Episode 63

January 26, 2024

00:37:05

#63 | Kimberly Hegwood | Becoming a Power of Attorney

Hosted by

Tony Siebers Bina Colman
#63 | Kimberly Hegwood | Becoming a Power of Attorney
Parent Projects - Aging In America
#63 | Kimberly Hegwood | Becoming a Power of Attorney

Jan 26 2024 | 00:37:05

/

Show Notes

[et_pb_section fb_built=”1″ admin_label=”Header” _builder_version=”4.20.4″ _module_preset=”default” background_color=”#111167″ background_image=”https://stage.parentprojects.com/wp-content/uploads/2016/07/Podcaster-33b.png” background_position=”bottom_center” custom_margin=”||||false|false” custom_padding=”10%||||false|false” da_disable_devices=”off|off|off” border_radii=”off|10px|10px||” collapsed=”on” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.17.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_video src=”https://vimeo.com/903480123″ _builder_version=”4.23.1″ _module_preset=”default” border_radii=”on|10px|10px|10px|10px” global_colors_info=”{}”][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”About” _builder_version=”4.20.4″ _module_preset=”default” background_color=”#111167″ custom_padding=”||5%||false|false” da_disable_devices=”off|off|off” border_radii=”off|||10px|10px” collapsed=”on” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.17.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.23.1″ _module_preset=”518880c8-46c7-4ffa-b5a6-93ffa99dcc17″ text_font=”Quattrocento Sans||||||||” text_text_color=”#FFFFFF” text_font_size=”18px” text_line_height=”1.6em” text_font_size_tablet=”16px” text_font_size_phone=”14px” text_font_size_last_edited=”on|phone” global_colors_info=”{}”]

 

 

With us today is Kim Hegwood, whose practice focuses exclusively on Elder Law, Asset Protection, Estate Planning, Medicaid Crisis Planning, Probate, and Guardianship. By witnessing what her grandparents endured, and with a growing number of Dementia diagnoses, Kim understands what her clients are going through and dedicates herself and her practice to treating each of her clients as if they were her own family. Kim takes pride in helping families after facing a diagnosis of Dementia to help avoid a costly guardianship process. Kim continues to expand her practice to better serve the needs of individuals throughout their golden years.

Looking for information? Parent Projects takes the stress and intimidation out of the process for families relocating an aged loved one using our educational and self-help downsizing guides found at www.ParentProjects.com. Through our “Verified” Business Network, advocates can access the pre-screened professional services they need on their terms with the financial and personal safety peace-of-mind their families deserve.

 

Please subscribe to the podcast at:
Castos: https://parent-projects.castos.com
iTunes: https://podcasts.apple.com/us/podcast
Spotify: Parent Projects

 

Join us on your favorite social media platform as @ParentProjects
– Twitter
– Facebook
– Instagram
– YouTube
– Pinterest

 

Bookmarks:

00:00 – Intro

01:15 – Welcome to the Show

02:20 – Understanding Power of Attorney

03:45 – The Goals of a Power of Attorney

07:34 – Family Member Provisions

11:43 – Alternative Agents for Power of Attorney

15:36 – Power of Attorney Planning

19:53 – Medical vs Financial POA

22:08 – Duration of a Power of Attorney

27:02 – Provisions to Have in a POA

32:17 – Digital Provision

34:10 – Where to Contact Kim

35:44 – Outro

 

 

[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Footer” _builder_version=”4.21.0″ _module_preset=”default” background_color=”#319adb” background_enable_image=”off” background_size=”contain” background_position=”center_right” custom_margin=”5%||||false|false” custom_padding=”2%||2%||true|false” da_disable_devices=”off|off|off” border_radii=”on|10px|10px|10px|10px” saved_tabs=”all” locked=”off” collapsed=”on” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”2_3,1_3″ _builder_version=”4.17.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”2_3″ _builder_version=”4.17.0″ _module_preset=”default” custom_padding=”||||false|false” custom_padding_tablet=”||30px||false|false” custom_padding_phone=”” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.4″ _module_preset=”b327cbe4-b1d5-4b66-ad37-40c8f2f061ba” header_2_font=”Sarabun|700|||||||” header_2_text_color=”#FFFFFF” header_2_font_size=”55px” header_2_line_height=”1.2em” custom_margin=”||||false|false” custom_margin_tablet=”||0px||false|false” custom_margin_last_edited=”off|desktop” header_2_font_size_tablet=”30px” header_2_font_size_phone=”20px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]

Like What You See?

