©2015, College for Financial Planning, all rights reserved.

Session 15 Incompetency Planning

CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION PROGRAMEstate Planning

Session Details

Module 8

Chapter(s)

1

LOs 8-1 Identify the characteristics or the advantages and disadvantages of specific estate planning techniques for managing an incompetent person’s personal and financial affairs.

8-2 Identify the characteristics or the advantages and disadvantages of specific estate planning techniques used to provide for an incompetent person’s medical and end-of-life needs.

15-2

Incompetency PlanningPlanning Techniques for a Non-Minor’s Financial Affairs• Joint convenience

checking account

• Durable power of attorney

• Funded revocable living trust

• Contingent (standby) revocable trust plus a springing durable power of attorney

• Support/supplemental/special needs trust

15-3

Incompetency Planning

• Joint convenience checking account_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-4

Incompetency Planning

• Durable power of attorney (DPOA)_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-5

Incompetency Planning

• Funded revocable living trust_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-6

Incompetency Planning

• Contingent (standby) revocable trust plus a springing durable power of attorney_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-7

Incompetency Planning

• Support/supplemental/special needs trust_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-8

Incompetency Planning

Planning for MedicalDecisions• Living will

• Do not resuscitate (DNR) orders

• Appointing another person: durable power of attorney for health care (DPOAHC)

15-9

Incompetency Planning

• Living will_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-10

Incompetency Planning

• Do not resuscitate (DNR) orders_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-11

Incompetency Planning

• Appointing another person: durable power of attorney for health care (DPOAHC)_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

15-12

Question 1

Which one of the following statements regarding a conservatorship is not true? a. The conservator is subject to the

jurisdiction of a court. b. The conservator has authority to

decide where the ward will live. c. The conservator may have to post a

bond. d. The conservator will likely have to file

reports with a court.

15-13

Question 2

All of the following are parties that may be involved in a court-ordered guardianship excepta. a ward or protected person.b. a guardian or conservator. c. a trustee. d. the state.

15-14

Question 3

All of the following are techniques commonly used to preplan for management of a non-minor’s assets except a. a funded revocable living trust. b. a living will. c. a durable power of attorney.

15-15

Question 4

Living wills are usually applicable only when the declarant is in a terminal or similar condition. TrueFalse

15-16

Video

• Play Video• Hercules Power

of Attorney• 1:05 minutes• Play video from

Video Layout

Text chat or other questions

15-17

©2015, College for Financial Planning, all rights reserved.

Session 15End of Slides

CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION PROGRAMEstate Planning