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NYPL SIBL Presentation: Provide & Protect - Understanding How Life Planning Documents Impact Your Life

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Kenya White

NYPL SIBL hosted a Financial Day in conjunction with Financial Planning Week on October 6th. A discussion about Financial Planning would be incomplete without a conversation about legacy planning. Documents (such as a Will, Health Care Proxy or Living Will) identify, memorialize and protect your legacy are especially important during a recession. When cash flow is limited and disability or death strikes, a legacy plan assures that your loved ones can handle the expenses. The worst experience is when a family member is overwhelmed by the unexpected because there was not enough liquidity to pay for an illness or a burial."

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PROTECT & PROVIDEUnderstanding How Life Planning Documents Impact Your LifePLEASE BE ADVISED THAT THE CONTENTS OF THIS PRESENTATION DOES NOT CONSTITUTE LEGAL ADVIC E. THIS IS AN EDUCATIONAL PRESENTATION.FOR ADDITIONAL INFORMATION, PLEASE CONTACT AN ATTORNEY FOR LEGAL ADVICE.
Life Planning DocumentsAdvanced Directives:Health Care ProxyLiving WillPower of AttorneyLast Will & TestamentOthers: Life Insurance, Employee Benefits etc.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Health Care Proxy (NYS)Definition: a legal written document that appoints an agent to make health care decisions for you when or if you are unable to make such decisions for yourselfAdditional requirements: you must be competent, you must sign and date it in the presence of two adults; your agent can not act as a witness; neither an operator, administrator or employee of a hospital can be an agent; a physician can only be an agent if s/he is not the attending physician.A Health Care Proxy is not:LW&T; POA: Does not instruct your doctor about treatments you will accept or decline.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Health Care Proxy (NYS)What are some of the items included in your Health Care Proxy?The name and address of your agentThe name and address of an alternate agent (optional)Specific wishes, instructions or limitationsDate or circumstances of revocationAppointment of your agent as your HIPAA Personal Representative (they can have access to your medical records)Organ and/or Tissue DonationIt is effective when it is signed, witnessed and given to your primary care physician.It terminates when you: (1) replace it, (2) alert your physician, (3) set a revocation date or circumstances or (4) death.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Living Will (NYS)Definition: a legal written document that directs your physician and medical institution about which treatments you desire or decline, if you are permanently unable to make medical decisions for yourself. Additional Requirements: you must be competent; you must sign and date it in the presence of two adults.A Living Will is not:LW&T; POA: Does not designate the person who you want to make decisions for you.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Living Will (NYS)What are some of the items included in your Living Will?Whether to accept or decline cardiac resuscitation;Whether to accept or decline mechanical respiration;Whether to accept or decline artificial nutrition or hydration (feeding tubes)Whether to accept or decline antibioticsWhether to accept or decline maximum pain relief, even if it hastens your deathAny other instructions, i.e. no hospitalization, no dialysisIt is effective when you it is signed, witnessed and given to your primary care physician.It terminates when you: (1) prepare a written revocation, (2) clearly alert your physician of your intentions, (3) replace it or (4) death.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Power of Attorney (NYS)Definition: a legal written document authorizing someone known as an agent to make financial decisions on your behalf. Under the Power, you, the principal, allow your agent to act on your behalf until you revoke the current Power in writing.Additional requirements (as per 9/2009): executing one POA does not automatically revoke any previous ones; if you want your agent to make any gifts for you greater than $500, the Supplemental Gifts Rider must be signed, notarized and witnessed; The POA is not effective until the principal’s signature is notarized and the agent’s signature is notarized.A Power of Attorney is not:A Health Care Proxy, A Living Will or Last Will & TestamentKenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Power of Attorney (NYS)What are some of the items included in your Power of Attorney?You can designate >1 person as agentYou can designate a successor agentGrant of the authority to handle transactions related to real estate, goods, commodities, banking, business operations, insurance, estate, claims/litigation, personal/family maintenance, government benefits, health care billing, retirement