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February 2, 2019 8:30 am
There is a well-known saying “The devil is in the details.” In Jeremiah 32, it is really easy to see that God was in the details way before the devil way. This week, Hans and Robby discuss the details of estate planning, and the exact documents you need to have in order.
When setting up estate planning documents, Hans and Robby discuss how you should be thinking about your family. When you are not calling the shots anymore, you children or your spouse are going to be the ones doing this. Don’t you want this process to be easy and laid-out according to your wishes?
Hans talks about a client who came to him thinking he had everything squared away with his estate, he wanted help with his money. After talking for a few minutes, Hans figured out that he had a huge hole in his documents. He did not have some of the few essential documents at all while the other ones were not set up correctly. Before doing anything else, Hans and his client tackled this, as it can affect all other areas of your retirement planning, especially long term care.
The 4 documents you should have prepared by an elder law attorney are a Will, a Health Care Power of Attorney, a Durable Power of Attorney, and a HIPAA release. Hans explains why the HIPAA releases you have signed at the doctor already are not suitable. If these documents are not in place, your family could end up having to go through the court to get Guardianship. While this can be expensive and time consuming, it can also end in an outcome that you would not have approved of if you had a say. God is in the details, and it is important to get these details right before it is too late.
Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!
You can contact Hans and Cardinal by emailing email@example.com or calling 919-535-8261. Learn more at CardinalGuide.com.
Welcome to finishing well brought to you by Cardinal guy.com certified financial planner on six child best-selling author and financial planner helping families finish well over 40 years on finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Social Security, Medicare, IRA, long-term care, life insurance and investments and taxes. Now let's get started.
Finishing well today on well with planner on. Please have a you may have heard it said the devil is in the details so I can assure you that God was in them way before Satan never got involved in that and I was wondering if you'd ever considered the hope that comes with the word inheritance in the book of Jeremiah chapter 32 this is phenomenal story where God gives Jeremiah very very very highly detailed instructions on how he is to go get this deed and how it's supposed to be signed and how it's supposed to be laid out an outsourced department certain jar and how he supposed to go tell his relative how this is all going to go down and all. Why did he do all that wanted to give him all those details and the reason was that Jeremiah had been telling everybody for a long time.
It Jerusalem was going to way the Babylonians were to come take and take control over, but he wanted to give an inheritance and put it in a jar so that everyone would know that this this would be a season and then there would be hope because there was going to be an inheritance again in Jerusalem. Based on God telling Jeremiah put this stuff in a clay jar, but he was very specific on all that was supposed to be there, as you've ever thought about it I had an intelligence got into the season of my life about looking at my father passing away. My mother those things is that is they begin to entrust you with these documents are going talk about on today show and entrust you with inheritance. There's a certain amount of validation that comes through that feel like wow my kid my parents to think I know, but there's also a certain amount of hope that comes with wow God set this up because he's got a bigger plan than just what's going on and so what we want talk about on today shows a different topic right nonsense for the documents but but it's nothing compared to that story that's pretty powerful parallel. We need to be thinking about who we think about long-term care planning and planning for this season is we need to be thinking family. We need to be thinking when I can recall the shops for this is going.
Our kids are cross their spouse, but more likely our kids and might even just be one kid and then you start doing all this planning within the context of the plaintiffs for yourself. You do it within the context of your children are to be acting on this and there to be acting in your best interest in what we really want talk about today is the importance of legal documents in the long-term care plan. Rows talk about the money and paying the bills and taxation and in you know getting the level of care. That's all important. But if we forget about these legal documents and I got a few stories of some clients to talk about yet because you know I know my own story that you know before I hardly knew what hit me all of a sudden what my dad had, you know have the consideration to say son. I've got to get these documents done for you. I got to get a healthcare power of attorney. Gotta get it. You know and and him putting me in that position at the at the time I had no idea the weight that what was going on, that his planning would take in my mind.
