After a recent hospital stay, I have a stack of confusing medical bills at home I need to decipher. I've heard these bills frequently contain mistakes. How do I spot them to ensure I'm not paying more than I should?
Medical billing errors and overcharging is not uncommon. According to the American Medical Association, 7% of medical bills in 2013 had errors. Other groups estimate that figure to be much higher. Unfortunately, untangling those mistakes is almost always up to you. Here are some tips and tools that can help.

Check for Errors

To help you get a grip on your medical bills and check for errors, you need to familiarize yourself with what your insurance does and doesn't cover. Then you need to carefully review the explanation of benefits from your insurer and the invoices you receive from your doctor, hospital and/or outpatient facility providers.
These invoices need to be itemized bills detailing the charges for every procedure, test, service and supply you received. If you didn't receive an itemized invoice, request it from your health care providers. And if the invoices contain any confusing billing codes or abbreviations that you don't understand, ask them for an explanation. You can also look up most medical billing codes online by going to any search engine and typing in "CPT" followed by the code number.
Once you receive and decode the invoices, check for these mistakes:

• Typos: Incorrect billing codes, a misspelled name or a wrong policy number.
• Double billing: Being charged twice for the same services, drugs, or supplies.
• Canceled work: Charging for a test your doctor ordered, then canceled.
• Phantom services: Being charged for services, tests or treatments that were never received.
• Up-coding: Inflated charges for medications and supplies.
• Incorrect length of stay: Most hospitals will charge for the admission day, but not for day of discharge. Be sure you're not paying for both.
• Incorrect room charges: Being charged for a private room, even if you stayed in a semi-private room.
• Inflated operating room fees: Being billed for more time than was actually used. Compare the charge with your anesthesiologist's records.

To make sure the charges on your bill are reasonably priced, your insurance provider may offer an online price transparency tool. You could also use the Healthcare Blue Book (healthcarebluebook.com) or Guroo (guroo.com). These are free resources that let you look up the going rate of many procedures, tests or services in your area.

Make Corrections

If you find errors or have questions about charges, contact your insurer and your health care provider's billing office. When you call, be sure you write down the date, time and name of the person you speak to and a summary of the conversation, in case you need to refer back to it at a later time.
If there's a billing code error or some other mistake that's easily correctable, ask your health care provider to resubmit a corrected claim to your insurance company.

Get Help

If you aren't able to resolve the dispute on your own, you may want to consider hiring a medical billing advocate to work on your behalf. To find someone, try sites like billadvocates.com or claims.org. Most advocates charge an hourly fee — somewhere between $50 and $200 per hour — for their services, or they may work on a contingency basis, earning a commission of 25% to 35% of the amount they save you.
If you're a Medicare beneficiary, another resource is your State Health Insurance Assistance Program (SHIP). They provide free counseling and can help you understand your medical bills and Medicare coverage. To find a local SHIP counselor visit shiptacenter.org or call 800-633-4227.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

My husband and I are thinking about making some modifications to our home so we can remain living there for as long as possible. Can you recommend some good resources that can help us with aging-in-place ideas?
Many retirees, like you and your husband, want to stay living in their own house for as long as possible. But being able to do so will depend on how easy it is to maneuver in your home as you get older. Here are some helpful resources to give you an idea of the different types of features and improvements you can make that will make your house safer and more convenient as you age.

Home Evaluation

A good first step in making your home more age-friendly is to do an assessment. Go through your house, room-by-room, looking for problem areas like potential tripping or slipping hazards, as well as areas that are hard to access and difficult to maintain. To help with this, there are several organizations that have aging-in-place checklists that point out potential problems in each area of the home, along with modification and solutions.
Rebuild Together, for example, has a two-page "Safe at Home Checklist" that's created in partnership with the Administration on Aging and the American Occupational Therapy Association. Go to AOTA.org and search for "Rebuilding Together Safe at Home Checklist."
The National Association of Home Builders also has an "Aging-in-Place Remodeling Checklist" that offers more than 100 suggestions to help homeowners age 50-plus live safely, independently and comfortably. Go to NAHB.org and search for "Aging in Place Remodeling Checklist."
Also check out AARP's excellent resource called the "HomeFit Guide" that's filled with 28-pages of tips and diagrams to make your entire home safe and easier to live in as you age. You can access it at AARP.org - search for "HomeFit" or call 888-687-2277 and ask them to mail you a free copy.

