What To Do Part 1 Rev 11 09

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  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • Trustee Training Workshop
  • What To Do Part 1 Rev 11 09

    1. 1. Family Training Session Part 1 What to Do When a Loved One is Ill for Peace of Mind Legacy Planning ™ Helpers
    2. 2. Objectives <ul><li>Gain a better understanding of what to do at the right time </li></ul><ul><li>Know what to do </li></ul><ul><li>Know what NOT to do </li></ul><ul><li>Know where to go for help </li></ul>
    3. 3. Format <ul><li>Presentation is divided in two parts </li></ul><ul><li>Part 1: What to Do When a Loved One is Ill </li></ul><ul><li>Part 2: What to Do When A Loved One Passes Away </li></ul>
    4. 4. A Tour of the Helper Handbook™ <ul><li>Is your emergency resource </li></ul><ul><li>Keep in safe place </li></ul><ul><li>Bring with you to future training programs for updates </li></ul><ul><li>Dates of attendance are noted in back cover </li></ul>
    5. 5. A Tour of the Red Book <ul><li>“ Red” Books and “White” Books </li></ul><ul><li>The “Red” Estate Planning Portfolios - contain the legal documents </li></ul>
    6. 6. A Tour of the White Book <ul><li>The “White” Peace of Mind Legacy Planning ™ Client Handbook - contains checklists, personal instructions and educational materials </li></ul><ul><li>Know where the books are located </li></ul><ul><li>There is an extra copy at the Law Firm </li></ul>
    7. 7. The Revocable Living Trust <ul><li>The “Hub” of the Estate Plan </li></ul><ul><li>Written for the “Helpers” </li></ul><ul><li>Contains many personalized provisions </li></ul><ul><li>How a trust works </li></ul>
    8. 8. How A Trust Works Trust
    9. 9. Trust - Disability Provisions <ul><li>“ Disability” refers to a mental disability, not a physical disability </li></ul><ul><li>Article 4, Section 2 – sets forth a definition of disability </li></ul>
    10. 10. Disability Protections - Defining Disability <ul><li>Art 4, Section 2 Provides: </li></ul><ul><li>“ I shall be deemed disabled during any period when, in the opinion of my Disability Panel, I am incapacitated or disabled because of illness, age, or any other cause which results in my inability to effectively manage my property or financial affairs .” </li></ul>
    11. 11. Disability Protections - Who Determines Disability <ul><li>Disability Panel Members : </li></ul><ul><li>These helpers participate in the decision as to whether the Trustmaker is capable of managing his or her property and financial affairs. </li></ul><ul><li>There is no financial and no medical decision-making authority in this role! </li></ul>
    12. 12. Disability Protections - Steps in Determining Disability <ul><li>1. STOP! Call the Law Firm!!! </li></ul><ul><li>A directory is in Tab 3 </li></ul><ul><li>2. Law Firm due diligence </li></ul>
    13. 13. <ul><li>3. Schedule a Disability Conference with the Disability Panel </li></ul><ul><li>4. Due Diligence Period </li></ul><ul><li>5. Panel Members Sign Certificate of Disability </li></ul>Disability Protections - Steps in Determining Disability
    14. 14. <ul><li>6. Identify the Disability Trustees (Financial Helpers) Article 15 or 12 </li></ul><ul><li>People who assume complete financial control of trust assets </li></ul><ul><li>Serve subject to priorities and instructions and provided in trust </li></ul><ul><li>No medical decision-making authority </li></ul>Disability Protections - Steps in Determining Disability
    15. 15. <ul><li>7. Disability Trustees sign Certification of Trust </li></ul><ul><li>8. Attorney signs Attorney Certification </li></ul><ul><li>9. Locate all Assets & Identify Transfer Agents </li></ul><ul><ul><li>An Asset Detail Report is located in the Peace of Mind Legacy Planning™ Portfolio </li></ul></ul><ul><ul><li>Updated each year </li></ul></ul><ul><ul><li>No more than 12 months out of date </li></ul></ul>Disability Protections - Steps in Determining Disability
