Hilliard & Herman Associates, LLC Hilliard & Herman Associates, LLC
Managing Partner
(904)5370837
hilliard@hhassociatesllc.com
Our Commitment
Entity narrowing our focus with superb competency striving to become the ''Perennial Player'' within Funeral & Medicaid Planning space in the state of Florida.
As a Certified Financial Fiduciary®, one must agree to uphold the highest moral, ethical and fiduciary standards of service when providing advice to potential or existing clients. These standards have been set forth in the following Code of Conduct:
Practice the Duty of Loyalty – first and foremost, always put the client’s best interest first.
Practice the Duty of Good Faith – there is a fundamental obligation to treat all clients fairly.
Practice the Duty of Good Care – there is a fundamental obligation to exercise the skill of an expert
and to only advise in those areas where expert skill level has been obtained.
Educate First – provide comprehensive and unbiased education to clients prior to making specific suggestions or advice
Holistic Approach – consider all aspects and factors that affect a plan prior to making suggestions or providing advice.
Full Disclosure – fully divulge all fees and commissions as well as disclose any conflicts of interest and disciplinary actions.
Confidentiality – protect and keep all client’s information confidential and securely stored and transmitted.
Professional Behavior – practice in a manner that does not bring disrepute to the profession,
the Certified Financial Fiduciary®
Our Approach
- Establishing and defining the client-adviser relationship - The adviser explains or documents the services to be provided and defines his or her responsibilities along with the responsibilities of the client.
- Gathering client data and determining goals and expectations - The adviser asks about the client's financial situation, personal and financial goals and attitude about risk. The planner gathers all necessary documents at this stage before giving advice.
- Analyzing and evaluating the client's financial status - The adviser analyzes client information to assess his or her current situation and determine what must be done to achieve the client's goals. Depending on the services requested, this assessment could include analyzing the client's assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.
- Developing and presenting the financial planning recommendations and/or alternatives - The adviser offers financial planning recommendations that address the client's goals, based on the information the client provided. The adviser reviews the recommendations with the client to allow the client to make informed decisions. The adviser listens to client concerns and revises recommendations as appropriate.
- Implementing the financial planning recommendations - The adviser and client agree on how recommendations will be carried out. The adviser may carry out the recommendations for the client or serve as a "coach, " coordinating the process with the client and other professionals such as attorneys or CPA.
- Monitoring the financial planning recommendations - The client and adviser agree upon who will monitor the client's progress toward goals. If the planner is involved, he or she should report to the client periodically to review the situation and adjust recommendations as needed.
As a firm we always recommend two things "Plan in Advance Fund in Advance"
ABC Funeral Home
Statement of Funeral Good & Services Selected
Services, Facilities & Transportation
Basic Services of Funeral Director and Staff $1,995.00
Embalming $850
Use of Facilities and Staff for funeral ceremony $450.00
Transfer of Remains to funeral home $350.00
Limousine 15 Passenger Van $1,000.00
Total Charges for Services, Facilities, Transportation $4,645.00
Merchandise Selected
Casket Description Franklin II White/White $1,995.00
Clothing $200.00
Register Book $85.00
Other Merchandise Food 100ct $1,800.00
Total Charges for Merchandise $4,080.00
Cash Advances:
Musician $200.00
Flowers Two Standing Sprays $800.00
One way Pull Escort $400.00
Tribute Video $185.00
Tri-Fold 200ct $565.00
Total Cash Advances $2,150.00
Total Charges $10,875.00
Balance Due $10,875.00
ABC Funeral Home
Statement of Funeral Good & Services Selected
Direct Cremation $775.00
Medical Examiner Fee $60.00
Death Certificates (2) $25.00
Total Cash Items $860.00
Total Balance Due $860.00
Medicaid Look-Back Period
When an elder is in the nursing home or just looking to apply for Medicaid, one very, very important rule is that you cannot give assets away with 5 years of a Medicaid application! We have a great deal more on the. The key to Medicaid is that the family should not look to gift or transfer assets away in order to protect them - and we do not lie to the State of Florida in order to protect assets (a felony!).
Appropriate Medicaid Spend-Down Planning
Appropriate spend-down planning generally means legally spending money before Medicaid is applied for. An example of spend-down planning is as follows:
John, age 82, had a stroke and needs long-term care in the nursing home. John has a home worth less than $688,000 (2023), a car with an outstanding loan of $5,000, and only $10,000 in the bank (i.e., only $10,000 in countable assets). Here, the family can legally spend-down John's assets by paying off her car loan of $5,000 and purchasing a pre-paid, irrevocable funeral policy worth $3,000. John's bank account will now have only $2,000 and she will now be eligible for long-term care Medicaid.
This is a simple example of spend-down planning but it shows the legal spending of a small amount of assets that could have been helpful to John and her family.