Law Office of Frank Bruno, Jr.

Author: dev-team

  • A Big Red Binder of Information

    Life happens, when we’re not prepared. A woman is recovering at home from minor surgery when her older sister dies unexpectedly, thousands of miles away. She can’t fly from her home to her sister’s home for weeks. What will happen, asks Considerable in the article “This is the most helpful thing you can do for the people who love you” ? If you’re not prepared, the result is a mess for those you love.

    The task of untangling someone’s financial responsibilities and their legal matters is emotionally and mentally draining, when they have not prepared any kind of plan to convey the information. It’s not just making the calls and explaining who you are and why you are calling but having to constantly be starting at the death certificate of someone you love. That’s why people should consider making themselves a Big Red Binder.

    That’s the name many people give to their folder of names and numbers and important documents that are assembled for such an occurrence, a reference book for their lives that contains every bit of information that their loved ones will need, in the event of a sudden death or illness.

    It’s admittedly old school, but there are advantages to using a large three-ring binder. You can put documents in pocket pages and use loose-leaf paper for your important information. Consider going whole-hog and also buying dividers—anything you can do to make it easier for the person who is going to have to tackle all of these tasks.

    Don’t rely on digital only: if your family can’t get into your computer or access your cloud storage, they won’t be able to help. You could keep a copy of the information in a secure location in the cloud or on your computer, in addition to on paper.

    Tell at least two people about the Big Red Binder of Information and let them where you have located it. If possible, give one of them a copy, so that they have it available. This is what you should include in it:

    Medical Information: Include surgeries, medications, recent test results, treatments and the name and contact information of healthcare providers.

    Health Insurance Info: The name of the company, a copy of your health insurance card, your Medicare card and any recent bills.

    Recurring Bills: Recent bills and contact information about your mortgage payments or rent, utilities, car lease or loan and life insurance policies. You should do the same for regular bills and for subscriptions, memberships.

    Insurance Contacts: A list of all insurance agents, policy numbers and the agent’s contact information.

    Investment Information: Your financial adviser’s contact information and account numbers.

    Financial and Legal Information: Contact information for your estate planning attorney and your CPA. I t should include where your prior year’s tax records can be found. Make a copy of the front and back of your credit and bank cards. Include recent credit card bills and note when payments are generally due.

    Pet Care: Contact info for the vet, any medication information and info for a trusted friend who can care for a pet on a short-term basis. A pet trust, if you have one.

    Personal Lists: Who should be notified in the event of a serious illness or death? A list of names, phone numbers and email addresses will be invaluable.

    A personal binder like this relieves children or friends, who are in probably still in shock, and gives them the ability to have the information they need right at their fingertips, without having to dig through files or drawers of paper. It’s a gift to those you love.

    Reference:

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  • Britney Spears: Guardianship Case

    The case of Britney Spears’s guardianship is a high-profile, widely-publicized matter. However, even though Ms. Spears has been the hot topic of conversation on the news and in the media recently, very little is actually known about the details of her situation.

    I have held every attorney position in the field of guardianship, often I am appointed to a role by the Judge overseeing the case. Other times a private client hires me and I have been Petitioner’s Counsel, Counsel for the Alleged Incapacitated Person, Court Evaluator, Guardian, and Court Examiner. After the Hearing I have even been the Attorney for the Incapacitated Person and also as a Referee to hear and determine issues in the case. Over my twenty five years of experience, I have encountered a number of cases with the same general premise as this one. Although much of Ms. Spears’s case has not been revealed to the public, in many ways her circumstances are not unique. Let’s start with what we do know.

    When a person faces certain “functional limitations,” and it is alleged that they are incapacitated, legal action is taken to obtain a guardian who can take care of this person when they are unable to take care of themselves.

    A functional limitation is any incapacity that puts the person in question, or those around them, in a position of danger. This can be due to debilitating mental illness, cognitive or developmental disability, mental or physical decline due to old age, or any other impairment that has prevented that person from functioning safely and independently in daily life.

    As a result of a functional limitation, a person may be susceptible to abuse or neglect, which is why the courts take legal intervention to protect such vulnerable people.

    In this case, it is unknown what specific “functional limitations” the judge established for Ms. Spears – that is up for speculation. We do know that Judge Brenda Penny, determined that Ms. Spears poses a danger to herself or others, based on a thorough examination of her state of wellbeing. As a result, she has been under a Conservatorship for the past thirteen years. Conservatorship is a legal concept whereby a court appoints a person to manage an incapacitated person or minor’s financial and personal affairs. New York has modified their laws so that Conservatorships are now Guardianships.

