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Client Objections & Case Scenarios

Client Objections & Case Scenarios

Every case will have certain hurdles, and we’re here to help you learn to overcome these with our resources.

Unless your client is opting to completely use the system on their own, or opt to use a liaison, we have made getting help easier for our licensee team with our simple submission form button.

You’ll also find help from others in the field by browsing the FAQs collected below.

FAQs

Q: Webinar process — What we need before recording the event:

A: https://app.smartsheet.com/b/form/5fc072e2768c4211bbce8b47c08ace98

Q: Should I go to training ….. 

A: Yes …..

Q: How to use asset-map and cost

A: $195 per month …. one year contract under our master license

Q: Why doesn’t the spouse show up as an option for my primary healthcare agent?

A: We would need access to your account with username and password to help with that question 

Q: Does this mean that assets in the trust are locked up upon the death of the first spouse and the surviving spouse can only use trust funds for certain things? 

A: Yes, 50% of trust assets are added to an irrevocable trust at the death of the first spouse and beneficiaries cannot be changed on those assets. The spouse can use the funds in the Irrevocable trust for health, welfare and maintenance purposes.

Q: Does the software have the capabilities to do an Irrevocable Trust, for clients that want to shield their assets from nursing home spend-down?

A: Our software only supports Revocable Trust and not Irrevocable. In most cases, Irrevocable trusts are more complicated and best done with an attorney.

Q: My client’s residence is in FL. It is a primary residence. I guess I need to know how to have it where the children can claim ownership upon death. Would it be in trust to them or something else?

A: You can use a Lady Bird Deed (similar to beneficiary deed) making the children beneficiaries at death of homeowners.

Q: I have a question with an existing client.  His son currently has a POA and is the successor trustee.  However, the client wants to make sure, while he is living, his son has the authority to make all decisions while he is alive.  It appears that his annuity company is giving him grief and will not allow the son to take care of everything. 

A: We only create documents for Springing POA which takes effect when someone becomes incapacitated.  If they need any one of the other three they would need to seek out an attorney.

He would most likely want a General POA

Here are the four different types of power of attorney: Limited; General; Durable; and Springing.

  1. The Limited Power of Attorney

As the name implies, these POAs are for when you need someone to do things for you for a limited purpose. For that reason, these documents usually specify a date and time period after which the POA ends.

For example, an author might use a limited POA so that their book agent could cash checks made payable to the writer during a specified time. That way, the agent could take their commissions out of the author’s check and write a new check to the writer.

Or let’s say you had plans to go on a vacation on the same day that the deed for your new house needs to be signed. You could assign a limited POA to someone else for that function that only lasted for one day.

  1. The General Power of Attorney

Not surprisingly, a general POA is more comprehensive. This essentially assigns all of your powers and rights to someone else. A general POA can also be used when people don’t have the time, skills, or desire to handle financial matters. Unless you choose to revoke a general POA, it applies as long as you’re alive, or until you become incapacitated.

There are many uses for a general POA, like:

Collecting debts

Applying for government benefits

Managing financial and business matters

Buying, selling or making investments on your behalf

Filing lawsuits on your behalf

  1. The Durable Power of Attorney

The major difference between the general and durable POA is that the durable version lasts even if the assignor becomes incapacitated. In other words, you’d use a durable POA if you wanted to give your agent authority once you’re unable to act for yourself. Because of this, many consider a durable POA to be the most powerful type of power of attorney.

One example may be if you’ve been diagnosed with early-onset Alzheimer’s

  1. The Springing Power of Attorney

This type of POA serves roughly the same purpose as a durable POA, but it only comes into effect once a specific event happens, such as when the assignor becomes incapacitated. With these types of POAs, it’s very important to clearly define what “incapacitated” means.

Q: pt 1 of 2 – I have a client that has listed her mother and father in-law lumped together as her Secondary for her trustees after her spouse – Do I need to separate these into Secondary and Alternate? 

Pt 2 of 2 – She has her sister currently listed as the Alternate so I don’t think she wants to lose that option in case the parents are gone. 

If they need to be separated, I assume I just need to ask her which is “above” the other? 

A: pt 1 of 2 – They can be listed as a committee together or separate as secondary and then alternate.  It is really up to the client on what they want to do.

Pt 2 of 2 – Yes, correct

Q: My client attempted to fill out the Bequest part of the will. They noticed you can only give one person an individual item. They wanted all jewelry,  furniture etc to be sold and the funds divided equally to the children.  How do they document that in that section?

A: You can just manually write this bequest on the Assignment of Personal Property on the lines pages at the back of Revocable Living Trust section.

Q: How can a client list a second healthcare durable POA alternate in case their parents are not alive – currently they have listed each other/spouse, then the parents as an organization. They are concerned if they are in an accident together, for example, and the parents have passed at this point before updating the trust, or if they are not able themselves to make a decision due to their age, could they have an additional person added. They see the second alternate as an option everywhere else, so they are wondering if this could be possible. 

A: They will need to update the will and trust once they feel like the parents need to step down from this position, or at the point of their passing.

Q: Client Lives in the state of North Dakota and has a Campground timeshare that he has purchased to keep as a family heirloom.

How does the client protect or keep the timeshare for an inheritance?  He wants to make sure that if his son passes his son’s future spouse cannot sell the timeshare.

A: All timeshare transfers are done through the timeshare company(similar to beneficiary form for other assets)

Q: About financial POAs: the website states that the FPOA has control over assets outside of the trust. Let’s say that someone retitled their bank account into the name of their trust and then went into a coma. Their FPOA would be responsible for paying their bills. Would the FPOA have access to the grantor’s bank accounts that are in the trust or would they need to find funds outside of it?

A: The successor trustee has access and authority over assets in the trust. The FPOA has access over assets in the trustees name and not the trust.  For this reason, most people appoint the same person to be FPOA and successor trustee so they have access to all assets if the trustee is incapacitated.

Q: Can we set up the trust to where the beneficiary gets a monthly, quarterly, or annual stipend? Or can we just split it into thirds based on ages? She is curious because one of her beneficiaries has an addiction problem and she doesn’t want him to have access to such large sums. 
A: Yes, when setting up beneficiary you can select the following options in interview under Beneficiary Selection Tab:

Yes, override all other provisions & restrict distribution to income only.
(Overrides Joint Trust for Children for this beneficiary)       
No additional distribution limitations

(lump sum, spendthrift and Joint Trust for Children provisions still apply.)

If you select Yes, override all other provisions & restrict distribution to income only.  This will give control to the successor trustee to distribute the money to that beneficiary at their discretion. The beneficiary will not receive a lump sum. 

Q: This person owns 1/3 of her parents’ home who passed away. Currently, her brother is living there so they have not sold. When they do sell, she will have 1/3 of the proceeds. Is there any way to put her portion of the home in the trust before they sell? 

A: She can transfer her 1/3 ownership into her trust instead of her name at any time.

Q: We have a prospective client who has an odd question. She was wondering if there was any way to ensure a house she is leaving to her son will not be rented out. She would either like a family member to keep it or have it sold.

A: She has a legal right to do anything she chooses. To legally enforce her wishes then she would need to hire our paralegal to draft an amendment to be added to the trust with that particular language. Anytime a client needs to add specific language or directions then they would need to hire our paralegal to draft amendments to add that language. Each amendment is a flat $200 Contact information: Carol Larinto Cell Phone: 661-333-6640 Email: clarinto@yahoo.com