[/et_pb_text][et_pb_text _builder_version=”4.20.4″ _module_preset=”518880c8-46c7-4ffa-b5a6-93ffa99dcc17″ text_font=”Quattrocento Sans||||||||” text_text_color=”#FFFFFF” text_font_size=”18px” text_line_height=”1.6em” text_font_size_tablet=”16px” text_font_size_phone=”14px” text_font_size_last_edited=”on|phone” global_colors_info=”{}”]

Parent Projects™ Podcast is a resource of stories, interviews, and tips to help families find relief in rightsizing by replacing guilt and fear with a little love and laughter.

[/et_pb_text][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.17.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”https://zc.vg/EFwRY” button_text=”Subscribe” _builder_version=”4.20.4″ _module_preset=”default” custom_button=”on” button_text_color=”#FFFFFF” button_bg_color=”#ed615a” button_border_color=”RGBA(255,255,255,0)” custom_margin=”8%||||false|false” global_colors_info=”{}”][/et_pb_button][et_pb_button button_url=”https://stage.parentprojects.com/podcast-parent-projects/” button_text=”More Episodes…” _builder_version=”4.20.4″ _module_preset=”default” custom_button=”on” button_text_color=”#FFFFFF” global_colors_info=”{}”][/et_pb_button][et_pb_text _builder_version=”4.20.4″ _module_preset=”e6504a1b-67eb-4b3d-b023-bcab277610b6″ header_4_font=”Sarabun|700||on|||||” header_4_text_color=”#FFFFFF” header_4_font_size=”14px” custom_margin=”||0px||false|false” custom_margin_tablet=”||0px||false|false” custom_margin_last_edited=”off|desktop” header_4_font_size_tablet=”” header_4_font_size_phone=”12px” header_4_font_size_last_edited=”on|phone” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop”]

Contact Us With Your Comments:

[/et_pb_text][et_pb_text _builder_version=”4.17.6″ _module_preset=”518880c8-46c7-4ffa-b5a6-93ffa99dcc17″ text_font=”Quattrocento Sans||||||||” text_text_color=”#FFFFFF” text_font_size=”18px” text_line_height=”1.6em” link_font=”|700|||||||” link_text_color=”#F7CE3B” text_font_size_tablet=”16px” text_font_size_phone=”14px” text_font_size_last_edited=”on|phone” global_colors_info=”{}”][email protected][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]