    16. 16. <ul><li>10. Complete the Asset Transfer Paperwork </li></ul><ul><li>11. “Deliver” Asset Transfer Paperwork </li></ul><ul><li>12. Verify Change of Trusteeships </li></ul><ul><li>13. Manage the Property as a “Fiduciary” </li></ul><ul><li>14. Coordinate with Health Care Agents </li></ul>Disability Protections - Steps in Determining Disability
    17. 17. Potential Obstacles <ul><li>Assets not owned by the trust are not controlled by the trust </li></ul><ul><li>Some assets may not be in the trust because the funding was not completed prior to a disability </li></ul><ul><li>Some assets may not have been reported to the law firm and thus were not funded </li></ul><ul><li>A Funding Power of Attorney gives the “helper” power to put assets in the trust </li></ul>
    18. 18. Potential Obstacles <ul><li>Some assets CANNOT be owned by the trust </li></ul><ul><li>These include </li></ul><ul><ul><li>Qualified Retirement Plans </li></ul></ul><ul><ul><li>Annuities </li></ul></ul><ul><li>May still need to be managed </li></ul><ul><li>A Durable Power of Attorney gives the “helper” power to make investment decisions over non-trust assets </li></ul>
    19. 19. Disability Protections Procedures for Medical Issues <ul><li>Health Care Power of Attorney </li></ul><ul><ul><li>Gives someone else the Power to make any and all medical decisions </li></ul></ul><ul><ul><li>Only applies when you cannot communicate </li></ul></ul><ul><li>HIPAA Release </li></ul><ul><ul><li>Provides advance consent for a physician to talk with your Health Care Power of Attorney Agent (i.e. Helper) </li></ul></ul>
    20. 20. Disability Protections Procedures for Medical Issues <ul><li>Living Will </li></ul><ul><ul><li>You make the decision whether a patient wants to be kept alive artificially in terminal situations </li></ul></ul><ul><ul><li>Takes the burden off a loved one </li></ul></ul><ul><li>Anatomical Gift Form </li></ul><ul><ul><li>Also known as an Organ Donation Form </li></ul></ul><ul><ul><li>May be included in the Living Will </li></ul></ul>
    21. 21. Disability Protections Procedures for Medical Issues <ul><li>Supplemental Health Care Instructions </li></ul><ul><ul><li>Provides Guidance to “helpers” </li></ul></ul><ul><ul><li>Located in the white Peace of Mind Legacy Planning™ Portfolio </li></ul></ul>
    22. 22. Disability Protections Procedures for Medical Issues <ul><li>Locate Health Care Documents </li></ul><ul><ul><li>Red Book </li></ul></ul><ul><li>DocuBank® </li></ul><ul><ul><li>Contains all Health Care Documents & Checklists </li></ul></ul><ul><ul><li>Emergency Contact Information </li></ul></ul>
    23. 23. Disability Protections Procedures for Medical Issues <ul><li>Patient can log in on line and send email copy to helpers </li></ul><ul><li>Test the service while healthy </li></ul><ul><li>Be a good advocate by insisting the hospital call to get the documents </li></ul>
    24. 24. Disability Protections Procedures for Medical Issues <ul><li>Provide copies of Health Care POA, HIPAA Release & Living Will to medical providers </li></ul><ul><li>Follow Instructions in Health Care Checklists </li></ul><ul><li>Coordinate with Disability Trustees </li></ul><ul><li>Check for Long Term Care Insurance Policies and Disability Insurance Policies (law firm can assist) </li></ul>
    25. 25. Getting Your Questions Answered <ul><li>Call the firm with questions </li></ul><ul><li>Not charged for phone calls </li></ul><ul><li>Please view Part 2 </li></ul>

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