Posts Tagged ‘trusts’

Are you prepared for the call in the middle of the night?

As women, we are often expected to fill multiple roles: loving mother, career woman, supportive wife or partner and for many, a new role – that of a caregiver to aging parents or disabled loved ones.

For the last 25 years, I have helped clients create financial plans for their “golden years” and address issues of aging and remaining independent.

We all dread the idea of that “call in the night” – the one that means we must step into the “Designated Daughter” role, manage our parent’s or loved one’s lives and make tough decisions about their care, finances and welfare. But for many of us, that call will come, and it pays to have everything in place in advance.

I still remember when I got the phone call that my step father had fallen and was in the hospital at 86.  It was a blessing in disguise because we found out he had lung cancer and were able to sell his home and have a new home waiting for him and my mother in a retirement community where they could get more care.

During his last week with us, my step-father called me his miracle worker while he was in Hospice lying on his hospital bed in the middle of the living room.  You see, my mother was diagnosed with Dementia during the last month of his illness and because of the financial and estate planning we did 15 years before, not only did my mother have nothing to worry about financially, but his estate would be protected for his children after my mother’s death.  I am so grateful they were open to planning when options were plentiful and affordable.  You can do this same type of planning.  It’s a beautiful thing.

Here are five steps that you can take now to get prepared:

Step 1 – Get Organized

Before attempting to discuss financial, tax and estate planning issues with your loved ones, be sure to sit down with a financial adviser and get your own life plan in order.

Step 2 – Initiate “The Discovery Conversation” with Your Loved Ones

One way to initiate this conversation is to ask them what they would do if something happened to you. Do they know the names and contact information of your advisors? Do they know your doctors? Do they know where to find documents such as your will, or medical forms? This may help lead the conversation into what your role would be for them. Are you needed as a caregiver, a trustee, or a personal representative? Who else might be involved? Knowing this up front will help you plan for your own future.

Step 3 – Start Planning as Early as Possible

Don’t wait until the unexpected happens. It’s never too early to start planning for the unexpected. Meeting with an attorney, financial planner and insurance agent to create the proper planning may be all it takes to make sure your needs are met. Planning early when your have the most options makes sense – being proactive rather than reactive.

Step 4 – Consider Purchasing Long Term Care Insurance

Start the conversation when your parents or loved ones are young and healthy and then suggest that they apply for long term care insurance as early as possible. We are living much longer and the need for healthcare and related services is exploding. In fact, seriously consider purchasing your own policy now while you are still healthy and the premiums are affordable!

Step 5 – Create a Team of Trusted Advisors

This is not the time for-do-it-yourself-planning. Find a “key adviser” who is an elder-care expert and have them manage the team with you based on your loved ones goals, values and objectives. The final product should enable your loved ones to maintain their dignity, lifestyle and assets. It should also meet the needs of the caregiver. The end result: everyone involved should be able to sleep better at night knowing all concerns have been addressed and that a team and a plan is in place to meet the unexpected.

———————————————————

We have a wonderful event taking place that will help start this process.  It’s appropriately titled:

“Caring for your aging parents:

How to prepare for the call in the night.”  

Please visit http://www.designateddaughter.com/events/ for more information and to register for the event.
The live panel discussion is April 18th and Registration Ends on Tuesday, April 10th – so save your spot now!

A couple weeks ago, I wrote how  Katherine Jackson had a surprising “change of heart” by dropping her challenge to the executors for Michael’s estate.  In fact, her husband Joe Jackson was shocked — his lawyer called the move “despicable”.  Well, if this exclusive report from the United Kingdom website News of the World is accurate, we now know why Katherine did so. According to this report (which has been picked up by MSN Entertainment along with other websites), Katherine made the deal because the executors, John Branca and John McClain, had agreed to add a trusted family member as a third executor.  And, even better, this new executor would have veto power over decisions of Branca and McClain.  So who is the trusted family member?  Taj — Tariano Adaryll Jackson, Michael’s 36-year old nephew and Tito Jackson’s son.  He is reportedly very close to Michael’s children and mother, and was Michael’s favorite nephew.  He’ll be able to give the family a voice

Read more here at Original Post:
New Michael Jackson Estate Deal Reported

The new book “Trial & Heirs: Famous Fortune Fights!” is now shipping! Loading Quotes…

Read more here at Original Post:
Now Available!

Glenn E. “Bo” Schembechler, Jr., is one of the most respected names in the history of college football.  And, no, I’m not saying that just because I graduated from the University of Michigan (twice).  He built one of the most successful football programs around, and it excelled for decades. Coach Bo died of heart disease on November 17, 2006, at age 77.  He was survived by his second wife, Kathryn, his son, Glenn III, and two children of his beloved first wife, Millie, whom Bo had adopted (a third adopted son died before him).

Read more here at Original Post:
Bo Schembechlers son sues his stepmom over trust

The Michael Jackson Estate has been the subject of regular court hearings as Katherine Jackson battled for control over the last several months.  She routinely objected to the decisions of the co-executors John Branca and John McClain.  Recently, she hired a new attorney with the promise of taking the case in a new direction, as I discussed in this recent article about the Michael Jackson case . Her case took a new direction, all right.  She decided to drop her claim.  That’s right, she stopped fighting and agreed to let the executors run the show without her. Surprised?  I was.  And I was far from the only one.  Here’s what a lawyer in the case said about Katherine Jackson’s change of heart, according to CNN: “She has now reneged on her obligation to her family.”  This same lawyer then said that it was “one of the most despicable displays” he’d ever seen in court.  He even accused Katherine of colluding with the estate executors in a “secret deal”

Read more here at Original Post:
Katherine Jacksons shocking change of heart

As I described in this article from February 2009 , the trustees of the Leona Helmsley charitable trust asked the probate court in New York for permission to donate primarily to charities that helped people rather than dogs, despite some language in the trust that suggested she wanted her billions to benefits animal charities.  Specifically, the trust had a Mission Statement that included, as its first purpose “the provision of the care for dogs”.  But it also gave the trustees discretion to benefit charities as they saw fit.  This is a very important decisions for many charities (not to mention the people or animals they help) because we’re talking about several billion dollars.  This August, several different animal charities, including the Humane Society and American Society for Prevention of Cruelty to Animals, launched a legal challenge to the judge’s ruling to force the trustees to support animal charities.  Reportedly, the trustees so far have donated very little to help dogs. There was a big question whether these charities even had proper “standing” to bring this action (meaning whether or not they had the legal ability to challenge the judge’s ruling even though they were not named beneficiaries).  So far, their challenge has been allowed to proceed.

Read more here at Original Post:
Leona Helmsley charity battle rages on

The Michael Jackson probate dispute between his mother and his two executors has been active since it started this summer.  But it looks like it’s about to really get heated up. For starters, Katherine Jackson, Michael’s mother and a primary beneficiary (along with his children and unnamed charities), has been challenging decisions made by co-executors John Branca and John McClain on a regular basis.  She had asked for, and received, permission from the judge to allow her to challenge them based on conflict of interest and undue influence without jeopardizing her rights as a beneficiary under the “no contest clause” of Jackson’s will and trust

Read more here at Original Post:
New evidence coming in the Michael Jackson Estate case