View Full Transcript

Episode Transcript

[00:00:00] Speaker A: No. State planning is not a one. And done. I can't stress that enough. State planning is in our office. We review every three. We want you to know, even if you do nothing but resign them, we want you to do that every three years, because most financial institutions, at least here, that we've dealt with in Texas, and then a lot of your great big financial institutions like Vanguard and Fidelity and things like that, they won't take them if they're very old. So the problem you have is that people will do their plans and they'll put that binder on the shelf and they forget about it. And then the kids have to take it out and use it, and nobody will take it. And then you run across the problem of guardianship when you've done everything you can to avoid guardianship by having good power of attorneys. [00:00:49] Speaker B: As our parents grow older, it can be difficult to guide them through their golden years while still respecting their autonomy and fitting it into our already complex lives. Welcome to the Parent Projects podcast, where our guests share practical wisdom to tackle the issues that impact adult children of aging parents. I'm Tony Siebers. Thanks for joining us today. [00:01:14] Speaker C: Well, today we're going to be joined by the host of the life happens with Kim Hegwood, the Kim Hegwood out of the Houston and Texas markets. And we're going to go over a couple of those challenges that happen to us when we all of a sudden become a POA or we're looking at becoming a power of attorney or utilizing a power of attorney in our parent project or helping a loved one. Hey, Kim, let's just jump right into it. Welcome to the show. How are you? [00:01:41] Speaker A: I'm doing very well, thank you. [00:01:43] Speaker C: Well, thanks for joining us. I know today is actually a federal holiday, MLK day that we're filming on today, and I appreciate you making some extra time for us to break down some other kind of special situations, which is when everybody starts getting overwhelmed by some of the legal jargon or the documentation and all the rest of that that comes with powers of attorneys. But before we do get into that, can you talk to us a little bit about you? How do you come to understand power of attorneys? Your background, obviously an attorney, but talk to us about parent projects stuff. And really, how do you come to understand the use of a power of attorney? [00:02:21] Speaker A: Well, I've been an attorney may will be 27 years, and so been doing power of attorneys the whole time. I've drafted power of attorneys. I was a legal secretary in law school. I mean, I've been doing it for four or five years before I went to law school. So it's always been part of the practice, part of what we do and have done. So I've done lots of them. [00:02:51] Speaker C: You're in private practice now. So we see different types of attorneys. Talk to us about the type of attorney that your office is and that you are. [00:02:59] Speaker A: When it comes to power of attorneys, I tell clients, we're an elder law firm, and even though we do estate planning, and I'm an estate planning attorney, I'm an elder law and estate planning attorney. We treat our power of attorneys as if all of our clients are elder law clients. I tell clients all the time. One year we had a 39 year old. We did crisis Medicaid planning for no power of attorneys, no documents, no nothing. Same year, a 41 year old nursing home, family, minor kids, no documents, guardianship. So it could happen at any age, incapacity. So you always want to be prepared. [00:03:38] Speaker C: That makes sense. Okay, so let's start, maybe in digging in from that avenue, the goals of a power of attorney. It can happen at any age. So this is not necessarily something you're going to do when you're older, but for the sake of our audience, having a parent project and getting engaged, what's the goal of a power of attorney? What are we supposed to do with that document? What's it trying to accomplish? [00:04:00] Speaker A: Well, there's two, and the first one is a medical power of attorney. It just allows someone to make medical decisions for you. So we'll push that one aside because most states have statutes that say who gets to make emergency decisions. So you can always maybe go with that. The really important one is what we do is our statutory power of attorney, our financial power of attorney. And not only do you handle finances in this power of attorney, but we allow you to do other things as well. And those things have come in very handy. And truly, everything that we put in there is because we've experienced something that made it a necessity. [00:04:39] Speaker C: Sure. [00:04:40] Speaker A: So it's really important because I've already been down this path in my own life, so I understand how important they are. [00:04:49] Speaker C: So that power of attorney, I've heard in the past, a general power of attorney versus a medical power of attorney. You're talking, or even financial power of attorneys. How do those terms all play out? [00:05:01] Speaker A: So medical is itself, it's a medical power of attorney. Super simple document, just lays out who's going to make those decisions. But your financial power of attorney, you'll find ones that are drafted. Like in Texas, we have a statutory durable power of attorney. You'll find people attorneys that will draft durable power attorneys. And really the difference is the length of your power of attorney. For the most part. When you do a durable power of attorney, they're like 30 pages. Nobody wants to file that if necessary, in the real property records. That gets expensive if you have to do that. The statutory power of attorney is a little more simplistic. Covers all the areas without a lot of additional information about them. And then we go back in and add a whole bunch of extra provisions in ours. [00:05:50] Speaker C: Okay. And it sounds like getting into those provisions is really the meat and potatoes of what's important when you're comparing maybe a good power of attorney versus one that's better or one being better than