To help those living with chronic illness, their caregivers and loved ones by educating professional advisers (CPAs, attorneys, financial planners) and consumers about estate, insurance, tax and financial planning for those living with chronic illness. We provide free educational seminars for professional advisers, planned giving professionals, and consumers, as we travel the country in our Airstream RV. Read on...
How Our Airstream Journey Began
My wife, Patti, was diagnosed in 2006 with Multiple Sclerosis (MS). It was an "incidental" finding. As if anything that significant can be "incidental!" Every health issue is a life changer, but not always negative and never how you expect. My wife wrote in an article more than a year ago that "It took a while before I was able to see the silver lining in the black cloud that had entered my life." Little did either of us imagine at the time that the "silver" might actually be "aluminum!" Read on...
Forbes - Just Do It, July 2009
Read about our mission in Forbes Magazine
Contributions to Charities Helping Those Living with Chronic Illness
By admin on August 29, 2010
There are a host of ways you or a loved one can donate to charity. Charities are hurting too at a time when the services and help they provide are desperately needed. Some tax planning may help you realize tax benefits for the donation that will make it cost much less out of pocket to make a contribution. Consider the following.
1. Ask First: If you’re planning a donation speak to your CPA and investment adviser. Some minor changes in what you do could provide a significant net of tax cost for a donation. Example: Have your financial adviser select appreciated securities and cherry pick those for donation rather than writing out a check.
2. Qualified Charity Required to Get Deduction: Charitable contributions must be made to qualified organizations to be deductible. You cannot give to a person in need, it won’t qualify. Also, you have to exercise caution in giving to causes that are noble, but which have not gone through the formalities of qualifying as a charity. You can ask any organization whether it is a qualified organization and most will be able to tell you. You can ask for a copy of their tax exemption letter from the IRS (if the donation is significant you should). In addition, you can also look up any qualified charity in the IRS Publication 78, Cumulative List of Organizations. If the charity you want to give to is not listed, your gift won’t qualify for a contribution deduction. You can check the list easily on line at www.IRS.gov.
3. You Must Itemize: To obtain an income tax benefit for a donation, your charitable contributions have to be deducted as an itemized deduction on your personal income tax return Form 1040, Schedule A.
4. How Much Can You Deduct: You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified charitable organization. Special restrictions apply to several types of donated property, including clothing or household items, cars and boats. Generally, if you are planning on donating property review the IRS publications listed at the end of this article and make sure you comply with the stringent rules or you might jeopardize any tax deduction. If the dollars are significant, you should consult with your CPA before making any donation of property. The rules are not only complicated, but they are not always intuitive and the limitations are tough to estimate without projections.
5. Reduction for Benefit Received: If your contribution entitles you to receive merchandise, goods, or services in return – such as admission to a charity banquet or sporting event – you can deduct only the amount that exceeds the fair market value of the benefit received. The charity will generally inform you of the value of the goods and services you will be given in the advertisement for the event and in the receipt (see below) that they give you. If you record your check register on computer split the transaction when you write a check to the charity for an event ticket listing the portion that is deductible as a donation and the rest as “dining” or whatever other category is appropriate. That way, your computerized records will automatically reflect the amount you will report on your tax return and save the difficulty of reconciling later.
6. Keep Records: Be sure to keep good records of any contribution you make, regardless of the amount. For any contribution made in cash, you should maintain a record of the contribution. This could be a bank record like a cancelled check (electronic image or physical check). If you paid by credit card, then the credit card statement should be maintained. Also, a written receipt from the charity containing the date and amount of the contribution and the name of the organization, or a payroll deduction record. If you make a lot of small contributions over the course of the year consider scanning these receipts and hold them for any future audit.
7. Payment Not Pledge Required for Deduction: Only contributions which you actually male during the tax year are deductible. If you pledged an amount but don’t pay it during the year, it won’t be deductible for income tax purposes until the later year in which you actually make the payment. For example, if you attend a charity dinner and pledge $500 in September but paid the charity $200 in December and the balance in January of next year, your current year’s income tax contribution deduction would only be the $200 paid. The rule is a bit different for credit cards. If you charge a contribution (but remember the charity might have to pay a fee to get the money from the credit card issuer) you can deduct the credit card charges in the year the charge is made even though you may not pay the credit card bill or have your bank account debited until the next year.
