Advising Your Clients on Aging: How to Plan Ahead - Part I (Update)

As attorneys, we are often consulted to assist our clients to prepare for their futures. Estate planning practitioners assist clients to prepare their advance directives and estate planning documents (i.e.: Last Wills and Testaments, Powers of Attorney, Trusts, Health Care Directives). Special considerations apply to seniors, persons with special needs, and anyone currently receiving means-tested benefits or who is likely to require benefits in the future. When advising your clients on how to plan for their future, you should be well-versed in issues impacting their ability to remain independent in the community, the costs of long-term care, government benefits, and asset protection tools.  

Part I of this two-part program, Fern Finkel of Finkel & Fernandez, LLP  will focus on Health Care Advance Directives (Health Care Proxies, HIPAA Authorizations, Living Wills, MOLST/POLST Forms, Statements of Intent to Return Home), Final Arrangement documents and best practices, Powers of Attorney with suggested modifications to consider, Testamentary Substitutes and titling of accounts, Last Wills and Testaments with suggested trusts to include, Revocable Trusts, and practical planning tips to help your clients select appropriate fiduciaries, express their wishes, and create a protective yet flexible plan. Federal and New York State Estate Taxes will be discussed, and recent and pending legislation affecting clients' retirement plans will be considered.  

Some sample forms and language choices will be provided.

Learning Objectives: 

1. Identify the health care directives every client should consider

2. Assess the financial planning options and objectives for clients and their families

3. Assist your client to maintain flexibility in their financial planning through a well-drafted Power of Attorney

4. Explain the implications of leaving bequests to elderly or special needs beneficiaries, as well as to minors or persons needing protection

5. Assist your client in understanding and titling their non-probate estate assets and distinguish when Revocable Trust is an appropriate planning tool

6. Discuss the basics of the estate tax, which is subject to change, and build in flexibility to your client's planning documents