benefits, tax matters, all other matters and my agent can delegate any of the above to someone else.Your agent can make gifts >$500 (if a SGR is signed, notarized and witnessed)You can designate a monitor to oversee your agent by requesting records of all transactionsYou can reimburse your agent for expenses and compensate them for services rendered.An explanation of the legal responsibility of the Agent including: (1) act in best interest of principal, (2) avoid conflicts, (3) keep the principal’s property separate from your own, (4) keep records of all transactions conducted on behalf of principal and (5) disclose your identity as agent when acting the agent (Kenya White, by James Emmanuel, as Agent)Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Last Will & Testament (NYS)Definition: a written legal declaration by a person, which instructs others how to dispose of or distribute material and non-material assets and possessions. Additional requirements: you must be 18 or older, of sound mind and memory, able to dispossess of your real or personal property, it must be signed at the end by you or your agent before two witnesses; none of the witnesses can stand to benefit from the execution of the Will.These are not Last Wills & Testaments: Life Insurance policy, Health care proxy, living will, trust, letter regarding your wishes, oral conversations with a family member or confidanteKenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
Last Will & Testament (NYS)What are some of the items included in your Will?Revocation of all previous willsWishes regarding burialsSpecific bequests of personal or real propertyGeneral bequests of cash sumsResiduary bequestsAppointment/Powers of Guardians & SuccessorsAppointment/Powers of Executors & SuccessorsAppointment/Powers of Trustees & SuccessorsCreation of Testamentary TrustsCharitable bequestsOther final messagesIt must be executed during your lifetime but it is effective only upon your death.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
A Case for HCP /LW: AnthonyAnthony92 years oldLives in a nursing home in Upper ManhattanDr. Patel has treated him for over 4 years for dementia,hyperthyroidism and terminal cancer.With out medical intervention, he will certainly loss his fight in 6 months or less.Recent events: Because of his dementia, his judgment is impaired.He has refused minor procedures such as blood samples.He has stopped eating and has not been communicative.A decision has to be made as to whether to insert a feeding tube.Anthony has no Health Care Proxy. Anthony has no Living Will.Without a Living Will or Health Care Proxy, Anthony’s life is left in the hands of 3 strangers: Dr. Patel, the court-appointed guardian and the medical director of the nursing home.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
A Case for POA: FernandoMr. & Mrs. Santos had been married over 60 years.They had one sonFernando is 84 years oldWhen Fernando suffered a stroke, Mrs. Santoshandled the financesNeed Agent to pay rent, light, gas, telephone and avoid eviction.Recent events: Fernando lost the love of his lifeHe could not cash his pension checksHis landlord started an eviction proceeding against him.Fernando had no Agent to make handle his personal financial matters.Without a Power of Attorney, Fernando would have not been able to simply cash pension checks he had spent more than 50 years earning.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
A Case for LW&T: PhilmourPhilmour39 years oldLives in a residence in BrooklynFather of 3 minor childrenOwned a pharmacyOwned a co-op apartment and a buildingRecent events: His family suffered his loss in 2009. The mother of two of his children petitioned to handle his estate.The mother of his other minor child objected to the petition.Who would collect, marshal and entrust the assets for his minor children?Philmour had no Last Will & Testament. In this case, the court appointed the Public Administrator, a stranger to Philmour, appointed by the court.When there is no Last Will & Testament, the laws of intestate succession define who the heirs are, and since Philmour had no spouse, his minor children were entitled to the entire estate. Will the PA invest and grow those assest for the children?Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
PLEASE BE ADVISED THAT THE CONTENTS OF THIS PRESENTATION DOES NOT CONSTITUTE LEGAL ADVIC E. THIS IS AN EDUCATIONAL PRESENTATION.FOR ADDITIONAL INFORMATION, PLEASE CONTACT AN ATTORNEY FOR LEGAL ADVICE.PROTECT & PROVIDELife Planning Documents Impact Your Life:Protect Your Assets

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NYPL SIBL Presentation: Provide & Protect - Understanding How Life Planning Documents Impact Your Life

  • 1. PROTECT & PROVIDEUnderstanding How Life Planning Documents Impact Your LifePLEASE BE ADVISED THAT THE CONTENTS OF THIS PRESENTATION DOES NOT CONSTITUTE LEGAL ADVIC E. THIS IS AN EDUCATIONAL PRESENTATION.FOR ADDITIONAL INFORMATION, PLEASE CONTACT AN ATTORNEY FOR LEGAL ADVICE.