8. Charity Must Acknowledge Donation: For any contribution of $250 or more, you must have written acknowledgment from the charitable organization to substantiate your donation. This written proof must include the amount of cash and a description and good faith estimate of value of any property you contributed, and whether the organization provided any goods or services in exchange for the gift. While this is the charities responsibility to provide to you, if you don’t receive it follow up since if you face an audit you’ll be asked for the receipt.
9. Property Donations Require Special Form: To deduct charitable contributions of property items (e.g., furniture, art, etc.) valued at $500 or more you must complete an additional tax reporting form, Form 8283, “Noncash Charitable Contributions”, and attached it to your income tax return.
10. Appraisal May be Required: An appraisal generally must be obtained if you claim a deduction for a contribution of noncash property worth more than $5,000. In that case, you must also fill out Section B of Form 8283 and attach the form to your return.
11. What’s A Charitable Bequest Worth: This year there is no estate tax so a charitable bequest under a will provides no federal tax benefit, a donation while alive or a request that your heirs donate will provide an income tax benefit. Next year, if the law as it stands is not altered all assets over $1 million will generate an estate tax and the federal marginal rate will be 55% and higher if your state has an estate tax. Wild swings in benefits.
12. For more information see:
a. IRS Publication 526, Charitable Contributions.
b. IRS Publication 561, Determining the Value of Donated Property.
c. IRS Publication 78, Cumulative List of Organizations.
Posted in Consumer Articles
Resources on Chronic Illness (Courtesy of Janet Fricker and the Bethlehem Area Public Library)
By admin on August 25, 2010
GENERAL TITLES
Young people and chronic illness : true stories, help, and hope
Huegel, Kelly.
Minneapolis, MN : Free Spirit Pub., c1998.
Presents true accounts of young people living with a chronic illness including how they have learned to cope and remain hopeful; also includes strategies for living with a chronic medical problem.
After the diagnosis : transcending chronic illness
Seifter, Julian.
New York : Simon & Schuster, c2010.
A doctor whose life was transformed after his diagnosis with Type I diabetes draws on his experiences as both a patient and a physician to share inspirational stories while outlining eight strategies for optimizing wellness and productivity in the face of chronic illness.
You can beat the odds : surprising factors behind chronic illness and cancer
Stockdale, Brenda, 1960-
Boulder, Colo. : Sentient Publications, 2009.
Outlines scientifically based techniques for overcoming or safeguarding against cancer and other chronic illnesses, identifying lesser-known risk factors that challenge popular opinions about genetics and lifestyle while outlining a six-week program that condenses the findings of hundreds of studies. Original.
Parenting children with health issues : essential tools, tips, and tactics for raising kids with chronic illness, mental illness & special healthcare needs
Cline, Foster
Golden, Colo. : Love and Logic Press, c2007.
Easy for you to say : q & a’s for teens living with chronic illness or disability
Kaufman, Miriam
Buffalo, N.Y. : Firefly, 2005.
A book of advice for teenagers with a wide range of illnesses–including cancer, asthma, spina bifida, and cerebral palsy–as well as those who are visually or hearing-impaired or HIV-positive, answers questions on such subjects as growing up, sex, and drugs.A book of advice for teenagers with a wide range of illnesses, as well as those who are visually or hearing-impaired or HIV-positive, answers questions on such subjects as growing up, sex, and drugs.
The art of getting well : a five-step plan for maximizing health when you have a chronic illness
Spero, David
Alameda, CA : Hunter House ; Berkeley, CA : Distributed to the trade by Publishers Group West, c2002.
A majority of chronic illnesses have no medical cure. The best therapy, asserts the author, is self-care. This comprehensive guide suggests healthy behaviors and holistic approaches while acknowledging the barriers people face in applying them.
A delicate balance : living successfully with chronic illness
Wells, Susan Milstrey
Cambridge, Mass. : Perseus, 2000.
Chronic physical illnesses-such as lupus, Sjogren’s syndrome, fibromyalgia, chronic fatigue syndrome, inflammatory bowel disorders, Lyme disease, interstitial cystitis, multiple sclerosis-take their toll on every aspect of a person’s life. Though millions of people manage to cook, care for children, or work despite their disability, they do so with fatigue, pain, and the grinding uncertainty of living with chronic illness.A thoughtful exploration of this experience, A Delicate Balance provides both up-to-date practical advice and inspiration for the millions of Americans who struggle daily against chronic illness. From locating a suitable health-care provider and making sense of the powerful emotions that accompany chronic illness, to seeking accommodations under the Americans with Disabilities Act and applying for Social Security Disability Insurance, A Delicate Balance is informed by in-depth, personal interviews with patients, care providers, and family members. The result is a compassionate and immensely hopeful book for anyone touched by a chronic disease.
