www.finkvalvolaw.com Use of Amenities Trusts Alternatives to - - PowerPoint PPT Presentation

JOSHUA R. FINK FINK & VALVO, PLLC 320 NORTH MAIN STREET SUITE 300 ANN ARBOR, MICHIGAN 48104 734.994.1077 joshua.fink@finkvalvolaw.com www.finkvalvolaw.com

Use of Amenities Trusts Alternatives to Guardianship OBRA 93 Trusts

 Amenities Trusts  Cost of Personal Assistance  Protecting benefits  Enhancing the Quality of Life

 Estate Planning  Consequences of No Estate Plan  Lack of Control  Probate  Taxes  Loss of Benefits

 Benefits of Planning with Trusts  Greater Control  Probate Avoidance  Minimize Estate Tax

 Drafting the Trust  Inclusion in Revocable Trust  Defining Amenities  Restrictions on Use of Assets  Distribution upon Death of Child

 Funding the Trust  Disability Can Determine Amount of

Funding

 Multiple Children – Single Child  Percentage/Specific Amount  Two-Tiered Trust  Unrestricted Trust

 Choosing Trustees and Advisors  Corporate v. Individual  Co-Trustees  Advisors

 Planning for Death or Incapacity of Parent  Why Guardianship is Pushed  Reason to Reconsider Guardianship  Court Jurisdiction  Annual Reports  Periodic Reviews  Appointment of Independent Guardian

 Options  Trust  Power of Attorney  Care Contract  Rep Payee

 Initial Eligibility or Ongoing Eligibility  Avoid Wasting Assets  Requirements  Payback  Judicial Creation  Distribution of Assets on Behalf of

Beneficiary