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Golf & Medicaid Asset Protection Trusts

in Elder Law TV by Greg Comments are off

Another LIVE At The Conference Table with Greg & Hayden. Today we are live from Deer Brook Golf Club where we helped sponsor a golf tournament for the Make a Wish Foundation. Greg explains Medicaid Asset Protection Trusts and has some fun shooting an AR15 that shoots golf balls. #theelderlawguy

Upcoming Events: At the Conference Table with Hayden & Greg – Upcoming Events

in Articles by Greg McIntyre Comments are off

Welcome to ‘At the conference Table’ with me, Greg McIntyre and Hayden Soloway. This is akin to the Elder Law Report, we’re going to come at you live, every Friday at noon. So pull up a chair, we’re going to talk about up-coming events, and current topics related to elder law and we may have some guests come along now and then.

We usually do Hayden’s Corner on the elder law report. What would you talk about today on Hayden’s Happy Place?

Hayden: Well, I gave a seminar by myself yesterday.

Greg: And talked to a group in Lincoln county, and handed out copies of our book as a thank you for coming to the seminar. Tell me about the groups you went to this week. You went to Journey, you went to Axis, what’s Journey and Axis?

Hayden: Journey is a partnership for end of life issues. They concentrate on helping people make the end of life decisions, and getting people to sit down and really think through how they want things to be. At times it’s difficult to approach a person faced with these issues, and they try to make things easier.

Greg: They create a book ($20), I call it a ‘Get it together workbook,’ because it’s helps to get everything together in one place. How you want things handled as you age if something should happen. A financial planner, or caregiver, anyone who came into your house, such as a nurse, who would know exactly how you want your pillow fluffed, and how many creams and sugars you want in your coffee. Even down to that level of detail.

Hayden: Your plumber, handyman, to keep your relevant documents handy. 

Greg: Your ‘Durable’ and ‘General POA’s’, and other legal documents in there as well.  The ‘get it together’ workbook can be purchased at Hospice and I think the senior center may have some, or you can get one through our office.

We did a presentation at the country club, called, ‘So’s Your Mother’ presentation, which is on mcelderlaw.com, and went out on our e-newsletter. If you haven’t already signed up for our newsletter, you should. We blast out entire hour long seminars with question and answers, articles on elder law and other senior issues, and things that you don’t know. Know what you don’t know. You get the newsletter right in your email. Just go to mcelderlaw.com and sign up with your name and email, and you’ll start receiving those, and become part of our e-newsletter family. I put a lot of work into those newsletters, so it’s worth signing up.

Hayden: You can also see the articles on the lawyergreg facebook page.

Greg: Yes, but there is a lot more content and value in the newsletter. At the start of that video of the presentation at the country club, you gave a talk about what ‘So’s Your Mother,’ means. Share that with us, what’s ‘So’s Your Mother?’ Cause it sounds a little bit disrespectful.

Hayden: It does. Years ago, we did a lot of boating down on Lake Norman, and David, my husband, said there was a pizza restaurant. And they had all types of pizzas. It’s a hangout. There was one that had everything on it, pickles, onions, all types of meats, everything you can imagine, and they would say, ‘the onions are on it, the peppers are on it, and so’s your mother. It was just like a catch phrase, everything is on the pizza.

Greg: So why call the presentation ‘So’s Your Mother?’

Hayden: Because you take all the factors of elder law and put them all together and make a big picture.

Greg: A little bit of everything right? And we had financial guru Ed Hardy, who talked about long term care insurance and things like that, and Jamie Richards.

You know a hot topic right now are Ladybird Deeds. It’s such a great tool, an immediate protection, no matter your circumstances. Right now, people are taking advantage of that. If you are thinking that nursing home, assisted living care is on the horizon for somebody in your family, a Ladybird Deed on a family residence or primary property, can save that property from Medicare under the current policy. Which is very nice.

Hayden: And it can be done immediately, no look back period.

Greg: That’s right. We also handed out the ‘Saving the Farm’ book at a couple of seminars this week, and this book is now available on itunes and audible.com which is Amazon itunes basically. ‘Saving the Farm,’ is a reference book that reads like a novel.

Hayden: I think the name of it should have been, ‘Anyone 50 years or older should have this book, and anyone with parents 50 years or older should have this book,’ because it really is full of things, and people in their 50’s need to plan ahead. That’s how you can be the most effective and do it much cheaper than when there’s a crisis.

Greg: And the reason we say it’s like a reference book is because of the table of contents. You can see that any chapter can really drill down into subject matter. If you want to know about Ladybird Deeds and Life Estate deeds, they’re in there. There is an entire chapter on Medicaid Crisis Planning. Veteran’s Planning, and that’ll show you how patriotic I am about veteran’s affairs.

We were talking today about working the audio book into some of our seminars.

What do we have coming up?

