17 December

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Holiday Season Good Time to Discuss Estate Planning with Loved Ones

Your parents are getting older and you may be wondering if they have a plan in place just in case something awful suddenly occurs. However, it is difficult to have that conversation since it is an uncomfortable subject to talk about and you may not be in close proximity to your loved ones. The holiday season provides the perfect opportunity to have that conversation with your loved ones since everyone is together and can participate. It may not be the most “holly jolly” subject, but it needs to be done. Being proactive and getting your family on the same page will save all of you stress and chaos in the future. A lot of hurt feelings can be avoided if people know and understand what the plan is ahead of time. Below are some important tips that can help you and your loved ones make the conversation as productive and effective for all...

09 December

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Why Long-Term Care Funding is a Critically Important Investment for Your Future

Posted by Bobby Feisee

in Bobby's Blog

November was long-term care awareness month. Regardless which month it is, at InSight Law, we encourage all of our clients to have some type of long-term care plan in place, since you never know if and when you may need an in-home nurse or will need to reside in a long-term care facility. There are several different strategies that you can employ to address your long-term care funding needs. Strategies I have seen are: buying a straight long term care policy to fully fund your daily needs, buying a straight long-term care policy to partially fund your daily needs and then self-funding the remaining balance, life insurance policies that have long term care riders or access to cash value, and annuities. Which one is right for you depends on your specific situation (goals, budget, family background, etc.) As a lawyer, I see that my clients are faced with this issue when working through their estate...

13 November

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Don’t Let Your Long-Term Care Insurance Lapse

Posted by Bobby Feisee

in Bobby's Blog

The median annual price of a private room in a nursing home is over $90,000, according to Genworth Financial. Many people attempt to defray these exorbitant costs by purchasing long-term care insurance. But here is something that may blow your mind - more than a third of people with long-term care insurance policies at age 65 let their coverage lapse before they pass on, without reaping the benefits the policy may offer, according to Forbes.com. Specifically, men and women at age 65 have a 32 percent and 38 percent chance of lapsing prior to their death. Understand, when you coverage lapses, you effectively forfeit all of your insurance benefits. Even worse - Lapses in long-term care coverage are quite common among policy holders who are impaired. This makes sense considering these individuals may not even be aware they failed to pay their premiums. The study also found that low income individuals were at...

03 November

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Long-Term Care – Why You Need to be Prepared

Posted by Bobby Feisee

in Bobby's Blog

It is an undeniable fact - we are living longer. By the year 2050, people in their 90s will increase four fold. That means the number of senior citizens (i.e. age 65+) will more than double, according to an article by J. Brendan Ryan. Many seniors need long-term care. In fact, over ninety percent of seniors’ health care costs today are attributable to chronic diseases like arthritis, diabetes, etc. The likelihood of a senior citizen needing long-term care at some point in their lives is extremely high – nearly 70 percent. Millions of unpaid caregivers helps the sick, elderly and disabled. This includes significant others, family members, etc. who are helping out a loved one during this phase of their life. A study in MetLife estimated that the monetary loss for these unpaid caregiver exceeds $500,000. In many cases, the needs for the disabled or infirm simply become too demanding necessitating professional care...

27 October

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The Burden of Inheritance

Posted by Bobby Feisee

in Bobby's Blog

Many people mistakenly believe that inheriting a large estate is some wondrous thing akin to winning the lottery. All of sudden, you are presented with access to vast sums of money, large pieces of property, etc. Such assets can completely change your standard of living. Nevertheless, there are numerous “burdens” associated with inheritance. One of the biggest burdens is the emotional trauma associated with inheritance. We must not forget that someone died in order for an estate to be distributed. Along with the emotional toll of inheritance is the large amount of time and work that must go into properly distributing a large estate. If you are selected as the trustee or executor of a sizable estate, you are likely going to feel overwhelmed at some point during the process. Why? Because you are tasked with itemizing all of the assets listed in the estate, properly distributing those assets, making sure debts are...

20 October

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Estate Planning Takeaways from Lamar Odom’s Medical Nightmare

Posted by Bobby Feisee

in Bobby's Blog

Former NBA star Lamar Odom was on the verge of death totally incapacitated. He needed the assistance of a breathing tube and many worried he would suffer permanent, debilitating brain trauma. Fortunately, his health has improved and it looks like he will pull through, but this incident is a prime example of why it is so important to regularly review and update your estate planning documents. Lamar Odom was married to Khloe Kardashian, but the couple was not on good terms and had signed divorce papers, but they were not finalized. This meant Kardashian possessed legal authority to make medical decisions on Odom’s behalf, despite the turmoil in their relationship, according to Investment News. Since the couple remained legally married Kardashian controlled these vital decisions. The takeaway - when you are going through a divorce, you need to take the time to do a top-to-bottom analysis of estate planning documents. Ask yourself...

15 October

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Simple Estate Planning for Your College Kids

Posted by Bobby Feisee

in Bobby's Blog

It is a day most parents dream of, and dread, all at the same time – their child makes the voyage into adulthood and heads off to college. Keep in mind, even though you may view your son or daughter as a child, in the eyes of the law, when they turn 18, they are a legal adult. As a result, they need to have some essential estate planning documents in place. An estate plan is critical since it provides directives on who will be appointed to make medical and financial decisions in the event your son or daughter is unable to do so. Obviously, this is a scenario no parent wants to contemplate, but it is better to be safe than sorry. Lack of Assets Not an Issue Not many college-aged kids even think about drafting an estate plan. This may be due to the mistaken belief that you need assets like...

09 October

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Dispute Over Robin Williams’ Estate Ends

Posted by Bobby Feisee

in Bobby's Blog

Robin Williams' widow and three adult children from previous marriages ended their legal dispute over the legendary comedian's estate. Mr. Williams' estate had an estimated value of $100 million and the dispute centered on a myriad of personal items. Mr. Williams died in August of 2014 and his children were the beneficiaries. However,the actor also included a provision in his plan that provided for his wife, Susan Schneider Williams, whom Mr. Williams married fairly recently in 2011. Schneider argued that she was not receiving enough money to maintain the home she owned with Mr. Williams in Tiburon, California.Meanwhile, his children claimed their stepmother was "adding insult to a terrible injury" by trying to change the terms of their father's trust, according to the Huffington Post. How did the estate dispute end? The terms of the resolution have not been released to the public. However, counsel for Ms. Schneider stated that she will receive enough support to continue living in her home for the rest of her...

29 August

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Making a Difference…After Death

Posted by Bobby Feisee

in Bobby's Blog

IndyCar driver Justin Wilson died after suffering injuries sustained during a race accident. The 37-year-old driver was struck in the head by debris from another driver's car during the single-seater series at Pocono Raceway in Pennsylvania, according to CNN.com. The loss of this bright, rising star was devastating to his family, friends, loved ones, and the racing community in general. However, one bright spot in this moment of darkness is the fact that Wilson was an organ donor and that decision made a tremendous impact on the lives of others in need. Wilson's younger brother Stefan, who is also an IndyCar driver, revealed that his brother’s organs helped to "save six lives today." "He just keeps setting the bar higher," tweeted Wilson, who is also a competitor in IndyCar, according to the aforementioned CNN.com article. Wilson’s story may, hopefully, help dispel some of the myths and inaccuracies surrounding organ donation. For example, some people...