs allowance.)

What if the wife went into a nursing home? What’s the MMMNA in that case? It is still $2,931, but now the husband is the CS, so he would be able to keep $2,931 and he would have to contribute 25% of the amount over $2,931. So his $3,000 minus $2,931 comes out to $69, and 25% of that would be $17.25. But remember, New York is the only state that currently requires spousal contribution for incomes above the MMMNA.  In all the other states the husband as CS would get to keep his total $3,000 in monthly income, and the cost of care would be $1,000, the wife’s income, less whatever the personal needs allowance is for the state.

Why? Because every other state allows the CS to keep whichever is greater, the MMMNA or the CS’s actual income. Again, that distinction is made because the federal Medicaid law does not require it or even allow it.  The states allow it. Remember, the federal government sets the laws on Medicaid, and the states can be less restrictive, but they cannot be more restrictive.  So in most states if the husband, who is the CS in this scenario, has $3,000 a month of income, they will allow him to keep 100% of his income. That’s why we have shown it here as $3,000, and all you would lose is the IS’s income of $1,000.

So how would this be different in a range state? With the husband going into the nursing home, the wife is now the CS, so the range state would allow her to keep the bottom of the range. She has $1,000 of income, but the MMMNA says the minimum is $1,939, so she gets to keep her income, plus $939 of his income. In this scenario she would get $1,939, and the remaining $2,061 of his income would be contributed toward the cost of his care (again less the personal needs allowance amount, which he would get to keep).

Income Allowance:

As has been alluded to, the IS is allowed a personal needs allowance, which ranges from $30 to $106.50, depending on the state. The applicant is also given an allowance to help pay for health insurance.  The theory is that Medicaid does not want to get stuck being the primary insurance payer, so in addition to your personal needs allowance, it allows the applicant money to pay for a health insurance premium so the applicant’s insurance company can be the insurance of first resort and Medicaid can be the backup.

To be clear, Medicaid only exempts the cost of health insurance for the IS, not the CS. So, only the IS gets the personal needs allowance and the health insurance allowance. The CS gets the MMMNA. In addition, about 25% of the states also have a housing and shelter allowance, and another 25% of the states have a heating and utility allowance. These allowances are a state specific issue, so be sure to check yours. The federal law does permit housing and shelter and heating and utility allowances, but not all the states do it. And it is for the CSs only, with the intent being to make sure that CSs have sufficient income to stay in their homes.

No matter what fact pattern you are looking at, the first thing you need to determine is whether you are looking at a max state or a range state, then follow the methodology shared in here. Next look at the income of both spouses and figure out which spouse is in the nursing home, and which spouse is in the community. Then you can calculate the MMMNA.  And in addition to the MMMNA, you will possibly have the housing and shelter allowance and the heating utility allowance, depending on the state.  Of course, if the applicant is not married, you don’t even have to worry about that MMMNA calculation. All of the income that a single applicant gets to keep is the personal needs allowance and the health insurance premium amount.

Did you know we are announcing NEW pricing, services & membership changes—Effective Monday, October 27th

At LWP we are committed to innovation and continuous improvement. In an effort to augment our services and the value of our membership levels, LWP is excited to announce changes to our membership levels. All membership offerings were specifically designed to serve solo, small and medium sized firms based on their customized needs. Changes are applicable to all NEW memberships beginning Monday October 27th.   If you are interested in learning more about joining the Lawyers with Purpose community, please contact mhall@lawyerswithpurpose.com to schedule a 15 minute demo to see the upcoming Pricing, Services, & membership structures prior to October 27th!

Existing LWP member? Great NEWS, you’re grandfathered in! 

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

[1] MMMNA is usually pronounced “Triple M NA,” but others call it an “mmmmmmm –NA” 

[2] At least those are the amounts as of April 29, 2014. These numbers do change, so be sure to double check them.

Untitled

Your Family, Your Community, and Your Profession

by with No Comment Systems & Processes

Your Family, Your Community, and Your PAs professionals who work with seniors and their families, we're in a unique position to serve our loved ones, our communities, and to help the brave men and women who have served our country as well.

UntitledI'm here today to tell you that we really can have it all! A thriving practice with purpose, the seemingly elusive work/life balance, and the satisfaction that comes with knowing that you're doing good for the people around you.

I've prepared a short video for you about how you can achieve the same success in your practice as well…take ninety seconds and check it out. It may be the best thing you do for your practice today!

To your success,

Victoria L. Collier, CELA, Elder Care Attorney, Co-Founder of Lawyers for Wartime Veterans and Lawyers with Purpose, Veteran, author of 47 Secret Veterans Benefits for Seniors and most recent book, Paying for Long Term Care: Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit

Bellomo

Being A Competent Attorney Is Only Half The Battle

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal MarketingSystems & ProcessesVA

I've always thought of myself as an excellent attorney — well-versed in all of the strategies that we use on a daily basis to protect our clients, their loved ones, and their legacies.

