Tuesday, September 08, 2009 Estate Planning Tip of the WeekDoes a Person in Their 20s or 30s Need Estate Planning?
There are levels of estate planning applicable to every age. While many people in their 20s and 30s do not need an elaborate estate plan, they should complete a few basic documents. The most important documents for this age focus on planning for accidents or illness, and include an Advance Directive for Health Care, which allows someone to make medical decisions on your behalf and provides guidance as to the types of medical care you want and don't want; a General Durable Power of Attorney for Finances, which allows someone to make financial decisions for you; and a HIPAA Release, which allows hospitals and medical institutions to release your medical information to family members or others. Additionally, if you have a family of your own, a basic will is advised so that you can name who would raise your children in the event you and your spouse were severely injured or killed.
Planning doesn't have to be complicated, but life tends to get very complicated when no planning is involved.
For more information on planning for young people, see Misconceptions About Estate Planning on the Articles Page. Tuesday, September 01, 2009 Estate Planning Tip of the WeekWhat is HIPAA and Why Should I have a HIPAA Release?
The Health Insurance Portability and Accountability Act (HIPAA) restricts release of your medical information to protect your privacy. Although well intentioned, the law sometimes prevents family members and others from being able to access your medical information. If you are unconscious and unable to express your desires on who should have access to your medical information, many hospitals and other institutions will err on the side of caution and not release your medical information, such as your medical condition, prognosis, even which hospital you are in, unless the person requesting the information is your spouse. There are also exceptions for parents and guardians to receive information related to minor children they are responsble for.
If you want certain people to have access to your medical information, such as family members or friends, you can complete a HIPAA Release, whereby you authorize medical institutions to release information to the people you have listed in the HIPAA Release.
HIPAA releases are particularly important for college aged children, because when a child turns 18, in most cases a parent no longer has a right to the child's medical information. Yet, both the child and the parent would want to parent to know what's going on if the child has been injured or become ill while away at school. Similarly, elderly parents may wish to list their children on a HIPAA Release so that their children can be aware of their condition if they are admitted to a hospital.
For more information on HIPAA Releases, see Back to School with a HIPAA Release on the Articles Page. |