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Estate Planning Mistakes to Avoid
August is National Make-a-Will month. We talked to Renown Health Foundation Planned Giving Officer, Abbey Stephenson, to learn more about wills, trusts, and estate plans and why you should feel motivated this month to get started. Did you know that 2/3 of Americans don't have a will or trust? If this is you, don’t worry, you’re not alone. Although there are laws in place to determine who inherits your assets if you die without a will or trust, having a will or trust ensures your assets go where you want them to go after you are gone. They can also help minimize disputes between family members and heirs about who gets what. In Nevada, the laws that govern who gets what if you die without a will or trust can be found in Chapter 134 of the Nevada Revised Statutes. There are other documents that people often prepare at the same time as their will or trust – like an advance health care directive and durable power of attorney for assets. These documents all together are called an estate plan. Although they have other purposes too (like nominating a guardian for a child, planning for disability or avoiding probate, which is a court process), wills and trusts are documents that say who will receive your assets after you are gone. The most common type of trust is often called a revocable living trust or a family trust. People who have a trust usually still have a will, although it is a shorter form of will called a pour-over will. It’s a good idea to talk to an estate planning attorney about whether or not a trust makes sense for your family or circumstances. Now that you’re ready to get started, here are some mistakes to avoid: 1. Failing to plan Not setting aside the time to plan may be the biggest mistake. Failing to prioritize preparing or updating your estate plan means your last wishes and desires may not be fulfilled. The right documents memorialize what you would like to happen upon your disability and death so that other people can know and follow your wishes with respect to your care and your assets. 2. Failing to coordinate beneficiary designations Certain types of assets like life insurance and retirement accounts are not covered by your will or trust and need to be addressed separately. These types of assets are referred to as non-probate assets because they transfer under contract principles and don’t require court supervision or probate to be distributed to the named beneficiaries. By completing beneficiary designation forms provided by the retirement account custodian, insurance company or financial institution, you can direct your assets to one or more beneficiaries. 3. Failing to title your assets properly Asset titling refers to how you own your asset – such as in your individual name, jointly with someone else, or in a trust or entity. For example, assets titled for two people with a “right of survivorship” will automatically go to the surviving owner. Review your asset titling and make changes, if needed, to ensure your property and assets are passed down the way you intend. 4. Failing to include charities meaningful to you In addition to providing for family members and other important people in your life, you many also choose to give to charities meaningful to you in your estate plan. When you include a charity in your estate plan, that gift is called a planned gift and many charitable organizations, including Renown, recognize such donations through their legacy giving societies. As you prepare to make your own will or a more comprehensive estate plan, we recommend you consult with a lawyer. Here are some free resources that may be helpful too: Renown Health Foundation is proud to sponsor the Family Estate Planning Series put on by PBS Reno and the Community Foundation of Northern Nevada. The free, 8-week course of 90-minute, in-depth workshops is a great place to learn much more and to help you get started in the planning process. The next course begins on September 7, 2022. More information can be found here. Renown Health offers periodic advance health care directive workshops where attendees can learn about, complete, and sign their directive. The next workshop is scheduled for September 14th. More information can be found here. The American College of Trust and Estate Counsel provides information on a number of commonly asked estate planning questions here. If you are interested in including a charitable gift to Renown in your estate plan, we would be happy to talk to you about how your gift will make a difference for our mission. Please contact Abbey Stephenson at abbey.stephenson@renown.org or visit renown.org/LegacyGiving to learn about Renown Health Foundation’s Legacy Giving Society and ways to give.
