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Suttons Bay Fireworks 2011

Fireworks Aren’t Just for Kids!

Our “thank you” to our community
I know you’ve had a busy summer filled with plenty of activities, however, I hope you and your family will add one more special and local event to your calendar. I would like to invite you to be our guest to attend the annual Fireworks Display at the Suttons Bay Marina Park on Saturday, September 3rd of Labor Day Weekend. This is a very special evening for business owners who come together to sponsor an event for “locals” to say “thank you” to our community for a great summer. We are proud to be one of four senior sponsors, along with Hansen Foods, Bahle’s of Suttons Bay and Bonek Insurance Agency.

So fill your picnic basket with summer snacks and grab your blankets and lawn chairs and join us at dusk, along with your friends and neighbors, to enjoy an evening of “Oohs and Aaahs” as fireworks light up the night sky over Suttons Bay. You too will discover that fireworks aren’t just for kids!

Dan A. Penning

Unexpected Mental Illness and the Designation of a Patient Advocate

Many of us know someone or will possibly be responsible for someone that is affected by mental illness. Yet, many patients have not executed patient advocate designations for psychiatric care. Psychiatric illness may come on quite suddenly and can be traced to metabolic imbalances, drug interactions, and other situations that, initially, may not appear to pose a threat to someone’s mental health. There are numerous stories of patients being erroneously diagnosed and treated for an extended time for a condition that did not exist. This can result in severe depression and anxiety disorders. When treatments fail, the patient can sometimes be persuaded to undergo therapies that may provide relief but have severe side affects. For example, I recently read about a woman who agreed to undertake electric shock therapy after her course of treatment failed to successfully combat a supposed infection. Electric shock therapy is known for wiping out years of memories which can force the patient into losing their career and being unemployable. If the patient is depressed, maybe to the point of suicidal tendencies, can they be competent to consent to treatment and therapy? On the other hand, individuals with severe psychiatric illnesses such as bipolar disorder, post-traumatic stress disorder, and schizophrenia can have time periods where they are stable, lucid, and handle a high-level career.

Everyone should have input, at some point, into the treatment of their medical and psychiatric issues in the event of an emergency. Individuals can make these decisions while they are still competent, and generally, these decisions are addressed in a Patient Advocate document (a power of attorney designation for health care and mental health). We encourage our clients to appoint a trusted surrogate (a “patient advocate”) with a power of attorney to authorize psychiatric care on behalf of the client in the event of mental illness. An individual may prefer to combine the appointment of a patient advocate with an expressed declaration of his or her preferences when the patient advocate encounters certain situations and choices that affect the patient.

There will continue to be legal, moral, and ethical issues related to decisions for the treatment of mental illness. The person you choose to stand in your place to make mental health care and treatment decisions on your behalf should be willing to take the time to understand mental illness, advocate for care that is in your best interest, and persuade mental health providers to undertake the best course of action for you. We have assisted many clients with the designation of a patient advocate in a written and signed document, that can be placed on file with relevant health care providers. We can help you do the same to better protect yourself, or a family member, in the event of an unexpected (or expected) onset of mental illness.

Dan A. Penning

News Briefs and Emerging Trends with Golden Boomers

Every day my in box fills with information from many sources. Some is from mainstream media, trade journals, special reports and various reviews and findings from the legal and wealth advisory community. Often, while reading an article or report, many people come to mind that I think might also share an interest in the information.

For example, earlier this year I read through a Special Survey Report published by WealthCounsel and Trusts & Estates magazine. I read it again this week. Even though the survey was directed to estate planning attorneys about emerging industry trends within our profession, there were some items that were of interest to me because they addressed those of us who are moving in 2011 from the “Baby Boomer” and “Generation Jones” generations to being “Golden Boomers”.

Yes, the truth of the matter is, we are maturing into “Golden Boomers” and as “we” begin to approach and enter into retirement age our spending habits and where and how we spend – or not spend – our money will have an affect on the economy.

Planning as “Golden Boomers”
Another key finding from the survey dealt with the concern that most Americans don’t have an estate plan or even a basic will. It’s believed that most people fail to plan because they aren’t aware of the benefits of creating an estate plan nor are they aware of the negative consequences of not having an estate plan.

Estate planning is not just for the wealthy
Another assumption revealed from the survey is that many people think estate planning is only for the wealthy, and because of that they fail to realize the legal limitations of joint tenancy and beneficiary designations.

Why you should plan
It doesn’t matter how old you are, whether you’re a “Baby Boomer,” “Golden Boomer,” or even a member of “Generation X,” without a trust-oriented estate plan your heirs will undoubtedly find themselves walking through the doors of a probate court system. Even though it’s easy to understand the need to plan, the urgency to plan often gets overlooked.

Life doesn’t wait
Many think they can do their estate planning next quarter, or even next year, but reality has proven many times that life doesn’t wait for your estate plan. There are many benefits to having an estate plan, and many consequences to not having one. If you want to minimize estate taxes, prevent family disharmony after death and avoid having your estate tied up in probate, plan to begin planning now.

Control is prime motivator for planning
With planning you can preserve and manage your wealth effectively and you can make sure your assets are distributed as you direct.

If you have questions about creating your estate plan give me a call so we can begin planning now to care for your financial well being and personal legal health.

Dan A. Penning