Salt Lake City Estate Planning

Don’t Fumble Your Future

As the new NFL season gets into full swing, there will be plenty of fumbles across the league. With that in mind, twincities.com recently posted “Your Money: 4 financial “fumbles” to avoid,” spotlighting four financial “fumbles” to avoid.

No Game Plan. Pro football players and their coaches spend hours looking at tape of themselves and their opponents to prepare for game day. Reviewing past games lets them more effectively and efficiently prepare for the next Sunday. The same is true with financial planning: reviewing past performance of certain asset classes and indexes, lets you forecast potential returns for your investments. That can help to dictate an appropriate withdrawal rate that works with your time frame.

Too Many “Hail Marys.” A Hail Mary or the long pass at the end of the game for a score is thrilling, but its success rate is 50-50 at best. Think of a Hail Mary pass like pursuing the hot stock—it can be fun to watch it go up, but its consistency is all over the board. It’s not a strategy for every play, if you want to see long-term, sustained success.  A diversified portfolio should instead be thought of as a well-planned game plan to take you down the field to the end zone. You’ll mix up runs, short passes and a few long bombs in an attempt to outsmart the defense. Your portfolio should also have a mix of asset classes and risk factors to withstand any market volatility.

No Backup or Second-String Team. Every position on an NFL team has a backup, in case of injury or other circumstances. The same should hold true for your financial plan. While it may appear to be rock solid, can it stand a “sack” from another recession? Create a contingency plan for every piece of your financial picture. You should be just as confident in your contingency plan, as in your primary financial plan.

No Specialists on Your Team. There is a reason why NFL teams have 53-man rosters and are constantly on the lookout for specialized positions. A wide receiver has different skills than a defensive end or a safety, and a punter has different skills than a quarterback, but they’re all essential for success. With your finances, you should have specialist knowledge in every area: Social Security, investment management, financial planning, estate planning, insurance and more.

You also need a “coach,” i.e., an experienced estate planning attorney, to help coordinate all of these special areas into a cohesive game plan.

Reference: twincities.com (September 9, 2017) “Your Money: 4 financial “fumbles” to avoid”

If you would like more information, please call our office for a free consultation, 801-438-7120!

How Will You Fill the Gap in Medicare Coverage?

Many people believe that most of their health care costs will be covered by Medicare after they turn 65. Not so! Seniors are on the hook for a lot. Most likely will still have to pay some out-of-pocket costs. How much can you expect to pay for health care in retirement, and is there anything you can do to lower those costs?

Kiplinger’s recent article asks, “How Much Will You Spend on Health Care in Retirement?” According to the article, even though Medicare covers the majority of a person’s health care costs after they turn 65, there still may be a lot of out-of-pocket expenses. A new study by Fidelity Investments found that the average 65-year-old couple retiring this year will need $275,000 to pay for medical expenses during retirement. This includes Medicare premiums, co-payments and deductibles (or a policy to fill coverage gaps). They will also need Medicare Part D prescription-drug coverage, plus out-of-pocket drug costs over the next 20 years for the man and 22 years for the woman. That number doesn’t include the potential costs of long-term care.

Medicare premiums can be as much as several thousand dollars a year. Medicare Part A, which covers hospitalization, is free for most people.  However, you'll pay a monthly premium for Part B (doctor visits and outpatient care). Those who sign up for Medicare in 2017 will pay about $134 per month for Part B, while individuals who have had Medicare premiums deducted from their Social Security benefits in previous years pay less.

If your adjusted gross income plus tax-exempt interest income is more than $85,000 for singles or $170,000 for married people filing jointly, you'll have to pay even more. The monthly premiums can range from $187.50 to $428.60 per person per month in 2017.

Remember that, along with these numbers, Medicare will leave gaps. You will need to pay deductibles and co-payments for hospitalization, doctors' visits, procedures and other medical care. Medicare also doesn't cover prescription drugs. Some fill in these gaps with retiree health care coverage from a former employer. However, that is not that common today. Instead, you'll need to buy a Medigap policy to cover these out-of-pocket expenses, as well as a Part D prescription drug policy to cover drugs, or purchase a Medicare Advantage plan to pay both medical and drug expenses.

You can reduce these extra costs by implementing these strategies:

Shop for a Medigap policy, when you're first eligible. You have six months after signing up for Medicare Part B to choose any Medigap plan. Insurers can charge more or deny coverage because of preexisting conditions. Plans with the same letter provide the same coverage, but the price can vary significantly by insurer.

