Estate Planning For The 21st Century . Presenter’s Name Event Date. IMPORTANT SLIDE INFORMATION. NAELA Members The following slides were graciously provided by NAELA Member Rajiv Nagaich from Washington state. NAELA members have permission to reuse these slides for their own firm’s purpose.
Who gets what when I die
Who manages my checkbook and health needs when I can no longer attend to those needs myself
Do I want to be kept alive if I am comatose and cannot communicate
Source: Alzheimer’s Disease Facts and Figures, 2007, Alzheimer’s Association
Long Term Care Insurance is NOT widely embraced
VA and Medicaid benefits are limited
What is missing?
Surviving Spouse’s share
spouse owns all assets
Entire estate subject to spend down to access.
Surviving spouse’s share
To Testamentary Special Needs Trust for surviving spouse
Surviving spouse owns only half estate
Surviving spouse’s share subject to spend down
Special Needs Trust protected
Assets owned by testator during life
Nearly entire estate must be spent down to access VA or Medicaid benefits
Gift of some assets to irrevocable trust or trusted individual
Settlor cannot be a beneficiary of the principal
Trustee can provide funds to beneficiary, who can use funds as beneficiary sees fit.
Assets in irrevocable trust or Safe Harbor Trust protected (subject to look back period)
Discuss your plan with named fiduciaries