Tough Conversations: Advice for Preparing for the Death of a Parent

Posted by on Oct 7, 2019 in News |

Author: Sarah Nash Property & Casualty Account Manager Insurance Trust | Equinox  I know that this is a very tough subject to discuss, but I wanted to share the important things I learned from my personal experience of losing a parent.  The following are many important questions to ask along with some informative discoveries I made regarding all of the medical, insurance, financial and personal matters that arise. One piece of advice I offer to you is to do your best to prepare for the death of a parent. It’s going to happen. We can’t avoid it. We all tend to think that we have plenty of time. Sometimes you don’t. Sometimes a sudden illness can cause death to happen quickly, and I’d be willing to bet that at least half of us are unprepared for this event.  Talk to them now while you’re both able. Not one part of the conversation is fun or easy. No one likes to think about their own death and departure. I think the older you get the harder it is for some to discuss their ultimate wants and wishes at the end of life.   Medical Decisions What do your parents want to happen if they were to fall ill and could not make their own medical decisions? Make sure your parents have a healthcare directive. Make sure your siblings all have a copy. Make sure any Aunts and Uncles have a copy. Make sure your parents’ doctors’ have copies. Make sure a close friend of yours has a copy in case something happens to you. It’s not a bad idea to have a Do Not Resuscitate (DNR) medical bracelet/necklace for them to wear if that choice happens to be theirs. Do they want to donate any viable organs?   Will Preparation It’s helpful if your parents have a will drawn up. In the event of your parents’ death, if there are assets to be divided and they have nothing in writing, the state in which you reside will decide all of that for them. It’s a long, arduous process that most family members do not come out of with any warm, fuzzy feelings. There are many prepaid legal services that can assist with this task. A lot of parents have an attorney they’ve used for various reasons throughout their lives. That attorney may be able to help or at least refer them to an attorney who specializes in drawing up a will. If your parents aren’t keen on writing a will, at least get together with them and include all siblings, grandkids, and anyone else who may be left an item. A roll of masking tape and marker can be used...

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Updated HSA Contribution Limits for 2020

Posted by on Oct 4, 2019 in Benefits Update, News |

Each year the IRS releases updated health savings account (HSA) and high-deductible health plan (HDHP) limits for the coming year.  2020’s limits are listed below and further information can be found on the IRS website HERE or by contacting Heather Baird at hbaird@insurancetrust.us.   2020 HSA Contribution Limits Individual: $3,550 ($50 increase from 2019) Family: $7,100 ($100 increase from 2019) Over 55 catch-up $1000 (remains the same) 2020 HDHP minimum annual deductibles Individual: $1,400 ($50 increase from 2019) Family: $2,800 ($100 increase from 2019) 2020 HDHP maximum out-of-pocket amounts Individual: $6,900 ($150 increase from 2019) Family: $13,800 ($300 increase from 2019) Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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