Planning for Life: Margolis & Associates Estate and Elder Law Planning Solutions Protecting Yourself, Your Family and Your Estate

Agenda 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

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!

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

A Few Statistics National Spending on Nursing Home Care (2003) Total Expenditures:$111 billion Medicaid42.0% Out-of-pocket27.9% Medicare12.4% Private Insurance 7.7% Other 6.1%

A Few More Statistics Population (in millions)

Just a Few More Statistics Percentage of Seniors Who Need Assistance AgePercent

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

The rabbi, the priest and the lawyer Moral: You can’t take it with you

How the beloved niece lost out Moral: Get professional help

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?

What Donna has Income GeorgeDonna Social Security $1,600/mo $800/mo Pension $600/mo Savings & IRAs$300,000 Home FMV$400,000

What should Donna do? Spend down Transfer into her name Buy immediate annuity Update her estate plan Increased spousal allowance

Wanda the Worrier What is Wanda worried about? Losing her home! When does she worry? All of the time!

Wanda’s Solutions Life estate Irrevocable trust Long-term care insurance

Wanda’s New Worry Her (no good) son-in-law

Wanda’s New Solution Family Protection Trust –Divorce –Bankruptcy –Spendthrift –Financial aid –Death

The World Traveler Moral: Don’t procrastinate

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

Our Ad Initial Consultation - $500/$250 Applied towards future work Discount for attendees Non-transferable Expiration date Peace of mind.

Our Approach “I loved your letter. It was in English.” - recent client from Cambridge

The Margolis & Associates Team Lawyers –Harry S. Margolis –Jeffrey A. Bloom –Jennifer K. Rankin –Alyssa Adams Paralegals –Eugenia Kofitsas –Maana Soroken –Angela Lourio

Margolis & Associates Estate and Elder Law Planning Solutions Our Offices –Boston 535 Boylston Street –Framingham 340 Union Avenue Our Web Site – Our E-letter –Sign up today or on our web site