Sure so I got a client who he's a planner and a thinker in P comes to me with a real problem that I talked about on the last show a little bit is that he spent down his IRA. His retirement money much quicker than he thought he was going to, and a lot of that had to do with taxes and so he brings me this problem, meaning that he is just every time you pull a dollar out of your IRA, especially if you're in the higher incomes like he is my say higher incomes. Your north of 50 grand. You know around 80 to 9200 on your tax return. When you pull a dollar out when you're at that level you really only can be left with about $0.60, so were in other words, if you got a pull out $100,000. You really gotta pull out about 160 or hundred and 70 just net 100, so that you can spend it on something so he really thought he had this problem solvers. I just need help in create more money or more income, more buckets, and that is part of his problem, but he's got bigger ones and course bringing in the clients I want to see. Okay, let's get out all the documents and so he went home and look for me brought in is willing brought in his healthcare power of attorney and he couldn't bring his durable power of attorney because he didn't have one and he had no hipper release and so all he really had was a healthcare power of attorney and a will and both he and his wife Jan when we had our attorney look over and there were some flaws and some serious flaws in one of the biggest fuzzes they had no financial power of attorney or durable power of attorney so that superseded everything else we did get his wife in there and we got that all taken care of. We got it all corrected. It's a very loving thing that you can do for your spouse and your children to empower them to be able to make decisions for right and I've been on both ends distinctly within almost the same calendar year, and on forcing my mother-in-law took a fall.
She had no idea she was in her 70s. We didn't think she would ever be the next thing you know she's on of no breathing treatment. I mean on breathing to respirator respirator Friday and you know not capable of making financial decisions and nobody's got any right to do anything and you know then my dad on the other hand, who had made all these decisions and and had all that stuff in place.
And you know what a difference it makes. Just to be able to help them just if you go if you want to test this out. You just take your wife and you call your wife's doctor you asked to speak to the doctor you tell them that you want to discuss her.
Her pelvis doctor that you want to talk about something in your wife's medical records and need to see how the conversation that's a job or or you know today. Actually today, Mike wife was with my father at the doctor's office because I had other things that I had to do and and she goes, while I needs need to sign this form.
Form they go know you can either worsen who's on his healthcare power of attorney will. She said my husband will that was it. That's you know that you stop right there and you got nowhere else to go. So your kids are going to need this stuff and they we we found some inconsistencies in these two people's wills.
They were just simple wills. Nothing real sophisticated. Just the typical. I love you will yes so when you go deal with medical professionals of any kind in your negotiating a contract like over the hospital where your dad's going if you have all the documents in place. You can't deal with this bill you can't see is a bill you can't buy health insurance for him. You go to the pharmacy and you want to buy medicines you you need this healthcare power of attorney. This gentleman that you sheet he just didn't have his stuff in order and he really thought he did. He was really troubled by this. And so, in his will.
They just had the basic I love you, wills, and these two. These two wills were just the mirror of each other.
At least they were supposed to be and there were things missing out of one of any of the I love you wills just two people that are leaving each everything to each other and they don't know which one is going to go first and then the second person to go there will leaves everything to the kids and so the thing I want just be clear with everyone is think about your family.
Think about your kids dealing with the situation. Think about all the things that will be going through your kids mine slick was going through your mind right now is trying to make good decisions for your father, and his healthcare and his comfort and your family the last thing you want to be thinking about is legal right and that that hassle. And all of a sudden they say well I'm sorry Mr., but we can't give you that information I were sorry Mr. Denmark's your father has to make that decision or your mother-in-law has to make that decision when you know it may come down to some really drastic decisions. So this client. I have a feeling that what went on here because he such a planner is. He went to an attorney that he knew or that he was familiar with, possibly through his church. He just told him what he wanted is this is I need to get a healthcare power of attorney for the Mrs. and me and the help. The attorney just did it for, and then it could be this attorney didn't even work in estate planning.
So the thing is, it shouldn't cost you a lot of money is you can get to an attorney.
That's an elder law attorney really that specializes in that and it's in the chapters in my book just exactly what you need you need will need a healthcare power of attorney. You need a durable financial power of attorney and you hipper release of the so I signed one of those at the doctor every time I go yeah that's great, but when you can't sign anymore house. I can work okay and frankly that that that the hipper release just releases all your hipper records to your children. You have to tell your children about this. Now you just tell generally, there are some documents you'll know when you need him in there in the safe. We don't have to get into the specifics when they need him there can be very appreciative. Again your listing to certified financial planner on child and are shown living well, which is brought you by Cardinal guy.com and the reason I want to say Cardinal God.com Skype at the guide. After Cardinal is that there unifying the seven worries may think, wow, I want to know what those documents are and I can't remember my Melissa the radio right now McCartt.
No worries Cardinal guy.com seven worries. This is under long-term care, long-term care and actually the documents are under the life insurance and estate planning section so you can easily download that information, as well as get the whole book from the website or you can just email Hansson and get that information. You know, easy enough because we wants to have it in and it it's again nothing that he does.
