Estate Planning can be tricky. This is true for the Rich and Famous just like it is for the rest of us. However, by reviewing the poor on incomplete Estate Planning of several celebrities we can learn to avoid the mistakes they made. Here are the 3 biggest Estate Planning mistakes of the Rich and Famous
1. Too Busy to Get My Estate Planning Done
By Fred J. Lewis
First, your treating physician must adopt the restrictions set out in the functional capacity evaluation (FCE) or there is a good chance the Idaho Industrial Commission will deny your claim. Second, if you do not do a work search, chances are you’ll lose your Idaho Worker’s Compensation case.
In Kim Gray v. Industrial Special Indemnity Fund (ISIF) filed on May 5, 2016, the claimant found out the hard way that you have to have your treating physician adopt the restrictions given by the physical therapist as a result of a functional capacity evaluation and do a work search or you will lose your total and permanent disability case. The claimant in this case was injured in a number of accidents and at the time of the hearing, was unable to work. However, the claimant made one job inquiry as a part of his job search. The claimant completely relied on the opinion of his vocational expert that it would be futile for him to look for a job. This was the death nail to the claimant’s case.
In Idaho worker’s compensation cases the doctors control the most important evidence ie causation, restrictions and impairment. As the injured person you have to come forward with medical evidence in the form of opinions from your doctor to support your Idaho worker’s compensation claim. Often your employer will send you to a physician there insurance company always uses. This could be a physician’s assistant or a doctor. Often these physicians will try to get you back to work as soon as possible. Let us say you injured you back. You go to PA your employer sent you to and he thinks you are fine gives you some pain meds and sends you back to work. You want a second opinion. You go see a spine specialist. They determine you need to be off work for a while to heal and get better. Unfortunately you didn’t get a referral to the spine specialist from that PA you first saw, and your employer won’t accept the spine specialist’s opinion. Even though the spine specialist has done countless number of spinal surgeries and went to school for four years and had an additional six years of training. Doesn’t make sense right? It doesn’t to me either.
Always try and get a written referral from a doctor the Idaho worker’s compensation insurance company has paid as a part Idaho worker’s compensation claim. The new doctor will then be in the referral chain and Idaho worker’s compensation insurance company will then be required to pay the new doctor so long as you can prove through medical testimony that the care they provide is reasonable.
In the end the treating physician’s opinion will have more weight and so will the spine specialist, but until that time comes, you are caught up in the doctor game. An expert Idaho worker’s compensation attorney can help you get the treatment you need. Idaho worker’s compensation lawyers work with medical professionals all the time and know who to refer you to get the proper treatment.
Properly planning your estate takes teamwork. During our retirement years most of us will deal with several professionals for different purposes, including a financial advisor, an accountant, and an attorney. The most effect estate plans are those in which those professionals work together. That being said, there are several important professionals who should be involved in planning your estate, but are most often overlooked. Here are two:
A Funeral Director. One of the most overlooked resources available for your estate plan is a pre-paid burial plan. As a result, family members are forced to scramble to make decision, including decisions surrounding the appropriate funeral service, if any, and how to pay for the costs associated with a funeral service and/or cremation. Unfortunately those tough decisions need to be made while mourning the loss of a loved. one.
Consulting a funeral director during your life will provide you with a sense of peace as you know your loved ones will not have to deal with financial stressors in addition to dealing with loss. At Racine Olson our experienced estate planning attorneys recommend you speak with a funeral director to pay for and plan your funeral services. Many of our clients throughout Pocatello, southeast Idaho, Idaho Falls, Twin Falls, and Boise, report back to us of the sense of completion they fell after pre-paying for, and planning, their funeral services. Mostly, our clients feel like they are providing their loved ones with the opportunity to mourn rather than worry about financial issues after their passing.
By Lane V. Erickson, Attorney
I’ve seen countless clients breathe a sigh of relief once they have completed their Estate Planning. It’s almost as if a physical weight has been lifted from their shoulders. I understand why my clients feel this way. For those who have never done it, Estate Planning can seem like an insurmountable mountain that has to be climbed. I enjoy my job of guiding my clients through this process in a way that is both pleasant and easy. To take the fear and mystery out of Estate Planning, here is a checklist of the 4 types of Estate Planning Documents that every person should have. Having this checklist should help you and your family start a conversation about getting both your and their Estate Planning done.
