DON’T WAIT SIX WEEKS! GO ONLINE TODAY

Every year in early February, the world’s most famous groundhog receives a lot of attention. On Groundhog Day, the world’s furriest weather reporter, Punxsutawney Phil, pops out of his home to forecast one of two possibilities: an early spring or six more weeks of winter.

Regardless of what Punxsutawney Phil predicts, there’s no reason for you to wait six weeks to do business with Social Security. Whatever the weather, you can visit our online office from the convenience and comfort of your warm and cozy home or office. Just go to www.socialsecurity.gov.

You can do so many things online. And it’s so easy, even a groundhog could do it … if eligible. Below are a few of the things you can do at www.socialsecurity.gov.

• Get an instant, personalized estimate of future retirement benefits with the Retirement Estimator at www.socialsecurity.gov/estimator
• Apply for Social Security retirement, spouse’s, or disability benefits at www.socialsecurity.gov/applyonline
• Apply for Medicare at www.socialsecurity.gov/medicareonly
• Request a replacement Medicare card at www.socialsecurity.gov/medicarecard/
• Learn about Extra Help with Medicare prescription drug costs at www.socialsecurity.gov/prescriptionhelp, where you can find a link to apply

Punxsutawney Phil has called for six more weeks of winter 87 percent of the time. We suspect that’s because he just likes to stay in his comfortable home. You can too, on Groundhog Day or any day, by going online.

Whatever the weather, learn all about the things you can do online at www.socialsecurity.gov/onlineservices.

A VALENTINE TIP FROM SOCIAL SECURITY

Valentine’s Day is just around the corner, making this a popular time of year for proclamations of love. Such displays of affection can be as simple and sweet as a heart with a “be mine” message, or as life altering as a vow before the altar.

If you happen to be a newlywed who is head over heels in love, you may not be focused on things such as taxes or Social Security, but you should be. If you plan to exchange your maiden name for a married name — including hyphenated names such as Smith-Jones — be sure you let us know.

Telling us about your name change shortly after your marriage will help us accurately keep track of your earnings and will ensure that you and your family get the Social Security retirement, disability, and survivors coverage you’re entitled to. Also, if the Internal Revenue Service and Social Security records do not show the same name and Social Security number, your Federal income tax refund could be delayed.

If you continue to use your maiden name consistently throughout your working years, you do not need to contact us. However, if you decide to change your name at a later time, you should let us know, so that we can update your Social Security record and send you a Social Security card with your new name.

There’s no need to pay someone else to mail in the information for you. Changing your name with Social Security is a quick, easy, and free service. Just go online to www.socialsecurity.gov/ssnumber, learn what documents you need, and click on “Fill Out and Print an application (Form SS-5).” You also can call us at 1-800-772-1213 to obtain the form. We will need the completed application along with a marriage certificate or divorce decree verifying your old and new names. If you were born outside the United States, you also need proof of your U.S. citizenship or proof that you are lawfully living in the U.S. You can bring or mail these documents to us.

You may be focused on the one you love, and we don’t blame you. But if you like us (we hope you do) please click on the Facebook icon at our homepage and “like” us on Facebook. Also, you can follow us on Twitter too. Look for our Facebook and Twitter icons at www.socialsecurity.gov. We share information daily that can help you and all your Valentines.

Happy Valentine’s Day from Social Security.

BE IN THE KNOW BEFORE YOU GO

We’re in the dead of winter. In many areas of the country, that means that we could be in for some rough weather. When severe weather strikes, parents of young children are well aware that they need to check for school closings as they prepare for the day. But sometimes inclement weather can be severe enough to close down government buildings and offices as well — including Social Security.

If the weather outside is frightful, you should check our website before making a trip to a Social Security office. The place to go to find out about emergency office closings is www.socialsecurity.gov/emergency.

Social Security’s office closings and emergency page provides information on specific offices that are closed due to weather and emergencies, as well as reminders about upcoming Federal holidays during which government offices are closed. The website also offers a link to a comprehensive list of Federal holidays throughout the year.

To the right side of the page, you’ll find helpful resources from other government agencies, such as the Federal Emergency Management Agency (FEMA) and the National Weather Service. They can help you to prepare for weather emergencies before they happen.

We also provide information about alternatives to visiting an office, helpful even when offices are open. For example, many of our most popular services are available online at www.socialsecurity.gov.

