Category Archives: Other Financial Directives

Advance directives. Living wills. power of attorney forms. health care power of attorney forms. DNR. Do Not Resucitate. HIPPA. Nominate a conservator. Nominate a guaridian.

Have you collected the Social Security benefits to which you may be entitled?

You worked hard your whole life and paid money into the Social Security program evey month. So did your spouse. And now that you are both retired, you are relaxing, enjoying life and collecting a benefit check every month.

But Social Security benefits are not just for retirement. They are for widows and widowers, too. That’s right. Some of the money you paid into Social Security during your working life goes to survivor’s insurance from which you may one day be entitled to collect benefits. The amount of those benefits is based on lifetime earnings.

It is important to know that the surviving spouse is not the only one who can collect benefits. Surviving minor or disabled children are eligible as well.

Diesmart has received questions from widows and widowers who want to be sure they have collected all of the pension benefits to which they are entitled. However, they usually either forget or don’t know that they are leaving money on the table when they don’t file for Social Security survivor benefits as well.

Don’t forget to contact the Social Security administration to find out what steps you need to take to collect benefits to which you are entitled. www.ssa.gov/survivorplan/ifyou.htm

For more information about death benefits, go to www.diesmart.com.

Do You Have a Succession Plan for Your Small Business?

You probably have a will and/or a trust that covers what you want done with your personal assets when you die. But do you have a formal succession plan for your small business?

According to the Small Business Administration, about 90% of businesses are owned by a family. And about 90% of those family business owners believe that their business will be kept in the family when they can no longer run it. However, according to the Family Business Institute, only about 30% of family and businesses survive into the second generation.

Planning for your succession is critically important and has implications for your employees, business structure, assets and tax obligation, but it isn’t easy.

You should think about who you want to take over your business if something happens to you. Choosing someone to replace you as head of your organization may be as simple as appointing a family member who has been working in the business. On the other hand, there may be several people from whom you will have to choose and each may have different strengths and weaknesses. The correct decision is vital; it may cause family conflict and turmoil which, in turn, may impact the continued success or future failure of the company.

Another thing to think about is whether you want to sell your business to family members or just give it to them. This may have tax implications for your estate and for those family members.

If you have partners, do you have a buy/sell agreement with them?

There are several different business succession planning strategies. Make sure you speak with an estate planner who is skilled in this area, explore the options and create the plan that will be the best option for your small business.

Planning for Incapacity or Death: “A Cranky Old Man”

A friend sent me this poem by a “Cranky Old Man”. It has a message that all of us should think about as we care for elderly or incapacitated family members.

When an old man died in the geriatric ward of a nursing home in an Australian country town, it was believed that he had nothing left of any value.

Later, when the nurses were going through his meagre possessions, They found this poem. Its quality and content so impressed the staff that copies were made and distributed to every nurse in the hospital.

One nurse took her copy to Melbourne. The old man’s sole bequest to posterity has since appeared in the Christmas editions of magazines around the country and appearing in mags for Mental Health. A slide presentation has also been made based on his simple, but eloquent, poem.

And this old man, with nothing left to give to the world, is now the author of this ‘anonymous’ poem winging across the Internet.

Cranky Old Man

What do you see nurses? . . .. . .What do you see?
What are you thinking .. . when you’re looking at me?
A cranky old man, . . . . . .not very wise,
Uncertain of habit .. . . . . . . .. with faraway eyes?
Who dribbles his food .. . … . . and makes no reply.
When you say in a loud voice . .’I do wish you’d try!’
Who seems not to notice . . .the things that you do.
And forever is losing . . . . . .. . . A sock or shoe?
Who, resisting or not . . . … lets you do as you will,
With bathing and feeding . . . .The long day to fill?
Is that what you’re thinking?. .Is that what you see?
Then open your eyes, nurse .you’re not looking at me.
I’ll tell you who I am . . . . .. As I sit here so still,
As I do at your bidding, .. . . . as I eat at your will.
I’m a small child of Ten . .with a father and mother,
Brothers and sisters .. . . .. . who love one another
A young boy of Sixteen . . . .. with wings on his feet
Dreaming that soon now . . .. . . a lover he’ll meet.
A groom soon at Twenty . . . ..my heart gives a leap.
Remembering, the vows .. .. .that I promised to keep.
At Twenty-Five, now . . . . .I have young of my own.
Who need me to guide . . . And a secure happy home.
A man of Thirty . .. . . . . My young now grown fast,
Bound to each other . . .. With ties that should last.
At Forty, my young sons .. .have grown and are gone,
But my woman is beside me . . to see I don’t mourn.
At Fifty, once more, .. …Babies play ’round my knee,
Again, we know children . . . . My loved one and me.
Dark days are upon me . . . . My wife is now dead.
I look at the future … . . . . I shudder with dread.
For my young are all rearing .. . . young of their own.
And I think of the years . . . And the love that I’ve known.
I’m now an old man . . . . . . .. and nature is cruel.
It’s jest to make old age . . . . . . . look like a fool.
The body, it crumbles .. .. . grace and vigour, depart.
There is now a stone . . . where I once had a heart.
But inside this old carcass . A young man still dwells,
And now and again . . . . . my battered heart swells
I remember the joys . . . . .. . I remember the pain.
And I’m loving and living . . . . . . . life over again.
I think of the years, all too few . . .. gone too fast.
And accept the stark fact . . . that nothing can last.
So open your eyes, people .. . . . .. . . open and see.
Not a cranky old man .
Look closer . . . . see .. .. . .. …. . ME!!

25 Documents You Need Before You Die

Recently, the Wall Street Journal weekend edition had a very interesting article titled “25 Documents You Need Before You Die.”

Basically, it says that you should make sure that the originals of all of your valuable papers are put somewhere safe and that a loved one knows where that safe place is. Otherwise, when you become incapacitated or after you die there may be a great deal of frustration and unnecessary work as your heir or estate representative tries to figure out what you’ve done and how to prove it.

Check out this article and also check out Die Smart for more information on what to do.

National Healthcare Decisions Day – April 16, 2011

National, state and local organizations have joined together to ensure that all adults have the opportunity to communicate and document their healthcare decisions. Too often, someone’s wishes are not known and steps are taken during a critical medical situation that he or she would not have wanted.

Have you done any advance healthcare planning? Do you even know what your choices are? Have you prepared an advance healthcare directive and shared its contents with your loved ones?

The objectives of the National Healthcare Decisions Day are to provide information to the public and improve the ability of healthcare facilities and providers to offer guidance about advance healthcare planning to their patients.

Don’t force your family to make end of life decisions for you. Tell them what you want and confirm your choices in writing with a living will or other advance directive document. Make April 16th the day you have a discussion with your family, convey your wishes and sign the necessary paperwork.

For further information, go to http://diesmart.com/elder-law/living-wills/ or http://diesmart.com/elder-law/health-care-power-of-attorney/ or http://diesmart.com/elder-law/other-advanced-health-care-directives/