Idaho Estate Planning

Another Contested Celebrity Will - Lesson for Idahoans

Will contests can yield some strange stories. Take for example the case of the late Sherman Hemsley and the three and a half months his remains rested on ice before he was finally put to rest. A recap of that story can be found at Forbes in, “Court Ruling Finally Allows Body of Late Jefferson Star To ‘Move On Up’.”

Hemsley’s story is a troubling one, perhaps even more so because his estate was valued at only around $50,000. Sherman Hemsley, who played George Jefferson on the hit TV comedy “The Jeffersons,” didn’t have any real family, but he did have a close friend and business manager in Flora Enchiton whom he named in the will he drafted a mere six weeks before his passing. When a long-lost half-brother showed up to dispute the validity of Hemsley’s will and claim his right to direct the burial, the ensuing fight became both ugly and very public. In the end, Hemsley’s will prevailed, but not without a long fight.  

Teaching points:

1. Even estates of relatively small value can bring out the worst in your relatives.
2. Proper estate planning can help ensure your wishes are carried out after your passing, even if some would choose to violate them.
3. Don’t procrastinate. The fact that Hemsley’s will was written a mere six weeks before his death did complicate matters. Had the will been signed long ago, before Hemsley was sick, it’s unlikely that the case would have taken so long to resolve.

At Idaho Estate Planning we are the experts you need to know and trust. Work with us and we'll put together a plan that works for you and your loved ones. Remember, good planning is no accident.

Boise Medicare Patients Need to Appeal Rejected Claims

Few things are more frustrating than battling bureaucracy. But if you’ve had a Medicare claim denied – and about 10 percent of Medicare claims are denied – you’re well-advised to hang in there and fight the good fight!

Reuters recently published an article explaining “How to appeal when Medicare won't pay.” It is not an uncomplicated process, but if Medicare refuses to pay for services your doctor recommends it’s certainly worth your while to fight. The numbers are fairly enlightening:

In 2010, 40 percent of Part A appeals and 53 percent of Part B appeals were granted, according to the Centers for Medicare & Medicaid Services, which administers Medicare (CMS). Even in the case of big ticket durable medical equipment appeals, 44 percent of appeals were successful. More than half of appeals to Medicare Advantage and prescription drug plans are successful, too.

Medicare consumer advocates offer these tips for filing an appeal:

1. Send a letter. Your paper trail starts with the summary notice of coverage you get in the mail. Take this notice, circle the erroneous denial, and write out why you think it should be covered. Make a copy, and mail one.
2. Don’t waste time. You have 120 days to file an appeal for Medicare Part B claims, and only 60 days for Medicare Advantage or Part D. If you filed for pre-approval and were denied, you have only 14 days to initiate your appeal.
3. Be persistent. You have a right to four levels of appeal, so don’t quit until you have exhausted all of your options.
4. Get help. For appeals beyond the first level, you may want to seek help from an elder law attorney.

Trying to keep up to date on Medicaid, Medicare or any other issues faced by America's Elderly can be a daunting task. At Idaho Estate Planning, we understand these challenges. We have the experience and expertise to help you maintain your options and protect yourself as well as your loved ones now and into the future. Remember, good planning is no accident.

Trust Solutions for Blended Families in Boise

Mixed families and second marriages are increasingly common, and while that’s all well and good (it’s modern life) it does create some sticky situations. Like no other era, children are not simply ranked from eldest to youngest, and the centuries-old laws set out to privilege marriage may end up muddying the waters and hurting the children (adult or otherwise) of previous marriages. If you and your family have come together differently, then it simply makes sense for you to plan differently and appropriately in light of your unique challenges.

Financial Advisor recently took up the issues facing a specific type of blended family – one created when a senior widower remarries. The role of the widower is statistically proven to be one of the most likely to give rise to challenging situations. More than 60 percent of men (compared to less than 20 percent of women) are involved in a new romance or remarried within two years of the passing of their first spouse.

What many fail to recognize is that a new set of legal arrangements automatically apply upon remarriage, the implications of which may conflict with previously agreed upon intentions. Proper estate planning can eliminate, or at least mitigate, these unintended consequences. Of course, as Financial Advisor states, the revocable trust “may be a widow’s best friend.” A trust arrangement can put legal muscle behind your intentions and ensure they are carried out as you plan.

Any individual or family entering a blended family situation should consider framing assets and rights from the outset, and a revocable living trust is one of your most powerful tools to do so.

At Idaho Estate Planning we are the experts you need to know and trust. Work with us and we'll put together a plan that works for you and your loved ones. Remember, good planning is no accident.

While in Boise Check On Your Idaho Elders This Holiday Season

The turkey is practically in the oven and whether you’re waiting in the airport or preparing the guestroom, everyone is getting ready for the first family event of the Holidays. When it comes to meeting our elderly loved ones, however, it’s also important to remember to observe and ensure that they are fully supporting themselves

It’s an unfortunate burden of thought during the holidays, but that doesn’t mean it isn’t an important one to bear in mind: as written by the Wall Street Journal not too long ago, you’ve got to ask, is it “Time for Elder Care?”  And then there’s the other half of it: you’ve got to observe, understand, and react in such a way as to truly help the situation. It’s easy to over-react when the well-being of your loved ones is at stake.

Take the opportunity this holiday season to assess their needs and then, if something is amiss, work to find specific solutions. Your loved ones might not need full-time care, but perhaps a housekeeper or even gift cards for a few restaurant meals might help. If additional assistance is needed, assess the situation and look for the most appropriate benefits – local, state, veteran, or specific group benefits are important first steps – and be careful in your timing.

