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
Caring for Aging Parents

3. Meet our panelists…
Caring for Aging Parents

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.
Caring for Aging Parents

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.
Caring for Aging Parents

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 with 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
Caring for Aging Parents

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 David provides wealth management services to individuals and develops investment strategies for individuals and business clients.
Caring for Aging Parents

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)
Caring for Aging Parents

9. Our Prayer today Family unity, peace, and selflessness
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10. Comments from our panelists…
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11. Reid Street
“It is significant that everybody has a will in Tennessee; it's called intestate succession.”
Caring for Aging Parents

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
Caring for Aging Parents

13. Power of Attorney Attorney-in-Fact Substitute Attorney-in-Fact
Effective Date
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14. Power of Attorney, Healthcare
Attorney-in-Fact
Substitute
Effective Date
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15. Living Wills
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16. Ken Young
“Power of attorney documents are almost more important than a will.”
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17. Probate
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18. Conservatorships
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19. Trusts and Estates Gifts Inheritance Taxes Caring for Aging Parents

20. Caring for Aging Parents

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
Caring for Aging Parents

22. Caring for Aging Parents

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)
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24. Resources Available
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25. Everything in One Place
Caring for Aging Parents