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Home » Incapacity Planning » What Is HIPAA?

What Is HIPAA?

November 18, 2021 by Larry Parman, Attorney at Law

HIPAA releaseCongress uses many difficult acronyms – one of them is HIPAA.  It stands for the Health Insurance Portability and Accountability Act, enacted in 1996.

From an estate planning and elder law perspective, the HIPAA law is quite relevant.

Incapacity Among Elders

At the age of 67, your life expectancy is at least 85 years depending on your gender according to the Social Security Administration. The Alzheimer’s Association tells us that over 35 percent of people that are 85 and older have contracted this disease.

There are other types of dementia, and serious physical illnesses can cause incapacitation. Clearly, no one envisions himself in this position, but the possibility is  real.

Incapacity Planning and the HIPAA Release Authorization

If you do not prepare for incapacity, the state might have to appoint a guardian to act on your behalf. That guardian may not be the person you would have selected when you were fully capable.

These circumstances also tend to create disagreements among family members.  Fortunately, you can prevent a guardianship by executing the necessary incapacity planning documents.

Advance directives for health care generally address medical decision-making.  You may appoint an individual to make decisions on your behalf through a durable power of attorney for health care.

A living will is another useful directive.  This type of will records your preferences regarding the use of life-sustaining measures like mechanical respiration, resuscitation, and artificial hydration and nutrition.  If you have comfort care medication preferences, you can address these as well.  A living will also records your preferences for organ and tissue donation.

HIPAA restricts doctors from discussing your medical information with individuals.  Because of this restriction, you should sign a HIPAA release form providing your representative access to your medical records.

Financial Decision Making

In addition to medical decisions, you should account for financial decision-making when developing your incapacity plan.

If you use a living trust as your asset transfer vehicle, you act as the trustee while you are alive and well. When you are drawing up the trust, you name a successor trustee to administer the trust after your passing.

Your successor trustee may also be empowered to administer the trust in the event of your incapacity.  It is possible to name someone to be the successor trustee, and a different person to act as the disability trustee.

If you use a will to facilitate asset transfers, you may name a financial representative in a durable power of attorney for property.  Even if you have a living trust, you should have a durable power of attorney for property as a back-up.  

Access Our Free Worksheet!

We update this blog regularly, so you can come back and visit if you want to stay current.  In addition, see our estate planning worksheet to gain a more thorough understanding of this important process.

This resource is offered free of charge. To get your copy, visit our worksheet access page and follow the simple instructions.

Schedule a Consultation Today!

Our doors are open if you are ready to work with an Oklahoma City estate planning lawyer.

Each situation is unique, and your plan must be tailored to your needs.  Personalized attention is important, and we strive to provide this to every client.  

Please call us at 405-843-6100, and you may use our contact form to send us a message.

 

  • Author
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Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
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Filed Under: Incapacity Planning Tagged With: advance directives for health care, HIPAA release, planning for incapacity

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