This two CPE hour course provides a background on Alzheimer's Disease (AD), a major cause of cognitive impairment, and explores ways that both estate planning and document drafting can be modified to meet the special challenges the condition raises. About half of all people older than 85 have some form of cognitive impairment. This reality is critical to consider in planning with and for all elderly clients, and to guide them to implement planning prior to the onset of cognitive issues that render it difficult or impossible for clients and their planners to implement important steps.
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Question 1
Correct
Almost _____ of individuals older than age 85 have cognitive issues.
10 percent
25 percent
40 percent
(You Answered) (Correct Answer) 50 percent
Question 2
Correct
Which of the following is not a common additional health problem that a person living with AD may experience?
Language disabilities
Personality changes
Apathy
(You Answered) (Correct Answer) All of the above are noncognitive impacts of other health issues on those who have Alzheimer’s disease
Question 3
Correct
When a caregiving child also handles the AD parent’s finances, which of the following is recommended?
No compensation to the provider of caregiving or financial management services
Checks and balances of the child’s actions provided by the courts
(You Answered) (Correct Answer) Maintaining adequate records and issuing reports to prevent later claims
Assignment by the AD sufferer of his or her assets to the child to facilitate account management
Question 4
Correct
Which of the following should not receive compensation for services provided to an AD sufferer?
(You Answered) (Correct Answer) Healthcare proxy
Durable power of attorney agent
Estate planner
Caregiver
Question 5
Correct
Which of the following applies to an agent named under the power of attorney for a client living with AD?
He or she should not be compensated
(You Answered) (Correct Answer) Appointment of successor agents should be considered in selecting the agent
The role of the agent is likely to be quite temporary
He or she should have no access to documents pertaining to the client’s living trust
Question 6
Correct
A client living with AD who has no trustworthy friend or relative to oversee care may use a living trust agreement to help ensure quality of care as the disease progresses by:
Specifying an agent at his or her care facility to monitor healthcare and social services
(You Answered) (Correct Answer) Mandating periodic evaluations by a professional independent of the care facility
Appointing a secondary healthcare agent affiliated with the estate planner’s practice
Splitting decision-making authority among all his or her relatives equally, with service designated as a prerequisite to receiving their bequests from the victim’s estate
Question 7
Correct
Which of the following changes is not advisable to include in estate plans for an AD sufferer’s relatives?
(You Answered) (Correct Answer) Supplements to insurance coverage for the AD sufferer through the relatives’ wills
Removing the AD sufferer as heir to their estates to avoid ineligibility for state healthcare coverage or making bequests only to a special needs trust
Removing the AD sufferer as fiduciary for investment plans and assets
All of the above changes are necessary
Question 8
Correct
A client having AD should consider creating and funding a revocable living trust while still competent in order to:
Reduce federal estate taxes
Meet the requirements of state statutes for post-death distributions
Help the client qualify for Medicaid benefits
(You Answered) (Correct Answer) Avoid the need to have a court-appointed guardian or conservator in the event of a client’s incapacity.
Question 9
Correct
The AD client’s testamentary capacity required to sign a will is _________ his or her competency required to execute a contract such as a family limited partnership agreement.
(You Answered) (Correct Answer) Lower than
A little higher than
The same as
Much higher than
Question 10
Correct
To discourage beneficiaries from attacking the AD client’s will or trust, the drafter should consider using:
A 'choice of law' provision
(You Answered) (Correct Answer) A 'no-contest' clause
Successor trustee provisions
Disclaimer trust language