Personalized Advice

If you want more personalized help, consider getting a professional in-home assessment with an occupational therapist.
An occupational therapist, or OT, can evaluate the challenges and shortcomings of your home for aging-in-place, recommend design and modification solutions and introduce you to products and services to help you make improvements.
To find an OT in your area, check with your physician, health insurance provider or local hospital, or seek recommendations from family and friends. Many health insurance providers, including Medicare, will pay for a home assessment by an OT if prescribed by your doctor. However, they will not cover the physical upgrades to the home.
Another option is to contact a builder who's a Certified Aging-in-Place Specialist (CAPS). CAPS are home remodelers and design-build professionals that are knowledgeable about aging-in-place home modifications and can suggest ways to modify or remodel your home that will fit your needs and budget. CAPS are generally paid by the hour or receive a flat fee per visit or project.
To find a CAPS in your area visit the National Association of Home Builders website at NAHB.org/capsdirectory where you can search by state and city.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

When my mom passed away we thought she had a life insurance policy, but we have no idea how to track it down. Do you know of any resources that might help?
Lost or forgotten life insurance policies are very common in the U.S. It's estimated that more than $7 billion in benefits from unclaimed life insurance policies are waiting to be claimed by their rightful beneficiaries.
Unfortunately, there isn't a national database for tracking down these policies, but there are a number of strategies and a few new resources that can help your search. Here are several to get you started.
Search her records: Check your mom's financial records or storage areas where she kept her important papers for a policy, records of premium payments or bills from an insurer. Also contact her employer or former employer benefits administrator, insurance agents, financial planner, accountant, attorney or other adviser and ask if they know about a life insurance policy. You might also check safe-deposit boxes, monitor the mail for premium invoices or whole-life dividend notices, and review old income-tax returns, looking for interest income from, and interest expenses paid to, life insurance companies.
Contact the insurer: If you suspect that a particular insurer underwrote the policy, contact that carrier's claim office and ask. The more information you have, like your mom's date of birth and death, Social Security number and address, the easier it will be to track down. Contact information of some big insurers include: Prudential 800-778-2255; MetLife Metlife.com/policyfinder; AIG 800-888-2452; Nationwide 800-848-6331; John Hancock JohnHancock.com - click on "Contact Us" then on "Account Search Request."
Get state help: Nineteen state insurance departments have a policy locator service program that can help you locate lost life insurance, and many other states offer resources that can help you with your search. To find direct access to these resources visit the American Council of Life Insurers website at ACLI.com/consumers - click on "Missing Policy Tips."
Search unclaimed property: If your mom died more than a few years ago, benefits may have already been turned over to the unclaimed property office of the state where the policy was purchased. Go to MissingMoney.com, a website of the National Association of Unclaimed Property Administrators, to search records from 40 states, Puerto Rico and the District of Columbia. The pull-down menu under Links connects you to a map and addresses for unclaimed property agencies. To find links to each state's unclaimed-property division use Unclaimed.org.
If your mom's name or a potential benefactor's name produces a hit, you'll need to prove your claim. Required documentation, which can vary by state, is detailed in claim forms—a death certificate might be necessary. If you need a copy of your mom's death certificate, contact the vital records office in the state where she died or go to VitalChek.com.
Search fee-based services: There are several businesses that offer policy locator services for a fee. The MIB Group, for example, which is a data-sharing service for life and health insurance companies, offers a policy locator service at PolicyLocator.com for $75. But it only tracks applications for individual policies made since 1996.
You can also get assistance at Policy Inspector (PolicyInspector.com) for $99, and L-LIFE (LostLifeIns.com) for $108.50, who will do the searching for you.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

I know there won't be much of a cost-of-living increase in Social Security benefits next year but what about Medicare? How will the 0.3% Social Security raise affect our Part B monthly premiums in 2017?
Considering the rising cost of health care coverage, the news regarding your Medicare costs for 2017 is not too bad. Here's what you can expect.

Part B Premiums

Because the Social Security Administration is giving out a measly 0.3% cost of living increase starting in January - that equates to about a $4 to $5 monthly increase on average - the 2017 Part B monthly premium for about 70% of Medicare recipients will increase only about $4 to $5.
Thanks to the Social Security Act's "hold harmless" provision, Medicare cannot pass along premium increases greater than the dollar increase in their Social Security checks.
So, if your Medicare Part B monthly premium is currently $104.90, you can expect it to be around $109 (on average) in 2017. Or, if you signed up for Part B for the first time in 2016, your $121.80 monthly premium will rise to around $127 (on average) next year.

