Estate planners have a few more considerations for clients to address. The report “Estate planning in the 21st century: New consideration in a changing society” found 15% of Americans care for a parent. Of those, 58% provide personal and financial care, but only 33% made plans to continue care if they die unexpectedly. Most don’t believe their loved one will outlive them. According to the report, 61% of Americans own a pet, 77% believe a pet should be included in estate plans, but only one-third made plans to do so. Almost all had an online presence through one financial tool, but only 43% have made provisions for those assets. Intangible digital assets can include financial statements, online investment accounts, loyalty programs, email, websites and social media accounts.
The IRS still has the authority to impose fines on nonfilers.
Insurers have may defenses. One problem: The bad guys know about the defenses.
The law affects access to policy loans for insureds who are getting LTC-related accelerated death benefits.
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