"Legal Plans For Your Successful Retirement" May 18th Class Notes
The * Answer Key * class notes from May 18th Legal Planning For Your Successful Retirement
There is a connection between estate planning and successful retirement
Positive person – positive, successful people plan ahead
Make plans while you are able
Exercise your independence and self-determination while you can;
Then, when you no longer have immediate control, the people you have chosen carry out the plans you already made. That’s the key. To me, that’s still self-determination.
If you enjoy planning and being prepared (preppers) and it makes you feel in control, then spend time reading and making your own plans.
If you do not enjoy thinking about your demise and departure from this earth, don’t sweat it. But don’t hide, either. Do the smart thing: hire a professional. It’s not that expensivMy story
2. Bill Lamb's Story - If you are interested, check out the “About Us” on the elder law of Chelsea website.
Situations to Avoid
[I apologize. The numbering does not match your printed sheet.]
1. You get in auto accident and are in a PVS (persistent vegetative state). You wouldn’t want to be on respirator and dialysis. There is disagreement in your family about what your wishes are. The hospital and medical staff, who don’t know you, are reluctant to remove life support.
This happened in the area recently.The stories of certain people, whose names you may know, are tragic and have made law in the United States. Karen Ann Quinlan, Nancy Cruzan, Terri Schiavo, and Marlise Munoz are among them.
2. Isolating yourself. People who isolate themselves tend to suffer declines.
3. You get poor nutrition and grow weaker; your health and strength declines; you have no plans if you are ill.
4.You live alone. You are widowed and don’t have children. You are not particularly close to your relatives and they do not know what you would want if you took sick and couldn’t tell them. You fall in the snow and are not found for hours. You spend a week in the hospital, in and out of consciousness. Then, a man who nobody in the family knows shows up with a power of attorney – signed by you – saying he is your friend and former financial advisor and he says he will take charge of your care now.
5. A bed opens up at a good skilled nursing facility. You are in the hospital, can’t move or communicate, and before you can respond, the bed is taken by someone else. You go back on the long waiting list.
6. You get discharged from hospital to LTC (long-term-care) facility for rehab; get cut off for lack of progress; no caregivers; you need to stay and private pay.
7. You are on the vacation of a lifetime in Boola-Boola, wearing a grass skirt and sipping fruity drinks from coconut shells. You win a contest but need to sign an acceptance within 24 hours to collect your prize. There are no flights from Boola-Boola International to DTW for 3 days.
8. Having a loving committed relationship but you are not married and have no written estate plans.
9. You die suddenly. (This was not on the student list) The potential mess that is left behind can be enormous and overwhelming for your loved ones.
10. The big key: avoid having to plan in a crisis.
A Good Estate Plan: The Documents You Need
Will takes effect when you die; distributes your possessions
Trust created when you are alive; rule book; can go long after you are gone
Durable Power of Attorney for Finances
Allows you to name another person to act for you if cannot (sign checks, pay bills, sign you into a rehab. facility)
Durable Power of Attorney – Health Care
goes by many names in different parts of the country: an advanced directive, patient advocate designation, living will (although that’s not quite the same)
allows you to name an advocate to speak for you when you can’t
allows you to state, formally and in writing, what medical treatments you would want and what treatments you would not want
Life Care Plan – See the Elder Law of Chelsea website.
New Laws in Michigan
Digital assets (passed April 2016)
Funeral representative designation (passed April 2016)
Beware of annuity and life insurance as you approach retirement age.
Are the factors that caused you to buy insurance still in play?
Long-Term Care Insurance – good if you can get it. Ask about LTCI at work.
Independent living $2000 / month and up
Assisted living $5,000 per month
$6,450 / month for a bed at a memory care facility
$10,600 / month for a private room at a skilled nursing facility
Consider eating and exercise with the goal of brain and body health and preservation (not necessarily weight loss or appearance).
Charlie Taylor and Bill Lamb are presenting a class through ALI (adult learners institute) in Fall 2016. In sum, Charlie, a Ph.D. pharmaceutical research scientist, says there is no cure for dementia on near horizon.
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Look for an ALI class with Charlie Taylor and me on brain health and legal issues surrounding the aging brain (Fall 2016).
Call us at ELoC if you would like to schedule an appointment to review your plans or make some. Please do call Bill Lamb if you have questions.