section 1 - The American College Online Learning Center

22. Final thoughts(1) S election is revoked(a) Tax-exempt bonds (may not be contributed to or be invested by PIF)a. Advisor has valuable role in raising the topic of philanthropyb. Philanthropic giving during lifetime can be a wonderful way for your client to dogood and do well for himself/herself.SECTION 3: INCOMPETENCYLO 4-3-1: Choosing the appropriate strategy for delegating medicaldecisions1. Why is this important?a. The personal impact of losing capacity(1) Failing to plan ahead generally leads to only one solution—having a courtappoint a guardian, which is a slow and painful process.(2) It may not lead to the same decisions that the client would have made,causing unnecessary trauma to the family.b. The financial impact of unnecessary health care expenditures can have a negativeimpact(1) On surviving spouse and/or dependents(2) Thwart other legacy goals2. Planning considerations regarding future health care decisionsa. Choosing the right documents to executeb. Capacity to execute documents is an important consideration and if capacity isdiminishing, decisions may have to be expedited.c. One type of document identifies the client’s statement of the type of care desired.d. Another type allows the client to choose a selected agent to make health caredecisions.e. Sharing the documents with family members, doctors, and hospitals is criticalto help ensure enforcement.3. Determining objectivesa. What level of care would the client prefer if facing a terminal illness based onfactors including religious belief, comfort, and the costs of long-term care?b. Does the client want to be the sole declarant of his or her wishes?c. Does the client wish to involve other family members as agents in the decisionmaking process?4. Health informationa. HIPAA restricts rights to protected health information for covered entities.b. The patient must grant access for others to receive health information.5. Granting access to protected health informationa. Access should be granted to a family members with a direct role in the decisionmaking process.b. Access should be granted to a trustee under a living trust to manage assets.4.34