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Britney's conservatorship: What does 'permanent' mean?
By Lorena Blas, USA TODAY Updated 10/30/2008
At 26, Britney Spears still won't be allowed to call the shots. When a Los Angeles court commissioner made Spears' dad, Jamie, and attorney Andrew Wallet permanent conservators of her estate on Tuesday, the focus became the word "permanent."
But in reality, the term means "until the next court order," says attorney Paul D. Velasco of Long Beach, Calif.-based Velasco Law Group, which specializes in trust and estate matters, including conservatorship. (Velasco is not involved with the Spears case.) A temporary conservatorship is granted for a defined period of time.
The singer's court-appointed attorney, Samuel Ingham, told the court that Britney was fine with the arrangement. "I've met several times with (Britney), and she requested that I not object to the permanent conservatorship," he said.
Commissioner Reva Goetz stated that the permanent conservatorship was "necessary and appropriate for the complexity of financial and business entities and her being susceptible to undue influence."
While Britney might be receiving some kind of cash or credit card allowance from her conservators for personal purchases, she has to run all big-ticket transactions that require signatures, such as purchasing a car or home, by them.
The move came as a surprise because as recently as August, Britney's father told OK! magazine that as far as the conservatorship, "I would hope it stands until the end of the year, and then we'll sit back and evaluate where we are at that time, where Britney is at that time."
One reason the Spearses might have sought to extend the conservatorship, which had been set to expire Dec. 31, is that it makes it easier for her to regain custody of her kids - the family law commissioner will feel more comfortable giving her added face time if there is a safety net, according to TMZ.com. Also, the singer would be able to show the court that her financial matters are under control while the conservator is handling her affairs, says Velasco.
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What are Aid and Attendance and Housebound benefits?
Aid and Attendance (A&A) is a benefit paid in addition to monthly pension. This benefit may not be paid without eligibility to pension. A veteran may be eligible for A&A when:
- The veteran requires the aid of another person in order to perform personal functions required in everyday living, such as bathing, feeding, dressing, attending to the wants of nature, adjusting prosthetic devices, or protecting himself/herself from the hazards of his/her daily environment, OR,
- The veteran is bedridden, in that his/her disability or disabilities requires that he/she remain in bed apart from any prescribed course of convalescence or treatment, OR,
- The veteran is a patient in a nursing home due to mental or physical incapacity, OR,
- The veteran is blind, or so nearly blind as to have corrected visual acuity of 5/200 or less, in both eyes, or concentric contraction of the visual field to 5 degrees or less.
Housebound is paid in addition to monthly pension. Like A&A, Housebound benefits may not be paid without eligibility to pension. A veteran may be eligible for Housebound benefits when:
- The veteran has a single permanent disability evaluated as 100-percent disabling AND, due to such disability, he/she is permanently and substantially confined to his/her immediate premises, OR,
- The veteran has a single permanent disability evaluated as 100-percent disabling AND, another disability, or disabilities, evaluated as 60 percent or more disabling.
A veteran cannot receive both Aid and Attendance and Housebound benefits at the same time. Read more... |
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Daily Money Management
Guide for Caregivers
If your parent is having problems managing money, he she is not alone. It is estimated that approximately 500,000 older people in the United States need help with financial affairs. As a result, a new field is evolving to provide daily money management services on a fee-for-service basis. As this new service evolves it may take on a different identity.
Nevertheless, as a caregiver, the type of service rendered should be a
cue whether further research is needed about the business and
products offered.
Daily money managers can offer a variety of services such as:
Organizing and keeping track of financial and medical insurance records.
Helping caregivers establish a budget.
Negotiating with creditors.
Additionally, they can help to write checks, balance checkbooks,
and serve as a representative payee or fiduciary with authority to administer the benefits of people who cannot manage their own financial affairs.
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Long-Term Care Insurance:
Understand Your Options
Although America as a nation is aging rapidly, many people avoid thinking about the day when they or a loved one will need long-term care services and, therefore, fail to plan. Others wrongly assume that Medicare or standard health insurance policies will cover the costs of long-term care services. This article provides an overview of long-term care insurance, covering issues such as when to purchase coverage and what to look for in a policy.
The aging of America is one of the biggest factors contributing to the growing interest in long-term care (LTC) insurance. According to U.S. Census Bureau data, the median age in America has been rising and the last of the 76 million Baby Boomers will reach age 65 by 2030 -- doubling the elderly population in America.
The U.S. Department of Health and Human Services estimates that about 40% of people aged 65 or older have at least a 50% lifetime risk of entering a nursing home. For its part, the Health Insurance Association of America estimates that by 2020, 12 million people may require long-term care.
At a time when the average cost of a private room at a nursing home tops $74,000 a year, long-term care insurance can be a solid investment for individuals who have assets they want to protect or who want to avoid becoming a financial burden to their family. But unlike other types of insurance, in which policies are standardized or fairly straightforward, long-term care policies are complex and vary widely. Virtually every company's policy differs on such matters as who qualifies for coverage, when the policyholder can begin receiving benefits, the amount of coverage, the term of the policy, and premium costs.
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Local Fiduciary Attends AADMM Annual Conference
Courtney Smith, NCG, PDMM President of Benefit Payee Services, Inc. attended the American Association of Daily Money Managers annual conference in Orlando, Florida.
Conference sessions included:
Identity Theft
Ethics
Risk Management
A Better Understanding of Social Security
Veterans Benefits
Dealing with Difficult People
It is important when dealing with any professional that they show they are invested in their continuing education and knowledge base.
