Isn't it all about control? by helaynebarrielevy

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Slide Notes

This is not necessarily an existential question- or a spiritual one - although it can be if you want it to - but I am really asking you is why are you here today? Because I know why I'm here - and this is where we're working in synergy with one another because you are here for something - you have questions - there's something you've heard or thought or read and you want clarity, answers, info. And guess what? I am here to provide that clarity, those answers and info so you can check that off your list, if you have one.

Isn't it all about control?

Published on Nov 18, 2015

ELF PRESENTATION

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PRESENTATION OUTLINE

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what do you want to know?

I am going to give you a chance to shout out what it is that you came here to find out - and we'll be sure we address those concerns and questions. This is your forum. It's purpose is to educate and inform. But first, if you're getting a legal education, it's important to know from whom that information is coming. Briefly, I want to introduce myself and my firm. Later or sometime after today you would like more information, we have that to provide for you.

Come into our world

This is how this is going to work for today. Today for the next hour and a half, we take you into our world.... some would say it's a crazy world, at that. We have found that this works so well because it gives you a rare opportunity to shift your perspective

PERSPECTIVE SHIFT

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When it's just you going through your life, looking at our life through our own lens, and assimilating the information through our own filter with only the story that we tell ourselves, we tend to become very limited in our perspective.

So we invite you into our world to share the past experiences, the knowledge, the mistakes others have made that came before you and how you can learn from their mistakes, instead of making those mistakes and having to pay the price for those mistakes

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going from ...

OUT OF FOCUS

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TO clarity

Rules vs. Myths
Family goals + Rules = Plan to accomplish

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I am going to make you 3 promises and in exchange for that, I am going to ask for 1 promise in return... from you.

I promise you these 3 things:
1. you're going to learn a lot
2. You're going to have fun
3. Time is going to fly by

I only ask for 1 thing in return:
FILL OUT THE EVALUATION FORM SO WE KNOW IF THIS WAS A GOOD USE OF YOUR AND OUR TIME.

The Elder law firm of Andrew olsen

Offices in Brunswick and New Hanover Counties

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Helayne levy

Mate, mother of two 11 & 9, daughter, sibling
Attorney and Counselor at Law
Advanced Master of Laws degree (LL.M.) in Elder Law
Accredited Attorney by the Veterans Administration
Licensed in NY and NC

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LISA SALINES MONDELLO

Wife, mother of two ages 13& 9, daughter,
sibling
Advanced Master of Laws Degree in Taxation
Licensed in MA and NC
Accredited Attorney by the Veterans Administration

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Andrew olsen

Husband, father of 2
Certified Elder Law Attorney by NELF
Veterans Administration Accredited Attorney

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Aileen wu viorel

Wife, mother to 3 (ages
Daughter and sibling
Civil litigation, Breach of Fiduciary Duty
Licensed in

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our teammembers

Laurie Ferraria, Client Services Coordinator
Aimee Lalonde, Paralegal
Vanita Young, Paralegal
Stephanie Moody, Legal Assistant
Janet Linger, Receptionist

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our teammembers

Sharon LuQuire, Geriatric Care Manager
Susan Fryt, Certified Senior Advisor
Joyce Edwards, Community Liaison

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If only it were this simple - for those that have decided not to die... you think that none of this will apply to you. The stunning thing about living today is that we don't just live and die any more. With all the advances in science and technology, we are being prolonged ... physically but not so much mentally. We are making strides in that area - scientists and researchers are discovering drugs /interventions that will slow down the progression of cognitive decline but will not stop it. that's all well and good but today,

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what do you want to know?

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Estate Planning

I begin here because we find people wonder if they even need an estate plan - do I have to have some kind of estate or level of net worth to even consider having an estate plan. And really, estate planning is only this: it's a set of written instructions that you lay out while you're alive and well of what you want to happen when you are not able to do it for yourself. And when would that be? When you're :
Dead
Mentally incapacitated

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Isn't it all about control?

I want control of my stuff while I am alive and well
I want to plan for myself and my loved ones if I become disabled
Give what I have to whom I want, when I want, the way I want
When I die, my stuff goes to the people I love
Without unnecessary costs or delay

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Before you run out of here, kindly fill out the evaluation forms.

