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Welcome Family Financial Services, LLC Christmas Special Direct From Las Vegas Welcome To Our Annual Christmas Seminar and Dinner with “Las Vegas Christmas.

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Presentation on theme: "Welcome Family Financial Services, LLC Christmas Special Direct From Las Vegas Welcome To Our Annual Christmas Seminar and Dinner with “Las Vegas Christmas."— Presentation transcript:

1 Welcome Family Financial Services, LLC Christmas Special Direct From Las Vegas Welcome To Our Annual Christmas Seminar and Dinner with “Las Vegas Christmas Show” Dale G. Froehlich President of Family Financial Remember our Troops during the holiday season

2 Asset Protection Workshop WELCOME

3 Asset Protection Workshops Keynote Speaker – Michael K. O’Dell Previous owner of Delco Estate Planning Services for twenty years. Certified Elder Planner – Medicaid Planning with Dovnik Law Office President /CEO of a national brokerage firm Former Delavan City Alderman - City Finance Committee

4 Senior Survival Workshop Identity Theft – It can happen to anyone Having Your Legal Affairs in Order 6 Simple Ways to Avoid Probate Investment Review Estate Trust Planning Funeral Trust Planning Peace of Mind

5 Identity Theft Identity Theft if Defined as the process of using Someone else’s personal information for your Own personal gain.

6 TYPES OF IDENTITY THEFT Identity theft can happen to anyone It can come in all shapes and sizes. Your credit card digits could be stolen to make online purchases. A thief could impersonate you to open a loan A felon could commit a crime under your name Someone could use your personal information to apply for a job.

7 40 Million Hacked Credit Cards- Are You a Victim? CREDIT CARDS HACKED

8 Five Types of Identity Theft

9 TYPES OF IDENTITY THEFT Credit Card – 26% Utilities Fraud – 18% Bank Fraud – 17% Employment Fraud – 12% Loan Fraud – 5% Government fraud – 9% Other – 13% Based on Federal Trade Commission Complaint data

10 2009 IDENTITY THEFT STATISTICS Identity Theft is on the Rise, affecting almost 10 million victims in 2008 A 22% increase from % of fraud happens within a week of stealing a victim’s personal data Low tech methods for stealing personal information are still most popular ways. Based on Federal Trade Commission Data

11 Lifetime Channel The Mario Racanelli Story One of the Largest Identity Theft Cases in the United States

12 7 Million Dollars against his name. Thief married a women under his name. Women went missing and FBI came to Mario’s home The women’s mother called Mario’s mother The IRS gets involved His Character is destroyed by Identity theft To defend himself, it took his life savings One of the Largest Identity theft cases in the United States Don’t let this happen to you. PROTECT YOUR IDENTITY

13 10 Ways To Protect Your Identity 1.Keep Your Personal Information in your home secure 2.Guard your Social Security Number 3.Cancel unused credit card accounts 4.Do not carry your SSN Card, leave it in a secure place 5.Check your credit report and monitor it. 6.Make copies of contents in your wallet. 7.Do not print your SSN or driver’s license on your personal checks 8. Carefully examine charges on your credit cards 9. Never give your credit card number, SSN, or personal information over the phone unless you trust that individual and/or business. 10. Subscribe to an identity theft prevention service

14 Chapter two – Legal Affairs

15 Legal Affairs  A good attorney can assist you with your legal planning.  Power of Attorneys – Healthcare and a Durable Financial Power a Attorney.  Will or Living Trust  Avoiding Probate  Life Estate on Property You should consult an attorney for legal advice on planning. The life estate may not be effective in all states pertaining Medicaid planning and states vary on eligibility rules. This information should not be taken as legal advice. You should always consult an attorney in your particular state for exact rules.

16 INVESTMENT REVIEW Chapter 3

17 INVESTMENT REVIEW  Annual Review of your Investments.  Adjusting the Risk Tolerance in your portfolio  Keeping Your portfolio diversified  Reviewing Income needs  Tax Planning

18 SIX SIMPLE WAYS TO AVOID PROBATE Chapter 4

19 SIX SIMPLE WAYS TO AVOID PROBATE Beneficiary Review POD – Payable on Death – Bank Accounts TOD - Transfer on Death – Stocks and Mutual Funds Beneficiaries on Insurance – Primary and Contingent Beneficiaries on Annuities - Primary and Contingent IRA / 401 K retirement plans – Primary and Contingent TOD – Transfer on Death – Real Estate not available in all states.

20 Nursing Home Issues Advance Planning Chapter 5

21 A NURSING HOME CAN WIPE-OUT A LIFETIME OF SAVINGS ! 93% OF SENIORS OVER 65, DON’T HAVE NURSING HOME INSURANCE !

22 Without Planning, You Could Lose Everything ! AVERAGE COST- $ –NURSING HOME 50% OF US WILL ENTER A NURSING HOME. 70% OF SINGLES WILL REACH POVERTY WITHIN 33 WEEKS. 7 0UT OF 10 COUPLES WILL HAVE ONE SPOUSE ENTER A NURSING HOME. A NEW CASE OF DIMENTIA ARISES EVERY 7 SECONDS. The estate planning that you do today…could determine if your children and grandchildren inherit anything from you. Asset Protection is possible. Advance Planning Can Protect Assets !

23 Medicare and Medicaid MEDICARE COVERAGE Medicare will cover the first 20 days at 100% as long as the person came from a 3 day minimum hospital stay. The next 80 days will be covered by Medicare and Supplement Insurance. To continue coverage past 20 days the person must show improvement with therapy and rehab. MEDICAID COVERAGE IF ELIGIBLE Medicaid will cover all of your nursing home expenses. However, you must prove that you are eligible for this coverage. You must apply at Health & Family Services to prove you are eligible. On the next slide you will see what it takes to become eligible.