maybe another in your situation. I think we'll also probably state, right? Definitely. Absolutely. Check with an attorney that's in your mean. It sounds like already from what you're would. This could vary from state to state in the United States. [00:06:18] Speaker A: It does. Power of attorneys are very state specific. Wills are very state. So, so you want to make sure that wherever the person's living that needs a power of attorney, that you see somebody very good in their state. [00:06:34] Speaker C: Okay. Brilliant. And that person they're going to go see is going to be an elder law attorney or a family or not a family law, excuse me, an estate planning attorney. One of those people will start getting them oriented then. Do I understand that right? [00:06:48] Speaker A: Yes. [00:06:48] Speaker C: Okay. [00:06:49] Speaker A: The difference though, is, I think, is how good that power of attorney is going to be. [00:06:54] Speaker C: Okay. [00:06:55] Speaker A: Even my eight year olds coming in to sign power of attorneys because we do those for parents that are our clients. When their kids hit 18, they're heading off to college. We want them to have those power of attorneys. That 18 year old's power of attorney does not look any different than my 70 year old's power of attorney. [00:07:11] Speaker C: Okay. [00:07:11] Speaker A: And so in my office, it's all the same. [00:07:14] Speaker C: Okay. And that because it comes down to secret sauce or really the importance down there for your particular state are these types of provisions in which you put into them. So let's break down a couple of them. What are some of those types of provisions that in general you see are really valuable to help family members that are going through a parent project. [00:07:34] Speaker A: So one that we put in ours in particular is the ability for that agent to do trust planning, either revocable living trust or an asset protection trust, because a lot of times parents don't plan early and they don't take into account the cost of long term care. And they haven't seen an elder law attorney to say what's protected, what's not protected. So having the ability for the child to come in and say mom or dad has a diagnosis, it's in an early diagnosis. So we've got some. Medicaid is. Medicaid is the number one payer of long term care in this country. So when you think about moving assets that you can protect into a trust and get past that five year look back period, that's a good thing to have. We put extra provisions like the ability to set up a qualified income trust. So you need Medicaid. Your income is too high, but not high enough to pay it all. You can use a qualified income trust to get around the Medicaid. And so we allow the agents because most of them are the children. You want the ability to self deal, you want the ability to make you the beneficiary, put assets in your name if necessary. Those are really, really important things when it comes to long term care planning. And really you want to be very careful because our documents are very power. We build them powerful on purpose. So the most important thing is getting the right person in place to be that agent. [00:09:20] Speaker C: Well, not everybody is probably cut out to be that agent. So I'm going to back up just a slight bit against kind of the goals of stuff. What would be your recommendation if a parent were to come? Let's say my parent came to me and asked me to be that financial power of attorney or that statutory power of attorney. But maybe I have a really hard time managing my own finances for stuff or understanding financial stuff. Maybe I'm in the middle of a bankruptcy, or I'm working through something like that, what are some of those things we should be thinking about? If our family members come to us and want us to do this and we're trying to evaluate are we the right person or what other options might sit out there? [00:10:02] Speaker A: I would tell them to know. We sit down with our clients and we're talking about who those agents are going to be, and I ask them, who's your best money person? What that means is who's good with their money? Who doesn't have a lot of creditor issues? Who manages their money well, because you want the best person managing your money. So if you were the kid that was struggling with money issues, then you're not the best person. And mom and dad need to know that. And you can do it gentler. You can say, mom, dad, whatever. I'm not the best person. My sister or brother they're the better people because they're better with their money and they would do better with your money. Most parents in my office, they already know who the kids are that are good with money and not. So sometimes it's easier. Sometimes they have to have family meetings to decide who gets to do it. But they do. And a lot of times this podcast is really good timing wise, because a lot of these people have just visited their families and they notice the difference in how they act, what they can do. So they're seeing the signs of aging. [00:11:18] Speaker C: Can you tell us about maybe when we see professional fiduciaries step in to help as an agent or something of that nature? Have you written poas into that level? Or what can families, let's say I don't have a kid, that I really want to do that, or I don't have children, and I'm not sure where to go off of that any longer. Who else might be an alternative here to be an agent of the power of? [00:11:44] Speaker A: So it's ironic that you asked that because we just did a solo ager symposium. We have a lot of clients that are single and don't have kids and don't have family that help take care of them. We do a lot of trust planning in my office for those reasons in particular that particular client. We'd say, we want you to consider doing a trust because my corporate trustees do limited power of attorneys, so they can just gather assets and put them into the trust if necessary. And then they're already going to be the trustees when it's their time, they can manage the assets. So trust planning is really for the solo agers is really a better way to plan because we can put those