Some Will Pay More

Unfortunately, the hold harmless provision does not protect all Medicare recipients. New Medicare enrollees (those who will enroll in 2017), beneficiaries who are directly billed for their Part B premium and current beneficiaries who have deferred claiming their Social Security will pay more.
If you fit into any of these categories, your Medicare Part B premium will be $134 per month in 2017, up from $121.80.
The hold harmless rule also does not protect high-income Medicare beneficiaries who already pay higher Part B premiums because their annual incomes are above $85,000 for an individual or $170,000 for a couple. If you fit into this category, here's what you'll pay for your Part B premium next year, based on your 2015 tax returns:

• Individuals with incomes of $85,000 to $107,000, or married couples filing joint tax returns with incomes of $170,000 to $214,000, will pay $187.50 per month.
• Individuals earning $107,000 to $160,000 (couples $214,000 to $320,000) will pay $267.90.
• Individuals with incomes of $160,000 to $214,000 (couples $320,000 to $428,000) will pay $348.30.
• Individuals with incomes over $214,000 or couples above $428,000 will pay $428.60.

Another increase high-income beneficiaries (those with incomes over $85,000, or $170,000 for joint filers) need to be aware of is the surcharge on Part D premiums. Affluent seniors that have a Medicare Part D prescription drug plan will pay an additional $13.30 to $76.20 per month, depending on their income, on top of their regular Part D premiums.

Deductibles and Co-Pays

Other changes that will affect all Medicare beneficiaries include the Part B deductible, which will increase to $183 in 2017 from $166 in 2016. The Part A (hospital insurance) annual deductible will also go up to $1,316 in 2017 (it's currently $1,288) for hospital stays up to 60 days. That increases to $329 per day for days 61-90, and to $658 a day for days 91 and beyond. And the skilled nursing facility coinsurance for days 21-100 will also increase to $164.50 per day, up from $161 in 2016.
For more information on all the Medicare costs for 2017 visit Medicare.gov and click on "Find out how much Medicare costs in 2017," or call 800-633-4227.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Can you write a column on the overlooked problem of thyroid disease? After struggling with chronic fatigue, joint pain and memory problems, I was finally diagnosed with hypothyroidism. Now, at age 70, I'm on thyroid medication and am doing great. Five years of feeling lousy. I wish I'd have known.
I'm glad to hear that you're finally feeling better. Unfortunately, thyroid problems are quite common in older adults and can be tricky to detect because the symptoms often resemble other age-related health problems. In fact, as many as 30 million Americans have some form of thyroid disorder, but more than half of them are unaware of it.
Here's a basic overview: The thyroid is a small butterfly-shaped gland located at the base of your neck that has a huge job. It produces hormones (called T3 and T4) that help regulate the rate of many of your body's activities, from how quickly you burn calories to how fast your heart beats. It also influences the function of the brain, liver, kidneys and skin.
If the gland is underactive and doesn't produce enough thyroid hormones, it causes body systems to slow down. If it's overactive, and churns out too much thyroid, it has the opposite effect, speeding up the body's processes.
The symptoms for an underactive thyroid (also known as hypothyroidism) — the most common thyroid disorder in older adults — will vary but may include fatigue, unexplained weight gain, increased sensitivity to cold, constipation, joint pain, muscle stiffness, dry skin and depression. Some patients may even develop an enlarged thyroid (goiter) at the base of the neck. However, in older adults, it can cause other symptoms like memory impairment, loss of appetite, weight loss, falls or even incontinence.
In contrast, the symptoms of an overactive thyroid (or hyperthyroidism)—which is more common in people under age 50—may include a rapid heart rate, anxiety, insomnia, increased appetite, weight loss, diarrhea, excessive perspiration and an enlarged thyroid gland. Too much thyroid can also cause atrial fibrillation, affect blood pressure and decrease bone density, which increases the risk of osteoporosis.
Those with the greatest risk of developing thyroid disorders are women who have a family history of the disease. Other factors that can trigger thyroid problems include: autoimmune diseases like Hashimoto's or Graves disease, thyroid surgery, radiation treatments to the neck or upper chest and certain medications including interferon alpha and interleukin-2 cancer medications, amiodarone heart medication and lithium for bipolar disorder.