Sick and tired of feeling sick and tired : living with chronic illness
Donoghue, Paul J.
New York : W.W. Norton, 2000.
Unlike a leg in a cast, invisible chronic illness (ICI) has no observable symptoms. Consequently, people who suffer from chronic fatigue, chronic pain, and many other miseries often endure not only the ailment but dismissive and negative reactions from others. Since its first publication, Sick and Tired of Feeling Sick and Tired has offered hope and coping strategies to thousands of people who suffer from ICI. Paul Donoghue and Mary Siegel teach their readers how to rethink how they themselves view their illness and how to communicate with loved ones and doctors in a way that meets their needs. The authors’ understanding makes readers feel they have been heard for the first time. For this edition, the authors include a new introduction drawing on the experiences of the many people who have responded to the book and to their lectures and television appearances. They expand the definition of ICI to include other ailments such as depression, addiction, and obsessive-compulsive disorders. They bring the resource material, including Web sites, up to the present, and they offer fresh insights on four topics that often emerge: guilt, how ICI affects the family, meaningfulness, and defining acceptance.
Strong at the broken places : voices of illness, a chorus of hope
Cohen, Richard M.
New York : HarperCollins Publishers, c2008.
A testament to living with chronic illness presents the experiences of five individuals who have battled such conditions as ALS, Crohn’s disease, and bipolar disorder, offering insight into how their diseases have affected their lives and personal relationships.
An uncertain inheritance : writers on caring for family
New York, NY : William Morrow, 2007.
Today, thirty million people look after frail family members in their own homes. This number will increase drastically over the next decade – as baby boomers tiptoe toward old age; as soldiers return home from war wounded, mentally and physically; as a growing number of Americans find themselves caught between the needs of elderly parents and young children; as medical advances extend lives and health insurance fails to cover them. This compelling book offers both literary solace and guidance to the people who find themselves witness to – and participants in – the fading lives of their intimates.
The etiquette of illness : what to say when you can’t find the words
Halpern, Susan P.
New York : Bloomsbury, 2004.
A compassionate guide on how to negotiate the complexities of illness combines anecdotes and insights with practical advice on how to respond to a friend, colleague, or family member suffering from a serious or chronic illness, covering such topics as doctor-patient communications, end-of-life issues, and more.
Solution-oriented therapy for chronic and severe mental illness
O’Hanlon, William Hudson
New York : Norton, c2003.
O’Hanlon, a Licensed Mental Health Professional, and Rowan (human service, Allegany College of Maryland) offer an approach to therapy with clients with chronic and severe mental illness that emphasizes health and competence rather than pathology and limitations. Their approach suggests methods that therapists can use to help clients develop and use their own resources to solve problems. Many case examples and sample dialogues are included to demonstrate techniques.
Fragile innocence : a father’s memoir of his daughter’s courageous journey
Reston, James, 1941-
New York : Harmony Books, c2006.
A father recounts his daughter’s battle with a devastating chronic illness, its impact on the entire family, and the medical and social implications of such issues as stem cell research, animal organ transplants, and therapeutic cloning.
** More specific titles and subjects are in our catalogue, i.e. Chronic Pain, Chronic Fatigue, Chronic Diseases Therapy
FINANCIAL PLANNING FOR LONG-TERM CARE
Complete guide to planning your estate in Pennsylvania
Ashar, Linda C.
Ocala, FL: Atlantic Publishing Group, 2010.
A step-by-step plan to protect your assets, limit your taxes, and ensure your wishes are fulfilled for Pennsylvania residents.
Health care on less than you think: the New York Times guide to getting affordable coverage
Brock, Fred
New York: Henry Holt and Co., 2006.
Explains how to manage a family’s health-care costs and find affordable coverage, offering analysis of the best options available for families and offering advice on how to maximize one’s coverage while minimizing the expense.
Long-term care: how to plan and pay for it
Matthews, J. L.
Berkeley, CA: Nolo Press, c2008.
Joseph Matthews has been an attorney since 1971, and from 1975 to 1977 he taught at the law school of the University of California, Berkeley. He has for many years been involved in matters relating to seniors.
On-line Resource: NOLO Press at http://www.nolo.com/legal-encyclopedia/long-term-care/
Nolo Press is a well-known and well-respected publisher of legal information geared to the layperson. Their website offers hundreds of free articles on everyday legal topics. Includes a collection of articles on planning for long-term care.