Find out what types of benefits you may be eligible for by using our benefits eligibility screening tool and then apply online. If you are already getting benefits, you can use our website to sign up for direct deposit so that your payments won’t be interrupted during weather emergencies. You can learn about these and other services available on our secure website by visiting our Online Services page at www.socialsecurity.gov/onlineservices.

If you’d like to be alerted to office closings, that’s easy to do. Just visit www.socialsecurity.gov/emergency and subscribe to the page by selecting the “Get email updates” link next to the red envelope. Then you’ll get an email alert any time there is a change, such as an office closing.

Is the weather outside frightful? Never fear, Social Security service is always so delightful at www.socialsecurity.gov.

Income tax season is upon us again!! As we deal with 2011 income taxes and compile all that stuff needed to complete tax returns, we are also being inundated with lots of media coverage on the potential of various tax increases on federal, state and local. Often overlooked in planning is a provision of the federal tax code dealing with the income tax treatment of immediate annuities. All annuities are income tax deferred – a big advantage with today’s income tax environment. But in addition to just deferral, the tax treatment of non-qualified immediate annuities holds an additional huge advantage.

The IRS divides all payments received from a non-qualified immediate annuity into two parts: a non-taxable portion that represents return of capital and a taxable portion that represents the earnings on that annuity. As a result, a portion (i.e., the portion representing premiums paid) is excluded from gross income. This portion of each annuity payment that is excluded is determined by multiplying each payment by an ‘exclusion ratio.’ This fixed immediate annuity exclusion ratio is what’s huge – let’s look at that ratio. This ratio is determined by dividing your investment in the annuity by the expected return. For example – you have a fixed immediate annuity that pays you $200 monthly for 20 years. Do the math $200 X 12 = $2,400 X 20 years = $48,000. Your investment in the contract is $24,000 divided by $48,000 = 50 percent exclusion ratio. This means 50 percent of each $200 payment ($100) is excluded from gross income. The rest of the payment ($100) is treated as ordinary income.

Just a caution here, too – rules are different for variable immediate annuities. Since variable immediate annuity payments fluctuate in value, it is impossible to estimate the expected return at the starting date of the variable annuity. Since I am not licensed to provide variable annuities, I am using only the fixed (non-variable) immediate annuity in this example.

In today’s lower interest environment, impacting monthly income plus the terrific advantage of the exclusion ratio, I normally recommend immediate annuities for a much shorter period of time – usually five to seven years. The exclusion ratio on this shorter time-period is greatly enhanced. Let’s look at an example with the minimum allowable time period of five years. An amount of $25,000 invested in a five-year immediate annuity today, will provide $419 monthly income for 60 payments (five years). The same formula applied to a five year immediate annuity is $419 X 60 payments = $25,140. Initial investment $25,000 divided by $25,140 = 99 percent exclusion ratio.

This is a fantastic tax advantage to consider in your planning. Just as there are investment alternatives to protect assets from risks, immediate annuities are alternatives you may utilize to help minimize the income tax bite. Lower income taxes results in higher monthly income – a very nice benefit. Let us help you determine appropriateness of this strategy for you. Call us for details.

Beginning in February, we will resume our “Choices” dinner workshops. The next workshop is scheduled for Thursday evening at 6 p.m. at Bennigan’s in Bettendorf. At these workshops, we review the risks we face in life enhanced in our retirement. One of the risks to income is taxes. Remember the higher the tax, the lower the income. The exclusion ratio is one of the strategies we discuss at our workshops. I encourage you to attend our workshops to hear of this strategy and other strategies we use to manage and protect assets safely for our clients. See our ad below.

Happy Valentines Day!

Richard J. Schillig, CLU, ChFC, LUTCF is an Independent Insurance and Financial Advisor with RJU and Associates, Inc. He can be reached at
(563) 332-2200.

EARN (AND KEEP) MORE MONEY

You probably already know that there was an increase in Social Security and Supplemental Security Income (SSI) monthly payments at the beginning of the year. If you receive monthly Social Security or SSI payments, you received a 3.6 percent cost-of-living adjustment beginning with your payment for the month of January 2012.

For people who receive Social Security retirement benefits, there’s more good news. In addition to receiving a little more each month, you may now earn more income
without offsetting your benefits because the “earnings test” numbers also have gone up.