safeguards in place. The good thing about corporate trustees is if they screw up, they have insurance, they've got deep, deep pockets. If your kid loses money in the stock market, your ods are, you can't get it back. So you always want to be very careful about who you pick for that particular person because you want someone that's smart and savy and good with money. And if you have a whole house full of kids at none of those, then use corporate fiduciaries. We use them a lot. If I was going to have someone use just a private person, kind of like a professional guardian, but not necessarily a guardian, they just have the capabilities of kind of helping manage that stuff. I'd want to make sure they had some things in place to protect my mom and dad's money. Do they have insurance to cover anything? They do wrong, that kind of stuff, because I am all about making sure that mom and dad are okay, that they have all the right things, the right people are in place because that's my job, is to make sure that mom and dad are good. If they're coming in, in my clients, I want them to have the best that I can give them with lots of flexibility and hopefully have guided them in a thought process of really spending some time with them to say, tell me about your children. A lot of times it's a conversation that we have. Tell me about the kids. Let's start with the oldest one. What does that one do for a living? And so you find out a lot of things. Just having a conversation about what they're doing, where do they work, do they like their jobs? And even more fun is do you like their spouses? Because a lot of times a parent won't pick that child because they don't like the spouse. Spouse is controlling. We don't want to mess them with their stuff. So it's really important to just get a good education. Really get a good education. You asked a little earlier about what were my responsibilities. I give the kids whoever the agents are, we give them their list and make them sign it. Here's your notice of all your responsibilities becoming an agent because they need to know that it should never come as a surprise on what their responsibilities are. And good record keeping. Crucial. You got to keep receipts. You got to account for anything you do as an agent financially. So it's really important that you have somebody that has those capabilities. [00:14:55] Speaker C: And it's a sizable duty that you can expect to fill if you're finding yourself being that agent. So I get making sure that we put some thought towards that and we have a discussion with our own loved ones about if I'm going to be this person, what's the expectations of me? I love that you talk about having a conversation with them as the attorney. It's going to help draft the purpose or the goal of what that is. Really, as adult children, that reminds me of the importance of us to say, well, okay, great. What are your expectations at? What steps would you expect me to start using this or to do these things? And I guess key to that is a point you've made to me, probably off camera, which is that the time for this is before mom and dad need it. Not at the moment that mom and dad need it. So maybe let's talk about that. One other thing you've mentioned before, was that really a power of attorney is a tool that adjoins with a will based plan, like life plan, or working off that way as an alternative to that would be working through a trust. Once you kind of get into the trust, it's got a lot of other mechanisms and tools as to who's making what decision that come into play. Do I understand that right? Or am I mischaracterizing that? [00:16:10] Speaker A: Anytime you planning, you still have wills. They're just different. They're called pour over wills. They're just a little different. But every client that has a plan has power of attorneys because there's always going to be, at least at a minimum, one account that's not in the trust. In my state, the checking account is the primary one. The reason being is that banks want you to, when you have a trust, the banks want you to open a brand new bank account for the trust because that's how they get bonused. But if you think about what your checking account looks like now, my checking account just screams for me to throw money into it because everybody in God is taking it out. Everything's auto billed, it just comes out. My job is to put money in there to sit down and try to change all of that stuff is a nightmare. So we try to avoid that. We make the trust the beneficiary. So your agents, a lot of times are those kids that are managing that checking account for the parents, and if they just have will based planning, they're managing all of the accounts, investment, retirement, all of that. And they still may be managing retirement accounts even with trust planning, because for the most part, we don't put retirement plans in trust. So they could be managing a lot of assets. So they need to be aware, and also they need to make sure the. [00:17:32] Speaker C: Parents tell them where the stuff is, like physically. Right. The physical copies. And I've heard of providing multiple copies of that, just like distributed amongst the stakeholders. Is that something you talk to as well, or is it important to have one copy of it and everybody knows where it is, or multiple copies of it? How should we be thinking about that? [00:17:55] Speaker A: A lot depends on the family dynamics. Okay, we provide the original and two copies. And so parents that they're not worried about their children, whoever the people are in place, they'll send them all copies. I have one client that had me print three binders for all their stuff, for all their kids. So every kid had a copy of everything. I think that was a little overkill. But then I have some parents that are like, well, I don't want them using it right now. And our best recommendation is for those power of attorneys to be effective immediately, because if you don't make them effective immediately, you have to go through an incapacity assessment, and that doctor has to put that in writing that you no longer can handle your finances, and that letter becomes part of