Get Tested

If you have any of the aforementioned symptoms, or if you've had previous thyroid problems or notice a lump in the base of your neck, ask your doctor to check your thyroid levels. The TSH (thyroid-stimulating hormone) blood test is used to diagnose thyroid disorders.
Thyroid disease is easily treated once you've been diagnosed. Standard treatment for hypothyroidism involves daily use of the synthetic thyroid hormone levothyroxine (Levothroid, Synthroid and others), which is an oral medication that restores adequate hormone levels.
Treatments for hyperthyroidism may include an anti-thyroid medication such as methimazole (Tapazole), which blocks the production of thyroid hormones. Another option is radioactive iodine, which is taken orally and destroys the overactive thyroid cells and causes the gland to shrink. However, radioactive iodine can leave the thyroid unable to produce any hormone and it's likely that you'll eventually develop hypothyroidism and need to start taking thyroid medication.
For more information on thyroid disorders, visit the American Thyroid Association at Thyroid.org.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Can you recommend any long-distance caregiving tips that can help me help my elderly father who lives in another state? He has physically declined over the past year, but is determined to stay living in his own house.
Providing care and support for an aging parent who lives far away can be very difficult and stressful. Here are some tips and resources that can help.
When it comes to monitoring and caring for an aging parent from afar, you have a couple options. You can either hire a professional to oversee your dad's needs or you can manage things yourself by building a support system, tapping into available resources and utilizing technology devices that can help you keep tabs on him.

Professional Help

If your dad needs a lot of help, you should consider hiring an "aging life care professional" who will give him a thorough assessment to identify his needs, and will set up and manage all aspects of his care. These professionals typically charge between $100 and $200 per hour, and are not covered by Medicare.
To find a professional in your dad's area, ask his doctor for a referral or visit the Aging Life Care Association website at AgingLifeCare.org.

Do-It-Yourself

If your dad only needs occasional help or if you can't afford to use a care manager, here are some things you can do yourself to help him:
Assemble a support system: Put together a network of people (nearby friends or family, neighbors, clergy, etc.) who can check on your dad regularly and who you can call on from time to time for occasional help. Also put together a list of reliable services you can call for household needs like lawn care, handyman services, a plumber, etc.
Tap local resources: Most communities offer a range of free or subsidized services that can help seniors with basic needs such as home delivered meals, transportation, senior companion services and more. Contact the Area Aging Agency near your dad - call 800-677-1116 for contact information - to find out what's available.
Use financial aids: If your dad needs help with his financial chores, arrange for direct deposit for his income sources, and set up automatic payments for his utilities and other routine bills. You may also want to set up your dad's online banking service so you can pay bills and monitor his account anytime. Or, if you need help, hire a daily money manager (aadmm.com) to do it for you. They charge between $25 and $100 per hour.
Benefitscheckup.org is another excellent resource to look for financial assistance programs that may help your dad, particularly if he's lower-income.
Hire in-home help: Depending on your dad's needs, you may need to hire a part-time home-care aide that can help with things like preparing meals, housekeeping or personal care. Costs can run anywhere from $12 to $25 per hour.
To find someone, ask for referrals through your dad's doctor or area hospital discharge planners or try websites like Care.com, CareLinx.com, CareFamily.com or CareSpotter.com.
Utilize technology: To help you keep tabs on your dad and manage his care from afar, there are various technologies that can help.
For example, there are motion sensors (like Silver Mother - sen.se/silvermother) and video cameras (nest.com/camera) that can help you make sure he is moving around the house normally; computerized pillboxes (medminder.com) that will notify you if he forgets to take his medication; simplified computer tablets (grandpad.net) that provide important face-to-face video calls; and a variety of websites that can help you coordinate care (lotsahelpinghands.com) and medical information (reunioncare.com) with other family members.
For more tips, call the National Institute on Aging at 800-222-2225 and order their free booklet "Long-Distance Caregiving: Twenty Questions and Answers."
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

I'll be 65 in a few months and I recently pre-enrolled in original Medicare. But last week I received a member card in the mail for a Medicare Advantage plan that I did not enroll in. What's going on? Medicare is so confusing with all the different choices and now it seems like I'm getting automatically enrolled in a plan I didn't even choose. Is this a scam?
It's not a scam, but it is a growing problem the Centers for Medicare and Medicaid Services needs to resolve. Here's what you should know.