At Elizabeth Baptist Church on October 5th at 5:30 pm, we have a Dementia Information Group, headed up by Bob Mori. He’s thinking of expanding that group to other churches. On this particular seminar they have opened it up to the general public. We will send that out on our e-newsletter as well. At that event, I will be playing the chapter from the audio book on Dementia and Alzheimer’s based around an interview I did with Teepa Snow, a world renowned expert in Alzheimer’s and Dementia. And we’re going to talk about some planning and things you need to have in place legally, to help a dementia or Alzheimer’s patient.

Hayden: She talks about dementia also. I have been listening to it since I’ve been dealing with that with my parents. She made me feel like, as least what I was dealing with, it might be unique but I wasn’t alone.

Greg: So, what she talks about is dementia being the umbrella, and beneath the umbrella is Alzheimer’s, but there’s frontal lobe dementia, there’s different types of sub-categories of dementia. Now I’m not an expert on dementia but I’m pretty good at the planning.

Hayden: I’ll say this again and again but Greg is a user friendly attorney, 6am to 9pm, 7 days a week, and I have seen that to be true.

Greg: Number 1, you care about your clients. Number 2, you go to where your clients are. I’m just going to keep it real. It blows my mind, in any profession, in businesses now, how business is just supposed to walk through the door. How clients just walk in the door and they’re supposed to be thankful that I hang a shingle, or that I practice medicine or law or that I serve hamburgers, or ice cream or whatever.

No, cater to your customers, cater to your clients, treat clients right, go above and beyond. It’s just common sense. I’ll see clients 6am to 9pm. It works around your schedule.

Hayden: And in additional to the Elizabeth Baptist Church, we are going to be at the Senior Center Health Fair which is on October 7th, 8am to 11am and that’s open to anyone. We will be at the ‘Journey’ writing your final chapter events. Keith Larson is their headline speaker and he really is a great speaker. The flyer says, ‘come hear a real life story about a families journey, and hear more about available community resources.’ They will also have really good food. We will have a display there, so come up and say hello to us. We have East Lincoln Community Center Health Fair and one in Lincoln County Senior Center. There is a free Medicare seminar, so anybody who has Medicare and is facing some difficult decisions, this is on October 20th at 10am at the Senior Center. And Hospice is having a Rib dinner fundraiser on October 21st from 3-7. There is a whole list of places you can get your tickets. Hospice, or call our office to find out. Also the Neale Senior Center is having their Auto Bazaar and Flea market, where they have old and classic cars.

If you have a specific topic you would like us to address, please shoot me a message. We will have a list of topics that we’ll address by next Friday. If you have facebook live, you can put your comments in. What I should have by next week is facebook up on my laptop and I’m take your questions live in question and answer time, all starting next Friday at noon.

Have a great week.

gregstanreduce

Make it a great day,

Greg McIntyre

Elder Law Attorney

McIntyre Elder Law

“We help seniors maintain their lifestyle and preserve their legacies.”

www.mcelderlaw.com

Phone: 704–259–7040

Fax: 866–908–1278

PO Box 165

Shelby, NC 28151–0165

Back Up & Look Back! The Conference Table with Hayden & Greg

in Elder Law TV by Greg Comments are off

Look Back??? What is That? At the Conference Table with Hayden & Greg. At the Conference Table with Hayden & Greg. Every Friday at Noon, Greg and Hayden come to you with a new Senior and Elder Law topic. This week, Long Term Care Medicaid Benefit Look Back Periods. #theelderlawguy

Episode 1 – At The Conference Table with Greg and Hayden

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At The Conference Table with Greg and Hayden – Every Friday at Noon. Tune in to this fun and informative show about elder law issues. Find out about current events. Have some fun with Hayden & Greg. Ask your questions during the show in comments and Greg & Hayden will answer them live. #theelderlawguy

So’s Your Mother Seminar – Country Club

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Find out lots about estate planning and why this seminar is called “So’s Your Mother.” Lots of fun at the Country Club tonight. #theelderlawguy #savingthefirm

Full Video – Workshop: Saving the Farm

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VIDEO – FULL SEMINAR ^^^ Saving the Farm Workshop and Book Signing yesterday. Awesome crowd!!! I was PUMPED for this one. #theelderlawguy #savingthefarm

Trusts Simply Explained (Trust Me)

in Articles by Greg McIntyre Comments are off

Hey this is Greg McIntyre, the elder law guy coming to you from the observation deck on the 94th floor of the John Hancock Center in Chicago, Illinois. From here you see the whole city and beautiful Lake Michigan.

There’s a lot of wealth out there. The buildings, the families that have built here, I guarantee they have and are using trusts to control their assets well into the future. The Kennedys are a great example of a family whose trusts take care of their wealth and family. Now, you can do that and on a smaller scale than the Kennedys.

So very simply, what is a Trust?

A Trust is no different than a drinking glass. It holds your assets, directing exactly how it will be distributed. The Trust protects your assets from say a civil lawsuit. If you’re in a car wreck and you get sued, and your car insurance didn’t cover it and so they came after your personal assets, a standard Trust will protect your money against that attack. However, in a Medicaid situation where you need long term healthcare, if you have a living trust or a revocable trust, the government would still deem you in control of that money.