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revocable living trust

RLT

Open box because you can put stuff in, take things out, amend it, change it, terminate it but it holds all of your things neatly. I analogize a trust to a little red wagon that I had as a kid, and that I bought at Tomlinson's for my kids when that was their thing...
When we were little, we put things in, took things out, whatever we wanted and we had the handle when we wanted to pull it and when we didn't we could give that handle to someone else for them to pull around. And in that handle are instructions so whoever is pulling it knows what to do with what is in the wagon. Each asset you have is a box. Neatly stored in the wagon. If we didn't have the wagon, if we slipped and fell, instead of all our boxes falling all around us, they are still in the wagon and now someone else has the handle, the instructions.

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will or trust

WHICH???

We all know what a will is.

How many of you have a will.

OK, here's my question - which is better? A Will or trust

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will or trust

Which???

let's say for purposes of my example - to illustrate my point - let's say you have a will and a trust and THEY ARE THE BEST - ALL THE BELLS AND WHISTLES - YOU PAID MONEY FOR THEM AND THEY ARE AWESOME!

WHICH WORKS?

NEITHER.

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how do you own your stuff

I will explain but first I have to know how you own all your stuff? How are your assets titled?

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Let's say this is you and your spouse or partner...
Oh.... wait a minute.... this is what I meant for that....

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Ok so here you both are - your spouse or partner

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HOW IS IT TITLED?

POD (US Savings Bonds)
TOD (Brokerage)
ITF (Banks)
Designated Beneficiary (IRA, 401K, insurance, annuity)

Review each title holding

You own your account jointly and one of you dies, what happens to the account?

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will or trust

Which???

What role did that awesome will or trust play in this whole thing?

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This is you and your adult child... I'm not sure what the gesture means but we'll assume she's being asked for money and she's saying "enough if enough" - with a smile.

Let's say you own your account jointly with your son. Your will says everything goes to your spouse? Who gets the money when you die? It doesn't matter what your will or trust say - it goes to your son when you die. So which do you need? Neither because they don't work... but I wouldn't leave you with that

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will or trust

Which???

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How's this going to go?

If you're like most of our other clients, you have an "in-town kid" and 2 "out-of-town kids". Who you gonna name on the joint account? The in town kid What about the other kids? Does the in-town kid have to share with the others? Legally, no. Will he? Maybe, maybe not.

So some of you may be saying - I'll take my chances - this sounds like a plan - and I don't have to pay an attorney....I can just do it through designated beneficiary forms and avoid probate and trusts and wills. And that may work but I'd have to know how you died first.

LET'S GET WILD AND CRAZY - own account jointly with son; you are a widow or widower. Car accident while mom and son in car. Mom dies; son in coma. Who gets the joint account? Son. What can he do with it? Nothing. Coma. Who is his POA??

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Daughter in law (and this is what she does behind your back).

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Daughter in law (and this is what she does behind your back).

What is another way you can own your stuff? We discussed POD, TOD, ITF, designated beneficiary but what is another way you can own stuff

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In your own name.

So you own a car. how do you know you own it? it's in your own name. How do you sell that car if you want to?

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IRREVOCABLE

TRUST

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life is bound to

HAPPEN

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capacity

I have a lot to say about this concept of capacity.
Capacity relates to cognition - the ability to make decisions for yourself. Most of us will experience mild to moderate cognitive impairment as we get older.
Legal capacity is not medical capacity

Thresholds

The importance of the DPOA for "responsible party"

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PEOPLE COME INTO US IN 1 OF 2 WAYS:
PROPER PLANNING AND THOSE WITH LESS THAN PROPER PLANNING

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core belief

Series of Good Decisions
Made with Understanding and Intention
Not Bravado
Make for Great Results

What are great results? All agree that great results are 1) those that we wanted and 2) ones that we had a chance to plan for while we were alive and well and in control. Also known as vertical planning vs. horizontal planning - when we are in crisis - we cannot process information in the same way, fewer options, confused and yet decisions have to be made.

People come to us in 1 of 2 ways:
Those with proper planning and those with less than proper planning. Those will proper planning fare far better than those that don't have proper planning.