Select the best Part D policy. This can vary every year, because your prescriptions change, and insurers revise their coverage. You can change Part D prescription drug policies every year during open enrollment from October 15th to December 7th for coverage starting on January 1st.

Look at your Medicare Advantage plans every year. If you choose a Medicare Advantage plan, you can also shop for a policy every year during open enrollment. Use the Medicare Plan Finder to compare the cost for drugs and health care for plans in your area.

Medicare surcharges. Your Part B and Part D premiums will be higher if your income is higher (more than $85,000 if single or $170,000 if married filing jointly). The Social Security Administration uses your most recent tax return to figure the premium. However, if your income has dropped since that time because of certain life-changing situations, like divorce, death of a spouse, or retirement, then you can substitute your more recent income.

Use generics or cheaper treatments. With Part D prescription-drug coverage, you will still have some out-of-pocket costs for your medications. You could also pay thousands of dollars for your share of the cost of expensive specialty drugs. Ask your doctor if there are cheaper generic drugs, or if there are therapeutic alternatives to treat the same condition for less.  You should also check if you can save money by using a preferred pharmacy or a mail-order pharmacy.

Use your tax-free health savings account. You can't contribute to an HSA after you enroll in Medicare.  However, the money you’ve accumulated in the account can be withdrawn tax-free to pay medical expenses. After age 65, you can also use the money to pay premiums for Medicare Part B, Part D, and Medicare Advantage plans, but not for Medigap.

Reference: Kiplinger (September 20, 2017) “How Much Will You Spend on Health Care in Retirement?”

If you need have any additional questions about medicare or how to best cover yourself, please call our office for a free consultation, 801-438-7120!

Common Estate Planning Mistakes You Can Avoid

With no estate plan, you can leave your family to pay thousands of dollars in extra taxes or fighting bitterly with each other. Senior Homes’ recent article, “7 Common Mistakes to Avoid When Planning Your Estate,” shares some of the most common mistakes.

1. No estate plan. Everyone should have some type of estate plan, including a will and related documents to protect your spouse, children and assets. It’s common for families in crisis to only begin to scramble and create a plan when it’s too late. Make these decisions before there’s a crisis, when parents have capacity and when it's possible to act to accomplish their goals.
2. Failing to keep your will up-to-date. Many people “set it and forget it” when making an estate plan, but this is another common mistake. You should regularly review your estate plan, especially after major life events, such as divorce, adopting or having another child, or buying or selling real estate. Estate and tax laws change, but not as fast or as often as family dynamics.
3. Ignoring state taxes. If you move out-of-state, you need to consider your new state’s taxes. Although the federal estate tax exemption is $5.49 million, many states have their own estate and inheritance tax laws. Their exemptions are much lower than the federal amount, so you could be impacted.
4. Leaving everything to your spouse. Leaving everything to your spouse outright and relying on his or her word to take care of the children might be a mistake, especially if your spouse remarries. If that were to occur, your spouse’s new partner could grab a much larger share of your assets—leaving your children with less. You may want to create a trust as a solution.
5. Assuming your kids will all continue to get along. Family fighting can be worse, when there’s a death of a family member. Even if your family is getting along now, things can change. This is especially true when money is involved. If you don’t have a clear plan, your family could battle over control of assets. There might also be hard feelings over the way things were divided. A lack of guidance on family assets can lead to fighting.
6. No communication or a lack of specificity. Communication is critical, and you should make certain you’re as specific as possible—even about organ donation and burial or memorial services.
7. Identity theft. Unfortunately, schemers target older Americans, especially when they start losing their capabilities. Some even try and take advantage of the death of a family member, by reviewing obituaries for personal details to exploit.

Reference: Senior Homes (September 6, 2017) “7 Common Mistakes to Avoid When Planning Your Estate”

Let us help you get your estate plan in great working order, 801-438-7120!

Get That Estate Plan Completed Today!

Your estate plan will instruct how your assets are distributed when you pass away.

If you don’t have an estate plan, then you still sort of have one. However, it’s the one everyone else who doesn’t take the time to do it right has: it’s written into the intestacy laws of the state. These may not be in the same as your wishes, but death will trigger a transfer of assets—regardless of whether it is professionally planned or not, and regardless of what your wishes may have been.