  • 2. Life Planning DocumentsAdvanced Directives:Health Care ProxyLiving WillPower of AttorneyLast Will & TestamentOthers: Life Insurance, Employee Benefits etc.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 3. Health Care Proxy (NYS)Definition: a legal written document that appoints an agent to make health care decisions for you when or if you are unable to make such decisions for yourselfAdditional requirements: you must be competent, you must sign and date it in the presence of two adults; your agent can not act as a witness; neither an operator, administrator or employee of a hospital can be an agent; a physician can only be an agent if s/he is not the attending physician.A Health Care Proxy is not:LW&T; POA: Does not instruct your doctor about treatments you will accept or decline.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 4. Health Care Proxy (NYS)What are some of the items included in your Health Care Proxy?The name and address of your agentThe name and address of an alternate agent (optional)Specific wishes, instructions or limitationsDate or circumstances of revocationAppointment of your agent as your HIPAA Personal Representative (they can have access to your medical records)Organ and/or Tissue DonationIt is effective when it is signed, witnessed and given to your primary care physician.It terminates when you: (1) replace it, (2) alert your physician, (3) set a revocation date or circumstances or (4) death.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 5. Living Will (NYS)Definition: a legal written document that directs your physician and medical institution about which treatments you desire or decline, if you are permanently unable to make medical decisions for yourself. Additional Requirements: you must be competent; you must sign and date it in the presence of two adults.A Living Will is not:LW&T; POA: Does not designate the person who you want to make decisions for you.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 6. Living Will (NYS)What are some of the items included in your Living Will?Whether to accept or decline cardiac resuscitation;Whether to accept or decline mechanical respiration;Whether to accept or decline artificial nutrition or hydration (feeding tubes)Whether to accept or decline antibioticsWhether to accept or decline maximum pain relief, even if it hastens your deathAny other instructions, i.e. no hospitalization, no dialysisIt is effective when you it is signed, witnessed and given to your primary care physician.It terminates when you: (1) prepare a written revocation, (2) clearly alert your physician of your intentions, (3) replace it or (4) death.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 7. Power of Attorney (NYS)Definition: a legal written document authorizing someone known as an agent to make financial decisions on your behalf. Under the Power, you, the principal, allow your agent to act on your behalf until you revoke the current Power in writing.Additional requirements (as per 9/2009): executing one POA does not automatically revoke any previous ones; if you want your agent to make any gifts for you greater than $500, the Supplemental Gifts Rider must be signed, notarized and witnessed; The POA is not effective until the principal’s signature is notarized and the agent’s signature is notarized.A Power of Attorney is not:A Health Care Proxy, A Living Will or Last Will & TestamentKenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 8. Power of Attorney (NYS)What are some of the items included in your Power of Attorney?You can designate >1 person as agentYou can designate a successor agentGrant of the authority to handle transactions related to real estate, goods, commodities, banking, business operations, insurance, estate, claims/litigation, personal/family maintenance, government benefits, health care billing, retirement benefits, tax matters, all other matters and my agent can delegate any of the above to someone else.Your agent can make gifts >$500 (if a SGR is signed, notarized and witnessed)You can designate a monitor to oversee your agent by requesting records of all transactionsYou can reimburse your agent for expenses and compensate them for services rendered.An explanation of the legal responsibility of the Agent including: (1) act in best interest of principal, (2) avoid