If you have reached your full retirement age (age 66 for anyone born between 1943 and 1954), the earnings test does not apply and you may earn as much money as you can without any effect on your benefits. However, if you are younger than full retirement age, collecting benefits and still working, we do offset some of your benefit amount after a certain earnings limit is met. For people under full retirement age in 2012, the annual exempt amount is $14,640, and if you do reach that limit, we withhold $1 for every $2 above that limit from your monthly benefit amount. For people who retired early, continue working and will obtain full retirement age in 2012, the annual exempt amount is $38,880 and we will withhold $1 for every $3 you earn over the limit from your monthly benefits.

You can learn more about the earnings test and how benefits may be reduced by visiting our website, www.socialsecurity.gov, and searching on the topic “earnings test.” Find out what your full retirement age is at our Retirement Age page, www.socialsecurity.gov/pubs/ageincrease.htm

You also may want to read our publication, How Work Affects Your Benefits. It’s available at www.socialsecurity.gov/pubs/10069.html.

QUESTIONS AND ANSWERS

GENERAL

Question:

We adopted a baby girl overseas and brought her home with us to the United States. We need to get a Social Security number for her. What do we do?

Answer:

In general, to apply for a Social Security number for your child you must:
• Complete an Application For A Social Security Card (Form SS-5) for your child, which you can find online at www.socialsecurity.gov
• Show us documents proving your child’s:
o U.S. citizenship or immigration status
o Adoption
o Age
o Identity
• Show us a document proving your identity
• Show us evidence that establishes your relationship to the child if your name is not listed as the parent on the child’s evidence of age. The adoption decree or the amended U.S. birth certificate will suffice.

You can take your application and original documents to your local Social Security office, or you can mail them to us. All documents must be either originals or copies certified by the issuing agency. We cannot accept photocopies or notarized copies of documents. If you do not yet have proof of your child’s citizenship, we can assign a number based on documentation issued by the Department of Homeland Security upon the child’s arrival in the United States. When you do receive documentation of your child’s citizenship, you can bring it to us, and we will update your child’s record. We will mail your child’s number and card as soon as we have verified your documents with the issuing offices.

RETIREMENT

Question:

How long do I need to work to become eligible for retirement benefits?

Answer:

Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need at least 10 years to become eligible for retirement benefits. During your working years, earnings covered by Social Security are posted to your Social Security record. You earn credits based on those earnings. If you become disabled or die before age 62, the number of credits needed depends on your age at the time you die or become disabled. Learn more at www.socialsecurity.gov.

Question:

I have children at home and I plan to retire next fall. Will my children be eligible for monthly Social Security payments after I retire?

Answer:

A child (biological, legally adopted, or dependent stepchild or grandchild) may potentially be eligible. Monthly Social Security payments may be made to your children if they are:
• Unmarried and under age 18
• Age 19 if still in high school
• Age 18 or over, who became severely disabled before age 22 and continue to be disabled

For more information, read Benefits For Children at www.socialsecurity.gov/pubs/10085.html.

Jan and Don were life-long athletes. During high school, both played several team sports, and they continued to feed this passion with church and community teams as they aged. In addition, when their children were younger, they took turns serving as coach, cheerleader, snack parent and equipment manager.

With these years of experience, they understood a great way to achieve a goal was through a team, cooperative effort. So, it was no surprise that when it came time to create their estate plan, they again assembled a team – a team of legal and financial professionals, ensuring their financial goals meshed with their estate plan goals.

Like Jan and Don, you can assemble your own team of professionals to create and maintain your estate plan, ensuring you have a cohesive strategy for both your financial and non-financial wealth.

In building your team, you can include:
• A qualified estate planning attorney. As with most areas of law, estate planning requires specific language and the laws change frequently. An attorney that focuses his or her practice in estate planning will have a thorough understanding of the current laws and updates. In additional to the financial aspects of the plan, an attorney will ensure you have additional important documents such as powers of attorney and health care directives.
• A financial planner. While they may focus in a number of areas, a financial planner can help you coordinate and track your financial assets including retirement accounts, making sure you are on pace to meet your financial goals.
• An accountant. Many estate planning techniques are associated with tax planning. An accountant can help you navigate multiple tax issues and, where appropriate, business accounting and planning issues.
• Your family. Sharing information about your estate plans now can eliminate discord and arguments later. Not only will your family not have to argue about who should get grandma’s dishes, they also will have a better understanding of your wishes for
medical care and end-of-life issues.

