Andrew Ewalt's Law Blog

Labor Day

Labor Day is an important day to reflect on all of the woman and men, past and present who have worked so hard to make this country what it is today. Given all the ups and downs and all the turmoil we have been faced with lately I want to extend my appreciation, thanks and best wishes for a happy  and safe Labor Day weekend.

Will vs. Revocable “Living” Trust: Which is best

Clients often ask me what form of estate planning is best – will based plan or living trust based plan?  This is not an easy question to answer without knowing a great deal more about a particular clients’ needs, concerns, goals, objectives, family and assets to name just a few.  Ultimately, the client needs to make a decision based upon competent legal and financial analysis of their individual situation.  For some clients a will based estate plan is sufficient because their personal situation, philosophy or desires do not warrant the sophistication often associated with a living trust based estate plan.  However, for many clients utilizing a living trust provides exactly what they desire in accomplishing their estate planning goals.  It is also important to keep in mind that net worth or estate complexity are not the only considerations when contemplating the use of a living trust. In fact many clients of rather modest estates prefer the living trust to a will because of the flexibility and control offered by this form of estate plan.  When properly educated on the options, benefits and detractors of each style of plan client’s can best decide what will work best for them and their families. 

Over the next weeks and months I hope to explore some of the differences between the will and the living trust based plan. 

Is It Time To Review Your Estate Plan?

I am often asked if a will or other estate planning document is good for the rest of a persons life.  Estate Planning is not a one time deal but a lifetime process that requires periodic review of your estate planning goals and objectives and legal documents as circumstances in your life change. Each year at tax time you should review your estate planning documents to be certain if they still meet your goals and objectives.  Here is a short list of life changes or activities that could alter your estate-planning needs:

1.  More than 3 years since review of the plan with an attorney

2. Marriage or divorce

3.  Death of a spouse

4.  Large change in estate size

5. Relocation to another state or the purchase of real estate in another state

6.  Birth/Adoption of a child

7.  Serious illness in the family

8.  Change in business interest or retirement

9.  Marriage or divorce of an heir/beneficiary

10. Irresponsibility of a child

Opting Out Of Credit Card "Prescreened" Offers

You can choose to stop receiving "prescreened" offers of credit from credit card and insurance companies. 

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies (Equifax, Experian, Innovis and TransUnion) are permitted to include your name on lists used by creditors or insurers to make offers of credit or insurance.

Under the same regulation you are also offered the option to opt-out, which prevents the Consumer Credit Reporting Companies from including your credit information to credit or insurance companies (unless you initiate the request). 

By logging onto www.optoutprescreen.com you can choose one of three options available regarding this issue. This website is a joint venture among the four Consumer Credit Reporting Companies in compliance with federal regulations.

1.  Opt-Out from receiving  offers for 5 years

2. Opt-Out from receiving offers permanently

3.  Opt-In and begin receiving offers.  This option is for those who have previously Opted-out but would not like to receive offers.

You can also complete this process via phone by dialing 1-888-567-8688.

8 Most Common Hospital Billing Errors

I just read a great article (written by Peter Davidson at Bankrate.com) outlining the 8 most common hospital billing errors.  Here is what was found:

1.  Duplicate billing: Make sure you haven't been charged twice for the same service, supplies or medications.

2. Number of days in hospital: Check the dates of your admission and discharge. Were you charged for the discharge day? Most hospitals will charge for admission day, but not for day of discharge.

3. Incorrect room charges: If you were in a semi-private room, make sure you're not being charged for a private.

4. Operating-room time: It is not uncommon for hospitals to bill for more OR time than you actually use. Compare the charge with your anesthesiologist's records.

5.  Up coding:  Hospitals often shift the charge for a lower-cost service or medication to one that's more costly.  For example, the doctor orders a generic drug, but the patient is charged for a pricier brand name.

6.  Keystroke error: A computer operator accidentally hits the wrong key on a keyboard. It can cost you hundreds of dollars and result in an incorrect charge for a service you didn't get.

7.  Canceled work:  Your physician ordered an expensive test, and then canceled it, but you were charged anyway.

8.  Services never rendered:  Did you get every service, treatment and medication for which you are being billed.

If you find errors, contact your provider's billing office and your insurer. If they are of no help and the discrepancies are significant, you may want to turn to trained professionals who will help you analyze the bill and negotiate for you.

Medical Billing Advocates of America (http://www.billadvocates.com/ ) is one of them, or you can try searching the web under "hospital bill review"

But be careful because these firms often work on a contingency basis, meaning they get paid a percentage of the amount they save you. So do your homework and be sure to understand the charges before you put a service to work.