Montana ABLE Accounts: Achieving a Better Life Experience

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Carmella Noreen Miles
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allowing person s with disabilities to save money

1 Montana ABLE Accounts: Achieving a Better Life Experience An ABLE Account is a saving account allowing person s with disabilities to save money and not lose their SSI or Medicaid benefits. Search ABLE

2 Describes how heirs of a deceased person can access financial accounts, depending on whether the accounts were owned jointly with other individuals, had payable-on-death or transfer-on-death designations, or had no designated beneficiary. Search Accessing Deceased Person s Financial Accounts

3 How to shop and choose an annuity Explains how an annuity can help individuals achieve retirement and estate planning goals Search Annuities

4 Allows Montanans to transfer their real property without probate! Search Beneficiary Deeds

5 A Potential Component of an Estate Plan Some Montanans are motivated to make a body donation by the desire to make a contribution to medical education. Search Body Donation

trust can help create a plan to effectively pass your

6 Using a Bypass Trust to Provide for Children from Remarried, Step, and Blended Families Explains how a bypass trust can help create a plan to effectively pass your property along to the people you want, the way you want Search Bypass Trust

7 Fact Sheet and Register Cost of Register: $1.00 Transform your ordinary checkbook into a handy tool for tracking expenses: Checks Cash Credit Cards Debit Cards Automatic Payments To download fact sheet go to: Search Using a Check Register or contact your local Extension office To order register, contact: Extension Publications phone: (406) Online Ordering:

8 Explores Montana common law marriages from an estate planning perspective. Search Common Law Marriage Or, contact your local Extension office

9 Fits around any credit card! Includes a register to record expenses whether they be: Credit Card Debit Card Cash Checks To Order for free, contact: Extension Publications phone: (406) Online Ordering: Or, contact your local county Extension office

10 Explores personal and family concerns State and Federal regulations Cost of cremation Search Cremation Or, contact your local Extension office

11 Focuses on transferring assets through contractual arrangements, such as those commonly found with insurance policies, IRAs and employee benefit plans Search Designating Beneficiaries Or, contact your local Extension office

12 Fact Sheet, with worksheets, will help you balance income and expenses so that money is available for the things your family needs most. Search Developing a Spending Plan

13 Dying Without a Will in Montana: Who Receives Your Property? Includes legal terms and detailed examples of possible scenarios for distribution of property should a person die before writing a will Search Dying Without a Will Or, contact your local Extension office

Includes instructions concerning special needs children and children

14 Explains how to provide for your children s physical and financial care in case you or your spouse pass away. Includes instructions concerning special needs children and children from a previous marriage. Search Estate Planning for Families Or, contact your local Extension office.

15 Estate Planning in Montana: Getting Started Estate planning is the process of arranging your affairs regarding the use and distribution of your property. Covers six steps in the estate planning process as well as 20 common objectives. Search Getting Started with Estate Planning

Estate Planning Tools: for Owners of Pets &

and/or pets in case of the owner s death or

16 Estate Planning Tools: for Owners of Pets & Companion or Service Animals Outlines legal options for owners who plan to name a caregiver for their companion animals, service animals, and/or pets in case of the owner s death or incapacitation. Search Estate Planning Tools for Pets

17 Federal Estate Tax Describes how federal tax laws affect individual estates: The value of property that may be transferred free of the federal estate tax during 2015 is $5.43 million per person (adjusted annually for inflation). Search Federal Estate Tax

18 First-Time Home Buyer Savings Account Montana residents can save money in a special savings account for the purchase of a first home and save Montana taxes. Search Home Buyer Savings Account

federal income taxes, federal gift taxes and potential federal estate taxes.

19 Gifting: A Property What Are Your Transfer Tool of Rights Over Your Remains? Estate Planning Explains how to use laws that allow gifts of real and personal property to reduce federal income taxes, federal gift taxes and potential federal estate taxes. Types of property than can be transferred include: real estate, stocks, bonds, mutual funds, certificates of deposit, equipment, livestock or cash. Search Gifting

20 Provides definitions of some estate planning terms Search Glossary of Estate Planning Terms

21 The dramatic rise in health care expenses in recent years has prompted some individuals to combine a high deductible heath insurance policy with Federal Health Care Savings Account (HSA) to control these costs Search HSA