Like Jan and Don, you may have questions about how to assemble your team. If you are not currently working with any of the key players, you can begin by asking trusted friends or family members for recommendations. If you do have an advisor in any of the areas outlined, they may already work with advisors in related fields and may be able to make a recommendation for you.

Nash Nash Bean & Ford are members of the American Academy of Estate Planning Attorneys and the National Academy of Elder Law Attorneys. To receive a copy of our most recent newsletter, “Your Estate Matters,” or for a free consultation on Estate or Long Term Care Planning, call (309) 944-2188, (309) 762-9368 or 1-800-644-5345. You may also contact our firm by email at info@nashbeanford.com or visit our web site at http://www.nashbeanford.com.

The firm devotes its practice primarily in the areas of estate, business and tax planning and related areas of the law, as well as elder law and trust administration and probate. We offer guidance and advice to our clients in every area of estate planning.

This column is designed for general information purposes only, and is not intended, nor should be construed or relied upon, as legal advice. Please consult your attorney if specific legal information is desired.

Seniors today are fortunate that there are so many choices in senior housing today.

The choices for senior housing have changed significantly over the years. Back in the 1990s, seniors had basically two choices; either live at home or move into a nursing home if their health declined. Twenty years later, there are now many choices for seniors. Home Health Services allow seniors to stay at home and have a visiting nurse come in and assist them. Another option is to move into an independent/assisted living apartment. In this environment they rent an apartment, have home-cooked meals served to them in a dining room, and a nurse supervises their medication administration and activities of daily living.

There are now some independent/assisted living facilities that now accept Medicaid, which is a plus for those seniors on limited incomes.

Nursing homes are now seeing their population change. Seniors, who come to a nursing home, for the most part are in their 90s, compared to in their 80s years ago. Residents, who live in nursing homes, have increased medical needs that require 24-hour supervision. And naturally, the cost of living in a nursing home is greater compared to independent/assisted living due to the increased needs of the resident. Today, the average cost of nursing home care in the Quad-Cities is $5,500 to $6,500 per month. And Medicaid does cover the cost of nursing home care should the resident deplete their assets.

Seniors today are fortunate that there are so many choices in senior housing today. And in the Quad-Cities, there are many facilities to choose from.

At Bettendorf Health Care Center, we provide skilled and intermediate nursing care. We offer private rooms, semi-private rooms and suites. We participate in both Medicare and Medicaid programs. If anyone is looking for long-term care in a homelike atmosphere, they can call us at (563) 332-7463 and ask to speak to Kelsey Snyder for a personal tour.

It’s hard to scan a newspaper or magazine these days without reading about the population trend relating to the growth of the over 60 senior segment. Locally, we see that with the increase in local trade shows and related programs that focus on the needs of the 60-plus group. You may have noticed the increase in advertising for in-home senior services and for products such as bath tubs with a door to facilitate easy entry. Senior services and senior products are an important and ever-growing business. This publication is evidence of the interest in this market segment.

Selected communities in Florida, Arizona and Texas have long flourished as a result of the economic power of seniors. And late-night comedians have often poked fun at restaurant “$3.99 early bird specials” and the seniors, who will drive for miles, not realizing that one of their turn signals is blinking.

But, seniors are a serious business. And their importance will continue to grow and magnify, as evidenced by the number of over 60s that join our national population daily. At Dan Dolan Homes, we take seriously the needs of seniors and the major economic opportunity they represent. For years now, our town homes have included no-step entry, wider doorways, step-in showers and related features that make life easier for the senior group.

For instance, in response to a growing senior need, we will soon introduce a new model home at Stone Gate East in East Davenport that features a “flex” room on the main floor, along with many upgrades, at an introductory price of $259,900. Historically, many seniors have ignored computers as a tool to help manage their households. More recently, however, seniors have discovered services such as online bill pay as effective management tools. And corresponding with out-of-town relatives (especially grandchildren) has encouraged them to use computers and smart phones to communicate. Accordingly, more seniors now want an “office” space to house a computer, printer and related equipment, though not necessarily a dedicated space that cannot be used for other purposes as well. Our flex room answers that need, by offering a space that can be used as an office, guest room, den, sunroom, hobby room or any combination thereof. And the room is located on the main floor, making it unnecessary to climb stairs to an upper or lower level. One very desirable result of the rise in over-60 consumers is that builders, such as ourselves, will be offering new homes, with new features such as this, to accommodate senior preferences.

