This Sunday, April 18th, 2010. 9:00am – 1:00pm. Canyon Crest Academy in Carmel Valley: 5951 Village Center Loop Road, San Diego, CA 92130.

Admission is $2 per person (under 12 years old free). No pre-registration is required for attendees.

LinkedIn is the world’s largest professional network with over 65 million members and growing rapidly. LinkedIn connects you to your trusted contacts and helps you exchange knowledge, ideas, and opportunities with a broader network of professionals.

Within LinkedIn is a Group designed exclusively for members of The Parent Connection to network professionally. In order to be accepted to the group, you must be a current member of The Parent Connection.

Joining is as easy as 1-2-3!

1. Create a professional profile at LinkedIn.Com.
2. Search under Groups for The Parent Connection.
3. Apply for membership.

Confused? Contact me directly at daniel@TheLegacyLawyer.com or Ann Carey-Scott at anncareyscott@san.rr.com for help.

See you online!
Daniel K. Printz, Esq.

Speaker Daniel K. Printz, Esq., teaches “Estates, Wills and Trusts’ in the University of San Diego’s intensive paralegal program. He will speak on the essentials of estate planning for young families at this seminar – free for Parent Connection members and $10 for non-members.

Wednesday, January 27, 2010. 6:30 p.m. to 8:00 p.m.  Scripps Coastal Medical Center. 2176 Salk Avenue, Carlsbad, CA 92008.  South Entrance.

To register, use this link and find our seminar “Wills and Trusts” through the pull-down menu: http://www.sandiegoparent.com/TPC/event/signup.html

When: October 11, 2009
Time: 9am to 1pm
Where:
Canyon Crest Academy
5951 Village Center Loop Rd
San Diego, CA 92130

Admission: $2/person with kids under 12 free

Which brings me to today’s subject:  As a senior, what documents do I need to prepare in case I become incapacitated and can’t make my own financial or health care decisions?  Of course, everyone should have these documents, not just seniors – incapacity can strike at any age for a multitude of reasons: accident; illness, etc.

DURABLE POWER OF ATTORNEY

The Durable Power of Attorney (Probate Code §4022) is a document you can sign while you still have capacity, which will grant powers to another person (your agent) to handle your financial affairs.  We call it “Durable” because it can still be used if you become incapacitated (Probate Code §4124).  It “survives” the incapacity of the grantor of the powers.  A normal power of attorney will cease acting if you become incapacitated – that’s a built-in safeguard, since you wouldn’t be able to revoke the power yourself. 

So with a Durable Power of Attorney, someone you trust (someone you really  trust) can handle your affairs for you: pay your mortgage; file your taxes; re-finance your home; apply for disability benefits; etc.  Your agent won’t be able to take anything of yours as a gift with your your specific written authorization (Probate Code §4128).  If you pass away, the powers cease – at that time your Executor (under a Will) or Successor Trustee (under a Trust) would handle financial affairs of your estate.

Be absolutely certain that your named agent is both competent and trustworthy!  Seniors have lost their savings to unscrupulous agents – even to agents who are family members.

ADVANCE HEALTH CARE DIRECTIVE

With an Advance Health Care Directive, you name someone to make medical decisions for you if your primary care physician certifies that you can no longer make decisions for yourself.  Why would that happen?  It could be due to an injury or dementia (whether due to a chronic condition like Alzheimer’s or a temporary condition such as the result of medications).

Additionally, you can provide detailed instructions regarding medical care, including: life support treatment; convalescent care; organ donation; etc. 

Either of these documents can be revoked at any time, as long as you are still competent.   Give copies to your designated agents, doctor, nursing home, and family.  And if you’re admitted to a hospital, bring a copy of your advance health care directive with you.

If you don’t complete these documents, it may be necessary to appoint a Conservator to care for you in the future.  Consult an experienced attorney with any questions!

Let’s take a typical example: Donna and Ken (not their real names!).

Donna and Ken are both approximately 30 years of age. They have been married for four years, and are pregnant with their first child (this is second trimester planning). They own a home that’s currently underwater but expect to have equity soon as the market rebounds. All told, their combined estate has approximately $250,000 in total assets, not including life insurance.

Their primary concern, especially as the pregnancy progresses, is nominating a guardian of the person and a guardian of the estate, for their child.

I have four possible plans to offer this couple, depending on their current financial liquidity and their concerns for their child.

First, I could provide them with Simple Wills containing guardianship provisions. They leave everything to their spouse, or to their children equally at age 18 if their spouse pre-deceases them.

Second, I could provide them with the Simple Wills along with incapacity documents (advance health care directive and durable prower of attorney for property management).

Third, I could provide them with a testamentary trust: They leave everything to their spouse outright, but if their spouse predeceases them to a testamentary trust (either a pot trust or a separate share trust) until their youngest child becomes 25. This plan comes with the AHCD and DPA for no extra charge.

Fourth, I could provide a complete estate plan, including a revocable living trust, incapacity documents, funding the trust with their personal residence, etc.

Based on their ability to pay (plans range from $300 for the simple will through $2,000 for the complete estate plan for a couple under $5M) and their willingness to involve themselves in trust funding, my clients will be served to varying degrees with any of these plans.