1. Caring for Aging Parents “Children, obey your parents in the Lord: for this is right. Honor your father and mother; which is the first commandment with promise; that it may be well with you, and that you may live long on the earth.” (Ephesians 6:1-3) Week 5 | Financial and Legal Issues| April 5, 2015

2. Financial and Legal Issues April 5, 2015  Wills  Power of Attorney  Estate Planning  Protecting and preserving assets  Reverse mortgages?  Investment options appropriate for aging parents  Family members financial responsibilities (or potential responsibilities)  What should be considered when multiple children are involved 2015-03-08 Caring for Aging Parents 2

3. Meet our panelists… 2015-03-08 Caring for Aging Parents 3

4. Reid Street Reid Street - At the present time Reid assists in the care of his mother who is 85 years old and has a diagnosis of dementia. Reid has 30 years of experience in the practice of law. His practice has an emphasis on family law which includes wills, powers of attorney and questions concerning Tenncare. 2015-03-08 Caring for Aging Parents 4

5. Ken Young Ken Young is a partner with the Franklin law firm, Buerger, Moseley & Carson, PLC, where he practices in the areas of business transactions, corporate formation and governance, industrial development bond financing and PILOT programs, non-profit/tax-exempt entities, governmental law, emergency communication districts, and will documents for family, friends and clients. He is a 1993 graduate of the University of Mississippi, earning a bachelor of business administration degree with a double major in banking and managerial finance. In 2001, he earned a juris doctorate degree from the Nashville School of Law. 2015-03-08 Caring for Aging Parents 5

6. Bill Garrett  Fee-based Certified Financial Planner professional specializing in portfolio management and retirement income planning  Owns Garrett Financial, LLC and in business since 1988  Married to Julie and two daughters, Elizabeth (age 16) and Julianna(age 17)  Cared for Julie's father for several years who was stroke victim and Bill's father for a short time in his final week when he succumbed to bone cancer  Counseled many people over the years about issues surrounding aging, retirement, and estate planning 2015-03-08 Caring for Aging Parents 6

7. David Lankford David Lankford - David has a bachelor’s degree in accounting from Lipscomb University. He entered the financial services industry in 1978 and joined Taylor Wealth Solutions in April 2007. David provides wealth management services to individuals and develops investment strategies for individuals and business clients. 2015-03-08 Caring for Aging Parents 7

8. Our Faith “Esau held a grudge against Jacob because of the blessing his father had given him. And Esau determined in his heart: ‘The days of mourning for my father are approaching; then I will kill my brother Jacob.’” (Genesis 27:4, HCSB) 2015-03-08 Caring for Aging Parents 8

9. Our Prayer today  Family unity, peace, and selflessness 2015-03-08 Caring for Aging Parents 9

10. Comments from our panelists… 2015-03-08 Caring for Aging Parents 10

11. Reid Street “It is significant that everybody has a will in Tennessee; it's called intestate succession.” 2015-03-08 Caring for Aging Parents 11

12. Formal Wills  Executor/Executrix  Guardian of minor children, if any  Trustee of any Testamentary Trust  Special Bequests  How you want property to pass  Husband to Wife; Wife to Husband  To children  Contingent passing of property 2015-03-08 Caring for Aging Parents 12

13. Power of Attorney  Attorney-in-Fact  Substitute Attorney-in-Fact  Effective Date 2015-03-08 Caring for Aging Parents 13

14. Power of Attorney, Healthcare  Attorney-in-Fact  Substitute  Effective Date 2015-03-08 Caring for Aging Parents 14

15. Living Wills 2015-03-08 Caring for Aging Parents 15

16. Ken Young “Power of attorney documents are almost more important than a will.” 2015-03-08 Caring for Aging Parents 16

17. Probate 2015-03-08 Caring for Aging Parents 17

18. Conservatorships 2015-03-08 Caring for Aging Parents 18

19. Trusts and Estates  Gifts  Inheritance Taxes 2015-03-08 Caring for Aging Parents 19

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21. Bill Garrett “To care for those who once cared for us is one of the highest honors.” Tia Walker, The Inspired Caregiver: Finding Joy While Caring for Those You Love "God taught me what it is to truly be a servant while taking care of my dad in his final week in this world." Bill Garrett 2015-03-08 Caring for Aging Parents 21

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23. David Lankford “Moreover, when God gives someone wealth and possessions, and the ability to enjoy them, to accept their lot and be happy in their toil—this is a gift of God.” (Ecclesiastes 5:19) 2015-03-08 Caring for Aging Parents 23

24. Resources Available 2015-03-08 Caring for Aging Parents 24

25. Everything in One Place 2015-03-08 Caring for Aging Parents 25 http://berryschapel.org/ministries/caring-for-aging-parents