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Renown Children's Hospital Announces 2023 Children's Miracle Network Champion Child
Renown Children’s Hospital and Children’s Miracle Network Hospitals (CMNH) are excited to announce Shaylie Edwards as the 2023 Champion Child. A fighter from a young age, seven-year-old Shaylie has overcome many challenges in her short life. In 2019 when she was three, Shaylie was hit by a car while using a crosswalk with her father. She was admitted to the Wilbur D. May Pediatric Intensive Care Unit (PICU) at Renown Children’s Hospital and stayed there for three months. A video introducing Shaylie and her journey can be found here. Shaylie’s mom, Erica Edwards reports that as a result of the accident, Shaylie has been treated by Renown Children’s Hospital physicians, nurses and team for a broken neck in two places, a broken jaw in two places, a fractured sacrum, a broken femur and three small brain bleeds. She has been in outpatient therapy for the last three years and continues making strides daily. “Shaylie’s perseverance, dedication and joy inspires all of us at Renown Children’s Hospital,” said Kristina Deeter, MD, MBA, FAAP Physician-in-Chief, Renown Children’s Hospital and Chair of Pediatrics, University of Nevada, Reno School of Medicine,” (pictured right with Shaylie). “It has been an incredible joy to witness her progress and to care for Shaylie and her family. We are thrilled she has been chosen to share her story with the world.” The New England Journal of Medicine cites preventable injuries as the number one leading cause of death among children. This includes motor vehicle accidents, firearm injuries, drowning, poisoning, burns and suffocation. According to Safe Kids Worldwide, an average of 155 children under the age of 10 die every year as a result of pedestrian injury, with 64% of those involving motor vehicles. Across the U.S., due to distracted driving, a pedestrian is killed every two hours and injured every seven minutes. Most drivers feel they can safely take their eyes off the road for 0-2 seconds, but a car can travel the length of a football field in 5 seconds at 55 MPH. Shaylie’s family and the team at Renown Children’s Hospital urge drivers to be fully aware and eliminate distractions while driving. “We were in the Wilbur D. May PICU for three months and the first five days were very iffy. We did not know if she would come out of her coma, but Shaylie is a fighter. The care team at Renown Children’s Hospital made me feel at home and like we were all going through this together,” said Shaylie’s mother, Erica Edwards. “Shaylie’s recovery was a collaboration between doctors, nurses, and our family. Together we were there to support Shaylie, who has proven to us repeatedly that she has a greater purpose in life.” “It was heartwarming to meet Shaylie and her family,” said Dr. Brian Erling, MBA, CEO of Renown Health. “Shaylie is truly a champion! She and her family have faced life's unanticipated events with strength and resilience. Despite the struggles, they have carried on with hope and determination. They find joy in life every day and inspire us all. We have much to learn from their example.” Through Renown Children’s Hospital, Shaylie and 100,000 area children now have access to more than 60 pediatricians, including those specializing in adolescent medicine; anesthesia; cardiology; craniofacial surgery; dentistry; ear, nose and throat conditions; emergency medicine; endocrinology; gastroenterology; general pediatrics; hospitalist medicine; intensive care; neonatology; neurology; oncology; ophthalmology; orthopedics; psychiatry; psychology; pulmonology; surgery; urology and other subspecialties previously lacking in the community, as well as a pediatric emergency room, pediatric ICU and contemporary healthcare services at Renown Children’s Hospital. Prior to 2016, about 30% of all pediatric patients had to leave northern Nevada to receive the specialty care they needed. Now, thanks to donor support, Renown estimates that 97% of all pediatric patients and their families can receive both general and specialty pediatric care locally. The next nearest children’s hospital in the state is 7 hours or 438 miles away in Las Vegas. Renown Children’s Hospital is proud to be the only CMNH hospital in northern Nevada, one of only 170 premier children’s hospitals in North America. Shaylie will serve as Renown Children’s Hospital’s CMNH Champion Child for the next year, shining as the face of the hospital in the community and sharing her inspiring story. Renown Health Foundation oversees the local CMNH programs and its fundraising. One hundred percent of all funds raised by CMNH partners stay local to support children and families in our community. Your generous support affords much-needed items to help our littlest patients cope with the potential stressors associated with hospitalization and illness. To donate, visit www.renown.org/donate. About Renown Health Renown Health is Nevada’s largest, not-for-profit integrated healthcare network serving Nevada, Lake Tahoe, and northeast California. With a diverse workforce of more than 7,000 employees, Renown has fostered a longstanding culture of excellence, determination, and innovation. The organization comprises a trauma center, two acute care hospitals, a children’s hospital, a rehabilitation hospital, a medical group and urgent care network, and the locally owned not-for-profit insurance company, Hometown Health. Renown is hiring people like you. Visit us at www.renown.org/careers. About Children’s Miracle Network Hospitals Children’s Miracle Network Hospitals® raises funds and awareness for 170 member hospitals that provide 32 million treatments each year to kids across the U.S. and Canada. Donations stay local to fund critical treatments and healthcare services, pediatric medical equipment, and charitable care. Since 1983, Children’s Miracle Network Hospitals has raised more than $7 billion, most of it $1 at a time through the charity's Miracle Balloon icon. Its various fundraising partners and programs support the nonprofit's mission to save and improve the lives of as many children as possible. Find out why children's hospitals need community support, and learn about your member hospital, at www.renown.org/CMNH.
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