    In any case, we can reserve judgement or hasty condemnation of anyone involved, including Britney Spears’s father. It is easy to make assumptions based on the limited information available to us.

    Very few are privy to the full story, and in the meantime I will empathize with Ms. Spears and her family and respect their privacy, and I urge you to do the same. I have seen some truly tragic guardianship proceedings – one thing I am sure of is that it is impossible to know what is going on behind closed doors.

    I wish the best for Ms. Spears and her family, and will be eagerly awaiting a swift and just resolution for all involved.

  • How to Decide Who Your Healthcare Proxy Should Be

    It’s especially important to name a healthcare proxy, because the chances of having a crisis escalates dramatically as we age. That’s why so many people put off naming a healthcare proxy, says Forbes in the article “How to Select A Healthcare Proxy,” often only addressing this, when they are completing other documents for their overall estate plan.

    What usually happens is that people get so stressed out about naming a healthcare proxy that they put it off or make a bad selection. Making it even worse, is neglecting to tell the person they have chosen for this important responsibility.

    healthcare proxy comic

    How to Decide Who Your Healthcare Proxy Should Be. It’s not guaranteed that the person you chose as your healthcare proxy will ever be called on to serve. However, if they are, you’ll want to make sure they meet certain guidelines. For one thing, they’ll need to be at least 18 years old. They cannot be your direct health care provider or any of the direct health care provider’s employees, unless that person is also your spouse. They have to be willing to speak up and adhere to your own wishes, even if those wishes are not the same as their own. You’ll want to have a very candid conversation with the person you think you want to name as your healthcare proxy.

    You might want to go through this exercise to make sure they are really willing to carry out your wishes. Create a worksheet that describes in detail some of the situations they may face. There are a few sources for this kind of worksheet, including one from a group called Compassion and Choices, a nonprofit centered on helping people get what they want at the end of their lives.

    If you are close with your family, it may seem obvious to select your spouse, first-born child, or a sibling for this task. However, be realistic: when push comes to shove, will they be able to stand up for your wishes? Will they be able to deal with the fallout from family members, who may not agree with what you want at the end of your life? They’ll need to be up to the challenge.

    Age is a real factor here. You want your proxy to be available in both the immediate and distant future. If you have a sibling who is only two years younger than you, she’ll be 81 when you are 83. That may not be the time for her to make hard decisions, or she may not be available—or alive. Select a few backups, and make sure the primary, secondary and even tertiary are listed on your advance directive.

    Geography also matters. The person may be called upon in a crisis—if you are on the West Coast and they are in the Midwest, will they be able to get to your bedside in time? Many hospitals and skilled nursing facilities require a live human being to be physically present, if critical care decisions need to be made. Someone who lives within a 50-mile radius of you, might be a better choice.

    Once you’ve made the decision, you’re almost done. Have a conversation with the person, whether they are the primary or a backup. You should also have a conversation with your estate planning attorney, to make sure that your healthcare directive and any related documents are all set for your future.

    Reference: Forbes (April 10, 2019) “How to Select A Healthcare Proxy”

  • I’m Rich! What Should I Do Now

    WMUR.com’s recent article, “Handling unexpected wealth,” says the first thing to do is to really step back and review your finances.

    Did you win the lottery or a game of high stakes poker? What about an inheritance? Depending on how much you have received, you could be in a very different place financially. You should take a look at your net worth and cash flow.

    What these items show you and how much access you have to your new funds will affect the extent to which your finances might change. Years ago, I represented a client that won a million dollars. The pay out was $50,000.00 per year for twenty years. A wonderful win but just shy of life changing money.

    You might have received your assets through a trust, and the trust provisions will dictate how you get those assets. Depending on these instructions, you might not have control over the funds. It’s the trustee who will decide this based on the trust document.
    Get a copy of the trust and review the terms with an estate planning attorney. This will give you some idea of the income the trust will provide you.

    It’s a different set of issues when inheriting or receiving stock as a gift. Look at your investment strategy to see if the stock has a place in it.

    This will help you decide whether to keep the stock or sell it. Instead of stock, you might have inherited real estate. The decision here is the same as to whether to sell the property or keep it.

    Your inheritance may also be plain old cash. Think about your future needs and how long your money must last.

    • Take the time to come up with a well-thought-out plan for both your current needs and your future goals.
      Finally, any newly acquired money can also affect your estate plans. Go through your plan and strategies with an estate planning attorney.
      Reference: WMUR.com (December 12, 2019) “Handling unexpected wealth”
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