Letter From The Professional Advisors Council Chairman

Dear Friends of Calvary,

Today, very few folks (if any) recognize the name Allen Saunders. If so, they might remember the comic strips he created like Steve Roper and Mary Worth way back in the day (but let me not divulge any more clues about my age).

Saunders was a writer, journalist and cartoonist who also happened to pen a saying that I often summon up when things get more out of whack than usual: “Life is what happens to us while we are making other plans.” This adage collides head-on with us practically daily in forms ranging from unexpected good news to sudden tragedy. Both will bring about changes in priorities and plans.

It seems harder than ever now to attain a sense of control with all the discourse swirling about political stalemate, vaccination turmoil, climate change, and our children’s education – just to name a few. While many issues are beyond our capacity to resolve single-handedly, there are at least some planning measures closer to home that could help us anticipate some of life’s curveballs; they are discussed in this issue of Foresight.

Health Care proxies and living wills can clear the way for our prompt, seamless care in the event of illness, sudden or otherwise. And the importance of having a will should be self-explanatory, yet only thirty-two percent of U.S. citizens have a valid will.

This is a shocking, shameful statistic. If you die without a will, your state will dictate who gets your assets – which can be precisely what you didn’t want to transpire. In a similar vein, there is another notable adage courtesy of the British army that bears repeating (in its sanitized version): “Proper Prior Planning Prevents Poor Performance.”

Proper and effective estate planning is the watchword for our Professional Advisors Council (PAC). To this end, the PAC annually structures a program focused on ethical issues involved in various aspects of estate planning.

Before the end of the year, we will host our next Annual Attorney Conference. This virtual event will be on “Ethics for Breakfast: The Best-Laid Plans of Mice & Men – Ethical Considerations in Representing the Charitably-Inclined Client.” The Honorable Nora S. Anderson will once again be returning to moderate the panel, which includes John Sare, Esq., Partner, Patterson Belknap; James Sheehan, Esq., Chief, Charities Bureau, Office of the New York Attorney General; Conrad Teitell, Esq., Principal, Cummings & Lockwood LLC; and Jordan Weinberg, Esq., Principal, Bressler, Amery & Ross. It will be both a provocative and informative session!

As I always say, and happily repeat, thank you for all you do for Calvary.

Michael J. A. Smith
Chairman, Calvary Hospital Professional Advisors Council, and Member, Calvary Fund Board

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The Importance of a Health Care Proxy

What Is a Health Care Proxy?
There is often confusion surrounding the difference between a health care proxy, a living will, and a power of attorney. Each of these can be very useful, but are distinct from one another in their purpose.

It’s critical to understand what a health care proxy is, how it differs from other directives, and why it’s a crucial component of your health care decision planning.

A health care proxy is a legal document that appoints someone else to serve as your Health Care Agent (HCA) in regards to health care decisions when you are unable to do so for yourself. An HCA speaks on your behalf, expresses your wishes, and has the authority to make medical decisions. Thus, an HCA becomes your voice for all of your healthcare decisions.

Living Will
A living will is a document in which an individual records their end-of-life and critical health care decisions.

It doesn’t grant legal permission to any one party to act on their behalf as an HCA. It simply helps your wishes to be known.

Power of Attorney
A power of attorney grants an individual the ability to make financial decisions – and only financial decisions – on your behalf. A power of attorney can’t make health decisions for you, just as a Health Care Agent can’t make financial decisions. Both are separate but important appointments.

Why Should You Have a Health Care Proxy?
While a living will documents your wishes for many health care situations, it can’t anticipate all of them, and it doesn’t ensure that those wishes will be carried out. By appointing an HCA who you trust, you can have confidence that your health care decisions will be honored, even if you haven’t documented them.

You can make this process easier for your HCA by making sure your Agent knows your values, religious beliefs, general feelings regarding caregivers and health care institutions, and specific life-sustaining and end-of-life preferences.

When Should You Obtain a Health Care Proxy?
It’s crucial to fill out a health care proxy and appoint an agent as soon as possible. No one knows when critical health care decisions may have to be made, and health emergencies can’t be predicted.

Important Considerations When Selecting a Health Care Agent
A health care proxy is a very personal and important document. Here are a few tips to keep in mind as you determine who to appoint as your HCA.

• Discussion with your doctor and family is the most crucial step. You may want to use a health decisions workbook to help you clarify your wishes. A good source for a workbook: https://theconversationproject.org/wp-content/uploads/2020/12/WhatMattersToMeWorkbook.pdf
• Keep your health care proxy documents up-to-date to reflect any changes in personal information for you or your proxy.
• Make your family and close friends aware that you have a health care proxy and HCA to prevent any confusion and uncertainty during a critical time.
• Your Health Care Agent should be someone you trust to make your healthcare decisions on your behalf.
• While you are still competent, you have the right to override your HCA’s decisions or revoke the directive at any time.
• Understand the difference between a health care proxy and other directives so that all bases are covered.

Learn More About Advanced Care Planning & Health Care Proxies: www.calvaryhospital.org/acp

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Legislation Has Made The Ira Charitable Rollover Permanent!

Action is required now to take advantage of this giving opportunity.
Your gift to Calvary Fund, Inc. must be made before December 31.

The 4 Basic Requirements Are:

1. The donor must be 70½ or older.
2. The gift must be made directly from the IRA to an eligible charity, such as Calvary Fund, Inc.
3. Gifts to all charities combined cannot exceed $100,000 per taxpayer per calendar year.
4. The gift must be made outright – the donor cannot receive any material benefit from the charity in exchange for the gift.

Here Are The Simple Steps To Make A Gift:

1. Contact your IRA custodian (“the Fund Manager”).
2. Instruct the Fund Manager that you want your distribution – or a portion of your distribution – to be a charitable rollover gift to Calvary Fund, Inc.
3. Advise the Fund Manager to include your name and your address on the check or transmittal document; and notify Calvary of the gift.
4. Contact Elizabeth Edds Kougasian, Esq. Director of Major and Planned Gifts at ekougasian@calvaryhospital.org or 718-518-2000, ext. 2128

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National Estate Planning Awareness Week (NEPAW)

A will is a key element in any estate plan.
Surprisingly, only 32% of the US population currently has a will. (Source: Caring.com)

One of the most common myths is that wills are only for the super wealthy. The reality is that every adult should have a will, even those with modest estates.

In order to make a will, you need to determine your assets.
This can be anything of value that can be converted to cash. People usually think of the home they live in, vehicles, bank accounts, IRAs and mutual funds.

What if you owned a pristine first edition of the original Superman comic book? How about a vintage car or motorcycle that you lovingly restored? Perhaps your parents left you a lucrative business they started 50 years ago. These are all assets that should be addressed in a will.

Hiring experts to help you appraise these things will ensure you put a proper value on your assets. For artwork, furniture and even comic books, Sotheby’s, Christie’s and Doyle NY are good sources for expert appraisers. They employ people who are often world-renowned experts and can recommend others in fields they do not cover. If you or your asset are not in close proximity to the auction houses, you may find a local appraiser by contacting the American Society of Appraisers through their website, www.appraisers.org

LEARN MORE: www.calvaryhospital.org/acp or www.naepc.org/events/awareness_campaigns

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