Why Estate Planning is Easy but Legacy Planning is Hard

Death is finite and unavoidable, so to some it is easy. One moment you are alive and the next you are no more. Planning for that inevitable moment for a person is the job of estate planning attorneys and financial advisors, with the appropriate documents filed and tucked away, securing the transfer of that person’s assets and property. But a person’s death does not define a person’s legacy – their life does.

Every person wants to be remembered as being the best person they could have been in whatever capacity they chose to live their life. To reach their full potential, a person needs to acquire a team around them, advising them as to the necessary steps to reach their legacy goals. If someone tries to do it on their own, they risk the possibility of running out of time or not thinking through the steps and simply acting on instinct rather than intentions.

Here is a recent article from September 26, 2018 from Forbes going into more detail. Enjoy! Why Estate Planning is Easy and Legacy Planning is Hard

Nursing Homes are Pushing the Dying into Pricey Rehab

A recent article in Bloomberg talked about The University of Rochester publishing a study finding that nursing home residents who received “ultrahigh intensity” rehabilitation increased by 65% from October 2012 to April 2016, some even in their last week of life. Medicare defines “ultrahigh” therapy as more than 12 hours per week.

The study analyzed data from 647 New York-based nursing home facilities and 55,691 long-stay residents that had died, with a specific focus on those who received very high to ultrahigh rehabilitation services—including physical, occupational and speech therapy—during the last month of their life. Treatments categorized as such receive the highest payout from Medicare and other insurers.

Helena Temkin-Greener, the lead author of the study and a professor at the University of Rochester Medical Center Department of Public Health Sciences says that the findings raise questions on whether there is a financial reason rather than a medicinal one for those types of treatments. For-profit nursing homes were more than two times as likely to use high to ultrahigh intensity therapy than were nonprofit homes.

On the other hand, the study could be indicative that nursing home staff are failing to recognize when a patient is nearing the end of their life. “It is important for [skilled nursing facility] providers and their care teams to consider the risk-benefit of potential therapy interventions and dosage relative to the resident’s current health status,” said Daniel Ciolek, associate vice president of therapy advocacy at the American Health Care Association, which represents most of the country’s for-profit nursing homes.

See Here is the Bloomberg article: Nursing Homes are Pushing the Dying into Pricey Rehab

Ten Things You Need to Know About Prenups

A recent Forbes article featured singer Justin Bieber and Hailey Baldwin who secretly married last month, but as that was slightly shocking, the real bombshell was that there may not have been a prenuptial agreement between the lovebirds. Bieber’s worth is estimated at $265 million while Baldwin is worth $2 million. The imbalance of wealth between the couple could have severe potential complications down the road if the passion burns out.

Here are things every person should know about prenuptial agreements.

· They are private agreements between the parties and which state’s law to apply depends on where the marriage took place, where the parties live during the marriage and what law the agreement says to apply.

· Fairness is paramount – both parties must disclose all assets and each must have their own attorney.

· With fairness being so important, many of the details depend on the unique facts and circumstances surrounding each couple, such as length of marriage.

· Again, full disclosure is required, and many states may look at potential inheritances.

· The idea of a prenup should be raised long before the marriage, not the week or night before.

· Often, separate or prenuptial assets will be off limits under a prenuptial agreement.

· Most prenups will allow each party to leave their separate property to whomever they want, while requiring some provisions for the surviving spouse.

· Alimony could be stipulated or waived in an agreement. If it is not mentioned, then either party could still raise it in the event of a divorce.

· A prenuptial agreement cannot provide for or limit child support or rights related to children. Courts and legislatures do not let couples bargain away the rights of their children.

Here is the Forbes article: 10 Things You Need to Know About Prenups

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.