What To Do Part 1 Rev 11 09

Family Training Session Part 1Family Training Session Part 1What to Do When a Loved One is What to Do When a Loved One is

IllIll

forfor

Peace of Mind Legacy PlanningPeace of Mind Legacy Planning™ ™

HelpersHelpers

ObjectivesObjectives

Gain a better understanding of Gain a better understanding of what to do at the right timewhat to do at the right time

Know what to doKnow what to do Know what NOT to doKnow what NOT to do Know where to go for helpKnow where to go for help

FormatFormat

Presentation is Presentation is divided in two partsdivided in two parts

Part 1: What to Do Part 1: What to Do When a Loved One When a Loved One is Illis Ill

Part 2: Part 2: What to Do What to Do When A Loved One When A Loved One Passes AwayPasses Away

A Tour of the Helper A Tour of the Helper Handbook™Handbook™

Is your emergency Is your emergency resourceresource

Keep in safe placeKeep in safe place Bring with you to Bring with you to

future training future training programs for updatesprograms for updates

Dates of attendance Dates of attendance are noted in back are noted in back covercover

A Tour of the Red BookA Tour of the Red Book

““Red” Books Red” Books and “White” and “White” BooksBooks

The “Red” The “Red” Estate Planning Estate Planning Portfolios - Portfolios - contain the contain the legal documentslegal documents

A Tour of the White BookA Tour of the White Book

The “White” Peace of The “White” Peace of Mind Legacy Mind Legacy Planning ™ Client Planning ™ Client Handbook - contains Handbook - contains checklists, personal checklists, personal instructions and instructions and educational materialseducational materials

Know where the Know where the books are locatedbooks are located

There is an extra There is an extra copy at the Law Firmcopy at the Law Firm

The Revocable Living The Revocable Living TrustTrust The “Hub” of the Estate PlanThe “Hub” of the Estate Plan Written for the “Helpers”Written for the “Helpers” Contains many personalized Contains many personalized

provisionsprovisions How a trust worksHow a trust works

How A Trust WorksHow A Trust Works

Trust

Trust - Disability Trust - Disability ProvisionsProvisions ““Disability” refers Disability” refers

to a mental to a mental disability, not a disability, not a physical disabilityphysical disability

Article 4, Section Article 4, Section 2 – sets forth a 2 – sets forth a definition of definition of disabilitydisability

Disability Protections -Disability Protections -Defining DisabilityDefining Disability

Art 4, Section 2 Provides:Art 4, Section 2 Provides:

““I shall be deemed disabled during I shall be deemed disabled during any period when, in the opinion of my any period when, in the opinion of my Disability Panel, I am incapacitated or Disability Panel, I am incapacitated or disabled because of illness, age, or disabled because of illness, age, or any other cause which results in my any other cause which results in my inability to effectively manage my inability to effectively manage my property or financial affairsproperty or financial affairs.”.”

Disability Protections - Disability Protections - Who Determines DisabilityWho Determines Disability

Disability Panel MembersDisability Panel Members::

These helpers participate in the These helpers participate in the decision as to whether the Trustmaker decision as to whether the Trustmaker is capable of managing his or her is capable of managing his or her property and financial affairs. property and financial affairs.

There is no financial and no medical There is no financial and no medical decision-making authority in this role!decision-making authority in this role!

Disability Protections -Disability Protections -Steps in Determining Steps in Determining Disability Disability

1.1. STOP! Call the STOP! Call the Law Firm!!!Law Firm!!!A directory is in A directory is in Tab 3Tab 3

2.2. Law Firm due Law Firm due diligencediligence

3.3. Schedule a Schedule a Disability Disability Conference Conference with the with the Disability PanelDisability Panel

4.4. Due Diligence Due Diligence PeriodPeriod

5.5. Panel Members Panel Members Sign Certificate Sign Certificate of Disabilityof Disability

Disability Protections -Disability Protections -Steps in Determining Steps in Determining DisabilityDisability

6.6. Identify the Disability Identify the Disability Trustees (Financial Helpers) Trustees (Financial Helpers) Article 15 or 12Article 15 or 12

People who assume People who assume complete financial control of complete financial control of trust assetstrust assets

Serve subject to priorities Serve subject to priorities and instructions and and instructions and provided in trustprovided in trust

No medical decision-making No medical decision-making authorityauthority


7.7. Disability Trustees sign Disability Trustees sign Certification of TrustCertification of Trust

8.8. Attorney signs Attorney Attorney signs Attorney CertificationCertification

9.9. Locate all Assets & Identify Locate all Assets & Identify Transfer AgentsTransfer Agents

– An Asset Detail Report is An Asset Detail Report is located in the Peace of located in the Peace of Mind Legacy Planning™ Mind Legacy Planning™ PortfolioPortfolio

