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Planning for Chronic Illness Estate, tax, financial, insurance, legal and other practical planning considerations for those living with chronic illness, their caregivers and advisers

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Title: Planning for Chronic Illness Created Date: 12/9/2009 9:45:22 PM Document presentation format: On-screen Show Company: MMS PC Other titles: Arial Times New ... – PowerPoint PPT presentation

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Title: Planning for Chronic Illness Estate, tax, financial, insurance, legal and other practical planning considerations for those living with chronic illness, their caregivers and advisers


1
Planning for Chronic Illness Estate, tax,
financial, insurance, legal and other practical
planning considerations for those living with
chronic illness, their caregivers and advisers
  • Hosted By
  • CareOne, Teaneck
  • ozak_at_care-one.com
  • Presented By
  • Martin M. Shenkman, CPA, MBA, PFS, JD, Paramus,
    New Jersey. www.laweasy.com and
    www.shenkmanlaw.com.

2
Planning for Chronic Illness
  • Caution Nothing in these slides or any
    accompanying presentation is to be considered
    legal or professional advise. The information is
    merely provided for educational purposes and no
    action should be taken without the individual
    consulting his or her own tax, estate, legal,
    financial, investment, insurance and other
    advisers.

3
Part 1 Introduction to Planning for Chronic
Illness
  • 120 Million Americans are living with chronic
    illness
  • Chronic illness affects every aspect of planning
  • Variability Advisers Must Ask Clients Must
    Tell
  • Every legal document, plan, etc. has to be
    tailored to address chronic illness
  • Standard documents and planning will often not
    protect the person living with chronic illness

4
Part 1 Insurance Planning for Chronic Illness
  • Life Insurance
  • Policies that include cash value in death
    benefits vs. that dont
  • Accelerated Death Benefits
  • Borrowing Against Cash Value
  • Viatical Settlements
  • Sale versus Cash Surrender Value (CSV)

5
Part 1 Insurance Planning for Chronic Illness
  • Disability Insurance
  • Residual versus Total Disability
  • Proving Disability with an Invisible Chronic
    Illness
  • Relationship with Other Arrangements Business
    Overhead Insurance Employment Agreement etc.

6
Part 1 Insurance Planning for Chronic Illness
  • Long Term Care Insurance
  • Provisions to Consider
  • Obtaining Coverage
  • Combo Products with Simplified Underwriting

7
Part 2 Estate Planning for Chronic Illness
  • Competency Considerations
  • Beneficiary Designations
  • Setting Up/Moving Accounts
  • Title to Accounts (Ownership)

8
Part 2 Estate Planning for Chronic Illness
  • Powers of Attorney
  • Combining a Limited and General Power
  • Defining Disability
  • Springing versus Immediate
  • HIPAA language
  • Compared to Living Trust

9
Part 2 Estate Planning for Chronic Illness
  • Living Wills and Health Care Proxies
  • Addressing Specific Disease Conditions
  • HIPAA language
  • Organ or Tissue Donations
  • Religious Issues
  • Risky, Experimental and Other Treatments
  • Naming Agents

10
Part 2 Estate Planning for Chronic Illness
  • Revocable Trusts
  • Independent Social Worker Periodic Interview
  • HIPAA language
  • Institutional Trustee
  • Home Improvements and Modifications
  • Pay for Experimental Treatments
  • Desired Accommodations and Living Arrangements

11
Part 3 Financial Planning for Chronic Illness
  • Cash Flow and Budgeting
  • Distributions from 401(k) and IRA Accounts
  • Home Equity Lines
  • Borrowing from 401(k) Plans
  • Other Cash Flow Sources
  • Special Expenses to Budget (e.g., Home
    Accessibility)
  • Other Expense and Budget Considerations

12
Part 3 Financial Planning for Chronic Illness
  • Investments
  • Risk versus Reward What is Appropriate for You
  • Investment Strategies
  • Liquidity
  • Guaranteed Income Options
  • Non-Insurance Programs with Beneficiary
    Protection

13
Part 3 Financial Planning for Chronic Illness
  • IRAs (Individual Retirement Accounts)
  • Access to IRA Assets Without Penalty
  • Spousal Beneficiary IRA Unique Provisions
  • Roth IRA Conversion Analysis

14
Part 3 Financial Planning for Chronic Illness
  • Other Financial Considerations
  • Access to Safe Deposit Boxes
  • Consolidation and Simplification
  • Automatic Monthly Payments On-Line Bill Pay
  • Organizing Records and Documents
  • Duplicate Monthly Statements

15
Part 4 Charitable Planning for Chronic Illness
  • Charitable Planning and Chronic Illness
    Generally
  • CGAs Charitable Gift Annuities
  • CRTs Charitable Remainder Trusts
  • Charitable Bailout of Closely Held Business
  • CLT Charitable Lead Trusts

16
Part 5 Income Tax Planning for Chronic Illness
  • Modification of Your Home Medical Tax
    Deduction
  • Special Tax Treatment of 401(k) Plans
  • Disability Insurance Proceeds
  • Proceeds on Settlement of a Discrimination or
    Other Claim - Taxability
  • Deductibility of Legal Fees to Obtain Settlement
  • Basis Step Up Planning

17
Action Points1.2.3.4.
  • Additional Notes
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