A recent article, “Why Continuous Estate Planning Is Essential For The Rich And Super-Rich,” from Forbes reminds us that estate plans should be updated regularly to address changes. These could be changes in our lives or changes in tax and estate laws. New laws and regulations can bring with them obstacles and opportunities.

The larger your estate, especially for the rich and super-rich, the more important it is to stay current. Those with complex business structures and international investments are always going to be required to adjust their financial and estate plans more often than those with smaller, simpler assets.

The more investments you have, the more important it is to be on top of the situation to be certain that your wishes are carried out at death.

Updating estate plans for everyone is a wise move. However, many fail to stay current. About 90% of highly accomplished business owners have estate plans that are more than five years old. These people are ignoring ways to maximize their wealth, but more importantly, they may also be setting up their wealth to be distributed in a manner that doesn't reflect their current wishes.

The statistics are similar for many of the super-rich. They, too, have outdated plans. Research shows that the estate plans for the exceptionally wealthy families are also more than five years old.

An estate plan that’s more than a few years old should be reviewed and adjusted as needed, with the help of a qualified and experienced estate planning attorney.

This potentially severe mistake of failing to ensure that estate plans are current is a mistake that is easy to fix, if you act rather than wait until it’s too late.

Reference: Forbes (September 6, 2017) “Why Continuous Estate Planning Is Essential For The Rich And Super-Rich”

Call our office to get your free Estate Planning Consulting done, 801-438-7120!

Fact Checking Death Tax Impact on Farmers

 

President Trump recently said he’d get rid of the federal estate tax, calling it a "tremendous burden" on family farmers.

“We’ll also protect small businesses and family farmers here in North Dakota and across the country by ending the death tax,” Trump said.

“Tremendous burden for the family farmer, tremendous burden. We are not going to allow the death tax or the inheritance tax or the whatever-you-want-to-call-it to crush the American Dream,” Trump is quoted saying in a recent article in The Washington Post, “Trump called the estate tax a ‘tremendous burden’ on family farmers. Here’s the truth.”

According to the U.S. Department of Agriculture, just 0.4% or 153 farms out of 38,328 farm estates, paid any estate tax in 2016. If that is rounded to the nearest whole percent, it is zero. Under the estate tax, estates valued below $5.45 million don't pay any estate tax or even need to file an estate tax return.

Most estates above the threshold don't actually end up paying any estate taxes. The USDA says that 1.7% of farm estates were valued at more than $5.45 million, so they had to file an estate tax return.

However, there are write-offs and other strategies like alternative land valuation methods, which result in less than a quarter of the estates that filed for the estate tax paying anything.

However, for a few small farms, the estate tax can create hardship. In 2016, the typical small family farm subject to the estate tax had to pay 11% of the value of the farm estate, or about $600,000. That’s like getting a tax bill that's double your annual income.

These extreme cases drive opposition to the estate tax.  A total of 48% of Americans responded that they'd like it to be repealed, according to a May 2017 Quinnipiac poll. However, these cases aren’t typical. In 2016, estate taxes on all farm estates brought in roughly $344 million in revenue, according to the USDA. That $344 million amounts to less than 2% of total annual estate tax revenue, estimated to be about $20 billion.

Therefore, exempting farm assets from the estate tax would have little impact on the Treasury Department's financial outlook—a bit more complicated an argument to make than just “end the death tax.” It is not something that’s likely to appeal to wealthy political donors, who aren’t farmers.

Reference: The Washington Post (September 7, 2017) “Trump called the estate tax a ‘tremendous burden’ on family farmers. Here’s the truth”

Call our office for a free consultation, 801-438-7120!

 

A Lesson on Estate Planning from the Delaware Supreme Court

The Delaware Supreme Court recently decided a case that stresses the importance of carefully reviewing your estate planning documents every year to be certain that the documents are still accurate and do not inadvertently allow your testamentary plans to be changed.

The Delaware Supreme Court’s August 2017 decision in the case, “In the Matter of the Estate of Edward J. Burke,” ruled that the decedent should have made better plans to ensure that his wishes were effected upon his death.

Edward named his wife of then 13 years, Mildred, as his Power of Attorney on March 17, 1998. On the same date, he executed his will. In the will, he left his Virginia property to the Trustee of the Trust that was created in his will. Edward instructed the Trustee to let his daughter live on the property for three years and then sell it. The proceeds from the sale were to go to Mildred for life and after her death, the remaining sum was to be distributed to his four children. Edward left the residue of his estate to Mildred.

