News & Resources: Blog

Estate Planning with Your Partner or Spouse

Published: March 23, 2023

It is important to talk to your spouse or life partner about comprehensive estate planning before making any decisions. Before meeting with an estate planning attorney, it is best to discuss your ideas to present a united goal. This conversation can be challenging if you and your loved one have different points of view about your future and the legacy you will leave behind. Suppose you have a blended family; how do you choose to provide for them? There is a lot to process with many emotional topics regarding your mortality, being fair to children, and more.

First, you must decide what elements in an estate plan are most important to you. Once you have a clear idea, you can readily communicate your needs and identify avenues of compromise. At the start of your discussion, state some clear objectives to promote a positive and productive conversation.

Children in Blended Families

Some couples will agree on family beneficiaries, although a blended family with stepchildren may find it challenging. Looking at the big picture first and then fleshing out details can help minimize any tension. There will be back and forth as you craft your ideas and negotiate priorities. Even if you don’t agree on everything, you can discuss why certain elements are crucial to you and openly discuss your point of view until you reach a compromise.

A Partners Rights of Survivorship

Rights of survivorship will not automatically go to an unmarried partner. Because of this, it is critical to create an estate plan specifically addressing how to provide for your loved one. Holding your home as joint tenants gives the surviving partner full ownership of the property. Some payable on death accounts and other designated beneficiary accounts like IRAs or 401(k)s will pass outside probate and be paid to them directly. However, in the absence of a will and other estate plans, the surviving partner often has no legal rights to automatic inheritance. It can be contested.

Setting the Stage for Your Talk

Choosing the right time and place for a serious conversation can lead to a positive discussion. The best circumstances for a talk are different for each couple. Be sure the environment isn’t full of unfinished chores or lots of activity that can sidetrack your estate planning intentions. If you meet resistance to future planning, talk about why you believe estate planning is important to protect yourselves and your family.

Take some general notes and stay open to your partner’s or spouse’s perspective. Avoid being judgemental. If the meeting begins to focus on how you disagree, take a break and give yourself some time to reflect on those issues and revisit the topics when frustration levels are lower. Your estate planning attorney, who understands the best way to structure your estate and is a neutral third party, may be able to help resolve some sticking points later. Continue to focus on the areas where you can agree.

Responsible Estate Planning Takes Time

You will need to craft a will, power of attorney, living will, and healthcare proxy. Some couples will require trusts and insurance policies as part of their estate plan. Your estate plan will cover asset preservation, management, and distribution after you die. It will identify those individuals who will act on your behalf to close your estate properly. If you become incapacitated, your properties, financial obligations, and medical wishes will be clear.

If you already have an estate plan in place, don’t forget the importance of reviewing your documents every couple of years or when family circumstances change surrounding births, deaths, marriage, and divorce. If there are substantial financial changes, it is also wise to review how you plan to address these ups and downs.

While it can be uncomfortable for some couples to broach estate planning, it is a crucial step toward securing your future together and your family’s legacy after you are gone. Approach conversations with a positive attitude and problem-solving spirit. Let your estate planning attorney review and guide your process to create an estate plan well-suited to your life and wishes.

If you have questions or would like to discuss your legal matters, please do not hesitate to contact our office at 215-364-1111 to schedule a consultation.

CLIENT Testimonial

It can be quite confusing to determine which Medicare plan is best for you. There are several types of plans, and each has its own advantages and disadvantages. Understanding some basic features will help you decide how to maximize your healthcare dollars and choices. You should review your choice periodically, especially as elements of the Inflation Reduction Act of 2022 change prescription medication and vaccine policies. Coverage can also change from year to year..

There are three basic types of plans:

Original Medicare
Medicare Advantage
Medigap

Original Medicare

Medicare is a government health insurance plan for people 65 and older. Original Medicare, sometimes called traditional Medicare, comes in several parts. Each part covers different things and has various associated costs.

Most people do not pay for Part A as it was deducted from their taxes paid while working. It is primarily for hospital visits and nursing care. However, there are many fees associated with being in a hospital that Medicare does not cover, which you still might have to pay out of pocket.

Part B requires monthly premiums, which can be deducted from your social security. You can elect to enroll in part B through Original Medicare. It covers a portion of doctors' visits, durable medical goods, and more.

Part D covers the cost of many prescription medications. You can add it to Original Medicare or purchase it as part of a Medicare Advantage plan.

Medicare Advantage

Medicare Advantage is offered through private insurance companies that Medicare approves. Most plans include Parts A, B, and D of Original Medicare with some variations from the original. There are a wide variety of Medicare Advantage plans, including Preferred Provider Organizations (PPO) or Health Maintenance Organizations (HMO). PPOs tend to have higher premiums and offer more choices than HMOs. Medicare Advantage HMOs and PPOs often have higher premiums than traditional Medicare because they usually cover more expenses, including prescription drug costs, vision, hearing, and dental.

However, the overall costs, premiums, plus out-of-pocket expenses for Advantage plans can be lower than Original Medicare because the private insurers manage patient care and limit choices. They assemble networks of hospitals and physicians to control their costs and reduce their customer's premiums. They also restrict access to certain providers and increase the cost of care obtained out-of-network.

Traditional Medicare allows people to seek care from any provider participating in Medicare, which includes virtually all hospitals and physicians.

Medigap

Medigap is a co-insurance or supplement to Original Medicare. You can enroll when you first enroll in Part B. It is also available through Medicaid, a union, or a former employer when you qualify for both programs. You can’t have both Medicare Advantage and Medigap plans. Medigap helps cover expenses that Original Medicare does not cover, such as co-pays and deductibles. Due to the enrollment restrictions, you should strongly consider Medigap when you first become eligible.

The Right Choice for You

With all the different plans, parts, choices, and restrictions, it is crucial to consider your priorities for care. Limited access to doctors and hospitals may become important if you need specialized medical care, such as cancer treatment. Before enrolling, consider what specialty hospitals are included in Advantage plans. Likewise, Advantage plans can make it difficult to see a specialist for ongoing and chronic conditions due to limitations in long-term care services. An estate planning lawyer or elder law attorney can help address long-term care planning and the potential to qualify for Medicaid when necessary.

The Kaiser Family Foundation has put together a cost analysis to help you determine when Medicare Advantage would save you money. As you can see, the longer you stay in the hospital, the less advantageous an Advantage plan becomes.

Consumer Reports notes that the JAMA reported that seniors on Advantage plans often get more preventive care than those on traditional Medicare plans. JAMA published a comprehensive paper about how Medicare plan choice affects spending and discovered that Medicare Advantage enrollees usually spend less.

A Guide in Choices after 65

Enrolling in the right Medicare coverage is one of many decisions that will affect your quality of life in your senior years. We are here to help you navigate a wide variety of choices.

If you have questions or would like to discuss your legal matters, please do not hesitate to contact our office at 215-364-1111 to schedule a consultation.

- Medigap, Medicare Advantage, and Traditional Medicare

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CLIENT Testimonial

Our family had the good fortune to find Scott Bloom. He was invaluable helping us set up our trust. We had an unexpected health crises and realized that we had nothing in place to protect our children. Scott explained our options and got the necessary paperwork ready for us to hand to our family, accountant and banks. Scott was absolutely the right attorney at the right time for us. We would highly recommend him and his team.

- Tricia B., Hamilton, New Jersey

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