The increase in the senior population will have another important benefit, making it easier for more seniors to live at home as they age. That benefit will come in the form of new organizations, with staff that can go to your home to perform selected occasional services. Unquestionably, some of those organizations exist already, and we see some of them in the Quad-Cities. More and more, however, seniors who may now feel that if they need selected help, their only option is to sell their home and move to an expensive independent living facility or “hotel,” may find they have other alternatives. As the senior population grows, so will the range of services offered by a wider array of service companies. Accordingly, more and more seniors will have the best of both worlds—the ability to remain in their own home while having access to selected services when they need them. We believe this will represent a more affordable and more comfortable alternative to breaking up their home and moving to institutional living.

We welcome the opportunity of visiting with seniors and discussing their future housing needs. In Davenport, model homes at our latest development at Stone Gate East are open Saturdays and Sundays from 1 to 4 p.m. and by appointment. For further information, you can reach me at (563) 570-1460, or you can reach my colleague Don Gibeault at (563) 650-8007. Incidentally, we have now begun construction at our new Bettendorf site off Devils Glenn Rd. just above 53rd Avenue. Our model home will be open there in just a few weeks. Watch for our announcement!

For one Moline family, when health-care costs exceed their mortgage payments, any opportunity to save is money in the bank.

Lisa and Jeremy Larson appear to make a healthy living: he is self-employed in financial services, and she’s a partner in a two-person IT consultant firm. They have four healthy and rambunctious children, and their health-care expenses are staggering.

“Between premiums, deductibles, and co-pays, health-care costs more than our mortgage. And we live in a five-bedroom house that includes offices for both our businesses,” says Jeremy. “Being self-employed, we feel the pain of increasing health-care costs, but at least we are working. I can’t imagine how the economy and unemployment are affecting those who can’t afford to get sick.”

How much pain?

The Larson’s pay just over $1,000 a month in premiums, plus they have a $5,000 family deductible. If someone gets sick, and with four kids under 14, someone will, it is easy for the Larson’s to spend at least $17,000 per year on healthcare. (When you add glasses, braces and regular dental care for all six of them, breaking through the $20,000 mark is routine.)

Last year, Lisa had a simple bladder procedure. Even though she was careful to check prices beforehand and choose her least expensive alternative – an ambulatory surgery center – the Larson’s paid about $2,000 out of pocket that wasn’t covered by health
insurance.

“You think you are covered and then you get the bills. Until you meet the deductible, it’s all out of pocket, and even after meeting it, we still pay a percentage. It becomes a lot of money,” says Lisa. “And it’s all after-tax dollars for us because we’re self-employed. We can’t have flex-spend or health-care savings accounts.

Red ink rising

The Larsons feel the impact of rising health insurance premiums more directly than people who get insurance through their employer, but everyone is affected. Average premiums for family coverage have increased 113 percent since 2001, according to the Kaiser/HRET survey of Employer-sponsored Health Benefits, 2001-2011 (ehbs.kff.org/). In comparison, wages have increased over the same period by 34 percent.

“The nine percent increase in premiums in 2011 is especially painful for workers and employers struggling through a weak recovery,” Kaiser President and CEO Drew Altman, Ph.D. said.

The Kaiser report (ehbs.kff.org/) went on to point out that employers are passing more than just the increases along to workers. While premiums went up 113 percent, workers’ contributions went up 131 percent.

Budget for the premium package

The days are gone when simply paying health insurance premiums and automatically going to your doctor and the local hospital for treatment is enough for peace of mind. “It’s really time that patients exercise their power and ask questions about how much their procedures cost and determine if there is a more economical way to receive treatment without compromising quality,” advises Michael Patterson, CEO and president of Mississippi Valley Surgery Center (MVSC), Davenport. (qchealthnews.com/2012/01/beating-the-healthcare-squeeze-2/mvsurgerycenter.com).

