Page 5 - Hobe Sound Reflections - November '19

Hobe Sound, Page 5

LegaL taLk

The Word ‘Trust’ Brings version of the following: “I’m not wealthy – why would deceased spouse’s children. In this way, a trust can be
used to provide insurance that a client’s spouse and their
I need a trust?”
Several Images To Mind This presumes that a “level of wealth” must be reached children are both provided for upon their death.
before this type of planning is appropriate. Trust planning is important when a client’s child isn’t
By Ryan C. Abernethy, On the contrary, one shouldn’t look at wealth solely in mature enough to manage an inheritance should that client
Associate Attorney and terms of “dollars and cents”; for estate planning purposes, pass away in the immediate future, or if a client wishes to
Counselor at Law an individual should see his or her wealth – whatever the have a child’s inheritance pass to them in way that protects
One is the “trust fund level – as a legacy. that inheritance from that child’s potential “creditors and
kid” stereotype portrayed We encourage clients to implement an estate plan predators” (for example, a creditor resulting from a car
in movies or TV. that ensures that their legacy passes to their heirs and accident or debts from an ex-spouse).
Another is seeing beneficiaries in a “smart way” – a time- and cost-efficient Trusts also serve as a means to avoid opening a probate
words like “revocable” way that offers protection from life’s “bumps in the road.” proceeding upon an individual’s death.
or “irrevocable” while Trust planning is critically important for “blended These are a few examples of instances in which trust
doing research or hearing families” when one or both spouses have children from planning is advantageous. Because individual goals vary,
discussions involving prior relationships. Here, a typical goal is to allow a you should discuss your personal estate planning goals
probate avoidance. surviving spouse the ability to use the deceased spouse’s and needs with a qualified trust attorney to determine
Since a huge amount of information exists on this assets upon that first spouse’s death (usually subject to how this type of planning may benefit you.
subject (not all of it relevant), many people feel confused restrictions), while simultaneously ensuring that the
when trying to determine if a trust is “right” for them. surviving spouse cannot direct that these assets pass to
When we meet with our clients, we often hear some their children upon his or her death at the expense of the
CLeveLand CLInIC martIn HeaLtH news

A Lifesaving Screening for everyone to be including the CT scan where not enough blood was
screened.” traveling through,” Diana said. “He also explained what
Diana Tini will be forever grateful to the friend who After her he was going to do in surgery.” Tom felt a great sense of
told her about Cleveland Clinic Martin Health wellness screening, Diana relief. “I had a lot of confidence in Lall. It was obvious
screenings. underwent surgery he takes a lot of pride in his work.”
She made an appointment for a cardiovascular at Cleveland Clinic As someone who doesn’t like waiting around, Diana
screening at Cleveland Clinic Martin North Hospital, Tradition Hospital. appreciated that extensive testing before her surgery
primarily so her husband, Tom, would get checked Purandath Lall, moved swiftly. “They needed baseline information, so I
out. “I had breast cancer 20 years ago so I have doctor M.D., a vascular had a cardiac screening, stress test, blood tests, another
appointments and blood work done regularly. I also surgeon, cleared test to check for clotting.”
exercise, and Tom does not.” the blockage. With no complications, Diana describes her surgery
Ironically, Tom Tini checked out fine, but tests Im m e di a t e l y and recovery as routine. These days, she says she’s feeling
revealed Diana’s carotid artery was 80 percent blocked, upon meeting Dr. super.
on the right side of her neck. Lall, Diana and Tom She’s also telling anyone who will listen, to get
With no symptoms to indicate a problem, her initial were impressed. screened. “Seriously, it saved my life.”
shock was coupled with feelings of relief that she had “He showed
taken the time at age 69, to be screened. “I’m advocating us everything,

5 Myths About Insurance

Buying insurance can be confusing, but when the 3. Shopping on price alone. Comparing insurance 5. Setting your deductible too low. Setting a low
unexpected happens – a house fire, a fender bender policies can be confusing, but resist the urge to simply deductible typically means higher premiums, and in
or a broken bone – it’s a relief to know that some of choose the policy with the lowest premium. Consider the case of property and casualty insurance, a greater
those financial losses will be covered. But how do the company’s reputation and the coverage you’d get likelihood of small claims that could ultimately raise
you know how much coverage you need? Here are 5 for that premium. Many times there are coverages your premiums. Insurance is designed to protect
myths about insurance. that are not obvious. The “low rate” insurance flyers against losses you could not cover yourself. Consider
you receive could simply be less coverage, which is your own financial situation and how much of the risk
1. Assuming insurance is out of reach. Approximately why they are cheaper. are you willing to assume?
48 million Americans have no health insurance. And
about 30 percent of U.S. households do not have life Make sure you’re shopping apples to apples and Call HSBR Insurance for guidance for all your
insurance. In some cases, consumers skip insurance getting quotes based on the same coverage that you insurance needs.
because they think it’s out of their budget. Often, have. Your property and casualty insurance may
that’s not the case. not cover things like food spoilage in the event of a
power outage or stolen electronics so you may want Contact HSBR Insurance at
When buying health insurance or property and to purchase extra endorsements to cover these losses. 772-546-7292
casualty insurance, ask about potential discounts.
Many consumers don’t realize they can get financial 4. Glossing over the details. Make sure you or visit us at
help if they buy their health insurance through the understand what your insurance policy covers. For HSBRInsurance.com
health insurance marketplaces. While health insurance health insurance, it’s cheaper to see doctors who are
discounts are often income-based, homeowners and in-network and buy prescription drugs covered by the to see how we can meet all of your
auto insurers offer discounts for everything from being formulary. Otherwise, you could get an expensive insurance needs this year. Or stop
a good student or a good driver, to having a home surprise.
security system. by our office located at 9055 S.E.
Unfortunately, a lot of people don’t find out what
2. Relying on assumptions or outdated figures. coverage they should have had until they have a loss. Bridge Rd. to meet with an agent.
Changing economic conditions mean you might need
more insurance coverage than you had in the past.
Consumers might have based their life insurance
coverage on their current income, but if something
happens and you’re no longer around, you need
more capital at work to provide the same income.
Disability and long-term care insurance are even
more complicated than traditional life insurance. For
disability, do you want coverage that lasts forever?
Are there health issues in your family?

For homeowners insurance, your home could be
underinsured if you’ve renovated or if the cost to
build a home has increased due to higher material
costs or other factors. That’s why you should review
your insurance coverage once a year to make sure it
fits your current needs.