wHAT TO DO IF YOU ARE APPOINTED AS AGENT UNDER |
| Now, this may seem obvious, but the first thing you should do once nominated as a principal's agent, is read the Power of Attorney (POA) document. Legally, you must act according to the standards of the Michigan prudent investor rule as defined by MCL 700.1501 -1512. In other words, you must "exercise reasonable care, skill, and caution" as a prudent investor would. So it is important to have a thorough understanding of the principal's wishes, as depicted in the Power of Attorney document. |  |
2. STORE IN A SAFE PLACE
Make sure to keep a copy in a safe yet easily accessible place so it is readily available. This is a document that you may use frequently, so it is important to keep it on hand.
Make sure to keep a copy in a safe yet easily accessible place so it is readily available. This is a document that you may use frequently, so it is important to keep it on hand.
3. UPDATE FINANCIAL INSTITUTIONS
 | It is important to update the principle's bank and investment accounts as soon as possible to reflect your new role. Contact the bank and ask a representative what they require to add you to the principle's account. This is not the same as joint ownership. Keep in mind that you must keep all money belonging to the principle separate from your own funds. |
4. KEEP DETAILED ACCOUNTING RECORDS
Make sure to include both physical checks as well as electronic payments and debit card transactions. Carefully review each bank statement and reconcile it to a check register. Maintain a file with copies of all financial statements, bills, invoices, and receipts. You may even consider using an accounting software program to assist with maintaining accurate accounting records.
Make sure to include both physical checks as well as electronic payments and debit card transactions. Carefully review each bank statement and reconcile it to a check register. Maintain a file with copies of all financial statements, bills, invoices, and receipts. You may even consider using an accounting software program to assist with maintaining accurate accounting records.
5. SET UP AN ALLOWANCE FOR THE PRINCIPAL
| You may find that the principle is reluctant to accept that they are at a stage in life where they need extra help. They may continue to make spending mistakes, even with your involvement. Giving them a credit card with an appropriate limit or a re-loadable debit card is one way to allow them some independence while still protecting their assets. |  |
Becoming an agent for a friend or loved one should not be taken lightly. If managed well, you will help them live with the security of knowing their assets are protected and under watchful stewardship. This additional support might even become essential in the care and wellbeing of your loved one.
Always remember, professionals, such as attorneys, accountants, and financial advisors are all available and able to assist you.
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Energy Assistance during the Winter Months
By Jeanne St. Onge
Electric, natural gas, and propane bills are constantly fluctuating, which can have a major impact on household budgets. If you are having trouble paying your energy bills, it is important to know where to find help, especially as winter is quickly approaching.
Below, you can find our handy Energy Assistance Trifold Brochure with several different resources listed to help with paying your energy bill. Make sure to click the "Download" button so you can read through and find the best option for your current situation.
November is National adoption Month
By Jeanne St. Onge
National Adoption Month, recognized each November, is an initiative of the Children's Bureau that seeks to increase national awareness of adoption issues, bring attention to the need for adoptive families for teens in the U.S. foster care system, and emphasize the value of youth engagement.
| National Adoption Month first gained momentum in 1976, when Mike Dukakis, Governor of Massachusetts, initiated Adoption Week in an effort to promote awareness of the need for adoptive families. By 1984, it had become such a popular event that President Gerald R. Ford announced Adoption Week as a national event. |  |
Adoption week continued to grow and become so widely recognized that in 1998 President Bill Clinton extended the week to an entire month, initiating the National Adoption Awareness Month that we celebrate today.
This year, efforts are focused on adoption for teens because teens in foster care wait longer for permanency and are at higher risk of aging out than younger children. Teens need love, support, and a sense of belonging that families can provide. Securing lifelong connections for these teens, both legally and emotionally, is a critical component in determining their future achievement, health, and well-being.
 | A single conversation can make a difference in achieving more positive outcomes for teenagers. That’s why the Children’s Bureau is recognizing the importance of having authentic conversations and encouraging teens to harness their voices with this year’s National Adoption Month theme, “Every Conversation Matters.” |
Visit the website to learn more about National Adoption Month and find tools and resources to educate yourself and your community about how we can achieve better outcomes for children and youth in need. Start the Conversation & Help Youth on Their Path to Permanency. #NationalAdoptionMonth #ConversationsMatter
how to behave in a virtual courtroom
By Jeanne St. Onge
Courtrooms, whether physically in-person, or virtual via phone or video, are still a formal and serious setting.
Below are some important reminders you should keep in mind before appearing in court for your virtual hearing.
Below are some important reminders you should keep in mind before appearing in court for your virtual hearing.
Understanding Special Needs Trusts
Defining what Special Needs Trusts are and why they are so important.
By Jeanne St. Onge
 | What is National Special Needs Law Month? Each October, attorneys throughout the country celebrate National Special Needs Law Month by helping to educate those with special needs, their families, and their caregivers, about their legal needs. This effort, established by the National Academy of Elder Law Attorneys (NAELA), gives attorneys the opportunity to connect with members of their community and provide important resources. |
What exactly is Special Needs Planning?
Special needs planning, simply put, is very similar to that of estate planning, but with a focus on an individual with a disability. The goal of special needs planning is to ensure that the beneficiary's unique medical and financial needs will be taken care of in your absence.