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We got results we wanted because we had a chance to plan for them with a series of good decisions made with understanding and intention, not bravado - this is by definition a plan - a winning strategy - it is the sum of all its parts

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If you can say to yourself, in the event that x happens, this is:
1- what will happen
2- this is who will be control
3- this is who will benefit
4- this is when

When Y Happens, this is:
1-what will happen
2-this is who will be in control
3-this is who will benefit
4- this is when
That is Plan A/Plan B planning - We can face challenges as they come... with confidence. We have a plan.

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lawyers with a purpose

OUR CORE BELIEF

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When we plan from a horizontal position - lying in a hospital room or a rehab facility, this is the most difficult time and it's virtually impossible to make decisions with understanding and intention.

Analysis paralysis
Capacity issues

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I HOPE IT ALL WORKS OUT

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=SUCCESS

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JUST HAVIG THE DOCUMENTS IS NOT ENOUGH. STORY ABOUT UNFUNDED TRUST
-PERSONAL RESPONSIBILITY

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UNDER AGE BEN
SPENDER OR SAVER
CREDITORS
PREDATORS
DIVORCE
JUDGEMENT

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Come into our world

If you so choose, this is the 1st part of the process

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together

We go into yours...

The next thing you can expect is that we have what we call our Vision Meeting where we go into your world -
WE TAKE A HOLISTIC APPROACH BECAUSE WE'RE DEALING WITH YOU, A PERSON, WITH A LIFE, A PAST, A PRESENT, AND A FUTURE.
THERE IS AN ANALYTICAL SIDE TO WHAT WE DO AND THERE IS AN INTUITIVE SIDE. ANALYTICAL - THE PLAN -PRESERVING ASSETS TO FUND AND ENHANCE THE DURATION AND LEVEL OF YOUR LONG TERM LIVING AND CARE;
HUGE INTUITIVE PART -THE HUMAN SIDE TO THE STRATEGY - WHAT ARE YOUR PERSONAL NEEDS - YOUR ENVIRONMENTAL ASPECTS TO WHO YOU ARE.

WHAT ARE YOUR NEEDS, WHAT ARE YOUR WANTS - ARE THEY THE SAME; CAN THEY BE?
HOW DO YOU TAKE IN AND DIGEST INFORMATION
WHO ARE THE MEMBERS OF YOUR SUPPORT SYSTEM AND WHAT ROLES DO THEY PLAY- HOW DO WE OPTIMIZE THOSE ROLES IF WE WANT TO -
OFTEN TIMES,
Then there is a 3rd meeting called a design meeting where we design a plan that works for you and put it into place for you. it's done, you know it's done and you go on living out your lives until we come together again.

Our clients who want to stay in touch sign up for our newsletters, updates, and we're there when a change is needed or something happens.

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Personal responsibility

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resident rights

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nursing home reform law

Applies to every facility certified for Medicare /Medicaid
Applies regardless of resident's payment source
Individualized Care
Requires high quality care for all residents
No discrimination by facility on basis of payment source

Codified in US Code and in Federal Regulation.
Facility must provide services that resident needs to attain or maintain the highest practicable physical, mental or psychosocial well-being.

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nursing home reform law

Resident/Patient's involvement in Plan of Care
Individual Needs and Preferences
Right to choose consistent with interests
Facility must provide all necessary care
Right to be free from "physical and chemical restraint"

Resident and resident's rep's participation in preparation of care plan

assessments done within 14 days
Care Plan completed within 7 days of assessment
Care Plan must identify:
Problems
Goals
Strategies

Ind Needs/Preferences: resident has right to reside and receive services with reasonable accommodation of individual needs and preferences

Resident has right to choose activities, schedules and health care consistent with interests, assessments and plans of care

All necessary care : expense of care not an excuse; facility does not give refunds for residents with lighter care needs

Restraints imposed for purposes of discipline or convenience (client getting out of wheelchair who was susceptible to frequent falls

Use of restraints requires physicians order AND informed consent by resident or representative

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nursing home reform law

Immediate family/other relatives visit at any time
24 hour access to other non relatives with consent
"Responsible Party" ILLEGAL AND UNENFORCABLE

Visitation: Surveyors Guidelines: 24 hour access for non-relative visitors with consent of resident

Responsible party: Reform law prohibits facilities from requiring financial guarantees
Family members deceived by the term "responsible party

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