In 2008, the U.S. House of Representatives designated the third week of October as “National Estate Planning Awareness Week” in order to encourage American adults to create estate plans. Despite this, more than 50% of American over the age of 18 have estate plans. This year, in the face of a global pandemic, use this opportunity to learn how to protect yourself, your family, and your business.
Every year, Medicare health and drug plans make changes to costs, coverage, providers, and pharmacies in their networks. Between coverage changes and health condition changes, it is wise to revisit health plans during the open enrollment period annually. Medicare’s annual open enrollment period begins October 15 and ends December 7.
Nursing homes and assisted living facilities are beginning to allow visitors again. If you are considering visiting a friend or family member, it continues to be important to take precautions to prevent the spread of COVID-19. Even if nursing homes in your state are allowed to resume visitation, individual nursing homes may remain locked down due to local or facility-specific circumstances.
Washington State law does not require employers to provide severance pay. However, when an employee is facing unwanted termination, a severance agreement (sometimes also called a separation and release agreement) can benefit both sides. Whether you are an employee who has been handed an agreement, or an employer needing to terminate an employee for any reason, it’s important to know what you are giving up and what you are gaining by entering into such an agreement.
Right now, self-care is more important than ever. In the midst of protests and pandemic, quarantines and election-year politics, we must focus some time and attention on taking care extending grace to ourselves. Self-care is the practice of taking care of our needs — for rest, for healthy food, for community.
hould I tell my estate planner I’m expecting an inheritance?
Yes. While some people are hesitant to count their chickens before they hatch, looping your estate planner into your full financial picture is the best way to prepare for whatever the future may hold. By planning ahead, you can help ensure that whatever is left to you will be protected and able to be enjoyed for years to come. With all of the emotions that surround the passing of a loved one, you’ll be able to focus on grieving and the administration process, without having the additional worries of how you will handle your finances.
When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help protect it: an inheritor’s trust.
A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spend, donate or simply lose it all. If you are about to receive an inheritance, there are several steps you can take to insure your funds will last longer than a few years.