Special needs planning, simply put, is very similar to that of estate planning, but with a focus on an individual with a disability. The goal of special needs planning is to ensure that the beneficiary's unique medical and financial needs will be taken care of in your absence.
| Special needs planning can involve:
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What is a TRUST?
A TRUST is a relationship between three parties:
A TRUST is a relationship between three parties:
- DONOR/GRANTOR who establishes the TRUST
- TRUSTEE who holds & administers the TRUST, based on the DONOR'S/GRANTOR'S wishes
- BENEFICIARY/BENEFICIARIES who receive benefit from the funds of the TRUST
Why have a Special Needs TRUST (SNT)?
TRUSTS are established to provide legal protection for the DONOR/GRANTOR'S assets, to make sure those assets are distributed according to the wishes of the DONOR/GRANTOR . Special Needs TRUSTS allow for parents, other families members, and interested parties to contribute funds for the benefit of the BENEFICIARY, while also allowing the beneficiary to still receive benefits such as Medicaid and Security Supplemental Income (SSI).
TRUSTS are established to provide legal protection for the DONOR/GRANTOR'S assets, to make sure those assets are distributed according to the wishes of the DONOR/GRANTOR . Special Needs TRUSTS allow for parents, other families members, and interested parties to contribute funds for the benefit of the BENEFICIARY, while also allowing the beneficiary to still receive benefits such as Medicaid and Security Supplemental Income (SSI).
Three types of Special Needs TRUSTS
There is no minimum amount required to fund a special needs TRUST. However, how much to put into the TRUST depends on a variety of factors, including the nature of the disability and the level of care required. Trusts can also be funded by family assets, inheritances, or even life insurance policies that pay when one or both parents pass away.
How do I decide what is best for my family?
Every Special Needs TRUST situation is unique, therefore the only way to determine which special needs TRUST is right for your family is to meet with a qualified attorney to discuss your needs.
- First Party TRUST: holds assets that were assets of a person with a disability.
- Third-Party TRUST: holds assets belonging to an individual, other than the person with a disability, who want to help the person with a disability.
- Pooled Trust: holds assets that were contributed by many different individuals with disabilities, to be used for their benefit.
There is no minimum amount required to fund a special needs TRUST. However, how much to put into the TRUST depends on a variety of factors, including the nature of the disability and the level of care required. Trusts can also be funded by family assets, inheritances, or even life insurance policies that pay when one or both parents pass away.
How do I decide what is best for my family?
Every Special Needs TRUST situation is unique, therefore the only way to determine which special needs TRUST is right for your family is to meet with a qualified attorney to discuss your needs.
6 Questions to Ask Your Elder Law Attorney
By Jeanne St. Onge
At some point, you may need to consult with an attorney regarding long-term care for yourself or a loved one. When setting up an appointment with an attorney, ask a trusted loved one to come with you to meet your elder law attorney, as a second set of ears and eyes.
Click through the photos below for our top 6 questions to ask when trying to find the best elder law attorney for your needs.
Click through the photos below for our top 6 questions to ask when trying to find the best elder law attorney for your needs.
 | The newest edition of the BMLG Bulletin is now available! Included in this issue:
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Q&A Series with
Bassett Murray Law Group, PLLC
We are frequently asked about the financial burden associated with long-term care. It is a common fear that putting a loved-one into a long-term care facility will cost every penny owned, including the house.
In this Q&A series episode, we help shed some light on those popular questions including "How will I pay for long-term care?" and "Should I give all my money away now?"
In this Q&A series episode, we help shed some light on those popular questions including "How will I pay for long-term care?" and "Should I give all my money away now?"
By Jeanne St. Onge
What is Long-Term Care?
Long-term care typically refers to non-medical care for patients who need assistance with basic daily activities.
These services can be provided in the home or in a facility, including nursing homes and assisted living facilities.
Long-term care is often related to seniors, but may be used for a person of any age, should they suffer from a serious injury or have a chronic illness or disability which prevents them from completing daily tasks.
These services can be provided in the home or in a facility, including nursing homes and assisted living facilities.
Long-term care is often related to seniors, but may be used for a person of any age, should they suffer from a serious injury or have a chronic illness or disability which prevents them from completing daily tasks.
Basic Daily Activities
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Types of Long-Term Care
 | HOME CARE
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COMMUNITY SERVICES
- Support services offered during the day
- Examples include adult day care, senior centers, meal programs, transportation services, etc.
CONTINUING CARE RETIREMENT COMMUNITIES
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ACCESSORY DWELLING UNIT
- A second living area connected to a home or on the same property as a friend or family member
 | RESIDENTIAL CARE COMMUNITIES
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Unsure of Your Next Steps?
We understand that long-term care can be very expensive, and trying to navigate how to finance this care is an overwhelming task.
Rest assured that we are here to help! When looking into selecting a long-term care plan for you or your loved one, be sure to contact us at Bassett Murray Law Group, PLLC (734) 930-9200. We will help you understand all the long-term care options and financing available to you to fit your unique situation.
Rest assured that we are here to help! When looking into selecting a long-term care plan for you or your loved one, be sure to contact us at Bassett Murray Law Group, PLLC (734) 930-9200. We will help you understand all the long-term care options and financing available to you to fit your unique situation.
| Bassett Murray Law Group, PLLC has released the first issue of their brand new Newsletter: THE BMLG BULLETIN. Included in this issue:
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