that power of attorney. And that's not a fast process. [00:18:42] Speaker C: Right. [00:18:43] Speaker A: Because the first person you're going to see is your primary care physician. They're going to say, I don't do that, and they're going to refer you, and then somebody's going to want to do testing because they've never seen you before. A lot of times, if you're using that power of attorney, you're doing it quickly in an emergency type situation, usually. So you want it to be easy to access and you want it to be able to use it right away. So some parents put it aside and just tell the kids, our estate planning documents are in the safe and you all know the code. So in an emergency, that's where you go get them. And then they just kind of leave it alone. And everything depends on the parent and the family dynamics of how they do that. We keep digital copies of all of our stuff, but only your power of attorney agents. We don't automatically turn them over without knowing more information, so it's better to get it from a parent if you're looking for it quickly. [00:19:39] Speaker C: That makes a lot of sense. You had mentioned medical power of attorney being something different than this, than a durable or a statutory or other financial power of attorney. If somebody has a medical power of attorney and they're dealing with a hospital situation off of that, and then the bills start coming in and they start working from there. Does that medical power of attorney translate to the financial matters related to medical costs in there or how? [00:20:08] Speaker A: Not at all. Not at all. So those medical bills get passed to your financial power of attorney, the medical power of attorney agent, they're only responsible for making medical decisions. That's it. [00:20:19] Speaker C: Okay. So there's a coordination that should be thought of. If you have somebody who's different as your medical power of attorney than your financial power of attorney, that those two can communicate pretty clearly. That way they don't get taken to the laundry mat necessarily by anybody who's going to provide medical services, perhaps. [00:20:38] Speaker A: Well, you want the person that can make hard decisions if they have to, because sometimes that medical power attorney agent has to say, don't do anything right and let them go because nothing you're going to do is going to benefit and give them a better quality of life. So sometimes they have to make the hard decisions. So you have to have that conversation with the people that you put as those agents under medical power, attorneys that say, can you make these decisions? Are you going to be okay making these decisions? Because it's important to make sure that they can do that. I laugh until most of my clients, my mom would not let one of my sisters on hers at all. And she was like, oh, good God, no. And I went, what? And she goes, no. She'd leave me plugged in till she died. I tell a lot of my clients that because there's nothing. People always have a hard time coming in for estate planning. So if you can find the humor in it, it's always a better way to plan. At least it's a little more enjoyable. And luckily, my family has provided lots of good stuff, yours, too. [00:21:50] Speaker C: It can help break the difficulty. But again, now we come back down to that. It's a good conversation. Again, great conversations to have early and probably often talk about. How long is a power of attorney good for? My parents had one done about six, seven years ago. Is this something I should remind them to go take a look at again? Or is this do it once, forget it and forget it. Throw it into the safe, and I know where it's at, or what should we be thinking about in general? [00:22:19] Speaker A: No. Estate planning is not a one. And done. I can't stress that enough. State planning is in our office. We review every three. We want you to know, even if you do nothing but resign them, we want you to do that every three years, because most financial institutions, at least here, that we've dealt with in Texas and know a lot of your great big financial institutions, like vanguard and fidelity and things like that, they won't take them if they're very old. So the problem you have is that people will do their plans and they'll put that binder on the shelf and they forget about it. And then the kids have to take it out and use it, and nobody will take it. And then you run across the problem of guardianship when you've done everything you can to avoid guardianship by having good power of attorneys. So we recommend every three years, even if you don't change anything, because, like in Texas, our legislators keep messing with them. So they tweak them, they do something with them every two years that they're in office, and for, like, the past 1012 years. So every two years, you get something a little different, and people are looking for the different. So the older they are, the harder they are to use. And so that's always been our recommendation is it doesn't cost that much in my office, if you're a client, to come in and update those, it's better than the cost of guardianship in the future because that's thousands and thousands of dollars and it's just not a fun process. [00:23:45] Speaker C: Well, and not to mention the time consumption of that type of a process in making decisions on your loved one. From the parent projects perspective, I think where a lot of families we see get into this, or one of the frames of thinking that they have is despite what planning your parents have or have not done, at some level, there's going to be some urge of you're the person who wants to be remembered for helping in these things, or you want to pour in and be there for these things. And so it's going to impact you. Their finances and their planning and what they did will impact your household. And so you want to be able to pour into that as best as possible or limit maybe mitigate difficulties that might happen or your ability to help your loved one. You want to mitigate anything that's going to get in the way of you pouring out and giving 110% to mom and dad. [00:24:35] Speaker A: And that's