Tag: Estate Planning

How Estate Planning Helps Fight COVID-19

The COVID-19 pandemic is on everyone’s mind and you can’t turn on the television without being reminded. Did you know that your trust and estate attorney has tools that help to protect you and your family? Estate law firms use these tools every day to protect clients and the tools can be very helpful during these stressful times.

Be HIPAA Compliant!

As a wills and estate attorney making these solutions available to clients is critical to the work of estate law firms. What are these tools and how can they help you?

Your first step should be to ensure all of your estate planning documents are HIPAA compliant. This is critical for powers of attorney, medical directives and all health care documents. You should also have a stand alone HIPAA Authorization.

HIPAA compliance is of utmost importance during any medical situation especially emergencies. The reason you create these documents is so the decision makers you choose are recognized in case of any emergency. This is even more important for any of your children over the age of 18 in order for you to have access to them in case of emergencies and guide their care.

Make sure your plan consists of the following basic components:

  1. A testamentary documents such as a trust or will.
  2. Durable financial power of attorney.
  3. Durable health care power of attorney.
  4. HIPAA Authorization.
  5. Living Will.
  6. Funeral instructions such as Colorado’s final disposition statement.
  7. Make sure ALL documents are HIPAA compliant.

Remember this is the basic list and your particular situation may require additional documents and planning. Be careful out there, be vigilant wash your hands and we will all get through this together.

The Gift of Estate Planning

Many articles have been published about the gift of estate planning. In fact, it is one of the most important gifts you can give to your family and loved ones. A well crafted estate plan represents part of your legacy and how you will be remembered. How you would like to be remembered when you are gone and does your estate plan reflect those wishes?

Why can estate planning be such important gift for your family? Consider these benefits your family receives from your well thought out plan:

1. Protection for your spouse from creditors and predators. Are you leaving a plan which exposes your spouse to risk or protects them?

2. Protection of children from the over indulgence of youth, protection from creditors and protection against predators. Does your plan for your children provide these protections?

3. Inclusion of grandchildren or other family members who are disabled. Such issues should be considered in every plan. Are they addressed i yours?

4. Asset and probate planning. Do your assets create problems and are these issues addressed in your estate plan?

5. HIPAA compliance. Protection of your health information is important in our electronic age. Is your entire plan and all documents HIPAA compliant? If not it needs to be.

6. How recently have your reviewed your plan? Plans older than 5-7 years may create unexpected traps and negative results for your family. Has your plan been reviewed recently?

Does your current plan provide these benefits to your family? Now you know why estate planning is one of the best gifts for your family not only at the holiday season but also year round.

3 (Of Many) Reasons Why Estate Planning is Not Only for the Wealthy

Before I became an estate planning, I did not fully understand the importance of having an estate plan.  I thought that estate planning was only for the wealthy.  Nothing can be further from the truth!
So, here are 3 reasons why you should consider meeting with an estate planning attorney, regardless of your wealth:
1. You have children under the age of 18.
A good estate plan protects your children from an uncertain future.  For example, a comprehensive estate plan for families with young children will include an Appointment of Guardian, which allows you to nominate a guardian to care for your children when you die or become incapacitated and are unable to care for them.  They also include an Authorization for Care of Minor Children, which allows you to appoint an another adult to temporarily care for and make decisions on behalf of your minor children when you are on vacation, unavailable, or become incapacitated.
2. To appoint decision makers to take care of you and your finances should you become unable to do so.
Not all estate planning concerns death.  For example, power of attorney documents are important estate planning tools.  These documents allow you to name people you trust (agents) to make medical and financial decisions for you while you alive, but are unable, or don’t want to, make such decisions for yourself.
3. The State in which you live has already created an estate plan for you.
All 50 states, and the District of Columbia, have laws that dictate how your property will be distributed after you die.  These laws are called the laws of intestacy and apply when you die without a will.  These laws may not match how you want your property to be distributed after your death.
Greta Suneson

Is Your Estate Plan HIPAA Compliant?

HIPAA compliance runs through most of our daily lives and activities. Having an estate plan which is HIPAA compliant is now mandatory in order for your wishes to be carried out.

Here are some things to check in your documents:

  • Are the documents dated prior to 2010? Older documents are often not HIPAA Compliant.
  • Do your documents mention HIPAA? If they don’t the documents are not compliant.
  • Are HIPAA Personal Representatives named? If not then the documents are not HIPAA compliant.

K&G can review your plan documents to ensure effective compliance. Contact our office at 303-688-3535 to schedule an estate plan review meeting today.

K&G Lawyers Are Active in Our Community

K&G partner Bernie Greenberg is now the immediate past chair of the Castle Rock Chamber of Commerce and the current chair of the board of directors of the Castle Rock Chamber Foundation.

The foundation provides education to the public and schools on the economy, business and finance to equip the public to be better citizens and understand how our economy works. By providing these educational programs the Castle Rock Chamber Foundation reduces the financial burden to local governments who lack resources to provide such education.

Greenberg, who heads K&G’s Estate Department had this comment, “It is honor to serve the Castle  Rock Chamber Foundation as it’s chair and move our community forward with broader and deeper understanding of how the economy works.”