This is something that his attorney does, or your attorney does right here and so again you get a Cardinal guy.com look at the seven worries Get any of the information there or get the book or disco email Hansson there you go. That's how hard it is to get these documents, but there is a lot that goes into you know the use of these documents when it comes to long-term care and some of the other ramifications.
On the other side of this brings us think well, not Hans and I would love to take our show on the road to your church and Sunday school Christian or civic group.
Here's a chance for you to advance the kingdom through financial resources and leveraging Hahn's expertise and qualified charitable contributions veterans aid and attendance, higher rates of security data care and long-term care. Just go to Cardinal guy.com and contact Tom to schedule a live recording of finishing well your church Christian or civic group contact Tomczyk Cardinal guy.com that's Cardinal guide.com welcome back to finishing well today show is out is in the details, Jeremiah 32. Or, you can see the whole story of how God outline for Jeremiah very specific instructions on how you documents prepared and why so that his family would have an inheritance really after the Babylonian occupation so that they would have hope and they would also have a sense of validation which you know we talk about these documents that we need to provide for our families and those things that will in fact provide for your our kids hope and validation, but in others what I doubting and tea crossing has to go into this so fortunate. You've got examples there in your workbook. We do, and so again I'm talking about the complete Cardinal guide to planning for living in retirement. It's our book and we have both the book of the original book and the workbook into dam on page 92 in the workbook you can get this chapter for free eternal guy.com download all the chapters. This is the end of the life insurance and estate planning chapter. We have examples of these estate planning documents and I just have to laugh when I opened up to this because the publisher my editor is you can put this whole thing in the workbook diseases you been very meat.
He didn't like it too much quesadilla.
This is really boring reading. Behaviorally, he kinda did. He just he even like the whole idea and I said will yeah because these are first of all, this is a real will of a real person. That's a real client and we have all the names blacked out obviously so you can figure out who it is.
This is a real guy. He just passed away recently and were probating her returning that's there in our offices help in his son. Probate this will and on page 99. The healthcare power of attorney and one that is we feel this is for North Carolina how anybody copy and these things out here put their name in need to go to a real attorney to get this stuff done and it really if you get to an elder law attorney and you get to the right one really shouldn't cost you a lot of money on thinking about, five, $600 for a couple for all four documents before 50 or Jack Marshall growing $300. If so, shouldn't pay a whole ton of money to do this and you really don't want some attorneys that have the word processor. These things are pretty simple for them, but you want to have some specific requests in there as well. The communication there there right here in black-and-white.
In the book where you can read an example you can compare the difference between the healthcare power of attorney and the durable power of attorney. The hipper release and you can see electives or what's the difference tween the hipper release in the healthcare power working you to you again a lot of people I just tell him. For one thing, you need both just there are some differences and there's also some similarities, but when you try to do something with the hipper release that you need healthcare power for journey to that's a heckuva time to find out that you needed both of them so you really need all four of these documents you can look at some examples in just telling you that I work with an attorney and a paralegal all the time helping clients and I sit with these folks regularly and they they just say you know you don't have these documents in place you're dealing with guardianship in order guardianship is you know what you have to go through to get that. I'm afraid that yeah what what you have to do for you know you love times when you think guardianship you think about a child and obviously that's going to need to go to court and determine the appropriate check into things and have but what were talking about in our world many times is an elderly person who's doesn't have these documents because these are going to spit out there will be no need for a guardianship. If you have the stuff filled out properly is a be able to make decisions they need. They have to appeal of the court and they're just there appealing to the court to hire an attorney to do this. The same people that are elder law attorneys do this you have to go to the court.
You say that you know my father, my mother, Diane, whoever the person is my person in my church you know is incapable of making decisions for themselves incapable of managing their assets caring for themselves. And we need first of all declare that way and then we want you to declare me to be their guardian find their guardian then I'm in a be able to do these things I could've done if I had the documents in place and that's an oversimplification, but once the legal fees that 10 times more expensive. Oh yeah, that at least than it would've been to have durable power of attorney, but since I just know that I mean I know about that guardianship.
Those stipulations were in those paragraphs of what it requires to do that and you know that that I'm immediately in that position. That is nobody really watching you and your dad also appear 900 guardianship you you just hear his son. You get the legal effect to do things on his behalf.