For more to think about, the original article is worth a read through. And as every year, be sure to fully enjoy your time with them and make the best of the holidays!

At Idaho Estate Planning, we understand the challenges faced by elder Americans. We have the experience and expertise to help you maintain your options and protect yourself as well as your loved ones now and into the future.Call us today or contact us through our website. Remember, good planning is no accident.

Idaho Seniors Choose Wisely Your Medicare Part D Plan

Have you signed up for Medicare Part D yet? Time is ticking, but don’t move before thinking through the options. Just because something worked this year doesn’t mean that it will be good for you next year, and big changes are afoot in many popular plans. So don’t get trapped in an inefficient plan.

Here is a sobering statistic pulled by a posting over at the New Old Age blog on the New York Times: “only 5.2 percent of Medicare Part D beneficiaries manage to choose the most economical plan” (see “Part D, Part 2”). And why would that be? The market shifts greatly from year to year and providers frequently hide the gritty details with broad promises, but it’s those very details that determine your day-to-day life and much of your finances.

For a short list of things to watch for and a broader view on comparing plans it may be helpful to review another article, “Avoid A Costly Medicare Part D Mistake Right Now” through Forbes.

The big things to watch?

1. Increased monthly premium.
2. Increased deductible amount.
3. Changes in what drugs the plans cover and how well they cover them.
4. Changes in the medications you take.
5. Your plan may no longer be offered. In this case if you do nothing you will be enrolled in another plan that may not be the best suited for you.

Remember: you must pick before December 7^th! Choose wisely. If you are still confused call us today. Idaho Estate Planning is part of the Senior Resource Network of Idaho, a non-profit network of elder care professionals available to provide information on what we discussed above and much more. Let us know your concerns and we will help you find the resources you need. Good planning is no accident.

Happy Thanksgiving Boise, Meridian, Eagle, Nampa, Caldwell and all of Idaho

We hope you have a great Thanksgiving. We would like to share a very timely video from the folks at ABC News. Sam Sifton, celebrated New York Times food critic shares some very basic rules for a succesful Thanksgiving, enjoy!

 

Pelosi Vows to Raise Taxes - Idaho Residents Concerned

The number of Idahoans calling our office wanting to get their estates in order before the end of the year increase daily. While many of you are concerned about specific political outcomes most callers want to prepare for as many outcomes as possible.

This article from Bloomberg stresses the political unrest since the election. If you feel your estate plan is not ready for the possible outcomes of our current political unrest you need to call us today. Idaho Estate Planning has the resources you need to protect you and your family now and in the future. Remember, good planning is no accident.

The Complicated World of IRA's

With all the attention on Estate Taxes, Gifting and the Fiscal Cliff on the horizon we forget sometimes to focus on other important mattters. The humble IRA is one such concern. As more and more Americans approach retirement age they are finding out how easy it is to make serious mistakes regarding their own or an Inherited IRA. The Wall Street Journal recently ran a very interesting article I would suggest reading. You can find it here, the article by Kelly Greene is titled "IRA Rules Get Trickier".

After reading the article if you have questions about your IRA or any other item that may need attention before the first of the year give Idaho Estate Planning a call. Do it quickly though, as our calendar is filling up fast. Remember, good plannign is no accident. 

Remember Your Fine Art In Your Idaho Estate Plan

So, what are your favorite and most valuable assets? Aside from your loved ones, you may turn to your stock portfolio, your business, or your real property. For some, however, their favorite and most valuable assets may be hanging on their walls.

If your art collection is important to you and your heirs, and truly valuable in and of itself, then it’s important to make proper plans to protect it.

In life we tend to limit our risks through various forms of insurance. Accordingly, when it comes to your art, this issue was addressed in a recent Forbes article titled “Should Your Art Be Insured?” This is not an easy question to resolve in every instance.

A previous article in Forbes explored another angle on personally-owned art. The article, titled “Is Art An Asset Or An Investment?,” added another take on the world of such art. Remember: the value of your “art” is really whatever someone would be willing to pay for it.

If you have fine art or other items of great value you need to include it in your estate plan. Call Idaho Estate Planning today and we'll work with you to create the right estate plan for you and your family. Remember, good planning is no accident.

Helping Your Divorced Elderly Parents in Idaho

Divorce is simply not a young person issue. In fact, boomers struggling to help their elderly divorced parents are starting to offer evidence that there are issues and unpleasant surprises awaiting those families who have not planned ahead.

The evidence has been slowly coming in for a while, of course, but current articles have helped to publicly put the pieces together for us. For example, consider a recent article in Reuters titled “Double the trouble when divorced parents get old.”

In broad strokes, marriage is and has been an important institution for us. Not only does it order our daily lives, but it organizes our longtime finances as well. On the other hand, divorced persons simply have to plan that much more for their own old age, especially when it comes to the question of living alone and perhaps shouldering medical care by yourself.

More often than not, this actually is an issue for the adult children of divorced parents. After all, it’s already an era that calls for more and more care from children, but taking care of Mom and Dad is an entirely different concept when they are no longer together or there for each other.

Takeaway: for divorced individuals, this is simply something more to consider in your planning for the future; and for families, this is a necessary issue to address.

At Idaho Estate Planning, we understand the challenges faced by elder Americans. We have the experience and expertise to help you maintain your options and protect yourself as well as your loved ones now and into the future. Remember, good planning is no accident.