conflicts, (3) keep the principal’s property separate from your own, (4) keep records of all transactions conducted on behalf of principal and (5) disclose your identity as agent when acting the agent (Kenya White, by James Emmanuel, as Agent)Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 9. Last Will & Testament (NYS)Definition: a written legal declaration by a person, which instructs others how to dispose of or distribute material and non-material assets and possessions. Additional requirements: you must be 18 or older, of sound mind and memory, able to dispossess of your real or personal property, it must be signed at the end by you or your agent before two witnesses; none of the witnesses can stand to benefit from the execution of the Will.These are not Last Wills & Testaments: Life Insurance policy, Health care proxy, living will, trust, letter regarding your wishes, oral conversations with a family member or confidanteKenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 10. Last Will & Testament (NYS)What are some of the items included in your Will?Revocation of all previous willsWishes regarding burialsSpecific bequests of personal or real propertyGeneral bequests of cash sumsResiduary bequestsAppointment/Powers of Guardians & SuccessorsAppointment/Powers of Executors & SuccessorsAppointment/Powers of Trustees & SuccessorsCreation of Testamentary TrustsCharitable bequestsOther final messagesIt must be executed during your lifetime but it is effective only upon your death.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 11. A Case for HCP /LW: AnthonyAnthony92 years oldLives in a nursing home in Upper ManhattanDr. Patel has treated him for over 4 years for dementia,hyperthyroidism and terminal cancer.With out medical intervention, he will certainly loss his fight in 6 months or less.Recent events: Because of his dementia, his judgment is impaired.He has refused minor procedures such as blood samples.He has stopped eating and has not been communicative.A decision has to be made as to whether to insert a feeding tube.Anthony has no Health Care Proxy. Anthony has no Living Will.Without a Living Will or Health Care Proxy, Anthony’s life is left in the hands of 3 strangers: Dr. Patel, the court-appointed guardian and the medical director of the nursing home.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 12. A Case for POA: FernandoMr. & Mrs. Santos had been married over 60 years.They had one sonFernando is 84 years oldWhen Fernando suffered a stroke, Mrs. Santoshandled the financesNeed Agent to pay rent, light, gas, telephone and avoid eviction.Recent events: Fernando lost the love of his lifeHe could not cash his pension checksHis landlord started an eviction proceeding against him.Fernando had no Agent to make handle his personal financial matters.Without a Power of Attorney, Fernando would have not been able to simply cash pension checks he had spent more than 50 years earning.Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 13. A Case for LW&T: PhilmourPhilmour39 years oldLives in a residence in BrooklynFather of 3 minor childrenOwned a pharmacyOwned a co-op apartment and a buildingRecent events: His family suffered his loss in 2009. The mother of two of his children petitioned to handle his estate.The mother of his other minor child objected to the petition.Who would collect, marshal and entrust the assets for his minor children?Philmour had no Last Will & Testament. In this case, the court appointed the Public Administrator, a stranger to Philmour, appointed by the court.When there is no Last Will & Testament, the laws of intestate succession define who the heirs are, and since Philmour had no spouse, his minor children were entitled to the entire estate. Will the PA invest and grow those assest for the children?Kenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886
  • 14. PLEASE BE ADVISED THAT THE CONTENTS OF THIS PRESENTATION DOES NOT CONSTITUTE LEGAL ADVIC E. THIS IS AN EDUCATIONAL PRESENTATION.FOR ADDITIONAL INFORMATION, PLEASE CONTACT AN ATTORNEY FOR LEGAL ADVICE.PROTECT & PROVIDELife Planning Documents Impact Your Life:Protect Your Assets
  • 15. Provide for the needs of yourself & your family
  • 16. Prepare you for the unexpectedKenya White & Associates, 65 Broadway, Suite 847, New York, New York 10006 (212) 430-6886