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When considering your estate plan, you will want to categorize your assets into two categories: probate and non-probate.

Non-probate assets are typically set up with a named beneficiary designation, joint tenant with right of survivorship (“JTWROS”), or a payable on death (“POD”) or transferrable on death (“TOD”) designation. Your Will or state statute does not control the distribution of a non-probate asset, and it instead, passes according to a contractual obligation or by state law at the date of your Need affordable Medicare death. The executor or administrator of your estate does not have any control over non-probate assets, and they are not subject to probate court administration. Below is a list of common non-probate assets: that’s in step with your life? • Property held in the name of a Revocable Living Trust • Bank accounts with POD or TOD designations • Bank accounts held as joint tenants with right of survivorshipChoosing the right Medicare coverage can • Real property held as tenants by the entirety be confusing. • Real property held as joint tenants with right of survivorship • Life estate interest • Retirement accounts, including 401(k)s and IRAs • Life insurance policies that list another person as the beneficiary Probate Assets Probate assets are held in the sole name of the decedent and does not have a beneficiary listed. Probate assets are controlled by the executor or administrator of an estate. The executor or administrator must follow specific steps before transferring probate assets. General & Family Dentistry Same Day Crowns | Cosmetic Dentistry Gold Plus Provider for Invisalign NEW PATIENTS WELCOME Book your appointment online @ smilearchitects.com I can help you find a plan that’s right for YOU (704) 875- 1621 • SmileArchitects.com 131 Marguerite Lane, Huntersville, NC and YOUR BUDGET. Examples of probate assets include: • Bank account in your name with no beneficiary listed • Real property held in your sole name • Real property owned by two or more people as tenants in common • Vehicles, motorcycles, boats (that are not titled as JTWROS) • Jewelry • Household furnishings • Interest in a partnership, corporation, or limited liability company • Life insurance policy or retirement account that either lists the estate as a beneficiary or does not list any beneficiary. • Shares of stock Knowing the difference between probate and non-probate assets will guide you in the right direction as to what steps you need The Smarter Way to Shop ... to consider while estate planning to make sure your belongings are distributed according to your wishes once you die. Danielle Feller is our lead estate planning attorney at Daly Mills Estate Planning. Danielle is a native of Mooresville, an AV Preeminent Rated attorney in Estate Planning, Rising Star Super Lawyer, and is published in a chapter with Wealthcounsel’s second edition of Estate Planning Strategies, Collective Wisdom, Proven Techniques. Give Danielle a call today for a consultation at 704-878-2365. You can also visit our website at www.DalyMillsEstatePlanning.com.

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Danielle Feller Give Danielle a call today for a consultation at 704-878-2365. You can also visit our website at www. DalyMillsEstatePlanning.com. This is an advertisement. Not all agents are licensed to sell all products. Service and product availability varies by state. HMIA001594 Kent Pike Licensed Insurance Agent

The best and most comprehensive option to plan for a child with special needs is to set up a special needs trust, also called a supplemental needs trust (SNT). An SNT allows a special needs child or adult to receive inheritances, gifts, lawsuit settlements, or other funds and yet not lose their eligibility for certain government programs, such as Medicaid and Supplemental Security Income (SSI). An SNT can hold any type of asset, such as real estate, stocks or bonds. The SNT can be the beneficiary of a life insurance policy or retirement account and can be named as the beneficiary of a will or living trust. Assets in an SNT are managed by a trustee for the benefit of the disabled beneficiary who does not have direct control or access to the trust assets. The assets in an SNT are not counted when determining the beneficiary’s eligibility for government benefits such as Medicaid or SSI.

There are three main types of SNTs: (1) first-party SNT (2) third party SNT and (3) pooled SNT.

A first-party SNT is designed to hold the disabled individual’s own assets. These trusts are most often used when a disabled person receives a lump sum of money outside the protection of a trust, such as inheritance, gift or settlement. In the absence of proper planning, the disabled person could lose valuable government benefits. While the beneficiary is living, the funds in the trust are used for the beneficiary’s benefit, and when the beneficiary dies, any assets remaining in the trust are used to reimburse the government for the cost of medical care.

A third-party SNT is most often used by parents or grandparents to provide for a loved one with special needs. A third-party special needs trust does not contain a “payback” provision. When the beneficiary dies, any funds remaining in the trust can pass to other family members.

A pooled trust is an alternative to the first-party SNT. A nonprofit organization pools the resources of multiple beneficiaries for investment purposes, while still maintaining separate accounts for each beneficiary’s needs.

Louise Paglen Estate Planning Attorney The McIntosh Law Firm, P.C. www.mcintoshlawfirm.com

• What is Medicare? Medicare is made up of two parts; Part A, which covers inpatient needs and Part B, which covers outpatient needs like office visits, medical testing, and procedures. Part A and Part B are commonly known as “Original Medicare” • Can I delay Medicare? Maybe! Those over 65 who continue working or are enrolled in employer health insurance have the option to delay coverage. If you have “credible coverage”, you can delay enrollment in Part B. Get with your employer to see if your plan is considered credible, if not, you could pay a penalty. • Can I get more coverage? Yes! There are two main paths you can take. One, a Medicare Supplement AKA “Medigap” plan that works along with your Original Medicare and a separate Prescription Drug plan. Or two, you can enroll in a Medicare Advantage plan that contracts with Original Medicare and provides Part A and Part B coverages, most include prescription drug coverage – many offer more benefits like dental, vision, and hearing! • Am I stuck with my choice? No! You can make changes to most plans during the Open Enrollment period, October 15 – December 7 every year.

This is where Pam Powers, Benefits Consultant, and Kara Bramley, Benefits Consultant Assistant, at Fogle Insurance Group come in! They sit down with every client to assess their needs, budget, and eligibility.