April 2008 Newsletter

...From Leigh

   

During the last few months, I have had many reminders of how precious life is and that there are no guarantees.  Most recently, I received a call that one of my clients was in the ICU after a bicycle accident.  His family needed the ability to reach his bank account.  They went to the bank and tried to become a signer on the account, so they could pay bills for the family and the family business.  Although they had Power of Attorney, the bank wouldn't allow them to become a signer, because the Power of Attorney was more than six months old.  I had prepared a Will and Power of Attorney for this client and we had discussed preparing a Trust during several appointments.  He wanted to wait till later date to prepare a Trust. This situation illustrates the importance of having a Trust. If the client had a Trust prepared, the successor trustee would have access the accounts.  Now we have to look into a guardianship to help the family have access to the funds.  The delay in accessing the funds will be at least six weeks. 

 

I have had two clients pass away that were in their 50's. Another client became paralyzed at the young age of 58. I have one client who was diagnosed with Alzheimer's at the young age of 56. They all had discussed long-term care insurance several times with their advisor, but decided to wait till later to purchase it. Now it is too late.

The linked article below, Net Unrealized Appreciation, provides important information if you are participating in a company retirement plan. There is also a very interesting article regarding what different types of assisted living care are available

                                           Sincerely,

                        Leigh

 

Click on the following links:

Net Unrealized Appreciation 

Clearing up the confusion about levels of care

Quotes

Daily Cartoon

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