1. Estate Planning Documents
By Lane V. Erickson, Attorney
Estate planning involves not only tangible assets such as houses, cars, and similar things. It also includes any intangible assets you own. What are intangible assets? These include things that you can’t physically touch, but that have value. For example, we live in a digital age which means that most of us have online “accounts”, such as YouTube, Facebook, Instagram, LinkedIn, or Twitter. We may also have online money accounts such as PayPal, peer to peer lending, or investment and retirement accounts. While having such assets is convenient, the problem is that under present law, it is not entirely clear who can access and manage your online assets when you die.
The estate planning laws in most states have not kept pace with technology. Additionally, many of the companies responsible for managing digital assets are concerned about violating applicable laws. These companies are also fiercely protective of their users’ privacy. Additionally, many states are working on legislation that could help protect yourself and your digital assets.
Being bullied is no thing to joke about. It is a serious problem in our schools, playgrounds and even in our Idaho workers’ compensation claims. Often the Idaho worker’s compensation insurance company don’t want you to go see a doctor unless they know the outcome. Unfortunately it happens, you get hurt and have a serious injury but the insurance company or employer comes back again and again brings something for you to sign. Usually this says you can return to work, you don’t need any more medical treatment or you can work a full day. Don’t sign it! Right when you do they have evidence saying you are better, and they will use that saying they don’t need to pay for your medical treatment for the injury.
This should never be advocated in our schools or playgrounds, but in Idaho workers’ compensation claims most times you need an advocate to stop a bully. Hire an experienced Idaho worker’s compensation attorney. They can put pressure on the adjuster and get you in to see a professional physician who will treat you not just give the insurance company what they want. The good thing with an expert Idaho worker’s compensation lawyer is that all correspondence can go through them. The bully no longer can talk directly to you they need to go through your attorney. Protect yourself from bullies and stop them from getting their way. Get yourself an expert Idaho workers’ compensation attorney.
A common military tactic used through history is cutting off an enemies supply chain and starve them until they submit. It can be effective and can last for a very long time. Idaho worker’s compensation claims can be lengthy. They can take months even years. You cannot settle your claim until you have fully recovered and gone back to work or proven you can’t return to work. Often worker’s compensation injuries can leave you without a job and income. The worker’s compensation insurance companies know this and will test your resolve to stick it out until they put real money on the table. Don’t let them coerce you into a settlement that is much lower than the true value of your claim.
If you were just injured in an industrial accident prepare for the future. While you still have some savings, receiving some wages or getting some benefits, start hunkering down. Prepare yourself for what could be a lengthy claim. Cut out unnecessary costs or even downsize if you have to. Look into government aid for help. Contact an experienced Idaho worker’s compensation lawyer. We can help you navigate through the rough spots. Prepare now so you aren’t at the mercy of a worker’s compensation insurance company for a settlement. Don’t let a lengthy Idaho worker’s compensation claim force you into submission.
By Lane V. Erickson, Attorney
Society is consumer driven. Home mortgages, student loans, car loans, credit cards and other debt are a normal part of society and our lives. I am often asked by my clients about what happens to their debt when they die. In most circumstances, I have to deliver the bad news that debt usually does not die with the debtor. The general rule in Idaho is that if you have debts when you die your Personal Representative may have to liquidate your assets (including homes, cars, and other assets) to pay your debts before anything is passed on to your loved ones. Here are 4 things you should know about debt and death:
1. Death and Credit Cards. If a loved one leaves behind thousands of dollars in debt on credit cards, you probably have nothing to worry about, unless you are a co-signer on that card. When this occurs you have a financial loss on top of an emotional one.
Recently I represented individuals in a family that became disgruntle with their sibling who was named as the personal representative of their parents’ Wills. The individuals believed that the personal representative was mismanaging the estate. The parties decided to litigate the matter and ended up spending more money on their attorneys than what they were fighting about in the first place.
These conflicts may have been avoided with proper planning. When preparing your estate plan, there are certain things that you can do to help reduce the chance of conflicts among the beneficiaries named in your Will, most often your children. The following is a list of things you can do to try and eliminate potential conflicts:
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