1. ©2015, College for Financial Planning, all rights reserved. Session 15 Incompetency Planning CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION PROGRAM Estate Planning

2. Session Details Module8 Chapter(s)1 LOs8-1 Identify the characteristics or the advantages and disadvantages of specific estate planning techniques for managing an incompetent person’s personal and financial affairs. 8-2 Identify the characteristics or the advantages and disadvantages of specific estate planning techniques used to provide for an incompetent person’s medical and end-of-life needs. 15-2

3. Incompetency Planning Planning Techniques for a Non-Minor’s Financial Affairs Joint convenience checking account Durable power of attorney Funded revocable living trust Contingent (standby) revocable trust plus a springing durable power of attorney Support/supplemental/ special needs trust 15-3

4. Incompetency Planning Joint convenience checking account _____________________________________ 15-4

5. Incompetency Planning Durable power of attorney (DPOA) _____________________________________ 15-5

6. Incompetency Planning Funded revocable living trust _____________________________________ 15-6

7. Incompetency Planning Contingent (standby) revocable trust plus a springing durable power of attorney _____________________________________ 15-7

8. Incompetency Planning Support/supplemental/special needs trust _____________________________________ 15-8

9. Incompetency Planning Planning for Medical Decisions Living will Do not resuscitate (DNR) orders Appointing another person: durable power of attorney for health care (DPOAHC) 15-9

10. Incompetency Planning Living will _____________________________________ 15-10

11. Incompetency Planning Do not resuscitate (DNR) orders _____________________________________ 15-11

12. Incompetency Planning Appointing another person: durable power of attorney for health care (DPOAHC) _____________________________________ 15-12

13. Question 1 Which one of the following statements regarding a conservatorship is not true? a.The conservator is subject to the jurisdiction of a court. b.The conservator has authority to decide where the ward will live. c.The conservator may have to post a bond. d.The conservator will likely have to file reports with a court. 15-13

14. Question 2 All of the following are parties that may be involved in a court-ordered guardianship except a.a ward or protected person. b.a guardian or conservator. c.a trustee. d.the state. 15-14

15. Question 3 All of the following are techniques commonly used to preplan for management of a non- minor’s assets except a.a funded revocable living trust. b.a living will. c.a durable power of attorney. 15-15

16. Question 4 Living wills are usually applicable only when the declarant is in a terminal or similar condition. True False 15-16

17. Video Play Video Hercules Power of Attorney 1:05 minutes Play video from Video Layout Text chat or other questions 15-17

18. ©2015, College for Financial Planning, all rights reserved. Session 15 End of Slides CERTIFIED FINANCIAL PLANNER CERTIFICATION PROFESSIONAL EDUCATION PROGRAM Estate Planning