a great thought. The problem is that a lot of kids either won't have that conversation with their parents or their parents shut them down. So we have to go back to the parents, even to the kids sometimes. Like, I had a kid, husband and wife. I say, kid. They were probably in their 50s, maybe sixty s. And they were the kids, though. So they were the kids. They came in and they had their planning done. And she goes, my parents are in their 80s. They really need to get something in place. They have nothing, but they won't do anything. I said, well, go home and tell them how great your experience was and how good you feel getting it done and how relieved that they won't have any problems when you're gone because you took care of it. And sometimes you have to tell the kids, look, you just got to sit them down and say, look, you have to help us here. Because I tell every client, if you have someone you love, you plan. Because if you don't plan, it's the last knife you can stick in their bags. Because it's painful for these kids. They've been in my office and they're thinking, mom and dad didn't do anything. How come they didn't do anything? I'm like, I don't know, but some people have. I've had clients that have a healthy fear of not planning because they're going to die when they get it done. I'm like, it's not going to happen, so just plan anyway. But sometimes it's difficult. My grandparents wouldn't sign their power of attorneys when they should have. My grandmother became incapacitated. She never signed hers. And it wasn't until my grandfather had a stroke and he was sitting in the hospital and I'm sitting beside him giving what I commonly call his come to Jesus speech and being very hard with him about the ramifications of those documents not being in place and who was going to be able to make decisions and who was going to be able to take care of my grandmother. He finally went, oh, so instead of being, oh, just look, things like that, I've had to be a lot harder. Sometimes even with clients, a little tougher, and even sometimes with the kids going, you have to push. You have to say, look, don't leave a mess for me. I don't need to know a lot of stuff, but just tell me what you want and what do you want to do? Do you want to stay at home? Do you want to go to assisted living? Have the conversation? Because otherwise you're not going to know. [00:26:51] Speaker C: Yeah, well, I think those are. You've given good guidelines of the types of things to think about. Any last kind of thoughts on major provisions that we want to make sure get tucked into a family members, into a loved one's power of attorney when they're setting up, I guess, again, setting aside maybe the medical side of the house and focusing now on that statutory, general or financial, anything you could think off top of mind, you've really seen have helped families in this type of an environment today. This is in January of 2024. So we've now come out of COVID We've seen opportunities where we couldn't access our loved ones. They maybe end up someplace where we can't physically be near them when we're making decisions or have those conversations at that time due to health or other public health management or other things, anything that you've learned off of that or things we could be thinking about or gems. [00:27:49] Speaker A: I think after the horrifying experience of living through Covid, everybody should have their plan in a. I was very surprised when Covid hit. I kept thinking, well, people will get their plans in place. They might die. And that wasn't the case. They were more concerned about being at home and not being exposed, not getting it, versus what happens if you do. And it's not a good experience. Those kids have to be able to do lots of things. Your agents, lots and lots of things. They have to be able to self deal, set up trust, do all kinds of things. Gift if necessary. Our power of attorneys allow you to gift the entire estate. We may need to have. I had to do that. No, but I've came close in planning, so they have to be very powerful. So you want to make sure that you get a good one. Find an elder law attorney. If your parents, specifically, if your parents are older, find a good elder law attorney in your state that can do it. And the NALA website, the National association of Elder Law Attorneys is a good website to go to find a good elder law attorney because they've already done long term care planning. They know what provisions to put in that power of attorney to make sure that your parents have the best power of attorney they can ask for. [00:29:10] Speaker C: Love it. Last passing glance. Today we hear people also trying to shut down more than just typical finance, but like social media accounts or online accounts or other things like that. This is not something that existed five years ago, ten years ago. Right. And now with the introduction of things like a chat, GBT or others, it's able to make likenesses off of people. So the longer that sits out, I want to say it took less than two months before somebody had spooked. They had recognized that my grandmother had died, had seen an obituary, had found a social media account, created a replica. Social media account, began going after that because we couldn't pull down the old one in order to protect against that, and now had family members really dealing with the trauma of that or asking for money or other portions of fraud. So even provisions like that, provisions to be able to shut off and to handle accounts that we just, I think it speaks again to your, at least every three years, things are just changing so quickly. And the type of assets that we have today weren't even considered an asset maybe just a year or two ago. [00:30:27] Speaker A: So you have to keep the things that are Facebook and Apple and things like that. They each have their own provisions. When your loved one dies, that power of attorney dies with them. You can't use it anymore. You can only use it during incapacity. So you have to make sure that you know the logins. Okay. You need to make sure that you go in and send letters to the credit bureaus and say they've