If you had him under a guardianship taking a long time to get your spent a lot of money and now you'd be accountable to the court for everything you do see estimate watching over your shoulder house like that like over the decision is just me, or even the scarier partners maybe you have a child that you don't want to be checked out because if you just leave it up there for grabs. Who knows who ends up you know finally step up to make it happen and it may not be the person that you really want in that position about a child he just doesn't want to spend your money and so their dad would never want to pay for this. Will you know maybe he wouldn't have but you know what we need to get that home healthcare agency hears stat and they need to do what they need to do so. There's just a lot of uncertainty around this that it's to your family. You just doing a great service and what what what I'll reflect on is as if you could've seen the look on these people's face where I was just talking about the client. David and Laura. We got these legal you solve the problem. Their financial problem in Vincent to foster what we can do. They were so proud of themselves and so happy want to get it done before Christmas and they were going off on a vacation and just as the senses the same look that people have when they get issued life insurance to get through that whole process is. It's a really good feeling to just know you've done something that you been putting off. That might one day really make a difference to your survivors right and I and I can have it reflect on the Jeremiah passage that God was so careful this to give Jeremiah this description to give us an understanding of what hope there is in both trusting the next generation as well as the inheritance that that there yeah you talk about the will to little off topic, a long-term care if you ever been with somebody that has a reasonable size estate. My safe reasonable size, not just the few thousand dollars, but you into six figures or maybe even seven figures. This issue, six figures and they they died intestate of the dog with no will ever been involved in seeing it on the Internet and never been involved with. It is this terrible meaning set so that everybody out there listening. Whether you have a written will or not you got it will mean the state of North Carolina. If you're here. Whatever state you're in. They've written one for sale. The intestacy laws so it's it's all spelled out who gets what, but you know hang on because they're going to be stamina run newspaper ads or how to do it now and put it on the Internet or something looking for every possible relative and debtor's creditors. We looked at princes and then there was somebody else was out I can't think of who it was and there it was years later in their children still in avatar Princeton Michael Jackson might've been sober getting off topic here in the shallow bit. Could we do a show while backward, I was showing all these to Robbie there so many of them with people that have substantial millions think it was Aretha Franklin now wants a that's who it was in no will and that's that's can be for years and the lawyers are going to get so much done a lot of that arguing from all the different sides just family and is just you know I wish he had done one of really wish just wondering Justices is a horrible end of her legacy to to to have a bunch of people fighting over the physician or family and that's that that's the challenge and the beauty of having the documents in order as I really think God intended for us as far as an inheritance, but make the connection to long-term care connection to long-term care is your estate or the money that you have in the resources that you have. If you need care. In the end your life which would we all know we need some care.
In the end of her life. We just don't know Holland talk about long-term care, no talking in years and months, certainly in years where you can have somebody taking care of you. First of all your money is going to be spent on that and if you don't have proper legal documents in place is going to be even hard form to spend your your money and get like a simple example is most people prefer to be cared for home you have it written down somewhere. Most people think that way mean the whoever's look at the simplest thing is a stick in a nursing home.
If you're unable to care for yourself when if you have things laid out properly and you communicate this to your children, your given legal effects documents, we can have people coming into your home and taking care of you, and then you start talking about insurance. I don't care how wealthy you are. That's expensive to have a home healthcare license home healthcare agency coming in taking care of you. And so when were doing these legal documents were going to start talking to you about doing some financial planning, possibly even by long-term care insurance. So this is the kind of work we do.
We don't try to tutor our own horn too much during the show, but if we got your attention today I'm in this business we we do business in 50 states and the District of Columbia are attorney only works in North Carolina, but if you are in another state and you need some help.
I will find you the right kind of attorney right in your neighborhood and I'll talk to them first. If you hire me to help you.
We have offices in Durham. We have an office by the Greensboro airport and we have an office in Charlotte right off of Sherman amity and independence are old Monroe Road and are attorney services all those three offices really anybody anywhere North Carolina. We can help you out with that and some good long-term care plan.
Again, listen to finishing well, a certified financial planner Hans Shiley never talk about things that you can find right there in the workbook of the complete cargo guide to planning for living in retirement, which, as we mentioned, lots of times you go to cargo guide.
Don't forget the guide part Cardinal guide.com and their look at seven or a stabbing get any of those PDFs or you can go email Hans or if you got a specific question, but again you got offices for people to come by because these are yeah it's pretty good to have the whole story of what our families involved. Yeah, this new eBay wants these books and you want them in paperback or digital form.
Just get in touch with me through the website. I'll be glad to send it to you. No charge. But you got offices for people to come by and see absolutely in three locations and carry well is it actually it's in Durham now merited near there are do you airport to Greensboro near the Piedmont Triad International set the Greensboro airport PTI and it's in Charlotte just off downtown at Sharon amity and independence. So again available all sorts of different ways. Cardinal guide.com thank you for listening day.
Thank you, thank you.
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