Elder law attorney Jim Koewler joins Suzanne to talk about setting up your estate plan and the people needed to complete various documents, such as powers of attorney, wills, living wills, revocable trusts, and irrevocable third-party trusts. This segment covers setting up irrevocable third-party trusts.

Irrevocable Third-Party Trust for disabled person

• Grantors are initial trustees
• Successor trustee

Successor trustee approaches

First approach
- Trustee: Person who will look out for disabled beneficiary but will not cave in to unreasonable demands for money from trust and will not resent having to deal with beneficiary

Second approach
- Trustee: Bank or trust company or trusted family member
- Distribution Committee (to make decisions on when to pay out for benefit of beneficiary, taking pressure off the trustee)

• Special needs attorney
• Social worker
• Family member(s) (maybe)

HIPAA Release
(Gives access to health information. Doesn't grand decision-making authority.)

• Include everyone who is named in Health Care Power of Attorney
• Include any other family members or friends who are likely to help look after you if you need care (long-term or otherwise)

Listen in to hear details and explanations. Learn more about Jim Koewler at Answer for Elders or at his website, and look here to see a list of all of Jim's podcasts.

See omnystudio.com/listener for privacy information.