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Keys to estate planning
- Will
- Living trust – if necessary
- Durable power of attorney
- Living will
- Durable healthcare power of attorney
- Family Limited partners
- Irrevocable life insurance trusts
- Retirement distribution planning
- Business succession planning
- Charitable reminder trusts
- Special needs trust
- Grantor retained annuity trust
- Qualified personal residence trust
Estate Planning – Everyone needs a will
- You, not the State of Ohio or Michigan, should determine where your property goes.
- Distributions to minors (guardianships)
- Specific bequests of property (e.g., heirlooms, property, charitable gifts)
- Without a will, courts will appoint an administrator with limited powers.
- Mandatory appointment of taxes
- Unnecessary administration expense
Avoid probate and reduce probate costs
- Jointly held property
- Beneficiary designations
- Transfer on death TOD Deeds
- POD – Payable on death
- Living trust
Medicaid planning
- Deficit Reduction Act of 2005
- The look back is increased to 5 years.
- Prior to the new law, attorneys could protect assets even in a crisis. That process is now severely compromised.
- Applicant with more than $50,000 in home equity are not eligible for Medicaid.