When Should You Update Your Estate Plan?

Estate Planning, RaphanOnce you’ve created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events.

Marriage

Whether it is your first or a later marriage, you will need to update your estate plan after you get married. A spouse does not automatically become your heir once you get married. Depending on state law, your spouse may get one-third to one-half of your estate, and the rest will go to other relatives. You need a will to spell out how much you wish your spouse to get.

Your estate plan will get more complicated if your marriage is not your first. You and your new spouse need to figure out where each of you wants your assets to go when you die. If you have children from a previous marriage, this can be a difficult discussion. There is no guarantee that if you leave your assets to your new spouse, he or she will provide for your children after you are gone. There are a number of options to ensure your children are provided for, including creating a trust for your children, making your children beneficiaries of life insurance policies, or giving your children joint ownership of property.

Even if you don’t have children, there may be family heirlooms or mementos that you want to keep in your family. For more information on estate planning before remarrying, click here.

Children

Once you have children, it is important to name a guardian for your children in your will. If you don’t name someone to act as guardian, the court will choose the guardian. Because the court doesn’t know your kids like you do, the person they choose may not be ideal. In addition to naming a guardian, you may also want to set up a trust for your children so that your assets are set aside for your children when they get older.

Similarly, when your children reach adulthood, you will want to update your plan to reflect the changes. They will no longer need a guardian, and they may not need a trust. You may even want your children to act as executors or hold a power of attorney.

Divorce or Death of a Spouse

If you get divorced or your spouse dies, you will need to revisit your entire estate plan. It is likely that your spouse is named in some capacity in your estate plan — for example, as beneficiary, executor, or power of attorney. If you have a trust, you will need to make sure your spouse is no longer a trustee or beneficiary of the trust. You will also need to change the beneficiary on your retirement plans and insurance policies.

Increase or Decrease in Assets

One part of estate planning is estate tax planning. When your estate is small, you don’t usually have to worry about estate taxes because only estates over a certain amount, depending on current state and federal law, are subject to estate taxes. As your estate grows, you may want to create a plan that minimizes your estate taxes. If you have a plan that focuses on tax planning, but you experience a decrease in assets, you may want to change your plan to focus on other things.

Other

Other reasons to have your estate plan updated could include:

  • You move to another state
  • Federal or state estate tax laws have changed
  • A guardian, executor, or trustee is no longer able to serve
  • You wish to change your beneficiaries
  • It has been more than 5 years since the plan has been reviewed by an attorney

Contact me, your elder law attorney to update your plan or if you have any questions.

Regards,

Brian

http://www.raphanlaw.com  Email: info@RaphanLaw.com

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FAQ’s: Frequently asked questions about bedsore and pressure sore lawsuits:

Bedsores happen more often than necessary and they are not the fault of the patient. The patient is usually a victim with  a right to sue. Below are some answers to frequent questions we have received:

  • If the patient was at a hospital first and then a nursing home which do we sue?

    It always depends on individual and medical circumstances but the possibility exists that both are liable. Often an injury begins in a hospital, may not be reported and/or is overlooked or neglected on intake at the second facility where it may get worse or lead to infection and other medical issues.

  • Do I have a malpractice case?

    A case may be medical malpractice on behalf of a facility or doctor. There may be hospital negligence and nursing home liability as well. In unfortunate and sad circumstances it may be a wrongful death lawsuit, where a family member or loved one may have the right to recover losses. Our team of experts will help determine the best options for for your bedsore or pressure sore, decubitis ulcer lawsuit.

  • What if the patient is too ill to appear in court?

This is not an issue and often the case with bedsore victims. For bedsore and pressure sore lawsuits there’s a legal team that includes experienced bedsore litigators, and medical professionals that can testify based on patient medical records and treatment or lack of and improper treatment. As well as other expert witnesses that look into hospital procedures, policy  and practices and determine if any federal violations were evident or standards of procedure were not met. Medical records and pictures of wounds are used.

  • How much does it cost to sue?

    There is no fee to you unless we win. When we accept a case we put in the resources and hours of our bedsores legal team because we are confident of a successful outcome based on the facts of the case. If we take on your case it’s because we see huge upside financial potential for the victim or family of the victim. We work on contingency—no upfront fee or time billed to you. When you win we get an agreed upon portion of the award.

  • Will beginning a lawsuit get better care for the victim?

    Once a hospital or nursing home knows a bedsore lawsuit is possible, often the care and treatment of the patient improves. This is because now they know they are under scrutiny and may be even further liable legally if not giving the proper care and medical attention after the sores have been documented by family and bedsore lawyers. Additionally, our law firm will let you know the standards of care that is necessary for you or your loved one. We can even help guide you on the best way to discuss issues with the doctor or staff and get the desired results.

  • I want to sue – does it take long? Does my dad have to appear in court?

    Timing of a case varies. With expertise and experience and a hands-on approach we move swiftly. The size of our firm allows us to focus on cases so they don’t get lost in the shuffle. Many times cases are settled before even going to court. Of course, the plaintiff has a say in this decision and we do what is best for our client.

  • How do I know if I have a good bedsore lawsuit? The nurse said the sores were caused by my father and existed.

    Don’t put much credence in the opinion of anyone that isn’t a legal expert. Even a medical professional or doctor doesn’t have the legal knowledge and they or facility administrator may even try to persuade you against a bedsore or pressure sore lawsuit. Such tactics aren’t new. Don’t be a victim twice. Consult with legal professionals when medical ones let you down.

