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ESTATE AND MEDICAID PLANNING ISSUES FOR WIDOWED PERSONS P. Haans Mulder, JD, MST, CFP ® Cunningham Dalman, P.C. 321 Settlers Road Holland, MI 49423 (616) 392-1821 [email protected]
ESTATE AND MEDICAID PLANNING ISSUES FOR WIDOWED PERSONS
P. Haans Mulder, JD, MST, CFP®
Cunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) [email protected]
Background• Partner at Cunningham Dalman, P.C.• Practicing for 10 years• Have a Masters in Tax and am a Certified
Financial Planner®
• Specialize in estates/elder law and business planning
Serving the Holland area since 1900
Background• Cunningham Dalman, P.C. has been serving
the greater Holland/Zeeland since 1900• Has 14 attorneys practicing in all areas of
the law
Serving the Holland area since 1900
Consider a Living Trust• A last will and testament does not avoid
probate• Jointly owning property with a child has its
risks (divorce and creditors)• A living trust avoids the cost and stress of
probate
Serving the Holland area since 1900
Update Your Estate Plan• Have been changes the law regarding
health care powers of attorney• Review appointment of successor trustee,
personal representative, financial agent, and health care agent
• Involve a trusted child
Serving the Holland area since 1900
Ownership and Beneficiaries• Make sure the trust is the owner• Talk to your adviser about the
beneficiary of retirement accounts• Check your beneficiaries on life
insurance and retirement accounts
Serving the Holland area since 1900
Tax Planning Issues• Name a charity as the beneficiary of a
retirement account• “Down-size” to avoid income taxes on
sale of your house if there’s been significant appreciation and your spouse passed less than two years ago
Serving the Holland area since 1900
Remarriage Considerations• Seek advice on a prenuptial
agreement • Consider having separate trusts and
fund them appropriately• Are there rights to live in the house
after a spouse passes
Serving the Holland area since 1900
High Net Worth• If you have over $1 million, be aware
of the estate tax (55% tax)• Ask your attorney about gifting options• Consider charitable planning
techniques
Serving the Holland area since 1900
Medicaid Planning• Have your attorney draft a ladybird
deed for your house• Prepay a funeral contract• If you’re healthy, consider gifting to a
divestment trust (consult an elder law attorney)
Serving the Holland area since 1900
Questions……
Serving the Holland area since 1900
Thank YouP. Haans Mulder, JD, MST, CFP®Cunningham Dalman, P.C.321 Settlers RoadHolland, MI 49423(616) [email protected]
Serving the Holland area since 1900
