Planning Potpourri

■ Competency: For a complex estate plan to be
respected you have to be competent when you sign all those legal
documents.  Importantly, competency is a
legal matter, not a medical decision. When assessing competency some use the
Folstein Mini Mental exam. That might not really be optimal for more highly
educated consumers. Instead the St. Louis University Mental Status Exam (SLOMS)
which evaluates cognitive decline in individuals with a higher education, may
be better barometer to test cognitive status.

■ When trusts are too costly■ Safer Checks: If Junior needs a raise in his
allowance can rub the dollar amount on his allowance check it with a nickel
then use Scotch brand tape to take off the numbers. Neato Presto he can then
type in the allowance figure he needs to afford Justin Bieber’s Under The
Mistletoe Ultimate Gift Box. Need a cool stocking stuffer? New checks are
available that have valuable security features, like a treasury approved bond
paper with fibers (similar to paper money), multi-prismatic ink (which cannot
be copied), and more absorbent (no, they’re not printed on Bounty). The ink
absorbs into the paper and cannot be easily removed. The combination of paper,
ink and other features makes it tough for the bad guys to alter checks. See
Intuit (Quicken) website: www.intuitmarket.com.