BellomoIt wasn't until several years ago, however, that I really began to understand that a thriving practice is built on more than just being a great attorney — it requires systems to handle your marketing, to generate a steady flow of referrals to your door, and a tried and true method to increase your closing rate.

I invite you to take 90 seconds and check out the video – it's all about the systems I've put into place in my office, and how you can do the same in yours. Take your practice to the next level!  

Click here if you'd like to look at the agenda and all you'll learn at the Lawyers With Purpose Practice With Purpose Program in Phoenix October 20-22nd.

Warmly,

Jeff Bellomo, Esq., Certified Elder Law Attorney, Bellomo & Associates, LLC 

Bigstock-Problem-And-Difficulty-Concept-51429601

Hidden Dangers of Medicaid Qualifying Annuities

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareMedicaidSystems & ProcessesVA

Today, many elder law attorneys rely on Medicaid qualifying annuities to get their clients qualified to receive Medicaid benefits. They're also used when clients seek VA pension benefits.

While Medicaid qualifying annuities have become the default solution, they are not without risk. One challenge is that MQA's do not work well for single individuals. Second, even when used in married planning, there is no assurance the amount placed in the Medicaid qualifying annuity will actually be preserved. In fact, it could all be lost with the subsequent disability or death of the community spouse.

Bigstock-Problem-And-Difficulty-Concept-51429601These are just some of the issues (not to mention the Veterans Administration's changing position on annuities when applying for veteran pension benefits) that we will be discussing at the Asset Protection, Medicaid and VA Practice With Purpose Program October 20-22nd  in Phoenix, AZ.

National Asset Protection, Medicaid and VA experts and dozens of attorneys like you will be collaborating to identify the hidden risks in the different Medicaid and veterans' benefits strategies. This program promises to be the hands-on strategic solving many lawyers crave in their practice. Click here to get a full outline and to register for the program.

In these three days here is just some of what we will cover:

ASSET PROTECTION:

  • Recent updates to asset protection and Medicaid compliant strategies.
  • The new asset protection strategies dominating the marketplace.
  • The death of DAPT'S, FLP'S, GRATS, GRUTS, and tax planning, and what's replaced them.
  • The five essential trusts and key drafting needs to serve 99.7% of clients.
  • The Power of Powers of Appointment, in the right places.
  • Four "must have" drafting considerations and three "most forgotten" powers in trust.

MEDICAID:

  • Four steps to Medicaid eligibility for any client.
  • How to calculate the "breakeven" to ensure the proper filing date for the shortest penalty period.
  • Medicaid Qualifying Annuities: Hidden risks and how to properly disclose them to clients or protect from them.
  • The seven key factors to calculate any Medicaid case in seven minutes (or less!).
  • IRA's: Exemption versus taxes, how to calculate if IRA's should be liquidated or exempted in Medicaid and VA cases.

VETERANS' BENEFITS:

  • New fully developed claims process for veterans and widows.
  • Qualifying assisted living facilities as UME's.
  • Key language to complete the physician affidavit for more timely approvals.
  • Update on three year look back for VA benefits.
  • The key reports no longer required for VA applications.
  • Dangers of annuities in VA benefits planning.
  • The effects of the Supreme Court decision on DOMA related to veterans' benefits.

HERE'S WHAT YOUR PEERS HAD TO SAY ABOUT THE PROGRAM:

  • "It will change your practice and your life!" –John Koenig
  • "Great way to grow into a real firm and help one's community." –Antoinette Middleton
  • "Go to the training session and consider and evaluate upgrading your delivery of services, for me it's modernizing what I can offer." –Wally Kelleman

Are you going to miss or attend the most important event of the year? Click here now to join some of your most successful colleagues and leave confident in the strategies you provide to your clients every day. 

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

Bigstock-Stop-Doing-What-Doesn-t-Work-52434685

How Efficient Is Your Law Firm?

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal MarketingMedicaidVA

Tom was making the same colossal mental mistake most attorney practitioners make, thinking he was doing everything he could to eke out a respectable living.  He certainly was working hard enough.

Bigstock-Stop-Doing-What-Doesn-t-Work-52434685Tom and his partner Richard started their practice together a few years ago.  They both thought they could earn a better living than working for their respective law firms.

It didn't take long for reality to set in. Their hours were longer and they earned far less per hour than they had when they had employers.

They hired an admin, Sally, about a year ago.  It definitely helped but there were still problems.

After Tom read the intro to the Revenue Focuser Workbook, he was definitely intrigued.

He coordinated two hours for himself, his partner, and their admin to watch the video and work through the workbook.

Tom and Richard thought about how much they really wanted to pay themselves every month.  Since they'd opened their doors, they had never been able to pay themselves that magic number.