However, in 2012, Edward sold the Virginia property for $150,000 and deposited the proceeds into a separate and new bank account in just his name. His son Kevin said that Edward had repeatedly told his children these funds were being held for them in accordance with the 1998 will. Testimony was given to show that Edward had repeatedly denied Mildred’s request to gain access to this account, because he wanted the funds to go to his children.

Edward became sick and Mildred added her name as a joint owner to the account, using the Durable Power of Attorney, which Kevin said was done without Edward’s knowledge or consent. Edward died in 2013, and was survived by Mildred and his four children from his first marriage, including Kevin.

There was nothing left in Edward’s name alone when he died, so Mildred didn’t probate his estate and—because she retitled Edward’s account (which held the proceeds from the sale of the Virginia property)—the Virginia sale proceeds passed to Mildred.

Kevin sued Mildred, claiming that Edward had purposefully divided the proceeds from the sale of the Virginia property with the desire to preserve the funds for his children. Mildred responded that Edward changed his testamentary plan when he sold the Virginia property under the doctrine of ademption. That means the failure of a bequest from a will, because the property is no longer in the estate.

The Court also held that even if Edward hadn’t known about or approved of Mildred’s adding herself to the account, and even if the Court held that Mildred had to return the money from the account to the estate, the money would have still flowed under the Will into the residuary clause and ended up in Mildred’s hands anyway, because she was the sole remainder beneficiary.

The Court quoted the Hobson decision that held that “in Delaware the rule of ademption is not dependent on the apparent intention of the testator. In fact, the application of the rule may, in many instances, defeat the intention of the testator.”

So, even if Kevin could have shown that his father intended to leave this money to his children, it wouldn’t have been enough for the children to inherit the sales proceeds because Edward’s Durable Personal Power of Attorney was broad enough to let Mildred to retitle the funds jointly, thereby defeating Edward’s intent. In addition, Edward didn’t change his will after the sale of the Virginia property. Since his wife was the residuary beneficiary, the money from the sale would have flowed through to the residue to her, not to the children.

If Edward wanted this money to go to his children, he should have modified his will after the sale of the Virginia property and left the proceeds from the sale to his children. He should have also revised his Durable Power of Attorney to stop Mildred’s right to add her name to this account.

As you can see from this case, a Durable Power of Attorney is a powerful document. With this document, it’s possible to totally change a person’s testamentary strategy.

This case presents a very good reason for why it is very important to review estate planning documents annually to be sure they still work for you and your family.

Reference: Delaware Supreme Court (August 24, 2017) “In the Matter of the Estate of Edward J. Burke”

If you need help planning your Estate, please give our office a call for a free consultation, 801-438-7120!

Most Wealthy People Are Over 80

Six of the 25 richest Americans are over 80, says the Bloomberg Billionaires Index. Bloomberg’s recent article, “Octogenarians Rule the Rich,” says new IRS data shows the age of the top millionaires and billionaires in the U.S. People over 80 years of age make up only 3.7% of the population, but the IRS estimates that they control a larger share of the nation's top fortunes than people under 50.

The wealthy have most likely always been older than the general population, because it typically takes some time to amass great wealth. Facebook’s Mark Zuckerberg, the world's fifth-richest person at age 33, is the exception to the rule.

The IRS regularly analyzes the wealth of the richest Americans in its Personal Wealth Study. This research looks at those potentially subject to the estate tax, which is imposed on individual fortunes of $5.5 million or more. The most recent study estimated personal wealth in 2013. It found that 584,000 Americans, or about 0.2% of the U.S. population, have a combined net worth of $6.9 trillion. People in their 80s and 90s control $1.2 trillion of that wealth. Adults under 50 (about 43% of the population), have only $1 trillion.

Research from the University of California-Berkeley found that the share of U.S. wealth held by the top 0.1% has more than tripled from 1978 to 2012. That’s an increase of 7% to 22%.

Wealthy people in their 80s have the highest average net worth of any age bracket in the U.S.  These richest Americans may be far wealthier than the IRS estimates. This is because wealth managers and estate planning attorneys use strategies like trusts to help the rich pass money to their heirs tax-free before they die.

The IRS research provides a unique insight into the portfolios of the wealthiest Americans. For example, the richest Americans invest heavily in businesses and non-public stock. Their personal residences also make up a small part of their wealth—just a little more than their art collections.