Benefit Payee Services strives to keep up on all current information that affects our clients and the services we provide. |
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Avoid guardianship problems by making decisions now
By LaToya Thompson
Staff Writer
Sunday, September 24, 2006
URBANA - Court-appointed guardianships could be avoided if families decide who will make decisions in case the unfortunate happens.
That's according to Linda Proffitt, president of the Ohio Guardianship Association.
She asks: What if a person becomes injured in a terrible automobile accident, couldn't express his needs and didn't decide in advance who would make decisions on his behalf?
Those unexpected situations tend to end up in court and turned over to a guardian, Proffitt said.
Adult guardianships will increase in the U.S. because people are living longer, she said.
People ages 65 and older increased to 35 million in 2000 from 31 million in 1990, the Census Bureau reported. Read More... |
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"Working with someone you can trust!"
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Testimonials | |
Thank you for your continued support and referrals. We appreciate what each and every one of you do to contribute to the community in which we live.
Sincerely,
Courtney L. Smith, RG, PDMM
Benefit Payee Services, Inc.
Colorado: Indiana:
PO Box 101775 PO Box 9
Denver, CO 80250 New Albany, IN 47151
Phone: 303-282-8882 Phone: 812-944-4200
Fax: 866-339-1918 Fax: 866-339-1918
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Courtney's Corner...
Courtney L. Smith, NCG, PDMM
'Tis the Season'
The holiday season is the time of year when we celebrate the joy of family and friends. Most of us are fortunate to have people in our lives that care for us.
In my business, I have many clients that do not have anyone. They have no family or friends who will stop by to check in on them, no holiday cards, parties or gifts to look forward to.
These are the people that I hope we all can remember this year. Anything we can do to touch their lives and let them know that there are people who care about them.
Is there an elderly neighbor that you have been meaning to stop in on? Do you have a grand parent or relative that you haven't seen or spoken to in a while? If so, now is the perfect time to say hello. Most of us take for granted how easy and simple gestures can really make a difference in a persons life.
Happy Holidays
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Daily Money Management
Bill Paying & Bookkeeping
Conservatorship
Financial Power of Attorney
Trust Administration
Personal Representative/Executor of Will
Representative Payee
Organization of Tax Information
Assist with applying for government benefits
Financial Oversight and Auditing |
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Locate and Inventory Assets
More Information on Our Services |
Dementia Can Wreak Havoc on Family Finances
Updated on November 14, 2008.
BILL BRIDGWATER HAD the investing bug. Even as he was busy working as an executive for several IT companies, he made time to juggle more than $1 million in assets. At any given time, he was buying and selling foreign stocks, municipal bonds, certificates of deposit
and real estate. On family vacations, in lieu of a novel, Bridgwater brought a laptop to the beach to check on his investments. "Nothing could come between me, my phone and my emails except a coast-to-coast flight," says Bridgwater, who lives outside Denver.
But something did get in the way of Bridgwater's mental acuity. At work his concentration began to slip, so he pulled all-nighters to try to keep up. Soon problems were cropping up in his investing life. Picking stocks, which for decades had been an enjoyable hobby, became an overwhelmingly complex chore. Bridgwater couldn't even muster the focus to correctly fill out his checkbook. When he did manage to get the numbers written in the right order, he would mix up how to write them on the next line or tear the carbon out and have to call his bank. He quit his job, and after consulting with numerous doctors, Bridgwater, then 48, was eventually diagnosed with early-onset Alzheimer's disease. He put his wife in charge of his personal accounts, moved his assets into simpler, more conservative investments and became active in the Alzheimer's Association. But by the time he figured out what was wrong, he had already lost tens of thousands of dollars. Read more... |
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Benefit Payee Services, Inc is one of the few fiduciary companies in Colorado that has the first ever customized Error & Omissions Insurance developed just for professional fiduciaries.
Dominion Insurance group's extensive experience in the professional liability market dating back to 1974 has allowed them to create a program tailored to the specific needs of professional fiduciaries.
The professional fiduciary liability insurance program developed jointly by Dominion, NGA, and underwriters at Lloyd's of London offers coverage features important to practicing fiduciaries.
If you are referring your clients to a professional fiduciary, ask them if they carry E&O insurance. Its one of the best things you can do for your clients protection.
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Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act (FDCPA) was passed to protect customers from being shaken down by collection companies. This act restricts the tactics they may use. Please note: The FDCPA applies to outside collection agencies, the ones that most credit card companies hire after their own attempts have failed, and not to the collection department within the card company or other lender.
What are collection agencies not allowed to do?
As a result of the FDCPA, collectors cannot phone your home so often as to harass you. They cannot call before 8 A.M. or after 9 P.M. They cannot threaten you or use obscene language. They cannot call you directly if they know you are being represented by an attorney, and they cannot call you at work if they know your employer prohibits such calls. They cannot call your friends, your neighbors, or the people you work with and reveal your financial situation.
Can a collection agency obtain information on my whereabouts from government records, such as Social Security records or my tax returns?
No, a collection agency cannot make use of government records. But an original creditor can gather information from a state motor vehicle department about registration of a car, from your voter registration records, from the post office, or from a utility company or a bank, in order to locate you.
My collection agency does everything it is not supposed to do. Can I sue?
Yes, you can sue a collection agency, but a better first step might be to use the provisions of the FDCP to warn your collection agency that it is acting in defiance of the law. What you should do is write a letter telling the collection agency to stay away from you, to leave you alone, and to cease all communications with you. In this letter, inform the collection agency that under provision 15 of the U.S. Code, section 1692c, this letter constitutes your formal notice to stop all future communications with you except for the reasons specifically set forth in the federal law.
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| * Please note: the views or opinions expressed in the included news articles are not necessarily those held by BPS, Inc. We do not personally endorse or guarantee any service providers or agencies that are featured in our publication. | |
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