22 Understanding how to reach out to a friend experiencing a financial crisis and how you can help assist them during their time of need. Knowing what resources are available can prepare you to help your friend. Search Helping Friends Cope with Financial Crisis

23 Using a Homestead Declaration to Protect Your Home From Creditors Protect up to $250,000 of equity in your home by filling out a Montana Homestead Declaration with Clerk and Recorder in the county where your home is located. Search Homestead Declaration

24 Your Important Papers: What to Keep and Where Offers a personalized and efficient system for preserving and safeguarding important papers Provides a handy reference for deciding what items to keep Search Important Papers

25 Lending Money to Family Members Describes alternatives and possible legal and emotional consequences to consider when a loan is made among family members Search Lending Money Or, contact your local Extension office.

26 Letter of Last Instructions Provides essential information needed to relieve your survivors needless hours of frustration and anguish as they search for needed important documents during a time of sadness and grief. Search Letter of Last Instructions

27 Life Estate: A Useful Estate Planning Tool Explains how a person can possess property during his/her lifetime and pass the estate to another person or organization. Search Life Estate

goals Provides hints about designation of beneficiaries

28 Life Insurance: An Estate Planning Tool Explains: How life insurance can meet a variety of estate planning goals Provides hints about designation of beneficiaries Describes the types of life insurance Search Life Insurance

29 Livestock Brands In Montana: An Important Component of an Estate Plan Misunderstandings can develop about what happens to a brand and livestock marked with the brand a er the death of an owner. Explains Montana brand ownership laws as they pertain to estate planning. To learn more, download fact sheet at: Search Livestock Brands

Provides basic information about the Montana long-term care

Montanans who purchase a long-term care partnership insurance

use up almost all their resources to qualify for Medicaid.

30 Provides basic information about the Montana long-term care partnership insurance program, tax benefits and shopping tips. Montanans who purchase a long-term care partnership insurance policy are protected from the requirement that they have to use up almost all their resources to qualify for Medicaid. To learn more, download fact sheet at: Search Long-Term Care Partnership

31 Montana Medical Care Savings Account (MSA) Deposit $4,000 in an MSA Save about $276 in taxes in 2019! Search MSA

32 Medicaid & Long-Term Care Costs Outlines the legal and tax ramifications, as well as impacts on emotional and physical health of financing long-term care. Search Medicaid & Long-Term Care Costs Or. contact your local Extension office.

Montana End-Of-Life Registry Web site: http://endoflife.mt.

33 Montana End-Of-Life Registry Web site: Montanans can securely store advance directives online and give authorized health care providers access 24/7. Search Montana End-of-Life Registry

an incurable and irreversible condition that would

34 Describes how you (or someone you select) can choose to terminate your medical treatment, should you have an incurable and irreversible condition that would lead to death. Search Montana Rights of Terminally Ill

Montana Uniform Transfers to Minors Act: Custodial

Uniform Transfers to Minors Act (UTMA) allows for a

other adult who wants to make gifts of assets during

trust for the benefit of a child who is under 21

35 Montana Uniform Transfers to Minors Act: Custodial Accounts for Children Under Age 21 The Montana Uniform Transfers to Minors Act (UTMA) allows for a custodial account as one alternative for a parent or other adult who wants to make gifts of assets during life, bequests with a will, or distributions from a trust for the benefit of a child who is under 21 years of age. To learn more, download fact sheet at: Search UTMA

36 Nonprobate Transfers Describes the various forms of ownership that allow the deceased person s to transfer directly to beneficiaries without probate. To learn more, download fact sheet at: Search Nonprobate Transfers

Personal Representative Responsibilities

37 Personal Representative Responsibilities Explains Montana law covering the duties of a personal representative in settling an estate (often called "executor" in other states) To learn more, download fact sheet at: Search Personal Representative

& highlights some of the financial and legal aspects of a premarital contract To learn more,

38 Premarital Agreement Contracts in Montana: Financial and Legal Aspects Helps couples resolve concerns over: Money Work Children Home Inheritance and other mutual issues Lists items to consider & highlights some of the financial and legal aspects of a premarital contract To learn more, download fact sheet at: Search Premarital Agreement Or, contact your local Extension office

To designate another person (agent) to act on your behalf to make financial decisions and to sign legal

39 (Financial) Montana Uniform Financial Power of Attorney Act Effective October 1, 2011 Sets out provisions for the creation and use of a financial POA Why Have a Financial Power of Attorney (POA)? To designate another person (agent) to act on your behalf to make financial decisions and to sign legal documents. Forms Financial POA Statutory form can be downloaded at: /estateplanning To learn more, download fact sheet at: Search Power of Attorney

HELPING DEBTORS BECOME SAVERS As one debt is paid off, apply that monthly payment to the next highest interest debt, this is called Power Payments.