They also recognized that, for some reason, their marketing efforts were unfocused and never attracted the right clientele. They could only help a small percentage of the prospects who called them.

Together the three identified their key revenue-generating services.  They added up the hours they spent delivering each service.

Tom and Richard also looked at the total hours they spent in the office each week.  They felt a knot in the pit of their stomachs when they discovered their office was operating at less than 20% of efficiency.  In fact, they barely operated at 19% efficiency.

Tom and Richard realized it was time to figure out how to retool their processes so they could handle their clients more efficiently; they also needed to determine how to attract the right clientele.

If you haven't worked through your Revenue Focuser, it could be the most important hour you spend.  When you decide it's time to eliminate the long hours and the feeling of being overwhelmed,take 1 hour and Complete the Lawyers With Purpose Revenue Focuser.

The income you want to earn and the ease you want to experience is within your reach.

If you have any questions about your Revenue Focuser results, send us your questions on the form on our contact page. Just send an email to info@lawyerswithpurpose.com.

And, if you're interested in learning more about Lawyers With Purpose, please click here and register today to attend our Practice With Purpose Program in Phoenix, AZ, October 20-22nd.  We'll see you then!

To your success,

Dave Zumpano 
Lawyers With Purpose

Bigstock-Old-Keys-42114148

The Five Key Trusts You Must Know

by with No Comment Asset ProtectionEstate Planning Drafting SoftwareLegal MarketingMedicaidVA

Did you know that when it comes down to it there are only *five* trusts that serve 99.7% of all client needs? These include:

  1. The revocable living trust;
  2. The income only irrevocable trust;
  3. The control only irrevocable trust;
  4. The third party irrevocable trust; and
  5. The completed gift irrevocable trust.

Bigstock-Old-Keys-42114148This is all you need to serve 99.7% of all clients. The overindulgence in conversation about DAPT'S, GRATS, GRUTS, FLPs, and other advanced tax planning strategies are for mental exercise only and apply to less than 3 in 1,000 Americans.

The correct trust choice for clients when designing planning to protect their businesses, ensure they qualify for Medicaid, if the need for long-term care occurs, or the preservation and maximization of veteran's benefits, trust choice is critical. But more important than trust choice however, is the drafting utilized inside the trust chosen.

That's why the national Medicaid and VA experts are hosting a three day program to bring you together with your colleagues to show you the solution they have created to these often misused trusts. Click here for the course outline and to register. This three day program will not only address trust drafting and trust use, but also address all of the core elements in today's Asset Protection, Medicaid, and VA Benefits environment.

In just three days, we will show you…

ASSET PROTECTION:

  • Recent updates to asset protection and Medicaid compliant strategies.
  • The new asset protection strategies dominating the marketplace.
  • The death of DAPT'S, FLP'S, GRATS, GRUTS, and tax planning, and what's replaced them.
  • The five essential trusts and key drafting needs to serve 99.7% of clients.
  • Four "must have" drafting considerations and three "most forgotten" powers in trust.

MEDICAID:

  • Four steps to Medicaid eligibility for any client.
  • How to calculate the "breakeven" to ensure the proper filing date for the shortest penalty period.
  • Medicaid Qualifying Annuities: Hidden risks and how to properly disclose them to clients or protect from them.
  • The seven key factors to calculate any Medicaid case in seven minutes (or less!).
  • IRA's: Exemption versus taxes, how to calculate if IRA's should be liquidated or exempted in Medicaid and VA cases.

VETERANS' BENEFITS:

  • New claims process for veterans and widows.
  • Qualifying assisted living facilities as UME's.
  • Key choices to complete the physician affidavit for more timely approvals.
  • Update on three year look back for VA benefits.
  • The key reports no longer required for VA applications.
  • Dangers of annuities in VA benefits planning.
  • The effects of the Supreme Court decision on DOMA related to veterans benefits.

ALL PARTICIPANTS IN THIS SUMMIT WILL RECEIVE:

  • Asset Protection, Medicaid and VA Practice Kit which includes:
  • 50 state Medicaid Reference Resource Guide (summarized in 3 pages)
  • 50 state Estate Recovery Article and updated state by state summary.
  • Grantor Trust Summary and use tool.

HERE'S WHAT YOUR PEERS HAD TO SAY ABOUT THE PROGRAM:

“You don't know what you don't know. Come learn how to best serve your clients.” –Matthew Donald

“I would consider this mandatory training for any elder law/estate planning attorney. If not, they should plan for a mediocre practice at best.” –Tim Jarvis

“Just do it. The tools and training will absolutely be worth it!” –Rod Halstead

If you are ready for strategic solutions that you can see, touch, and feel, this is not an event you will want to miss. Click here now to begin your strategic approach to solving your clients' trust needs.

To Your Success,

Dave Zumpano
Co-Founder, Lawyers With Purpose
Practicing Attorney, Just Like You!