On-line EResource: Law Made Easy Press, LLC at http://www.laweasy.com
Select “Chronic Illness Resources”
On-line EResource: ThomsonGale Legal Forms at http://www.bapl.org
Select “Online E-Resources” and ThomsonGale Legal Forms to access the Medicaid Long Term Care Handbook, Planner, and State Resource Guide plus a wide variety of estate planning legal forms. Requires a BAPL resident card.
Pennsylvania Medicaid: Long-Term Care
Gerhard, Robert C. III
Philadelphia, PA: George T. Bisel Company, 2010
Reference book.
Special needs trusts
Elias, Stephen.
Berkeley, CA: Nolo Press, 2009.
Everything you need to create a trust that provides financial security for your loved one without jeopardizing government benefits.
** Also Search Financial Planning, Long-Term Care, Estate Planning (Pennsylvania), Medical Care (Finance)
Posted in Consumer Articles
The Providence Journal: Chronic illness a unique fiscal challenge
By admin on August 23, 2010
The Providence Journal
Rhode Island
Chronic illness a unique fiscal challenge
01:00 AM EDT on Sunday, August 22, 2010
http://www.projo.com/business/content/pfp_illness_08-22-10_U0JIK9U_v10.8e3880.html
By Pamela Yip
Dealing with the medical difficulties of a chronic illness is challenging enough.
You also have to worry about the effect of illness on your finances.
The National Association of Personal Financial Advisors, which represents fee-only financial planners, has joined a national initiative to educate financial advisers on how they can help clients with chronic illnesses.
The initiative is called RV4TheCause. It is being launched by Martin Shenkman, a lawyer and certified public accountant in Paramus, N.J., whose wife was diagnosed with multiple sclerosis in 2006.
Shenkman will travel around the country in an Airstream trailer starting at the end of August, speaking to professional advisers.
The initial financial questions a chronically ill person has to address are basic for everyone:
• What income will you have?
• What are your expenses?
“You have the same concerns as any other person,” Shenkman said. “You just have some additional ones.”
A key point to the strategy is to preserve your health-insurance coverage, said Brent Neiser, a certified financial planner and director of strategic programs and alliances at the National Endowment for Financial Education, a nonprofit organization that aims to improve Americans’ financial education.
There are other special considerations.
And they may be different for each chronically ill person, depending on type of illness, age and other considerations.
Investment strategies should be catered individually depending on the circumstances.
Often, chronic illness is akin to job loss. There can be increased expenses and less income.
But there’s a misconception that everyone with a chronic illness should stay very liquid. That may not be the case.
“If I were diagnosed with a chronic illness and had a home with stairs, I may have to install an elevator, get a mobility device like a scooter and do other modifications in the home,” Shenkman said.
“So it may very well be that somebody with a chronic illness should have a greater degree of liquidity.”
But the reverse can equally be true.
If someone were diagnosed with something like Parkinson’s disease or multiple sclerosis in their 30s or 40s, “they may still have 5 or 10 years of work left, but clearly they’re going to have to retire early,” Shenkman said.
“If you took a person like that who has saved some money and has built up some net worth, I’d probably want to invest them up to the hilt because they may have 5 or 10 years to amass enough wealth to be able to support themselves in their retirement,” he said.
Make sure you’re able to communicate clearly with your financial adviser about the impact of your chronic illness on your finances.
“Each disease has a very different disease course, and each person’s experience of that disease has a very different consequence and ramifications,” Shenkman said.
“What is the disease course for you and how does that affect your work, career? How does that affect the budgeting you’ll need? How does that affect the expenses you’ll have to pay?”
How much support do you have from family and friends?
“Where are you going to get the caregivers you need, if not from family or friends?” Shenkman said.
Those are tough issues to address, but absolutely necessary to face.
“Everybody should really have some of the same worries that someone has with a chronic illness today, because the odds are you may have an issue down the road,” Shenkman said. “You don’t know what’s coming down the pike.”
