The Health Insurance Portability and Accountability Act, or HIPAA, was passed in part to protect patient privacy. Entities covered by HIPAA, such as healthcare providers and insurance companies, are generally prohibited from releasing personally identifiable health information to anyone unless the disclosure is necessary for treatment, to protect public health, or for certain other purposes considered critical.
New Jersey residents often hear that it is a good idea to put their affairs in order to ensure that their wishes are carried out after death. However, once people begin to look into what estate planning entails, they are often overwhelmed by the multitude of documents and choices in front of them. Having at least a rudimentary understanding of the terminology associated with estate planning could make the process less confusing.
Many New Jersey residents, especially young people, tend to believe they do not need to plan for their death. However, no one knows how long he or she has on this Earth. Further, an estate plan is not just about death, it is about documenting an individual's wishes if he or she becomes incapacitated and unable to make decisions.
For some New Jersey residents, choosing the people to represent them in the case of incapacity or death is more difficult that making other estate planning decisions. These people could literally be making life and death decisions on an individual's behalf. When creating an estate plan, time should be taken to carefully consider these choices.
Many people in New Jersey want to be sure their spouses and children are taken care of when they pass away or if they become incapacitated. Estate planning is the best, easiest way to ensure that happens. How simple or complex an estate plan is depends on each individual's circumstances and the level of control and protection a person desires.
Now that the federal tax exemption is over $5 million per individual, many people believe they no longer need an estate plan. However, limiting tax liability was never the main benefit for many people. Estate planning provides for loved ones the disposition of an individual's property and a guardian for minor children. It also provides for the health and financial well-being of a New Jersey resident in the event that he or she becomes incapacitated.
No one in New Jersey likes to contemplate death -- especially his or her own. However, doing so is essential for many reasons, the least of which is to save family members a good deal of trouble when they are already mourning the loss of a loved one. Estate planning could be considered the best way to care for family.
Most anyone in New Jersey that has drafted and executed an estate plan has done so with the hopes of making things easier on their loved ones after they pass away. However, depending on how long ago the estate planning was done, it may end up making things for difficult. For this reason, it's may be a good idea to review an estate plan periodically.
When it comes to planning one's estate, the process can seem overwhelming. There are a multitude of issues to address, and it can be difficult to know which items take priority over others. One aspect of estate planning that is often overlooked by New Jersey residents is the need to assign multiple powers of attorney (POA.) Making the necessary decisions and getting those documents in place now can save a great deal of turmoil and frustration for loved ones later.