24 MEDICAID ELIGIBILITY RULES YOU MUST FILL OUT A MEDICAID APPLICATION AND APPLY AT THE COUNTY IN WHICH THE NURSING HOME IS LOCATED. Medicaid rules may vary from state to state, please consult an elder law attorney for your particular state. $ 2000 – Allowable Assets$ 2000 – Allowable Assets $1500 – Life Insurance$1500 – Life Insurance $4500 – Automobile$4500 – Automobile Personal PossessionsPersonal Possessions Wedding RingsWedding Rings Funeral TrustFuneral Trust Family “Estate Trust”Family “Estate Trust” If completed 60 months in advance. Single Person Income - $45.00 per month

25 Why Funeral Trust Now? Your Bank or Financial Planner Can Assist You with This Planning Today Most of us are not ready to go to the funeral home and pick out caskets and all that stuff. Yet, we do want to place funds into a funeral trust that will pay any funeral home upon our passing. This trust offers portability to any funeral home. THE BENEFITS OF DOING THE FUNERAL TRUST We don’t have to go to the funeral home to pick out caskets The money isn’t tied to one funeral home, offering flexibility to any funeral home This trust is Medicaid Exempt immediately and is not subject to five year look-back You can now fund the funeral trust in the comfort of your advisor’s office

26 The Benefits of the Funeral Trust The Trust will pay any Funeral Home in All 50 States. Funds are paid directly to the funeral home within 48 hours of claim. These funds in a funeral trust can’t be attached by Creditors, such as: Nursing homes, Hospitals, Lawyers, and Medicaid. The Funeral Trust is Medicaid Exempt and is not subject to the five year look-back. This trust offers portability to any funeral home. Medicaid rules can vary from state to state. You should consult advise from an elder law attorney for your particular state.

27 PROTECTING MONEY WITH THE ESTATE TRUST Chapter 6

28 The Estate Trust Leaving a legacy to Your family Planning that needs to done 60 months in advance

29 In 2001, when Mildred was 70 she had $100,000 in the bank. She wanted to pass at least $50,000 to grandchildren at death.In 2001, when Mildred was 70 she had $100,000 in the bank. She wanted to pass at least $50,000 to grandchildren at death. Her monthly income was $2,432 and her expenses were $ Her monthly income was $2,432 and her expenses were $ We advised Mildred to do an “Estate Trust” with $50,000 naming her grandchildren as beneficiaries.We advised Mildred to do an “Estate Trust” with $50,000 naming her grandchildren as beneficiaries. After 60 months this trust would be exempt from the nursing home and avoid probate.After 60 months this trust would be exempt from the nursing home and avoid probate. For some reason this planning was never completed.For some reason this planning was never completed. In January 3rd, 2007 – Mildred entered the nursing home with theIn January 3rd, 2007 – Mildred entered the nursing home with the $100, in the bank – Nursing home costs - $6900 monthly. $100, in the bank – Nursing home costs - $6900 monthly. July 8th, 2009 – Mildred’s estate is at $ and she applies for Medicaid.July 8th, 2009 – Mildred’s estate is at $ and she applies for Medicaid. On July 8 th, 2009 – Mildred applied for Medicaid because her assets were down to $ If she would have done the “Estate Trust”. She would have saved $50,000 for her grandchildren and she would still be on Medicaid Today. PLANNING WITH THE ESTATE TRUST COULD OF SAVED $50,000 – LEAVING A LEGACY TO HER GRANDCHILDREN MILDRED’S STORY

30 PLAN NOW, SO YOU DON’T END UP LIKE MILDRED – ADVANCE PLANNING IS A MUST – If Mildred would have completed the ESTATE TRUST, this $50,000 + Interest would still be there today for her family and she would still be on Medicaid. PLAN NOW, SO YOU DON’T END UP LIKE MILDRED – ADVANCE PLANNING IS A MUST – If Mildred would have completed the ESTATE TRUST, this $50,000 + Interest would still be there today for her family and she would still be on Medicaid. Entered the nursing home in $ per month. With $100, in bank. 7/08/ $ 100, in savings is spent on nursing home. 7/09/2009 – Money is down to $ and Mildred applies for Medicaid.

31 The Estate Trust Requires Advance Planning Grandchildren - $ ____________ Children - $ ____________ Church - $ ____________ $ 1000 $ 5000 $ 10,000 $ 15,000 $ 20,000 $ 25,000 $ 50,000

32 Our Firm will be glad to meet with you to discuss planning opportunities Advance Planning Is Important

33 REVIEW OF COURSE THANK YOU FOR ATTENDING LEGAL DOCUMENTS IN ORDERLEGAL DOCUMENTS IN ORDER AVOID PROBATEAVOID PROBATE ASSET PROTECTIONASSET PROTECTION FUNERAL TRUSTSFUNERAL TRUSTS FAMILY ESTATE TRUSTSFAMILY ESTATE TRUSTS ANNUAL REVIEWANNUAL REVIEW FREE CONSULTATION

34 Free Consultation after today’s course. Please complete this form. Today’s Drawing

35 The “Las Vegas Christmas Show” Direct from Las Vegas This show will begin immediately after dinner…Enjoy your dinner Elkhorn, Wisconsin Remember Our Soldiers During The Holidays ! William O’Dell – Security Forces – United States Air Force William O’Dell

36 Support Your Troops…Many are Serving during the holidays

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38 Christmas Christmas with Dean Martin

39 Todd Eckart as Dino Martini Direct from Hollywood California and “Las Vegas”

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46 I hope you enjoyed our show tonight …Todd Eckart


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