40 HELPING DEBTORS BECOME SAVERS As one debt is paid off, apply that monthly payment to the next highest interest debt, this is called Power Payments. Save money on interest cost and pay off debt quicker utilizing Power Payments. PowerPay was created through the cooperative efforts of Utah State University Extension and WebAIM.org.

41 Probate in Montana Probate is the administrative process of settling an estate whether a decedent died with or without a will. Describes: Probate functions Types of Estate Administration Cost of Probate Responsibilities of Personal Representative How Long Does Probate Take? Protections for Surviving Relatives To learn more, download fact sheet at: Search Probate

Describes three main forms of property ownership and

Right of Survivorship Tenancy in Common Property Types:

42 Describes three main forms of property ownership and provides real-life examples of estate settlement for each of them. Property Titles: Sole Ownership Joint Tenancy with Right of Survivorship Tenancy in Common Property Types: Real Land Personal Checking and Savings Accounts Stock, Bonds, and Mutual Funds Search Property Ownership

43 Process, including a form, which gives a patient control over medical treatment options Once signed, the POLST form is recognized as an actual medical order The POLST form accompanies patient between health care facilities The POLST form must be printed on terra-green paper To learn more, download fact sheet at: Search POLST

44 Remarried Families: Making Financial Decisions Tips for developing successful communication about financial goals within a remarried family Search Remarried Families

Explains the benefits, shortfalls, costs

45 Explains the benefits, shortfalls, costs and tax consequences of living trusts. A revocable living trust is a legal arrangement by which an individual shifts ownership of property into the legal ownership of the trust. Search Revocable Living Trusts

46 This fact sheet includes instructions and a worksheet for establishing the true cost of your family's non-monthly living expenses. Search Schedule of Living Expenses

structures: sole proprietorship Partnership

47 Selecting an Organizational Structure for Your Business Describes the various types of business structures: sole proprietorship Partnership corporation limited liability corporation Search Organizational Structure

48 Designed to help survivors start the process of settling an estate Ease the burden following the death of a loved one Discusses tasks in order they are commonly completed Search Settling an Estate

49 Provides strategies for dealing diplomatically with family finance issues with aging parents. Search Talking With Aging Parents About Finances

50 Search Track n Your Savings Goals

and expectations Identifying what is important to each

51 Includes sections on starting a conversation to help both parents and adult children identify their goals and expectations Identifying what is important to each generation Search Transferring Your Farm to Next Generation

52 When real property is owned as joint tenants or is subject to a life estate, the distribution method is determined by Montana Law. This process is described in this MontGuide. Search Transfer Real Property Owned in Joint Tenancy

53 Describes Montana common situations for transferring a Certificate of Title for a motor vehicle to a deceased s legal heirs. Search Transferring a Montana Vehicle After Death

54 What Are Your Rights Over Your Remains? The 2009 legislature passed the Montana Right of Disposition Act that allows a person to provide instructions for disposing of his or her remains or to designate an agent with authority to make such decisions. Methods of Disposition Directions Prepaid Funeral Contract Written Disposition direction Signed affidavit Videotaped disposition direction To learn more, download fact sheet at: Search Rights Over Remains

55 Transferring Non-Titled Property Describes how to handle issues that could arise with the transfer of nontitled property such as photographs or family heirlooms. Search Grandma s Yellow Pie Plate

56 A will is a written document that describes how its maker wants his or her property distributed after death. Outlines why Montanans need a will, including costs, restrictions, and changes after its completion Search Wills

Estate Planning Basics

Estate Planning Basics BY THOMAS P KEENAN, ESQ. KEENAN LAW OFFICES 48 ELM ST SUITE 3 WESTFIELD, MA 01085 413-562- 1500 WWW.KEENANLAWOFFICES.COM KEENANLAW@GMAIL.COM 4 Essential Elements of a Estate Plan