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c. Access should be granted to an agent under a power of attorney.d. Requirements for granting access to health information:(1) The authorization should be in writing and it should indicate the informationthat should, or should not, be discussed.(2) The authorization should identify the appropriate medical providers.(3) The authorization should indicate the time period involved.6. Documents for health care choicesa. Each state has its own terms and rules about the documents used in planning forhealth care decisions. The few major documents include:(1) Living will—wishes about care in terminal situations(2) Do-not-resuscitate—limited to CPR(3) Health care power of attorney—name an agent to make health caredecisions(4) Statement of guardian preference7. Living will/advance medical directivea. Client states intention for medical treatment when they can no longer makedecisions in the case of terminal illness.(1) Issues in a living will8. Do not resuscitate (DNR) order(a) Food and hydration to be provided(b) Pain management to be provided(c) Resuscitation and other heroic measures (e.g. feeding tubes) tobe provided(d) Quality-of-life statementa. Required to be provided to patients in hospitalsb. Part of medical directive choicesc. Relates to cardiopulmonary resuscitation and the patient’s desire not to beresuscitated if a terminal condition exists9. Durable power of attorney health care (DPOAHC)a. Definitionb. Some form valid in all statesc. Scope(1) Generally provides for a health care proxy whenever the individual isincapable of making informed consent(2) Can be written to address only limited contingencies identified in thedocument(3) Always springing—if a patient can speak for themselves, they will lookto the patient for directiond. Select the agent carefully to ensure that the client’s desires are satisfied. Somedo not want to choose their children as they are concerned that they will makeemotional decisions to sustain life unnecessarily.e. Do not name committees as this could create gridlock if all are not available tomake decisions.4.35
f. It is appropriate to elect a successor agent (in case the first agent is unwilling orunable to act quickly).10. Enforcing the documentsa. Planning Point: The famous court cases involving prolonging life either involveno documentation to make appropriate health care decisions or a health careprovider that refused to remove life support.b. Share a copy of documents with primary care physician and discuss it with thedoctor.c. Share a copy of document with a close relative and discuss it with them.d. Retain the original that is accessible to the agent or other family member.e. A bank safe deposit box is only appropriate if the agent is a permissible signatoryand can access the safe deposit box.11. Other considerationsa. Can revoke or change at any time(1) Clients reluctant to provide advance medical directions or grant a powerof attorney can rest assured that they can be revoked or amended at anytime the client has capacity.(2) If the client has lost capacity, that is exactly the time the documents areessential.b. Advance planning is better than relying on guardianship(1) Guardian makes decisions under a principle called “substituted judgment”and the decisions of Guardian of the person can make will be interpretedby state law as applied by the court system.(2) This will provide a costly circumstance and an uncertain result.c. A statement of guardian preference perhaps should be incorporated.(1) Depending upon state law, it may not be binding in a court.(2) The court generally will give deference to a choice stated by the clientin advance.LO 4-3-2: Choosing the appropriate strategy for delegating financialdecisions1. Problems associated with diminished capacitya. Lack of planning with respect to financial decision-making could result in theproblem referred to as “living probate.”b. Formal guardianship requires that the individual who has lost capacity, known asthe “Ward,” will have to be proven to be incompetent in a court proceeding.c. This involves representation of the individual to protect his or her interest and is aprocedure most families would prefer to avoid.d. If something needs to be done more quickly, this will be difficult, but there areprocedures for emergency guardianship.e. In either event, significant cost could be incurred for legal and medical advice.f. Planning Point: Financial decisions often need to be made quickly and thismay not be the case since guardianship is court supervised and allows for littleflexibility. For example, the Guardian may not continue a gifting pattern that waspart of the Ward’s estate plan. If the appropriate prior planning had been done, the4.36
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Huebner School SeriesHS 353 STUDY O
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THEAMERICANCOLLEGE.EDUThrough The A
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c. But it is more comprehensive bec
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(3) Work part-time during retiremen
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SECTION 2: UNDERSTANDING RETIREMENT
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d. Solutions(1) The model considers
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. Other sources of retirement incom
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c. Another option for solving cash
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(b) Net worth statements that ident
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d. Be ready to reengage with the cl
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(b) In financial planning(c) In inv
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j. Planning Point: Planners can use
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e. We also need them to have a bett
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Assignment 2IDENTIFY RETIREMENT INC
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(2) Income4. Determining risk toler
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collaborative experience which focu
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6. Asset allocation and risk tolera
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c. How long will the income last?d.
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. Durationc. Reliabilityd. Other6.