– Updated each yearUpdated each year– No more than 12 months No more than 12 months

out of dateout of date


10.10. Complete the Asset Transfer Complete the Asset Transfer PaperworkPaperwork

11.11. “Deliver”“Deliver” Asset Transfer Paperwork Asset Transfer Paperwork

12.12. Verify Change of TrusteeshipsVerify Change of Trusteeships

13.13. Manage the Property as a Manage the Property as a “Fiduciary”“Fiduciary”

14.14. Coordinate with Health Care Coordinate with Health Care AgentsAgents


Potential ObstaclesPotential Obstacles

Assets not owned by the trust are not Assets not owned by the trust are not controlled by the trustcontrolled by the trust

Some assets may not be in the trust Some assets may not be in the trust because the funding was not completed because the funding was not completed prior to a disabilityprior to a disability

Some assets may not have been reported Some assets may not have been reported to the law firm and thus were not fundedto the law firm and thus were not funded

A A Funding Power of AttorneyFunding Power of Attorney gives the gives the “helper” power to put assets in the trust“helper” power to put assets in the trust

Potential ObstaclesPotential Obstacles

Some assets CANNOT be owned by the Some assets CANNOT be owned by the trusttrust

These includeThese include– Qualified Retirement PlansQualified Retirement Plans– AnnuitiesAnnuities

May still need to be managedMay still need to be managed A A Durable Power of AttorneyDurable Power of Attorney gives the gives the

“helper” power to make investment “helper” power to make investment decisions over non-trust assetsdecisions over non-trust assets

Disability ProtectionsDisability ProtectionsProcedures for Medical Procedures for Medical IssuesIssues Health Care Power of AttorneyHealth Care Power of Attorney

– Gives someone else the Gives someone else the PowerPower to to make any and all medical decisionsmake any and all medical decisions

– Only applies when you cannot Only applies when you cannot communicatecommunicate

HIPAA ReleaseHIPAA Release– Provides advance consent for a Provides advance consent for a

physician to talk with your Health physician to talk with your Health Care Power of Attorney Agent (i.e. Care Power of Attorney Agent (i.e. Helper)Helper)

Disability ProtectionsDisability ProtectionsProcedures for Medical Procedures for Medical IssuesIssues Living WillLiving Will

– You make the decision whether a patient wants You make the decision whether a patient wants to be kept alive artificially in terminal situationsto be kept alive artificially in terminal situations

– Takes the burden off a loved oneTakes the burden off a loved one Anatomical Gift FormAnatomical Gift Form

– Also known as an Also known as an Organ Donation FormOrgan Donation Form– May be included in the Living WillMay be included in the Living Will

Disability ProtectionsDisability ProtectionsProcedures for Medical Procedures for Medical IssuesIssues Supplemental Supplemental

Health Care Health Care InstructionsInstructions– Provides Guidance Provides Guidance

to “helpers”to “helpers”– Located in the Located in the

white Peace of white Peace of Mind Legacy Mind Legacy Planning™ Planning™ PortfolioPortfolio

Disability ProtectionsDisability ProtectionsProcedures for Medical Procedures for Medical IssuesIssues

Locate Health Locate Health Care DocumentsCare Documents– Red BookRed Book

DocuBank®DocuBank®– Contains all Health Contains all Health

Care Documents & Care Documents & ChecklistsChecklists

– Emergency Emergency Contact Contact InformationInformation

Disability ProtectionsDisability ProtectionsProcedures for Medical Procedures for Medical IssuesIssues

Patient can log in Patient can log in on line and send on line and send email copy to email copy to helpershelpers

Test the service Test the service while healthywhile healthy

Be a good advocate Be a good advocate by insisting the by insisting the hospital call to get hospital call to get the documentsthe documents

Disability ProtectionsDisability ProtectionsProcedures for Medical Procedures for Medical IssuesIssues Provide copies of Health Care POA, HIPAA Provide copies of Health Care POA, HIPAA

Release & Living Will to medical providersRelease & Living Will to medical providers Follow Instructions in Health Care Follow Instructions in Health Care

ChecklistsChecklists Coordinate with Disability TrusteesCoordinate with Disability Trustees Check for Long Term Care Insurance Check for Long Term Care Insurance

Policies and Disability Insurance Policies Policies and Disability Insurance Policies (law firm can assist)(law firm can assist)

Getting Your Questions Getting Your Questions AnsweredAnswered Call the firm with Call the firm with

questionsquestions Not charged for Not charged for

phone callsphone calls Please view Part Please view Part

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What To Do Part 1 Rev 11 09

Economy & Finance

Transcript of What To Do Part 1 Rev 11 09