Automatic Enrollment?

When Americans first become eligible for Medicare - typically at age 65 - they can choose to enroll either in original Medicare or they can opt for a Medicare Advantage plan, which is offered by private insurance companies. But some people, like yourself, are being enrolled in a Medicare Advantage plan without their knowledge.
Here's how it's happening.
Before becoming eligible for Medicare, many people are covered by a commercial or a Medicaid health care plan run by a private health insurance company. These insurers often operate Medicare Advantage plans too.
Under a little-known rule authorized by the federal government, some insurers can shift their beneficiaries who are turning 65 to their own Medicare Advantage plan. It's a process called "seamless conversion enrollment." All it requires is that the insurance company send a letter to the beneficiary explaining the new coverage, which takes effect unless the member opts out within 60 days.
The idea is to preserve continuity for those who want to stay with the same company. But some seniors are unaware that they've been signed up, in part due to the flood of mail they get around their 65th birthday from insurers marketing their Medicare plans. This makes it easy to miss a notice of seamless conversion or fail to understand the letter.
It can also have serious financial consequences. Medicare Advantage plans tend to be HMOs and PPOs with limited provider networks. If you unknowingly get enrolled in a Medicare Advantage plan and receive treatment from a doctor who's not in the network, your medical bills may go uncovered.
Consumer advocate groups like the Medicare Rights Center are pushing for a change in the rules. They want it set up so beneficiaries must respond to the letter/invitation before they're enrolled, versus having to opt out of automatic enrollment. In the meantime, here are some things you can do to protect yourself from unrequested Medicare enrollment.

Self Protection

If you are approaching age 65 you should carefully read all mail received from your current health insurance provider. If you come across anything suggesting that the insurance company intends to enroll you in a Medicare Advantage plan that you do not wish to have, contact the insurer and decline to be enrolled.
Also, to be safe, about a month prior to Medicare eligibility, call your current insurer to confirm that you are not being automatically enrolled in a Medicare Advantage plan.
If you are enrolled in a Medicare Advantage plan against your wishes, call Medicare at 800-633-4227. People in this situation have been allowed to convert to traditional Medicare without having to wait until the next open-enrollment period, or enroll in a different Medicare Advantage plan that they choose. It even might be possible to be retroactively enrolled in Medicare so that out-of-network expenses already incurred are covered.
If you need help with your Medicare enrollment, contact your State Health Insurance Assistance Program (SHIP), which provides free one-on-one Medicare counseling in person or over the phone. For contact information visit Shiptacenter.org or call the eldercare locator at 800-677-1116.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a living will are accompanied by a HIPAA release. All of your records are safely in place and carefully organized.
So you now are finished with your estate planning. Or are you? Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan?
Yes, there are a number of reasons to consider revising or updating your plan. These include any of the following reasons:

1. New Children, Grandchildren or Other Heirs

Your estate plan almost certainly makes provision for children and other heirs who are living when you pass away. If you have a specific transfer to one child, a new child may receive a smaller than intended inheritance.
For example, John Smith had a $1 million estate and left a $400,000 residence to child A. He then divided the balance of the estate with 1/6 of the balance to child A and 5/6 to child B. If a third child is born, depending upon state law, the child might receive nothing or perhaps would benefit from a portion of the residue. In either case, the uncertainty could lead to estate litigation or to family strife.
If you have a sizeable estate and there are large specific bequests, the arrival of a new heir is a good time to review your plan. One option is to transfer assets to the heirs "then living" when you pass away.
If the estate is $1 million, in some states a child C who is born later would receive 1/3 of the estate. This could dramatically change the benefit for child B and leave her with a reduced inheritance. In addition, child C could be a minor or a very young adult and not be capable of managing his or her property. For several reasons, the arrival of a new heir makes a review of your plan very important.

2. Move to a Different State

If you are married and move to a different state, there may be a change in the laws that affect ownership. Some states are called "common law" property states and some are "community property." If you move from one state to another and change in either direction, it may be important to clarify the ownership of your property as separate property or joint property.
For individuals with moderate to larger estates, there could be significant estate or inheritance taxes. Several states have inheritance taxes that will apply at lower levels than the federal exemption per person. Depending on who among your relatives receives your property, a new state may have a substantial tax.
Finally, many states have specific rules on durable powers of attorney for healthcare, living wills or advance directives or even the HIPAA release. If you acquire permanent legal residence in the state, your doctors will expect that your medical planning documents reflect their state law.