MVSC is a Quad City area ambulatory surgery center that offers surgical procedures on an outpatient basis, which means patients recover at home. “The MVSC, and its practice partners in the Mississippi Valley Health Network (mvhnetwork.com/), are trained to employ minimally invasive procedures that mean smaller incisions and faster healing, all while ensuring quality of care.

“We also believe in delivering quality health-care value. Patients do not incur significant hospitalization costs because the Mississippi Valley Surgery Center is an outpatient facility. Patients recover at home, healing quickly and return to life as soon as possible,” adds Patterson.

As surgical techniques have improved in recent years, more procedures are being performed at Ambulatory Surgery Centers (ASC). And procedures performed at an ASC cost significantly less than the same procedures performed in a hospital setting, according to a November 2006 US GAO Congressional Committee’s report on Medicare. www.cms.hhs.gov/apps/media/press/release.asp?Counter=1948.

“That’s good news for working families and also for seniors,” adds Patterson. “If we can minimize costs, patients pay less. For example, seniors often pay less for a procedure performed at the MVSC than at a hospital because we are actually paid 59 percent of the rate paid to hospitals. Since the Medicare consumer is responsible for paying 20 percent coinsurance, the lower the charges, the smaller the bills for seniors who do not have supplementary
insurance.”

Employers are also looking carefully at incentives for employees to help minimize health care costs. New kinds of benefit plans will be a major change for employees used to company benefit plans that take care of health-care costs effortlessly.

The Kaiser Family Foundation reports that millions of workers are already enrolled in consumer-driven plans, about equally divided between high-deductible plans that qualify for a Health Saving Account (HSA) and plans with a Health Reimbursement Arrangement (HRA). The high deductibles that come with these plans are offset by tax-preferred savings options from which employees can pay for their out-of-pocket medical expenses. People insured under these plans pay directly for a greater share of their health care – and they have incentives to minimize the cost.

Healthy living for healthy savings

In general, as health-care costs increase and the political debates heat up, experts predict that employees and their families will need to take greater responsibility for their lifestyles and the costs associated with illness. As one Forbes health care expert put it, “Companies are going to encourage employees to look after their own health and will use the lever of insurance…if you want to smoke and eat a sugary diet, go ahead, but insurance coverage will kick in at a higher level.”

Alternatives for the Older Adult is the only agency designated by the Illinois Department on Aging to assist seniors with care planning and is a nonprofit organization.

Care Coordination: Developing a plan of care especially for you. Your Care Coordinator will start wherever YOU are – whether you are in your own home, in the hospital, or in a nursing home.

Your Care Coordinator will:
• Meet with you and get to know your needs
• Gather information, do the footwork, make phone calls, and figure costs for support and sort through it
• Find out if you can receive state-funded services; even if you don’t qualify, we can still find appropriate services for you
• Help you decide what works for you to live better, more independently
• Arrange for the services you prefer such as homemaker, in-home meals, emergency response, etc.

Bill Payer-Assistance: Begin here if handling your finances has become overwhelming.

Your Bill Payer will:
• Visit you personally to get to know your needs
• Become a bill payer or representative payee, if needed
• Help organize and pay bills and/or assist you in balancing your checkbook

Caregiver Support: Start here if caring for an aging loved one is stressful to you.

The Caregiver Counselor will:
• Learn about your care-giving role and provide individual counseling
• Guide you on setting realistic expectations
• Meet with your family upon request
• Link you with services to provide you with relief
• Connect you with a local caregiver support group
• Provide caregiver classes to give you the tools you need for handling any situation

Nursing Home Complaint Resolution: Begin here if you are having a problem with a nursing home or assisted living facility.

Your Advocate will:
• Provide information on your rights
• Investigate complaints and help resolve them
• Provide education to nursing homes about your rights
• Visit you in the nursing home

Protective Services: Start here if you are, or know an older adult who is being taken advantage of, abused or neglected.

The Protective Service Staff will:
• Meet with you about your situation and assist you in resolving problems
• Help with legal options or finding other services
• Provide supportive counseling

For more information on programs offered by Alternatives for the Older Adult, call (309) 277-0167 or 800-798-0988 or visit www.4olderadults.org.

Over 100 million Americans plan New Year’s resolutions to improve their lives over the next 12 months. While their goals vary from losing weight to spending more time with their children, most people make resolutions to gain more
control over their lives.

