I have finished my Saturday chores. A practice that still evokes my mother busily catching up on cleaning after a week of full time work, and prodding me to do the same. She always told me her mother said, “Do your duties before you play” so I could not go out and play until we were finished! So, I learned to get the chores out of the way.
I can’t say it is a pleasant Saturday memory, but I passed it on to my children as well. Of course I tried to make it more fun. We had a “chore” box. Whoever got started first could chose their job. Also, the chores helped them fill up a bead jar to earn beads for movies. They learned how to get through the fewest chores for the most movie time. For a while, I wasn’t sure they had learned to clean up after themselves, much less clean a house. Then came college and roommates and “Oh, wow, I can’t believe how sloppy other people live.” Voila, they now have cleaning days, or so I hear.
If I were to think about the legacy my mother will leave, the Saturday cleaning day will be an aspect of her legacy. If she had been thinking about legacy planning, I wonder if that would have made her list. I know it would not make mine; but it has already been passed on. And, really what’s not to like about a clean house once in a while?
With the passing of Steve Jobs and Al Davis recently, the type of legacy a person leaves behind rolls around in my mind. I look at the stuff I clean and organize and try to use or give away. None of it says “legacy” to me. Still, I am convinced that even people who are not famous or wealthy can leave a legacy. I know my grandmother did.
Some, like Bernie Madoff will leave a bitter legacy behind. Others, like Steve Jobs, leave a bright and shining world of promise in their legacy. I heard that Steve Jobs chose to fight his pancreatic cancer with holistic methods rather than traditional cancer treatment. While he might have regretted that decision, given the odds of surviving this type of cancer, maybe he chose the option to give him the fewest sick days so he could influence the legacy he would leave behind.
Without the pressure of an illness, it is difficult to see how our daily choices really affect what legacy we will leave. But a legacy is built over time; one choice at a time. If I imagine what kind of world I would like to see in the next 50 years, I begin to touch the heart of legacy planning. These are where our hopes and dreams take on a life and become something new in the next generation. We choose our own legacy by living an intentional life; doing what we value; following through on our commitments; and, offering something from our “well of riches” to help others. What we do in the next 5 minutes can change the world. Now, where did I put those reusable grocery bags?
What do you imagine for 50 years in the future? What will you do to influence this vision?
Saturday, October 29, 2011
Friday, October 28, 2011
Brain Teasers or The Smell Test?
There is a lot of research about brain function these days. No cure looming on the horizon, but some interesting possibilities that can either help stave off or detect early signs of Alzheimer's disease. With our bounding border collies in tow we recently attended the Walk to End Alzheimer's in Petaluma event. A beautiful October day provided an opportunity for exercise and gathering information about this progressively debilitating disease.
One recent article in the Alzheimer's Reading Room discussed a new method for early Alzheimer's testing which uses smells. This one caught my eye, or should I say my nose? We know that good smells bring back good memories but I didn't realize how olfactory nerve cells might show the beginnings of what researchers believe to be one of the causes of Alzheimer's, the build-up of a type of plaque. The sense of smell is described by the researcher, Leonardo Belluscio, like a "canary in a coal mine." Click here to read the article.
Now that we are heading close to the Holiday season, I wondered what other connection between smell and memory loss might be hiding right under our noses. Earlier this year, a number of sources reported Tel Aviv university students finding that cinnamon might help fight Alzheimer's. You can read the whole article in the English language Haretz.com. This definitely means pumpkin pie is back on my holiday menu.
Over the years there have also been a number of studies and articles about exercise and exercising your brain with mental activity. The studies seem to indicate that both physical activity and stimulating your brain with new thinking can help keep your mentally sharp longer. This article in EverdayHealth.com summarizes the ideas of this vein of research.
Since we don't yet have smell mail, and I cannot send you whiffs of cinnamon, I have decided to occasionally post short brain teasers for my readers. You can ponder them while you are exercising your body and get a double benefit.
So grab your cinnamon sticks and try this one.
There seems to be only one other word that can be made from the letters in the word IMPORTUNATE. Find it. If you need help finding it, go to our website at www.ACEfiduciary.com
Have any good brain teasers you would like to share? Send an email and we'll post the tasty ones.
One recent article in the Alzheimer's Reading Room discussed a new method for early Alzheimer's testing which uses smells. This one caught my eye, or should I say my nose? We know that good smells bring back good memories but I didn't realize how olfactory nerve cells might show the beginnings of what researchers believe to be one of the causes of Alzheimer's, the build-up of a type of plaque. The sense of smell is described by the researcher, Leonardo Belluscio, like a "canary in a coal mine." Click here to read the article.
Now that we are heading close to the Holiday season, I wondered what other connection between smell and memory loss might be hiding right under our noses. Earlier this year, a number of sources reported Tel Aviv university students finding that cinnamon might help fight Alzheimer's. You can read the whole article in the English language Haretz.com. This definitely means pumpkin pie is back on my holiday menu.
Over the years there have also been a number of studies and articles about exercise and exercising your brain with mental activity. The studies seem to indicate that both physical activity and stimulating your brain with new thinking can help keep your mentally sharp longer. This article in EverdayHealth.com summarizes the ideas of this vein of research.
