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Mar 23
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Estate Planning and the Coronavirus Pandemic

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Estate Planning Amidst the Coronavirus Pandemic

The Coronavirus (COVID-19) Pandemic has impacted every corner of the world at this point. As medical experts, financial advisors, and our colleagues that specialize in healthcare law, employment law, and other related areas are busy advising clients on the best course of action for the weeks and months ahead, we – as estate planners – also want to remind our clients and friends of some important considerations during these uncertain times.

At this point, we would simply promote the following actions to ensure that your estate planning affairs are in order:

(1) Review your existing documents. Make sure that you have copies (either paper or electronic) of your existing estate planning documents, and review them to confirm that they still reflect your wishes. If you cannot locate your documents, consider calling or emailing your estate planning attorney to obtain copies.

(2) Pinpoint any items that require attention sooner rather than later. As you review, take note of any major changes that may have occurred in your family since you last updated your estate plan. These might include child births, deaths, marriages, divorces, etc. And also consider whether the individuals that you previously appointed to serve as your agents are still appropriate.

(3) Follow up with your loved ones and advisors.

  • Make sure that your loved ones know to contact your estate planning attorney in the event anything should happen to you. This includes your named executor (i.e. personal representative under your will, or trustee of your trust), guardian for your minor children, attorney-in-fact under your financial durable power of attorney, and patient advocate under your health care power of attorney.
  • Consider reaching out to your financial advisor, insurance advisor, etc. to ensure that your beneficiary designations are up to date and discuss any new planning opportunities relative to your current financial status.
  • If you require any medical attention in the near future, confirm that your medical provider has a copy of your patient advocate designation and is informed as to who you wish to have access to your confidential health information.

NOTE – If you do not already have an estate plan, now is as good of a time as any to consider the opportunity before you. Having a will/trust, a durable general power of attorney, and a healthcare power of attorney can certainly contribute to a healthy state of mind.

Aug 11
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The Candidates and Elder Care

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Five Health Care Issues the Candidates Aren’t Talking About — But Should Be

The nation in the next few years faces many important decisions about health care — most of which have little to do with the controversial federal health law. Here are five issues candidates should be discussing, but largely are not:

  • Out-of-pocket spending. As insurers have shortened their lists of “in network” doctors and hospitals, another out-of-pocket spending problem is becoming more common: The “surprise medical bill.” Those are bills for services provided outside of a patient’s insurance network that the patient did not know was out-of-network when he or she sought care.
  • Drugs — more than prices: Rising drug prices at the pharmacy counter have also proved problematic for patients.
  • Long-term care. Every day, another 10,000 baby boomers turn 65 and qualify for Medicare. An estimated 70 percent of people who reach that threshold will need some sort of long-term care.
  • Medicare. Medicare, which provides health insurance to an estimated 55 million people — 46 million older than age 65 and another 9 million with disabilities, is also in a financial bind.
  • Dental care. Research has shown repeatedly that care for the mouth and teeth is inextricably linked to the rest of the body. Oral problems have been linked to conditions as diverse as heart disease, diabetes and Alzheimer’s disease.

Social Security: Where Clinton and Trump Stand

Social Security is one of the most vital issues for older Americans. And, as things now stand, unless the Social Security system is changed, benefits will be cut by 21 percent in 2034, due to solvency issues. The only way to shore up Social Security is by raising taxes, cutting benefits (which could include raising the retirement age) or both. Forbes Magazine has prepared a head-to-head rundown on where Donald Trump and Hillary Clinton stand — as best as anyone can tell. Incidentally, Trump’s website makes little mention of Social Security; most of his policy positions come from what he has said in debates or speeches. Clinton’s site has more details about her proposals and she has fleshed them out elsewhere. Both recently gave a pretty good summation of their views to AARP. Two caveats: Trump’s positions sometimes differ from the Republican Party platform, are still unknown or may change if he’s elected. Some of Clinton’s positions have been evolving (her threshold for higher payroll taxes is new, for instance) or are vague.

Read the analysis at Forbes.
Related: What Clinton and Trump Propose for Social Security and Medicare (PBS NewsHour)

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