June 1, 2016
1:15 PM - 4:40 PM The DoubleTree by Hilton Wichita Airport, Executive Conference Center 2098 Airport Road
Gain valuable estate planning knowledge at Foulston Siefkin’s popular Estate Planning Forum. This forum is designed to inform financial planners, accountants, insurance brokers, and trust officers, on topical estate planning developments and subject areas. Join us on Thursday, June 1 for the 2017 Summer Estate Planning Forum.
This Forum is especially attractive for four reasons:
- During the Forum we will address Medicaid Planning.
- Attendees will receive seminar presentation handout materials.
- The program is designed to qualify for CPA, CE, CLU, CFP, ChFC, and CTFA continuing education credits.
- The registration fee for the Forum is only $90 per attendee.
Register online with a credit card. You may mail your registration form with a check for $90 made payable to Foulston Siefkin LLP c/o Estate Planning Forum, Foulston Siefkin LLP, 1551 N. Waterfront Parkway, Suite 100, Wichita, KS 67206. For more information call 316.291.9721 or email Adrienne Clark at email@example.com. Seating is limited and enrollment is not available for attorneys in private practice without prior approval.
Recent Developments in Estate Planning
Speakers: Timothy O'Sullivan & Matthew Bish
This session will discuss what the Foulston Siefkin estate planning department considers the most significant developments since the previous forum. Such developments will include federal and state legislative developments, judicial decisions, and IRS regulations and rulings that have the greatest impact on estate planning professionals.
Speakers: Timothy O'Sullivan & Stewart Weaver
Due to the demographics of an aging population and the very high-and rapidly increasing-cost of long term care which exhausts many estates, Medicaid planning has probably become the fastest growing area of estate planning. It is also one of the most complex, demanding a very high level of knowledge of Medicaid eligibility rules and specialized estate planning techniques. In their extended discussion, Tim O’Sullivan and Stewart Weaver will address planning for Medicaid eligibility for disabled individuals of all ages, with emphasis on long term care planning. On the planning side of the equation, they will initially discuss the rather complex Medicaid eligibility rules, followed by planning techniques restructuring clients’ assets which can accelerate Medicaid eligibility. The discussion will then proceed to the need for financial powers of attorney which authorize “attorneys in fact” to appropriately plan for the Medicaid eligibility of a disabled principal and the use of trusts which minimize assets having to be “spent down” by a surviving spouse in order to qualify for, or continue to qualify for, Medicaid eligibility. That will be followed by a discussion of additional planning techniques which can significantly minimize the exposure of a Medicaid recipient’s estate or that of his or her surviving spouse to recovery by the State for Medicaid benefits paid following their deaths. Various scenarios will be presented to illustrate such techniques. As a “spoiler alert,” attendees should quickly come to realize that the most common estate planning techniques for spouses, i.e., simple Wills or Joint Revocable Trusts, or spousal joint tenancies and the naming of spouses as primary beneficiaries, are the worst possible planning techniques to maximize Medicaid eligibility and minimize estate recovery for Medicaid benefits paid by the State.
Tim and Stewart will then direct their discussion to the potential role of long term care insurance as an additional planning technique in minimizing a client’s potential long term care costs. In conjunction with such discussion, the speakers will include the income tax advantages of purchasing long term care insurance as well as its potential acceleration of later Medicaid qualification and minimization of estate recovery by the State in the event long term care insurance should “run out” or be insufficient to pay for the entirety of long term care costs.
Finally, the speakers will address the recent problems created by the State’s privatization of Medicaid eligibility under KanCare and the challenges they have presented to the Medicaid planning practitioner.