Wills and Trusts

The main difference between leaving things by ‘Will’ or setting up a Trust is, a Will has everything go through probate, which means they are subject to liens and things of that nature. A Trust will avoid that and the entire probate process.

Dead Hand Control

Another important thing to know is Trusts allow you to, what my law professor used to call ‘Dead Hand Control,’ or control from the grave. I picture a hand sticking up out the grave with the remote control in it, controlling everything well into the future, in perpetuity.

You can set up Trusts that provide for your grandchildren to go to college. Then distribute some of the money after college, say 25 years old, and some at 30 after they’ve reached more maturity, and maybe a final dispersal at 35.

And you can donate to charities over time. You can set up a charitable Trust to help fund a library if you wish.

Revocable or Irrevocable

The very top Trusts are either revocable or irrevocable. An Irrevocable Trust means you give up the money and appoint a trustee.

Trustees

Trusts at their base have a trustee, usually a trusted family member or a company. Trust companies will manage your assets for you. They will generally have a separate tax id number if they’re irrevocable trusts. Usually if they’re revocable trusts, you can revoke it, you can put money into it, take money out, cancel it, break the glass so to speak, and you probably want to use your same tax id number, social security number for that trust because then you won’t have to prepare a separate tax return for the trust. If it’s an Irrevocable Trust, prepare a separate tax return for it. I work with a great accountant who can help you do that.

Trust beneficiaries.

Trust Beneficiaries are the recipients of money from the Trust. They will get both the Trust income and the Trust corpus. The Trust property you put in it, (the corpus, the body of the Trust), whatever is earned from that, say your investments, that’s called the Trust income, and is be distributed to the beneficiaries upon your instructions.

Just be aware

I meet with family members all the time who say, I have a trust and we’re ready to file for Medicaid to take care of my spouse, they’re protected.

If you have what’s known as a family trust or a revocable trust, it is not protected against that Medicaid situation or long term care situation. That’s where long term care insurance and legal planning become extremely important.

To fund or not to fund that is the question.

I see a lot of trusts, and many times people are under the wrong impression. They think because they are schedule A of the trust, or their list of property on the trust says they have a house in the trust, or money, bank accounts and investments in the trust, that it’s all okay. But I have to explain, that we’re looking at your deed, it’s still in your name, your car title or your bank accounts are in your name, it’s absolutely not in the trust, they are under a false impression that they funded their trust. So, literally the glass is empty, it has nothing in it.

To put the ice in the glass, or the property in the Trust, you have to title those deeds in the name of the trust, the deed to the trust in the name of the trust. Even car titles, now I’m not a huge fan of vehicles in trust but you can do that. The bank accounts need to be in the name of the trust. It could have a separate tax id number for those bank accounts, and should if it’s an irrevocable trust that has a separate tax id, that we get from the government for you.

I hate to see a trust unfunded. I want it protecting assets, doing its job, instead of a mad scramble to fund it, or to discover too late that it is unfunded.

If you have questions about whether your trust has been funded or not, should be funded or not, then come see me. I would be glad to do a free consult if you mention this blog post.

Trust Funding Classes

I am going to start trust funding classes at our office on a regular basis on Saturday mornings. They will begin sometime in September, and we can talk about the nuts and bolts of trust funding. You can bring your trust, or if you are just interested, we can put that out in our e-newsletter.

Go to mcelderlaw.com and sign up for our e-newsletter or follow us at lawyergreg on twitter, facebook and youtube. If you get the e-newsletter and I advise that you do, I will give you the trust funding class for free.

This is Greg McIntyre, the elder law guy signing off 94 floors up in Chicago.

gregstanreduce

Make it a great day,

Greg McIntyre

Elder Law Attorney

McIntyre Elder Law

“We help seniors maintain their lifestyle and preserve their legacies.”

www.mcelderlaw.com

Phone: 704–259–7040

Fax: 866–908–1278

PO Box 165

Shelby, NC 28151–0165

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Trusts Simply Explained (Trust Me)

in Elder Law TV by Greg Comments are off

Recorded Live from the from the 94th Floor Observatory of the John Hancock Center in Chicago, Illinois, on the heels of the Elder Law Masters Class.

Trusts are great planning tools to plan for your family’s future. They can be as simple or as complicated as we want to draft them but they all still have the same basic foundations. #theelderlawguy

In Case You Missed It!!! Video Link

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In case you missed it… Here is our Awesome recap video of our recent Book Signing and Ice Cream Social at The Firm. We frequently have events for our family of clients. We hope you will join us at our next event! #theelderlawguy #thankful

Who Am I to Give You Advice???

in Elder Law TV by Greg 1 Comment

Dealing with my 26 year old going off to a high school in Durham has been tough. I need your advice. Let’s talk planning. Let’s talk asset protection. Let’s talk about taking care of your spouse if something happens to you. Keep hustling and working. That’s what I’m going to do. #theelderlawguy

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