Posted in In The News
Form Acknowledgement of Planned Gift (Donation)
By admin on August 22, 2010
Posted in Professional -> Charitable -> Articles and Other Resources
Financial Planning for Clients Living with Chronic Illness
By admin on August 20, 2010
Posted in Professional -> Estate -> Articles and Other Resources
RV’er of the Year 2010
By admin on August 20, 2010
RV’er of the Year 2010
http://www.goodsamclub.com/rvcentral/HighwaysDetails.aspx?articleid=2603215
We’ve chosen five Good Sam nominees who give more than they take. Now it’s up to you to select our 2010 winner
Good Sam Club Highways August 2010
For some Good Sam members, the term “recreational vehicle” is misleading. Sure, they pilot their RVs to popular camping destinations and remote rustic getaways, but these RVers also hit the road with a more worthy purpose: to give back to their communities and the world at large.
The Good Sam Club recognizes these travelers every year with our RVer of the Year Award. For 2010, we’ve selected five admirable individuals and couples who’ve helped make the world a better place through volunteering, fundraising or building awareness for worthwhile causes. With your vote, you can help select which of our nominees is most deserving of the award. Read their biographies below, then click on one of the links and cast your vote.
We’ll announce the 2010 RVer of the Year in the January issue of Highways and honor them during the 2011 Rally in Redmond, Oregon, July 14 through 17. Voting is limited to Good Sam Club members.
Martin Shenkman:
Raising awareness and funds for serious illnesses
When Martin Shenkman’s wife, Patti, was diagnosed with multiple sclerosis, the New Jersey couple knew they’d have to make big changes in their lives. Air travel, for one, became unfeasible as Patti’s symptoms worsened.
“We went to LaGuardia airport for a trip, and it was torturous for Patti,” says Martin, an estate attorney. “She got very fatigued, and we had to lay coats on the floor to help her sleep. There was nothing in the terminal to eat or drink.”
Shenkman quickly realized that RVing was the only mode of travel that would give Patti, an anesthesiologist, easy access to comfort and medication. A stranger to the RV lifestyle, Shenkman purchased an Airstream to tow with his Ford Expedition and learned the finer points of RVing, primarily from fellow RVers he met at campgrounds.
Shenkman continues to travel the country with Patti in their Airstream trailer and gives seminars to attorneys and accountants on estate planning for people with serious illnesses. Instead of taking seminar fees, Shenkman asks for donations to the Multiple Sclerosis Society, the Michael J. Fox Foundation for Parkinson’s Reasearch and the Association of Hole in the Wall Camps, which provide outdoor recreation for kids with life-threatening illnesses.
“Each professional who is informed will in turn help many people,” says Shenkman, adding that there are an estimated 120 million people in the United States with chronic illnesses.
In his seminars, Shenkman shares a number of estate-planning techniques for victims of serious illnesses, such as customizing living wills and consolidating accounts to make finance management easier. Shenkman also launched the www.rv4thecause.org website, which chronicles the Shenkmans’ story and offers information about Martin’s seminars and the charities he supports. The Shenkmans can also be found on Facebook (www.facebook.com/rv4thecause).
Posted in In The News
Estate Planning Seminar – Timed Agenda – 3 Hour Program
By admin on August 20, 2010
Estate Planning for Chronic Illness Seminar
Timed Agenda
3 Hour Program – 165 Lecture Minutes
By: Martin M. Shenkman, CPA, MBA, JD, PFS
Min. Topics
0-5 – Introduction to estate planning in the current environment.
5-15 – Overview of Estate planning for clients living with chronic illness or who have loved ones living with chronic illness.
15-25 – Discussion of chronic illness. Illustration of variability of chronic illness using Multiple Sclerosis and Parkinson’s disease as examples, and how these differences have to be recognized in the planning process
25-30 – Meeting with clients with chronic illness. Practice modifications.
30-55 – Income tax considerations and planning. Modifications to home as a medical deduction. Taxation of litigation settlements. IRC Sec. 62(a)(20) and legal fees. Impairment related business expenses. Other tax planning considerations.
55-75 – Investment planning for those living with chronic illness. Risk tolerance, time horizon, different perspectives on charitable gift annuities, impact on drafting powers of attorney and trusts. Special budget and financial planning considerations and impact on planning.
75-80 – Break
80-90 – General financial steps to consider and how they coordinate with legal planning and drafting. Consolidation of accounts, automatic bill paying, duplicate monthly statements, use of a independent financial monitor.
90-110 – Insurance considerations. Viatical settlements, long term care coverage. Disability policy issues and considerations, claims process, tax and accounting concepts.
110-125 – Competency considerations. HIPAA considerations.
125-135 – Break
135-155 – Core estate planning documentation and how it should be modified to address those living with chronic illness. Powers of attorney. Living wills. Health care proxies. Wills.