passed and shut down the ability to get credit. But definitely Facebook and Apple have both come out with some new provisions. Like, you can designate somebody that can come in and do those sort of. So, but you have to know, we put on our wheels, know the executor can manage digital assets, and it all goes into the orders and everything. But it's better if you find out what you have to do. Now for Facebook and Apple and all those other things that I have a ton of music on my phone that I downloaded a long time ago when I was traveling. When you first got to do iTunes, personal music on iTunes, I got to get off. So there's lots of things you think about, pictures and things like that, but you just have to be careful most of the time. You just have to have good friends that are keeping an eye, because a lot of times they'll try to friend somebody, you know, and you just send out that message that says, hey, they pass. Keep an eye on social media, make sure no one contacts you. That shouldn't be an issue. You really just kind of spread the word the best you can. But the better thing to do is to be able to shut it down as soon as possible. [00:32:09] Speaker C: Well, in knowing, I think even today we see, as you said, there's processes in play for when somebody passes away and you're no longer working on power of attorney, but you're working off just estate closure and those types of issues, but incapacitation, under which you're exercising, continuing to protect them. I have to protect myself all the time and all of my kids on our digital side of the house. Who is going to look after those digital assets or look over those digital platforms in the case of incapacitation, but not yet into death, because Apple's not going to necessarily let you shift that down or just knowing where those things go. And I think as we get, the more and more digital that we do get, the more we'll start to understand. But there's digital versions of lives. Maybe we're generational, we might be a generation out from this, but I think most certainly in our generation, as we get older, we'll have a digital Persona in some way, shape, or form that somebody is going to need to manage if I'm incapacitated. And it's amazing how quickly that changes. Just a whole new dynamic username. [00:33:09] Speaker A: And somebody has to know how to get to your username and passwords. I have 498 right now. Username and passwords for the course of my life with the business and personal stuff, because everybody wants you to set up a username and password just to shop these days. So it's astronomical. So the people that I know need it. They know where it is and they know how to access it. So it makes it easy to, but someone needs to know that. What's worse is having that client come in and say, I don't know where the bank statements are because my husband took care of it and they were on his computer and I don't know his password. To log in completely, you got to. [00:33:49] Speaker C: Know the log that's saying that he had copies of them. And he didn't just do online statements in order to access download his computer. [00:33:58] Speaker A: He took online. But the wife knew nothing of how to access that stuff and so you got to have that. [00:34:05] Speaker C: Well, it has really been a pleasure with you. Talk to us about where audience can find more with you and more on life happens with Kim. [00:34:13] Speaker A: I'm in Texas and so you can find me at WW dot yourlegacylegalcare.com. We changed our name last year, so we're super excited about that because I think it reflects more of what we do, not just documents. And so you can call the office at 281-218-0880 but definitely give us a holler if you're in Texas, anywhere we can help you. And I have clients all over the state, so I'm glad to help you any way we can. [00:34:42] Speaker C: Sounds fantastic that way. And your show life happens with Kim Hegwood is, I know it's Apple podcasts and others. Where else can people find you about. [00:34:51] Speaker A: How often are you Spotify? Some of the other ones, yeah, see, that I'm not about. So I know you can find me there, but it's also on apple and Spotify and a few other ones out know. So my job is just to make sure they get done, somebody else makes. [00:35:12] Speaker C: Sure they get, they're, they're definitely worth seeing once they've gotten out. You've had some great guests on there that deal with a lot of issues in and around kind of the perimeter of what we've talked about today. So definitely recommend that. And boy, Kim, it's really been a blessing. I thank you so much for sharing your time, talents and treasures with us and our audience today. [00:35:33] Speaker A: No, I appreciate you having me on, and I hope that having me on helps someone that's listening to your show. [00:35:42] Speaker C: Amen. [00:35:47] Speaker B: Well, that's it for the team this. [00:35:49] Speaker C: Week, and thanks for joining us. [00:35:50] Speaker B: If you've enjoyed the content, remember to subscribe and to share this episode on the app that you're using right now. Your reviews and your comments, they really help us expand our reach as well as our perspective. [00:35:59] Speaker C: So if you have time. Also, drop us a note. [00:36:01] Speaker B: Let us know how we're doing. For tips and tools to clarify your parent project, simplify communication with your stakeholders, and verify the professionals that you choose. You can find us on YouTube, follow. [00:36:11] Speaker C: Us on Instagram and Facebook. [00:36:12] Speaker B: Thanks again for trusting us. Until our next episode. Behold and be held. [00:36:20] Speaker D: Thank you for listening to this parent projects podcast. Production. To access our show notes, resources, or forums, join us on your favorite social media platform or go to parentprojects.com. This show is for informational and educational purposes only. Before making any decisions, consult a professional credential, then your local area. This show is copyrighted by Family Media and Technology Group, Inc. And Parent Projects, LLC. Written permissions must be granted before syndication or rebroadcast.

Other Episodes