One of the best ways to take control of your life is to make sure your estate plan is in order. While it may not be a typical resolution, it is easier than losing 30 pounds, and with the attorneys and staff at your estate planning firm, it comes with a built-in support system, a key element to successfully completing a resolution.

Your estate planning firm will help you with several important documents including:

• A HIPAA document: Designed to prevent anyone from abusing another individual’s medical information, the Health Insurance Portability and Accountability Act prevents medical personnel from releasing any patient information to unauthorized individuals. The HIPAA Authorization Form allows you to name the people you wish to to receive your medical information.

• A Health Care Power of Attorney: In addition to the HIPAA Authorization, a Health Care Power of Attorney legally allows a person you name to act as your agent in a medical emergency.

• A Property Power of Attorney: This document allows you to name a person to act as your agent on any property in your name if you are temporarily or permanently incapacitated.

• A Will: This document provides a framework for who will inherit your assets after your death. It also can be used to name a guardian for minor children.

• A Living Trust: In many ways, a Living Trust is similar to a will. It is a legal document defining the distribution of your assets following your death and naming who will manage your estate. However, it also can incorporate all the above documents, and it provides enormous protection during your lifetime – which a will cannot do – and continues to work well after you are deceased.

As you assess your life this New Year, you can resolve to gain control of your life. With carefully crafted documents working together to create a complete estate plan, you can protect yourself and your family, during your life and after.

Nash Nash Bean & Ford are members of the American Academy of Estate Planning Attorneys and the National Academy of Elder Law Attorneys. To receive a copy of our most recent newsletter “Your Estate Matters” or for a free consultation on Estate or Long Term Care Planning, call (309) 944-2188, (309) 762-9368 or 1-800-644-5345. You may also contact our firm by email at info@nashbeanford.com or visit our web site at www.nashbeanford.com.

The firm devotes its practice primarily in the areas of estate, business and tax planning and related areas of the law, as well as elder law and trust administration and probate. We offer guidance and advice to our clients in every area of estate planning.

This column is designed for general information purposes only, and is not intended, nor should be construed or relied upon, as legal advice. Please consult your attorney if specific legal information is desired.

Most people, it seems, resolve to do something new or different or better as the calendar flips over to January. And it’s a pretty well-established fact that most resolutions, for one reason or another, aren’t kept throughout the year.

Perhaps, for many of us, we don’t need as many “resolutions” as we need “to-do lists.”

I admit it. I’m a list guy. More than once, I’ve added something to my to-do list – and immediately crossed it off – realizing that I had already completed it, but forgot to put on my list in the first place. Lists, for some of us, can be helpful. Even inspiring.

So don’t make a New Year’s resolution to review your Will. Put it on your to-do list. An outdated Will may not do everything you had intended it to do. And if you don’t have a Will – establishing one with the help of a good lawyer belongs at the TOP of your to-do list.

Don’t make a New Year’s resolution to establish or review Power of Attorney, Living Will and Advance Directives documents. Put it on your to-do list. These important documents allow you to assign who can make decisions on your behalf in the event you are temporarily or permanently unable to do so for yourself, including life-support decisions. Talk to your lawyer.

Don’t make a New Year’s resolution to review the particulars of your life insurance. Put it on your to-do list. If your family landscape has changed due to birth, death, marriage or divorce, your beneficiary designations may no longer reflect your intentions for your life insurance proceeds. Talk to your life insurance agent.

And don’t make a New Year’s resolution to establish or review your pre-arrangement. Put it on your to-do list. Pre-arranging allows you to tell your family what’s important to you regarding your funeral arrangements – and spares the people you care the most about from having to make so many difficult decisions at such a difficult time. Talk to your funeral home.

Everyone seems to understand that each of these elements is important to consider. Yet, comparatively few people actually attend to these items while they still can. From my vantage point as a funeral director, perhaps the most important aspect of each and every one of these to-do list items is this: once your family is finalizing funeral details, it’s simply too late to review, update or change anything. Your overall plan “is what it is” at that point; good intentions simply don’t apply anymore.

If you can make a New Year’s resolution stick, then be resolved to review and update your plan as needed. If you’re not so sure about the success of a resolution….grab a pen and a piece of paper and make a good old-fashioned to-do list. It’s a good time to get to work on your plan.

Remember Well.