Worcester Business Journal

wbjournal.com | April 17, 2023 | Worcester Business Journal 19 By Christine Boutin Christine Boutin is an officer at Worcester law firm Fletcher Tilton and is an experienced elder law attorney. 10) Don't wait! Early planning is essential. MassHealth looks back five years from the date of application to see if any assets were gifted or transferred in ways it con- siders disqualifying. 9) Business assets are likely non-count- able. For eligibility purposes, MassHealth will not count business property necessary for the applicant's self-support toward the maximum asset amount of $2,000 an individual applicant is allowed to keep. 8) Non-countable doesn't mean pro- tected. Even though an asset may be non-countable for eligibility purposes, if the asset remains in the MassHealth recipient's sole name at death, it may be subject to a clawback. 7) Then there is income. Self-employ- ment income or unearned income (for example, rents) and all other income sources less allowable business expenses and other deductions must be used to pay for the applicant's monthly care before MassHealth pays the remainder. 6) All trusts are not the same. Trust planning can be a critical key to advance long-term care planning, but only if the right type of trust is used. 5) Irrevocable trust. An irrevocable income-only trust can protect the home of a MassHealth applicant. It must be created and funded more than five years before the long-term care application is submitted. 4) Gifting. With limited exceptions, gifting not done more than five years before the MassHealth application is likely to be con- sidered a disqualifying asset transfer. 3) Durable power of attorney is key. A comprehensive, well-drafted durable pow- er of attorney should, for example, provide the agent with the power to continue the owner's business, as well as allowing for the creation or funding of trusts and the authority to apply for public benefits. 2) Don't DIY. Advance estate planning for long-term care and preparation of a Mass- Health application are both complex pro- cesses subject to regulations, and errors could have long-lasting consequences. 1) Don't wait to plan until you need MassHealth. Once you need it, it's too late! To learn more about planning for long-term care, register for Boutin's April 25 webinar "Trust Planning for Elder Asset Protection." K N O W H O W Manage your interns effectively T his is part 2 of a series on hiring consultants for projects, special launches, or workforce optimization, where we examine the disadvantages. e advantages, as we have said, can include cost savings and exposing your organization to new expertise and perspective. Many firms are reaping the rewards of the use of consultants, according to Statista. com, as annual revenue growth of the management consulting services industry is $1.321 billion and 9.1% annual revenue growth is the average of management consultancies worldwide from 2015-2021. ough the industry is growing and consultants are in demand, there are potential drawbacks for companies. Availability is likely limited, says ommie Burger, a business expert on LinkedIn. e same traits making a consultant attractive to your firm will lure others. at may mean highly skilled experts are not there on an urgent basis when you need them to be. "ey might not be able to abide by your requirements immediately," he notes, which may not be ideal. Cost. Hiring consultants comes with financial risks, warns Payal Sondhi at Indeed.com, which makes things even riskier if a project is running on a low budget. Guarantees are not necessarily part of the deal. "A consultant should be hired only if you are sure they will help multiply the productivity/profits," she says. You still need someone to perform the work. is requires an experienced contractor or employee, points out Cathy Habas at BizFluent.com. Consultants are merely guides, making recommendations, but many consultants draw a firm line between guiding and implementing, she says. Burger, of LinkedIn, agrees. "A consultant only gives you a strategy; they do not execute it," he says, "which means you will still need an internal team in place to implement the same at all hours." 10 THINGS I know about... ... Long-term care planning for small business owners C O N S U LTA N T D I S A D V A N TA G E S , P A R T 2 BY SUSAN SHALHOUB Special to WBJ Amy Mosher Berry started Marlborough- based Visions Internships in 2020 to bridge the growing gap between young professionals seeking meaningful real-world experience and social impact organizations in need of project support. BY AMY MOSHER BERRY Special to the WBJ M ost businesses today would love to have a vibrant, well-oiled internship program delivering value and building talent. In reality, most business leaders don't have the time or capacity to manage an internship program, whether it's paid or unpaid. It's great to know 45% of WBJ's Feb. 17 poll respondents reported they pay their interns and another 23% ensure academic credit in lieu of payment, but what's the measurable return on investment for both the organization and the intern? I would love to ask readers these follow-up questions: • How much is it costing your organization to manage your internship program? • Do you have dedicated staff managing your internship program? • How are you measuring the value of your internship program? Did you know if you're a for-profit organization and you do not pay your interns, you need to meet seven test criteria to ensure the intern is the primary beneficiary of the arrangement? In my experience, whether an organization is for-profit or nonprofit (despite being held to different federal standards on unpaid internships), the responsibility of managing and measuring an internship program is oen unsustainable. W W On the intern side, connecting young people to an internship opportunity is just the tip of the iceberg. e real question is: Are the interns getting the skills and support to succeed? If you know a college student (undergraduate or graduate level) please encourage them to get creative and work with their advisors and faculty to cra one to three credit-bearing internships, so they don't end up saddled by debt without a plan aer graduation. Regardless of their financial aid scenario, students are the paying customers of their college education and, therefore, have the right to a reasonable return on their time and money. It should be noted companies oen assume colleges manage interns, especially when academic credit is earned, and yet colleges oen assume companies manage them. is mutual misunderstanding can result in dissatisfaction for both the intern and host organization. If you are thinking about starting or growing an internship program, here are things to consider: Expand your talent pool Decrease the number of hours required per week, especially if unpaid, to eliminate the concern only rich kids can afford to do unpaid internships, and increase the type and quality of work. Raise the typical age bracket and rethink college requirements for interns, recognizing the impact COVID has had on people's career trajectories. Provide dedicated mentors Virtual and in-person internship models work well when the interns are clear what is expected of them and are trained and supported appropriately. Mind the gap Focus on the purpose gap as a strategy to attract, engage, and retain young talent, as over 80% of today's college graduates are seeking purposeful work. Aer running five 12-week early- career accelerator programs since December 2020, we've learned how important it is to minimize the burden of training and supporting interns so employers can focus on other work while still getting customized projects done. W

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