1. Business Fundamental Bootcamp Use 5 Estate Planning Documents to Protect What You Create

2. MassHealth Community Benefit Programs Margolis & Bloom 535 Boylston Street, 8 th Floor Boston, MA 02116 Phone: 617-267-9700 Fax: 617-267-3166 www.margolis.com Boston · Dedham · Framingham · Woburn

3. Why Should You Care About Estate Planning? Because it’s all about taking care of your family. Making it easier and cheaper for them if: You ever every become incapacitated After you pass away

4. Life and Death About What happens to assets at death And What happens to you during life

5. Estate Planning “It’s not about who’s going to get your stuff. It’s if I can’t communicate it’s going to be tough to make decisions with my health care providers.” -Richard A. Behrendt, Annex Wealth Management, quoted in The New York Times

6. What Estate Planning Accomplishes Agent for financial decision making Agent for health care decision making Reduces conflict among family members Avoids expensive guardianship proceedings Providers for flexibility in the event of incapacity

7. And even more… Personal representative to manage estate administration Avoids probate Guardian for minor children Structure to manage assets for self, children, spouse

8. Estate Planning Can Also… Reduce or eliminate estate taxes Creditor protection Divorce protection Special needs planning Long-term care planning Blended-family or second-marriage planning

9. The 5 Essential Documents (in order of importance) Durable power of attorney Health care proxy HIPAA release Will Revocable trust

10. Durable Power of Attorney Allows your business to continue Avoids conservatorship Avoids financial abuse Appoint one or more agents Alternate Gifting provision Investment company and bank forms If no one to appoint?

11. Health Care Proxy Avoids guardianship Appoints one agent at a time Effective when doctor declares incapacity Is not a medical directive But may include one

12. HIPAA Release Solves problem of medical personnel avoiding family members Broader group than health care proxy

13. Will Appoints personal representative (executor/rix) Appoints guardian of minor children Distributes tangible personal property Side memorandum Residue of the estate

14. Revocable Trust Better at avoiding financial abuse (if appoint co- trustee) Avoids probate Can be very flexible and creative: –Ages at which children receive assets –Use of real estate –Management of assets separate from guardianship –Tax planning –Creditor protection

15. Do you need a lawyer? Suze Oman says “no” She may be right if you don’t need…

16. … More Complex Planning Reduce or eliminate estate taxes Creditor protection Vacation home Special needs planning Blended-family second-marriage planning Non-US citizen spouse

17. Harry S. Margolis Margolis & Bloom Boston, Dedham, Framingham & Woburn www.margolis.com 617.267.9700 hsm@margolis.com Remember to Complete the Speaker Survey: cic15.bfbootcamp.net / ‘click’ on speakers / select your speaker