For more information or to see if you have a valid lawsuit, click here.

To download a Free Bedsore Fact Sheet, click here.

bedsores information

The Law Offices of Brian A. Raphan, P.C.

http://www.raphanlaw.com

How to Manage Higher Health Insurance Costs in 2016

There are ways to mitigate the effects of cost increases.

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Via US NEWS & WORLD REPORT By Aug. 5, 2015

If you have health insurance, there’s a good chance you’ll pay more for it in 2016.

Health care and health insurance costs increase year to year, like most expenses. Since the implementation of the Affordable Care Act, growth in premiums has mostly slowed (as has the rise in health care costs overall), while your share of expenses – like deductibles – has increased. For several reasons, increases in both premiums and other out-of-pocket costs are expected in the coming year.

You can cope with these cost increases by understanding how they’ll happen and what you can do to mitigate their effects. How they affect you depends largely on where you get your insurance.

Employer-Based Health Insurance

About half of all Americans receive health insurance through an employer, less than in years past. Although having a job with health insurance is a perk, that doesn’t mean the benefit comes cheap.

Employer-based insurance premiums have grown relatively modestly over the past few years, according to Sabrina Corlette, senior research fellow and project director of Georgetown University’s Center on Health Insurance Reforms. This is due, in part, to slower growth in health care costs, but also because employers are shifting other costs to their workers, a practice known as “cost-sharing.”

For instance, the number of workers with a health insurance deductible grew from 55 percent in 2006 to 80 percent in 2014, and the average deductible more than doubled, from $584 for individual coverage to $1,217, according to the Kaiser Family Foundation. Further, more employers are offering only plans with high deductibles.

In 2016, if you receive your insurance through your job, you may see modest premium increases and are likely to see increased cost-sharing, like bigger deductibles.

Depending on the size of your employer, you will likely have a few plan options at open enrollment time, which is usually in the fall. Here are some tips for choosing the right health plan to help keep costs in check:

● Opt for a smaller provider network (HMO) or a high-deductible plan if you’ll feel the pinch in premiums. Both of these options could reduce your monthly costs. Remember, these plans have trade-offs. In an HMO, you have less freedom to go to the doctors of your choice. With a high-deductible health plan, you’ll cover more of your health care costs upfront until your insurance starts picking up the tab.

● Choose a higher premium plan like a PPO if the thought of that big deductible scares you. These plans may have higher monthly costs, but allow you greater freedom to visit the doctors you want without such high out-of-pocket expenses.

● Take advantage of health spending accounts no matter your plan choice. These accounts allow you to set aside pre-tax dollars for out-of-pocket medical expenses, and they’re usually taken directly from your paycheck. The two most common types are health savings accounts and flexible spending accounts. HSAs are available only to people with high-deductible plans, but have benefits over FSAs because you are able to carry your unused balance from year to year. With FSAs, if you don’t use the money you’ve allocated to the account, you’re likely to lose it at the end of the year.

“Marketplace”-Based Health Insurance

During the second open enrollment period of the ACA, an estimated 11.7 million people had selected or were automatically re-enrolled in health insurance plans on the federal and state marketplaces, according to the Department of Health and Human Services.

Recent media coverage of planned 2016 premium hikes refers to plans purchased by individuals on these health care exchanges. But these reports don’t tell the whole story.

“The data that’s out there about 2016 premiums is a little deceiving,” Corlette says. “And that’s because, in most states, the only rates that have to be posted right now are those that are proposed to be over 10 percent increases.” Insurance companies projecting more modest increases, therefore, don’t have to share that publicly, creating a skewed sample.

But, Corlette says, that doesn’t mean there won’t be premium increases. They’re driven largely by rising prescription drug costs, insurers having a clearer picture of their policyholders’ health care needs and the end of temporary “risk mitigation” programs that gave cash incentives to insurers for approving everyone.

In 2016, if you buy your insurance on state or federal health insurance marketplaces, you’re likely to see both increased premiums and cost-sharing. But unlike employer-based coverage, increased premiums on these plans are often offset by subsidies.

The solution, as with employer coverage, lies in shopping carefully.

● Reapply for the premium tax credit or health care subsidies. The Department of Health and Human Services estimates 87 percent of people purchasing marketplace plans receive this financial assistance to help lower premium costs. Updating your income information each year will ensure you’re getting the maximum allowable benefit.

● Be flexible and willing to part with your current plan. As costs change, the government may label another marketplace plan the “benchmark,” or the plan to which subsidy amounts are tied. If the price of your current plan goes up and another goes down, that lower-priced option may be deemed the benchmark. By switching plans, you’ll likely avoid cost increases altogether.

“The subsidy is almost like a gift card,” Corlette says. “So if you take it and stay in your same plan, even though that plan has gone up, yes, you’ll be paying more. But if you take it and go shop for a lower-priced plan, you should be fine.”

● Apply for Medicaid or CHIP coverage if you have children. If you make too much to qualify for Medicaid, your children could still be eligible for it or for The Children’s Health Insurance Program. Both are designed to provide health insurance to children at no or low cost. Eligibility varies by state, income and family size. In some states, children in a family of four could be eligible even if the household adjusted gross monthly income is as much as $6,000 or $7,000.

Stay Calm

When you’re reading about potentially dramatic health care cost increases, 2016 doesn’t seem so far off. Take this time to understand what is and isn’t working for you on your current plan and what your other options are. This way, when open enrollment comes around, you’re prepared to make savvy decisions about your health care.