One reason why so many wealthy people are living and prospering into their 80s and 90s is that they're staying much healthier than other Americans. The wealthiest men are outliving poorer Americans by a widening margin. As recently as the early 1980s, the death rates of the rich and the general population were about the same. At ages 65 to 79, men in the top 1% were 12% less likely to die than the average American man in any year in that range. In the most recent estimates, the richest men in that age range had mortality rates 40% lower than average.

Reference: Bloomberg (August 23, 2017) “Octogenarians Rule the Rich”

If you want helping learning how to plan for your future, please give our office a call for a free consultation 801-438-7120!

ERs Help Fight Elder Abuse

Those subjected to emotional, physical, or financial abuse often are silent. That makes identifying victims and intervening, a real challenge for doctors and nurses, according to the USA Today’s recent article, “Elder abuse: ERs learn how to protect a vulnerable population.”

ER visits may be the only time that an elderly person leaves his or her home.  Therefore, ER staff  can be a first line of defense, remarked Tony Rosen, founder and lead investigator of the Vulnerable Elder Protection Team (VEPT). It is a program launched in April at the New York-Presbyterian Hospital/Weill Cornell Medical Center ER.

The most frequent types of elder abuse are emotional and financial.  However, when one form of abuse exists, the others are also present. A recent New York study found that as few as 1 in 24 cases of abuse against residents ages 60 and older were reported to authorities.

The VEPT program includes several Presbyterian Hospital emergency physicians. The three doctors and two social workers rotate being on call to respond to signs of elder abuse. They also have access to psychiatrists, attorneys, radiologists, geriatricians and security and patient-services personnel.

“We work at making awareness of elder abuse part of the culture in our emergency room by training the entire staff in how to recognize it,” said Rosen. It’s easy for the ER staff to alert the VEPT team and to begin an investigation, he said.

As part of the program, a doctor will interview the patient and conduct a thorough physical exam. They look for bruises, lacerations, abrasions, areas of pain and tenderness. More tests are ordered if the doctor suspects abuse. The team is trained to look for specific injuries, like radiographic images that show old and new fractures. This may suggest a pattern of multiple traumatic events, and specific types of fractures may indicate abuse,  such as mid-shaft fractures in the ulna, when a person holds his arm in front of his face for protection.

If signs of abuse are found, but the patient won’t cooperate in getting help, a psychiatrist is asked to judge the senior’s decision-making capacity. They offer resources, but can’t do much if the patient isn’t interested. Patients in immediate danger and who want help, or who don’t have capacity, may be admitted to the hospital and placed in the care of a geriatrician, until a solution is found. Adult Protective Services won’t get involved, until a patient has been discharged. Therefore, hospitalization can play a vital role in keeping older adults safe.

The team’s goal is to optimize acute care for these vulnerable victims and to ensure their safety.

Reference: USA Today (August 27, 2017) “Elder abuse: ERs learn how to protect a vulnerable population”

If you need help protecting those you love, give our office a call for a free consultation, 801-438-7120. 

Don’t Make These Major Retirement Mistakes

Retirees need to make their savings stretch as long as possible in retirement. Many folks are surprised by the severe effect that taxes can have on their cash flow. However, Kiplinger’s recent article, “4 Costly Government Penalties Retirees Should Avoid,” says that income taxes aren't the only way Uncle Sam can take a bite out of your life savings in retirement or limit your anticipated benefits. Consider these penalties and try to avoid them:

A Lifetime Reduction in Social Security Benefits for Early Claims. Your age when you begin collecting Social Security benefits has a major impact on the amount of money you’ll ultimately get from the program. You must know your full retirement age. For those born in 1960 or later, full retirement age is 67. You can start collecting Social Security when you turn 62, but if you do, you’ll get a permanent reduction. It could be as much as 25% of your benefit, if your full retirement age is 66.

Another penalty for taking Social Security early is when early claimers who are still working forfeit $1 in benefits for every $2 they make over the earnings limit (2017 is $16,920). When you're past full retirement age, the earnings test disappears, and you can make as much money as you want with no impact on benefits. Any benefits that you forfeited because earnings exceed the limits, aren’t gone forever: at full retirement age, the Social Security Administration recalculates your benefits going forward to take into account benefits lost to the test.

Failure to Take Required Minimum Distributions (RMDs). When you turn 70½, you are required to start withdrawing funds—even if you don’t need the money—from your traditional IRA and employer-sponsored retirement plans, like a 401(k). It’s not hard to figure out what you need to withdraw. Find the year-end balance of every traditional IRA you own, then add them together and divide the total by a factor provided by the IRS that's based on your age and life expectancy.

