This was an AMAZING Enrichment Night! Wow! So much information! Many thanks to Jody Paul for selflessly giving her time and for sharing her knowledge with us.
Jody lost her husband, unexpectedly, about 4 years ago. Luckily, Jody and her family were prepared. Her house was in order. She had her financial affairs taken care of. Her I's were dotted and her T's were crossed. She thought shej knew everything there was to know and that she had done what needed to be done.
In her front room stood a big, beautiful Grandfather Clock. Jody had only been an admirer of this clock....an admirer from afar. Maintaining the clock was her husband's job. She had never done it. She looked at the clock a few days after her husband had passed. The clock had stopped. Jody burst into tears! "Who will take care of the clock now?" Of all the worries on her plate, the clock seemed to be at the top of her list. She knew that her husband tenderly cared for that clock and that she had to take care of the clock in his memory. Solemnly, she walked over to the clock, took a deep breath, and opened the glass door. Inside the door, on a small shelf, were some tools and a paper. On the paper it said "Instructions for the Grandfather Clock". Her dear husband had left this for her. She followed his instructions and the clock ticks on.
WHAT TO DO AND WHERE TO GO FOR HELP?
TALKING ABOUT DEATH DOESN'T MAKE IT HAPPEN!
For those who still have thier spouse, what do you think will be your greatest fear or concern?
For those of you who have lost your spouse without warning, what became your greatest challenge?
For those of you who still have their healthy spouse, what is your greatest worry or concern when you think of losing him?
Breathe and don't be pressured to make decisions that don't have to be made right away. Take at least one year before you make life-changing decisions.
You need to discuss your wishes with your spouse and your family before hand. You need to get copies of your records before hand.
MEDICAL
*DNR (Do Not Recusitate Order) *This has to be signed. This has to be specifically planned before the person is in this situation.
*LIVING WILL (your wishes not to have life support to keep you alive). A DNR can be put into a living will but a living will and a DNR are two seperate documents.
*ORGAN DONOR What are your wishes regarding this issue?
MEDICARE PAPERWORK
*Whenever you enter a hospital for any reason, YOU NEED TO MAKE SURE THAT YOU BRING YOUR PICTURE ID. NOTHING CAN BE DONE WITHOUT THIS ID. THIS ALSO GOES FOR THE PATIENT. IF YOU GET COPIES OF THESE FORMS ONLINE, MAKE SURE THAT THEY ARE FOR THE STATE OF UTAH. SOME STATES HAVE DIFFERENT REGULATIONS THAN OURS.
FUNERALS AND COSTS
Where are cemetary deeds and/or funeral plans?
OBITUARIES
How do you want to be remembered?
*Write your own. What do you want it to say? You can also put "see blog www....." to save money on printing an obituary in lieu of having the obituary printed in the paper.
TRUSTS AND WILS (Revocable or Irrevokable)
Quick Claim Deed? *Have it signed and ready to go. You need death certificates for this.
Lending Retirement money to children
*What is the difference between irrevokable and revokable? Revokable means that it can be changed throughout your life. Irrevokable means that it cannot EVER be changed.
TAXES
The inheritance tax is back...
ACCOUNTS (where is the money if your spouse takes care of the finances?)
CD's, Annuitites, stocks, bonds, mutual funds, savings, safe deposit box (where are the keys?)
Always keep your spouses' name on your accounts for at least a year for security reasons.
Should you have your children's names on your accounts? (pros/cons?)
* Assets that are not registered in the name of the trust will be probated if the value is over $25,000.00.
CHECK CREDIT CARDS to see if debt is covered with insurance (paid if full or a percentage) if owner of account dies...
SOCIAL SECURITY
*Medicare with or without RX with a supplemental Insurance
As of 2009 death benefit is $250.00
When are minor children involved in the benefits?
WHAT DOES DEATH DO TO YOUR RELATIONSHIPS?
*Friends....network...."couple friends"
Do you stay in your existing home, live with your children, move to a condo or look at assisted living options?
*Reverse mortages
AUTOMOBILE
*Inspections, license due
Oil change
Rotating Tires
Where is the car title?
AID AND ATTENDANCE PENSION
*If you were ever in "active duty" you are entitled to dailiy living activity expenses in the amount of $1644.00 per month or 1,056 a month if you are a spouse...
2ND MARRIAGES
*prenuptial agreements
*inheritances
MAKE A LIST OF EACH OF YOUR RESPONSIBILITIES (HUSBANDS/WIFES)
*Furnace/filter cleaning?
*Water heater, how to turn it off?
*Air conditioner (winterize and preparing for spring)
*Outside water turned off in winter (sprinkling systems, draining pipes and hoses)
*Snow Removal
MAKE COPIES OF EVERYTHING IN YOUR WALLET AND KEEP IT IN A FILE...FRONT AND BACK
IF YOUR CHILDREN ARE ON ANY OF YOUR ACCOUNTS AND THEY GET SUED....YOUR ACCOUNTS CAN BE AT RISK...
YOU CAN PUT YOUR CHILDREN ON AN "AGENT CARD" OR GIVE THEM "POWER OF ATTORNEY" UNTIL THIS TIME...IT IS NOT OWNERSHIP.
"POD" MEANS PAYMENT UPON DEATH - THERE HAS TO BE ORIGINAL DEATH CERTIFICATES FOR THIS...
ADENDUM TO THE TRUST...WHO DO YOU WANT TO GET WHAT?
MAKE A LIST OF ALL YOUR PRESCRIPTIONS...
TO SAVE MONEY ON AN OBITUARY, MAKE A LINK TO A BLOG IN THE OBITUARIES....
IF YOU OUTLIVE THE VALUE OF YOUR HOME, THE HOME IS NO LONGER YOURS WITH A REVERSE MORTGAGE
MAKE SURE THAT IF YOU DOWNLOAD ANY DOCUMENTS ONLINE THAT THEY ARE FOR THE STATE OF UTAH AND NOT FOR ANOTHER STATE OR COUNTRY....
