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  SUPER NERDY ALERT Did you ever watch the movie "Fight Club"?  If so, the persistent line throughout the movie is "Don't talk about Fight Club!"  Why?  Well, watch the movie. As many of you know, the i ntersection of law and insurance simply fascinates me.   Here's an instance of that:   All U.S. states have a State Guaranty Association.   These associations insure life and health insurance companies in case of failure.  Failure is rare, but it happens from time to time.  As both an insurance agent and an attorney, I have seen the results of this.  In that situation, the Guaranty Association worked out very, very well.  Consumers need to know that this program exists.  Who better to tell them than their insurance agent? For banks, consumers know that the Federal Deposit Insurance Corporation (FDIC) exists.  For their brokers, they know that the Securities Investor Protection Corporation (SIPC) exists.  How?...

FREE Call-in Clinic  “Aging Well with Law & Insurance” When:    Saturday, July 10th from 10:00 am to noon Central. Where: (615) 497-0763 Who:    Tennessee residents only What: Free, one-on-one consult over the phone.   Speak with a licensed Tennessee attorney and insurance professional on: Annuities Asset Protection Charitable Giving Medicare Supplements Powers of Attorney Probate Life Insurance Trusts Long Term Care Wills Other?

In Estate Planning for older individuals, a key is whether or not they have the necessary capacity to enter into the documents they are signing. In Tennessee, and I'm sure many other states, the person does not have to have perfect health and mental recollection for that.  Here's a recent case where the court reiterates the standard.  It states ...all that is necessary is “that the contracting party reasonably knew and understood the nature, extent, character, and effect of the transaction ." That's it.  It's not superhuman.  It's not even the standard of the "reasonably prudent man".  It simply whether or not they reasonably know and understood the transaction, at the time of the signing.   In this case, the issue is over a Power of Attorney, which led to a skilled facility admission, then a death, and then a lawsuit.  Isn't it amazing how a domino effect can wind up in litigation?  It was all from one apparently "simple" document. May...

As an attorney who assists clients with Wills, Trusts, Probate, and Powers of Attorney, I see both good ideas and bad ones.  Here are a few of the really bad ones: Misspelling Names - whether it's your Will, Trust, Power of Attorney, Beneficiary, or Payable on Death forms, get the names correct.  Those coming behind you and wrapping up your affairs do not need to be explaining why you called "William" "Bobo".  Whether it's a financial group or a Trustee, matching a name on a document to a person should not be a challenge.  The solution, take a few extra minutes to confirm the names you are listing are the actual legal names of the people you wish to bless. Donating To The Government- You have a poor relative who is receiving Medicaid Long Term Care Services (they are in a state nursing home).  You would like to bless this relative upon your passing, so you list them in your Will, Beneficiary form, etc.  When you pass they now move from being poor, to a hi...

I know I'm a bit of an insurance nerd, but Long Term Care (LTC) insurance coverage simply fascinates me.  For many people, it's the bridge, in their final years, between health insurance (often Medicare) and life insurance. There are many fascinating variations of LTC, but the ones that interests me the most are those that are participating in the LTC Partnership program (Qualified State Long Term Care Partnership Program). What's that mean?  That means that the policy has met certain criteria, so that when the policyholder passes away AND Medicaid (in my case, Tenncare) has a recovery interest in their estate, then the estate gets credit, due to the LTC policy, to offset any recovery efforts by Medicaid. (This means there's a better chance of the kids getting granny's old house.) What does this benefit the policyholder? They have more control over where they spend their final years, as opposed to having Medicaid dictate where they reside. And, their estate gets a...

  In my Estate Planning, the topic of "planning for Medicaid" often comes up. I don't know why we, in the U.S., have gotten so oriented toward thinking we'll need "Medicaid" when we are one of the richest countries in the world.   I believe that planning for Medicaid is akin to planning for FAILURE. Why do I believe this?   As a teen, I worked in Nursing Homes and Assisted Living Centers. The staff always knew which beds were "Medicaid Beds". Those beds were always limited. Did they receive essentially the same care? Sure, but it was still known that the spot was "Medicaid".   Medicaid has limited options. Medicaid is subject to change at lawmakers' whims. Medicaid is designed for the truly poor. Why would triggering Medicaid be your goal?  Have you ever been in a Medicaid predominant  (only) facility and liked it?  Would you want to live that way?   I prefer to see people have more options as they age. I prefer to see people take mor...