Since we don't yet have smell mail, and I cannot send you whiffs of cinnamon, I have decided to occasionally post short brain teasers for my readers. You can ponder them while you are exercising your body and get a double benefit.
So grab your cinnamon sticks and try this one.
There seems to be only one other word that can be made from the letters in the word IMPORTUNATE. Find it. If you need help finding it, go to our website at www.ACEfiduciary.com
Have any good brain teasers you would like to share? Send an email and we'll post the tasty ones.
Thursday, October 20, 2011
When A Family Feud Needs An Umpire
A family in conflict is not a pretty sight. Before you know it, a family can begin litigation over the family jewels; the family dog; or most often control of assets. It can get ugly very quickly. Litigation squanders family resources, but sometimes it is inevitable. While it’s not what mom and dad would want or what two people intended as they walked down the aisle, it is sometimes unavoidable.
The conflict usually boils down to assets: personal; sentimental; collectibles; valuables; a business; or even a sports team, like the L.A. Dodgers.
When it gets ugly, the courts will often require, or the parties will agree to, a 3rd party, independent neutral to handle the estate while the conflict is being settled. This is done to preserve assets for the ultimate beneficiaries. The courts know that if a party to the litigation has control over the assets, they may not act for the benefit of all parties. In fact, they might reduce the value of the assets. This can happen in family or probate court.
A family owned business is often the center of the conflict. If one party has access to business assets or resources that are rightfully the property of the business; or the conflict is damaging the value of the business, a court will often name a 3rd party, independent representative to handle the business or estate.
The recent settlement of the divorce between Frank and Jaime McCourt may help the McCourt’s avoid this type of requirement imposed by the court, but sometimes a 3rd party neutral can help smooth over troubled waters. See the article in CNN by By Alan Duke for more details. Husband Gets Dodgers in Divorce Court Deal.
According to Mr. Duke's article, baseball Commissioner, Bud Selig has insisted that the L.A Dodgers have an outside, independent “monitor”. While not the same as a fiduciary, his goal is similar. Presumably, he wants to preserve team assets and retain value for the ultimate owner. An estate which is facing conflict or litigation can often benefit from having an independent, licensed, professional, insured fiduciary named as the trustee or executor. Check our website www.acefiduciary.com for a link to the State of California requirements for a licensed professional fiduciary and hire one with experience to help smooth over some of the issues that can arise in settling an estate.
The conflict usually boils down to assets: personal; sentimental; collectibles; valuables; a business; or even a sports team, like the L.A. Dodgers.
When it gets ugly, the courts will often require, or the parties will agree to, a 3rd party, independent neutral to handle the estate while the conflict is being settled. This is done to preserve assets for the ultimate beneficiaries. The courts know that if a party to the litigation has control over the assets, they may not act for the benefit of all parties. In fact, they might reduce the value of the assets. This can happen in family or probate court.
A family owned business is often the center of the conflict. If one party has access to business assets or resources that are rightfully the property of the business; or the conflict is damaging the value of the business, a court will often name a 3rd party, independent representative to handle the business or estate.
The recent settlement of the divorce between Frank and Jaime McCourt may help the McCourt’s avoid this type of requirement imposed by the court, but sometimes a 3rd party neutral can help smooth over troubled waters. See the article in CNN by By Alan Duke for more details. Husband Gets Dodgers in Divorce Court Deal.
According to Mr. Duke's article, baseball Commissioner, Bud Selig has insisted that the L.A Dodgers have an outside, independent “monitor”. While not the same as a fiduciary, his goal is similar. Presumably, he wants to preserve team assets and retain value for the ultimate owner. An estate which is facing conflict or litigation can often benefit from having an independent, licensed, professional, insured fiduciary named as the trustee or executor. Check our website www.acefiduciary.com for a link to the State of California requirements for a licensed professional fiduciary and hire one with experience to help smooth over some of the issues that can arise in settling an estate.
Monday, October 3, 2011
Capacity Under the Law
I had a recent call from someone whose aging husband had uncharacteristically decided to call their stock broker to place an order to buy stocks during a recent dip in the market. He had not been involved with the financial management previously. He exercised control over assets that while technically were also his, were from her previous marriage. At the same time, he was encouraging her to buy a vacation home in a place that they both liked. She was concerned that he was losing it as his decisions seemed illogical.
Since there is a difference in perception between generations as to what age and what activities constitute an obvious need for intervention, it can be helpful to start with the legal standards in determining capacity. Even when a person has capacity under the law, there are many who exercise their sound judgement and ask someone trustworthy to step into the role of trustee or power of attorney. When a person assesses their own lack of capability, they are acting with capacity.
Lawyers are trained to parse the words of the black letter code; analyze the impact of similar cases; and, make the best argument for their clients based upon the facts of the particular situation. Here is my disclaimer. The discussion that follows is not legal advice. For this a person must seek competent legal counsel for their particular situation. The discussion on capacity and other topics which touch upon the law is offered to help us think logically about the question of capacity. Often this subject arouses more emotion than logic. It is presented to help us understand the intricate and delicate nature of decisions made about another person.