155 – 175 Trust drafting techniques to safeguard a client living with chronic illness. Use of mandatory independent social worker evaluations. Preserving independence while maintaining a safety net with a small balanced checking account. When and how to name the client as a trustee, co-trustee or not at all. Trust drafting mechanisms to deal with the unique issues presented by different chronic illnesses.
175 – 180 Conclusion and summary.
Posted in Professional Credit Materials
Estate Planning Seminar – Timed Agenda – 2 Hour Program
By admin on August 20, 2010
Estate Planning for Chronic Illness Seminar
Timed Agenda
2 Hour Program – 120 Lecture Minutes
By: Martin M. Shenkman, CPA, MBA, JD, PFS
Min. Topics
0-5 – Introduction to estate planning in the current environment.
5-10 – Overview of Estate planning for clients living with chronic illness or who have loved ones living with chronic illness.
10-15 – Discussion of chronic illness. Illustration of variability of chronic illness using Multiple Sclerosis and Parkinson’s disease as examples, and how these differences have to be recognized in the planning process
15-20 – Meeting with clients with chronic illness. Practice modifications.
20-35 – Income tax considerations and planning. Modifications to home as a medical deduction. Taxation of litigation settlements. IRC Sec. 62(a)(20) and legal fees. Impairment related business expenses. Other tax planning considerations.
35-45 – Investment planning for those living with chronic illness. Risk tolerance, time horizon, different perspectives on charitable gift annuities, impact on drafting powers of attorney and trusts. Special budget and financial planning considerations and impact on planning.
45-50 – Break
50-60 – General financial steps to consider and how they coordinate with legal planning and drafting. Consolidation of accounts, automatic bill paying, duplicate monthly statements, use of a independent financial monitor.
60-75 – Insurance considerations. Viatical settlements, long term care coverage. Disability policy issues and considerations, claims process, tax and accounting concepts.
75-80 – Competency considerations. HIPAA considerations.
80-85 – Break
85-100 – Core estate planning documentation and how it should be modified to address those living with chronic illness. Powers of attorney. Living wills. Health care proxies. Wills.
100 – 115 Trust drafting techniques to safeguard a client living with chronic illness. Use of mandatory independent social worker evaluations. Preserving independence while maintaining a safety net with a small balanced checking account. When and how to name the client as a trustee, co-trustee or not at all. Trust drafting mechanisms to deal with the unique issues presented by different chronic illnesses.
115 – 120 Conclusion and summary.
Posted in Professional Credit Materials
Estate Planning Seminar – Timed Agenda – 1 Hour Program
By admin on August 20, 2010
Estate Planning for Chronic Illness Seminar
Timed Agenda
1 Hour Program – 55 Lecture Minutes
By: Martin M. Shenkman, CPA, MBA, JD, PFS
Min. Topics
0-5 – Introduction to estate planning in the current environment. Overview of Estate planning for clients living with chronic illness or who have loved ones living with chronic illness.
5-10 – Discussion of chronic illness. Illustration of variability of chronic illness using Multiple Sclerosis and Parkinson’s disease as examples, and how these differences have to be recognized in the planning process. Meeting with clients with chronic illness. Practice modifications.
10-20 – Income tax considerations and planning. Modifications to home as a medical deduction. Taxation of litigation settlements. IRC Sec. 62(a)(20) and legal fees. Impairment related business expenses. Other tax planning considerations.
20-30 – Investment planning for those living with chronic illness. Risk tolerance, time horizon, different perspectives on charitable gift annuities, impact on drafting powers of attorney and trusts. Special budget and financial planning considerations and impact on planning. General financial steps to consider and how they coordinate with legal planning and drafting. Consolidation of accounts, automatic bill paying, duplicate monthly statements, use of a independent financial monitor.
30-35 – Break
35-40 – Insurance considerations. Viatical settlements, long term care coverage. Disability policy issues and considerations, claims process, tax and accounting concepts.
40- 45 – Competency considerations. HIPAA considerations. Core estate planning documentation and how it should be modified to address those living with chronic illness. Powers of attorney. Living wills. Health care proxies. Wills.
45 – 55 Trust drafting techniques to safeguard a client living with chronic illness. Use of mandatory independent social worker evaluations. Preserving independence while maintaining a safety net with a small balanced checking account. When and how to name the client as a trustee, co-trustee or not at all. Trust drafting mechanisms to deal with the unique issues presented by different chronic illnesses.
55 – 60 Conclusion and summary.
Posted in Professional Credit Materials