You typically must take your RMDs by December 31. However, first-timers can delay their initial payout until as late as April 1 of the next year. There’s a big penalty if you don't take your required distribution by the deadline.  It is equal to 50% of the amount you failed to withdraw. But the IRS frequently waives the penalty for taxpayers with a good excuse, like poor advice from a tax preparer or IRA sponsor, or falling seriously ill right before year-end when you’d planned to make the RMD.

Penalty for Not Signing Up for Medicare at the Right Time. If you already get Social Security benefits, you're automatically enrolled in Medicare. Your Medicare card will be mailed to you three months before your 65th birthday, and your coverage begins the first of the month after you turn age 65. Those not yet getting Social Security benefits must enroll in Medicare. You have a seven-month window to sign up that begins three months before the month you turn 65 and ending three months after your birthday month (the "initial enrollment period"). Sign up before your birthday month to get coverage as early as possible. If you miss your initial enrollment period, you’ll have to pay a late-enrollment penalty of 10% of the Part B premium for every year that you should’ve had coverage. This penalty applies for as long as you receive Medicare benefits. If you have coverage through an employer with 20 or more employees, you don’t have to sign up for Medicare when you turn 65. Your group policy will pay first, with Medicare paying second. Avoid a future penalty and enroll in Part B, within eight months of leaving your job.

The Death Tax. The federal estate tax will impact estates valued at $5.49 million in 2017. The assets left to a surviving spouse aren’t taxable. Along with federal estate taxes for the extremely wealthy, depending on where you live, you might also have state estate taxes for estates valued at only $1 million.

Reference: Kiplinger (July 2017) “4 Costly Government Penalties Retirees Should Avoid”

If you need help planning for retirement, give our office a call for a free consultation, 801-438-7120

Here's a Simple Estate Planning Checklist

Forbes’s recent article, “The Biggest Estate Planning Mistake People Make,” offers a nice checklist of the key documents to complete as part of your estate planning—perhaps even before drafting your will. The names of these documents vary from state-to-state, but the following are essential ones to ask an estate planning attorney to draft for you.

Advanced Health Care Directive or Medical Power of Attorney. With this document, you designate the individual (known as a “health care agent”) who you want to make decisions about your health care, if you become too ill or injured to make them for yourself.

Living Will. This details the kinds of medical care and treatment you want and don’t want to receive, if you’re close to death and there is no prospect of a recovery. Your health care agent will have the power to make sure your wishes are followed. A living will may be part of an Advanced Health Care Directive, but in some states, they’re two separate documents. A living will lets your family know exactly what you want to happen for your treatment.

Durable Power of Attorney. In the event you become incapacitated, your debts need to get paid, like the mortgage and the car loan. Your investments must also be managed. A Durable Power of Attorney names a person during your incapacity to manage your finances. He or she can write checks and speak with your financial companies.

A Durable Power of Attorney is different from a plain old Power of Attorney. The POA is no longer legally valid, when you become incapacitated. When that happens, you need a Durable Power of Attorney.  Ask your financial institutions and real estate title companies about their requirements for this, because some are rigid. They might want you to use theirs.

Revocable Living Trust. Some people with larger holdings elect to avoid problems with Powers of Attorney and create a revocable living trust. This acts like a super power of attorney. Banks must comply with their terms. With a revocable living trust, you transfer title of your assets to the trust and name yourself as trustee, so you can continue to manage and benefit from those assets as you did before they were in the trust. If you can’t act as the trustee because you become incapacitated, your designated successor trustee will manage the trust. This doesn’t eliminate the need for a Durable Power of Attorney—you’ll still need that document to identify the person you want to manage your retirement accounts, because those types of accounts cannot be transferred into a living trust.

HIPAA Release. This is the federal Health Insurance Portability and Accountability Act, which prohibits your doctors from discussing your medical condition and treatment with anyone, except those you name on your HIPAA form.  Only these individuals will have full access to your healthcare team.

Organ Donation Authorization. If you want to donate your organs when you die for the benefit of others, make your wishes known on your driver’s license or register with an organ bank or hospital. Let your family and your health care agent know about this choice.

Reference: Forbes (August 16, 2017) “The Biggest Estate Planning Mistake People Make”

If you would like help planning your Estate, please call our office for a free consultation 801-438-7120