Capacity means you are able to make decisions that affect you or to engage in acts with knowledge and understanding. Under the law, there is a rebuttable presumption affecting the burden of proof that all adults have the capacity to make decisions and to be responsible for their own acts or decisions. This means that the law assumes you have capacity until someone proves you do not have capacity. Each state defines the type of evidence required to prove incapacity.
Under California Probate Code, the elements of capacity to make a decision include the ability to communicate verbally or by any other means the decision, and to understand, among other things, the rights and responsibilities created or affected by the decisions, the probability of consequences, and the significant risks, benefits, and reasonable alternatives involved in the decision. A determination that a person lacks the capacity to make a decision or to do a certain act must be supported by evidence of a deficit in at least one of the following mental functions:
a) alertness and attention;
b) information processing;
c) thought processes; and,
d) the ability to modulate mood and affect.
Additionally, under California Probate Code, a person lacks testamentary capacity (the ability to make a will, trust) if either A or B below is true:
A) The individual does not have sufficient mental capacity to:
i) Understand the nature of the testamentary act;
ii) Understand and remember the nature and situation of his or her property; or,
iii) Understand and remember his or her relationships to his or her living descendants, spouse, parents, and others whose interests will be affected by the testamentary document..
B) The individual suffers from a mental disorder involving delusions or hallucinations that cause the person to chose a property disposition that he or she would not have chosen but for the delusions or hallucinations.
Attorneys practicing in the area of estate planning are ever vigilant for signs of incapacity. It is not always obvious. When dealing with the practical side of life, even with an aging adult who has capacity, or an adult suffering from a mental disorder, there is still a broad range of ability to handle day to day care independently.
When these areas begin to surface, there is still time to plan If you are the aging adult, begin to ask those close to you to help you monitor your mental alertness and ability to handle basic care areas. Do an annual check-in with your family or those close to you. If you are the child of someone facing this situation, keep in mind the goal of keeping a healthy adult functioning independently for as long as practical and reasonable. Only when necessary, step in to insure comfort and functioning for as long as possible.
How would you view the situation presented at the beginning of this blog?
Since there is a difference in perception between generations as to what age and what activities constitute an obvious need for intervention, it can be helpful to start with the legal standards in determining capacity. Even when a person has capacity under the law, there are many who exercise their sound judgement and ask someone trustworthy to step into the role of trustee or power of attorney. When a person assesses their own lack of capability, they are acting with capacity.
Lawyers are trained to parse the words of the black letter code; analyze the impact of similar cases; and, make the best argument for their clients based upon the facts of the particular situation. Here is my disclaimer. The discussion that follows is not legal advice. For this a person must seek competent legal counsel for their particular situation. The discussion on capacity and other topics which touch upon the law is offered to help us think logically about the question of capacity. Often this subject arouses more emotion than logic. It is presented to help us understand the intricate and delicate nature of decisions made about another person.
Capacity means you are able to make decisions that affect you or to engage in acts with knowledge and understanding. Under the law, there is a rebuttable presumption affecting the burden of proof that all adults have the capacity to make decisions and to be responsible for their own acts or decisions. This means that the law assumes you have capacity until someone proves you do not have capacity. Each state defines the type of evidence required to prove incapacity.
Under California Probate Code, the elements of capacity to make a decision include the ability to communicate verbally or by any other means the decision, and to understand, among other things, the rights and responsibilities created or affected by the decisions, the probability of consequences, and the significant risks, benefits, and reasonable alternatives involved in the decision. A determination that a person lacks the capacity to make a decision or to do a certain act must be supported by evidence of a deficit in at least one of the following mental functions:
a) alertness and attention;
b) information processing;
c) thought processes; and,
d) the ability to modulate mood and affect.
Additionally, under California Probate Code, a person lacks testamentary capacity (the ability to make a will, trust) if either A or B below is true:
A) The individual does not have sufficient mental capacity to:
i) Understand the nature of the testamentary act;
ii) Understand and remember the nature and situation of his or her property; or,
iii) Understand and remember his or her relationships to his or her living descendants, spouse, parents, and others whose interests will be affected by the testamentary document..
B) The individual suffers from a mental disorder involving delusions or hallucinations that cause the person to chose a property disposition that he or she would not have chosen but for the delusions or hallucinations.
Attorneys practicing in the area of estate planning are ever vigilant for signs of incapacity. It is not always obvious. When dealing with the practical side of life, even with an aging adult who has capacity, or an adult suffering from a mental disorder, there is still a broad range of ability to handle day to day care independently.
When these areas begin to surface, there is still time to plan If you are the aging adult, begin to ask those close to you to help you monitor your mental alertness and ability to handle basic care areas. Do an annual check-in with your family or those close to you. If you are the child of someone facing this situation, keep in mind the goal of keeping a healthy adult functioning independently for as long as practical and reasonable. Only when necessary, step in to insure comfort and functioning for as long as possible.
How would you view the situation presented at the beginning of this blog?
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