3. Sale or Purchase of a Major Asset

You may have a major real estate asset or a business that is to be transferred to one of your heirs. If that property is sold or substantially increases in value, your entire plan could change. For example, if a property greatly increases in value and there is a large estate tax that is paid out of the residue of your estate, the beneficiary of that specific property could receive a much larger inheritance than you intend. Those children or other heirs who are receiving the residue could find their inheritance greatly reduced by estate tax paid on the asset transferred to the first child.
Alternatively, if the first asset is sold, then a child may receive a smaller than intended inheritance. Therefore, a significant sale or purchase is a good time for an estate planning review.

4. Reaching Age 70½

The four types of estate property are generally cash and cash equivalents, stocks, real estate and qualified plans. Over the years, your qualified retirement plan may become a large portion of your estate. Your IRA, 401(k) or other qualified plan will require distributions to start on April 1 of the year after you reach age 70½.
If you pass away before the entire plan is paid out to you during your retirement years, the balance is transferred to your designated beneficiary. Because retirement plans have grown substantially over the past decade (even with a reduction in plan value during the 2008 downturn), it's very important to review your beneficiary designations. Many individuals pass away and the plan value is transferred to beneficiaries who have been selected 10, 15, and even 25 years earlier. There could be many reasons why you would want to update that beneficiary designation, and age 70½ is a logical time to do so.

5. Your Selected Beneficiary is Deceased

In many families there are unmarried brothers or sisters. It is quite common for these individuals to receive an inheritance and to remember the surviving brothers and sisters in their plans. However, even if there are two or three unmarried brothers or sisters, one will inevitably be the survivor and hold most of the assets. If you are remembering a sibling in your plan, there is a substantial possibility that he or she will pass away before you do. In that case, it is useful to revise the plan and select a new recipient of that share of your estate.

6. Divorce or Remarriage

Estate plans for single persons are quite different from those of married couples. A single person who transfers assets to a former spouse will not qualify for the unlimited marital deduction. While property settlements are typically handled during the dissolution of marriage proceedings, there are many cases where individuals forget to change beneficiary designations on retirement plans and insurance policies. Particularly if you later remarry and then pass away with a new spouse, there is a high likelihood of litigation between the ex-spouse and the new spouse if you have forgotten to update your beneficiary designations. Therefore, your plan and your beneficiary designations should always be reviewed in the event of a divorce or remarriage.

7. Substantial Change in Value

If your estate increases or decreases significantly in value, there can be major impact on beneficiaries. For example, mother has children A, B and C. She leaves a home valued at $300,000 to child A, a farm valued at $800,000 to child B and the liquid assets to child C. While she is in a nursing home and no longer able to change the will, oil is discovered on the farm. When mother passes away, child B receives not $800,000 but $8 million. To add insult to injury, the estate is now larger than the estate exemption and each child must pay estate tax on his or her inheritance. While child B with the largest inheritance will under most state tax apportionment laws pay the largest tax, it will be a matter of considerable sibling unhappiness for the two children who receive the smaller shares and still have to pay a large estate tax on their portion.

8. Adding a Major Property to a Living Trust

If you have a substantial estate, you may hold your real estate in a living trust. If you invest in real estate or acquire a major new property and transfer that to the living trust, it will be useful to review the plan. In some circumstances, there may be different beneficiaries for the living trust than for your qualified plans and life insurance. The addition of a high value asset to the living trust could increase the benefits for the persons receiving shares from the trust in comparison to the rest of your heirs.

9. Selected Executor or Trustee Not Available

With a will or a revocable living trust, you may also select a successor executor or trustee. While this usually will handle the situation in which the primary executor or trustee predeceases you, it still is useful to review your plan if one of these persons passes away. You can easily select a new primary executor or trustee with an appropriate backup person.

10. Passage of Time

Estate plans are affected by changes in your asset value, by changes in your family, and potentially by changes in federal or state law. Therefore, it is useful every three to five years for you to sit down with your attorney and review your plan. Given all the potential areas that can change, it's quite likely that you may wish to modify some portion of the plan.