Overview
Chronic illness affects nearly 120 million Americans. How can professional advisers better serve and advise clients living with chronic illness and their loved ones? In many situations modest changes to traditional planning tools and drafting conventions can provide tremendously improved protection and peace of mind for clients living with chronic illness. This OnDemand Webinar will provide a sophisticated but practical overview of how each phase of planning and drafting for the entire advisory team is affected. Misconceptions and myths will be debunked. Concepts ranging from cognitive issues, physical disabilities, budgeting and investment planning will all be reviewed. Creative chartable planning techniques will be discussed.
Authors
Martin M. Shenkman, CPA, M.B.A., J.D., Martin M. Shenkman, P.C.
Self Study Credit - OnDemand Webinar
| CLE | 1.5 | AK, AL, AZ, CA, DE, GA, HI, ID, IL, LA, MS, MT, NC, ND, NE, NM, NY, OH, OR, PA, UT, VA, VT, WI, WY | |
| CLE | 1.53 | NH, TN | |
| CLE | 1.75 | WA | |
| CLE | 1.8 | MO, NJ, WV | |
| CLE | 2 | CO, OK | Ethics 0 |
Self Study Credit - CD & Reference Manual
| CLE | 1.5 | AK, AZ, CA, GA, HI, ME, MT, ND, NM, NV, NY, OR, TX, UT, VT, WA | |
| CLE | 1.8 | MO, NJ, WV | |
| CLE | 2 | CO | |
Self Study Credit - Podcast
| CLE | 1.5 | AK, CA, ME, MT, ND, NM, NV, TX | |
| CLE | 1.8 | MO, WV | |
Agenda
Overview
- Topic Is Serious and Important
- Introduction 125M Americans Chronic Illness - 22% 2+ Different Illnesses
- Small Tweaks to Planning - Huge Positive Impact on Clients
- Small Tweaks to Practice Make It Much Easier for the Client Living With Chronic Illness
- Tremendous Variation - Each Disease Is Different; Each Client's Experience With Even the Same Disease Is Different - No Generalizations
Case Studies/Discussions of How Several Chronic Illnesses Affect Planning
- Impact of MS as a Case Study of Chronic Illness
- Common Symptoms MS
- Cognitive Issues and MS
- Other Comments
- Additional Materials on Competency
Estate Planning Documents - Modifications for Chronic Illness
- Power of Attorney
- Living Will and Health Proxy Changes
- Additional Drafting Considerations Generally - Specific Language We Might Suggest Be Included in Documents
- Increased Importance of Revocable Trusts in the Estate Plans of People as They Live Longer and Face Complex Medical Problems
- Client as Co-Trustee or Initial Sole Trustee - Varies Based on Illness
- Choices in Housing Decisions
- Flexibility in Paying for Experimental Medical Treatments in a Trust Document
- How to Deal With Medical Decisions of Beneficiaries as Well as Co-Trustees
Tailoring Charitable Giving to MS Client
- Revocable Trust - Power to Make Charitable Gifts and Buy CGAs
- CRT
- Illustrative CLT for Chronically Ill Child
Investment Considerations
