Elder law attorney Jim Koewler joins Suzanne to talk about setting up your estate plan and the people needed to complete various documents, such as powers of attorney, wills, living wills, revocable trusts, and irrevocable third-party trusts. This segment covers setting up irrevocable third-party trusts.

Irrevocable Third-Party Trust for disabled person
Grantors are initial trustees
Successor trustee

Successor trustee approaches

First approach
- Trustee: Person who will look out for disabled beneficiary but will not cave in to unreasonable demands for money from trust and will not resent having to deal with beneficiary

Second approach
- Trustee: Bank or trust company or trusted family member
- Distribution Committee (to make decisions on when to pay out for benefit of beneficiary, taking pressure off the trustee)
Special needs attorney
Social worker
Family member(s) (maybe)

HIPAA Release
(Gives access to health information. Doesn't grand decision-making authority.)
Include everyone who is named in Health Care Power of Attorney
Include any other family members or friends who are likely to help look after you if you need care (long-term or otherwise)

Listen in to hear details and explanations. Learn more about Jim Koewler at Answer for Elders or at his website, and look here to see a list of all of Jim's podcasts.

Elder law attorney <a href="https://answersforelders.com/jim-koewler/">Jim Koewler</a> joins Suzanne to talk about setting up your estate plan and the people needed to complete various documents, such as powers of attorney, wills, living wills, revocable trusts, and irrevocable third-party trusts. This segment covers setting up irrevocable third-party trusts.
Irrevocable Third-Party Trust for disabled person
<ul>
<li>Grantors are initial trustees</li>
<li>Successor trustee</li>
</ul>
Successor trustee approaches
First approach - Trustee: Person who will look out for disabled beneficiary but will not cave in to unreasonable demands for money from trust and will not resent having to deal with beneficiary
Second approach - Trustee: Bank or trust company or trusted family member - Distribution Committee (to make decisions on when to pay out for benefit of beneficiary, taking pressure off the trustee)
<ul>
<li>Special needs attorney</li>
<li>Social worker</li>
<li>Family member(s) (maybe)</li>
</ul>
HIPAA Release (Gives access to health information. Doesn't grand decision-making authority.)
<ul>
<li>Include everyone who is named in Health Care Power of Attorney</li>
<li>Include any other family members or friends who are likely to help look after you if you need care (long-term or otherwise)</li>
</ul>
Listen in to hear details and explanations. Learn more about <a href="https://answersforelders.com/jim-koewler/">Jim Koewler at Answer for Elders</a> or at <a href="http://www.protectingseniors.com/">his website</a>, and <a href="https://answersforelders.com/jim-koewler/">look here</a> to see a list of all of Jim's podcasts.

Answers for Elders is the North Star in Navigating Senior Care.  Our content is designed to Empower Seniors and their Families through the Daunting Journey of Aging.

Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist seniors, caregivers and their families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health & Wellness, Life Changes, Living Options, and Money & Law.

Answers for Elders is the North Star in Navigating Senior Care.  Our content is designed to Empower Seniors and their Families through the Daunting Journey of Aging.
Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist seniors, caregivers and their families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health &amp; Wellness, Life Changes, Living Options, and Money &amp; Law.

Answers For Elders Radio Network

Empowering Seniors and their Families through the Daunting Journey of Aging

For Caregivers: If you're caring for a senior loved one, or navigating later life care, we help make the journey so much easier for you and your family.

For Seniors: We help you be proactive to prepare for your aging years ahead, honoring your wishes.

Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health & Wellness, Life Changes, Living Options, and Money & Law.

Empowering Seniors and their Families through the Daunting Journey of Aging
For Caregivers: If you're caring for a senior loved one, or navigating later life care, we help make the journey so much easier for you and your family.
For Seniors: We help you be proactive to prepare for your aging years ahead, honoring your wishes.
Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health &amp; Wellness, Life Changes, Living Options, and Money &amp; Law.

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