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c. Supplemental Security Income (SS
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. An unused emergency fund can supp
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5. Inflation(2) The expense method
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Assignment 3CHOOSE APPROPRIATE STRA
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. Save as a percentage of income an
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(1) Note that 38% of second income
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(4) The AARP website has a national
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4. Contributions to IRAs and Roth I
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carve out the nondeductible contrib
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(2) Plus salary deferrals (for an i
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a. Example:(1) Save $10,000 in 25%
Page 67 and 68: (a) This requires knowing four fact
Page 69 and 70: . Solution(1) Li and Lin Lin are bo
Page 71 and 72: (1) The increase in dollar amounts
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Page 75 and 76: 2. Reverse mortgage basicsa. Almost
Page 77 and 78: 5. Planning considerations(b) Keep
Page 79 and 80: (2) Some funds that are promoted as
Page 81 and 82: (1) Berstresser, Chalmers, and Tufa
Page 83 and 84: RESOURCES FOR COMPETENCY 3: CHOOSE
Page 85 and 86: (2) From the previous employer(s) p
Page 87 and 88: 8. IRA funded plans (IRAs, SEPs, SI
Page 89 and 90: . Does the distribution election fi
Page 91 and 92: 6. Net unrealized appreciation rule
Page 93 and 94: a. Tax-exempt plans include Roth IR
Page 96 and 97: 8. Calculating required distributio
Page 98 and 99: (2) Exception: If there are separat
Page 100 and 101: 5. Impactc. Tax rates are low in ea
Page 102 and 103: (7) Based on ordering rules, identi
Page 104 and 105: 7. A married couple who file jointl
Page 106 and 107: (1) Needed to provide the appropria
Page 108 and 109: 13. Transfers at deatha. Wills(2) A
Page 110 and 111: (1) The Retirement Equity Act manda
Page 112 and 113: (2) Beneficiary designation of bene
Page 114 and 115: 13. Overview14. Types(2) The donor
Page 116 and 117: (1) Charity needs only to payout in
Page 120 and 121: nightmare of living probate might h
Page 122 and 123: (6) Powers to represent their princ
Page 124 and 125: c. If the policy is term coverage w
Page 126 and 127: e. Factoring personal and family he
Page 128 and 129: problem. On the other hand, we can
Page 130 and 131: d. Adding a cost of living adjustme
Page 132 and 133: g. Planning Point: Sometimes a high
Page 134 and 135: (2) Clients may not be able to “a
Page 136 and 137: c. Ensure that the client is receiv
Page 138 and 139: a. Example: Because of physical and
Page 140 and 141: options about where to get his/her
Page 142 and 143: (2) Facilities, monthly fees, and s
Page 144 and 145: 8. Other strategies that help to co
Page 146 and 147: standard deviations of the returns
Page 148 and 149: a collapse in the real estate marke
Page 150 and 151: a. In a later competency we will di
Page 152 and 153: years of service with the employer)
Page 154 and 155: a. Planning Point: Planners should
Page 156 and 157: (2) If you have locked in food, ren
Page 158 and 159: (4) Loss-of-spouse risk—Deferred
Page 160 and 161: (1) Excess withdrawal risk—The us
Page 162 and 163: (5) Frailty risk—Managing assets
Page 164 and 165: 7. Practice good career management:
Page 166 and 167: Assignment 6CHOOSE APPROPRIATE STRA
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c. Example: Chuck and Sarah divide
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e. The bucket approach can be thoug
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3. Understanding systematic withdra
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(1) The time horizon used in the ca
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12. Four percent is not the number.
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markets have declined by a specifie
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(2) Annuities and long-term care an
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anticipates ramping down her activi
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c. Each of the three portfolios wil
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SECTION 4: THE ESSENTIAL VERSUS DIS
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d. Clients give up investment contr
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geared toward long-term growth. Thi
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. Trade-offs involve:(1) Irrevocabl
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(1) Rate at which banks lend to the
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. Dollar-denominated liabilities of
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(a) Dividend taxed in year paid out
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4. Taxationtheir return generating
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. Close ended(1) IPO style launch(2
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(3) Tax control17. Conversations in
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(3) Mutual funds provide lower cost
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way to obtain increasing payments t
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protection from the downside risk w
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6. Today’s annuitization rates ar
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h. Planning Point: Markets are very
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a. The client may not be clear abou
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a. Problems with implementation are
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c. Product solutions work together
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(1) A problem is that if the client
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(b) A traditional fund company(c) A
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d. Evelyn is in great health and he
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RESOURCES FOR COMPETENCY 7: INTEGRA
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