Recent cases from across the country illustrate how exciting these ordinarily mundane matters can become.

IRMAA may sound like the name of your friendly neighbor down the street, but IRMAA is neither a person nor, if a person, a friend to high-income earners. IRMAA is an unpleasant surprise for high-income earners who become Medicare Part B and D beneficiaries and learn they must pay higher premiums for these medical benefits based on their income. If you are nearing age 65 you should be alert to these issues.

Transitions are inevitable. Planning for a smooth, controlled and satisfactory transition is critical to maintaining harmony and reducing fear. Failure to plan for a transition is tantamount to planning for chaos. Having a transition plan can set life priorities. We should set our own priorities and plan before a medical emergency or an urgent financial crisis takes decisions out of our hands. Our spouses, family and critical partners should be confident they understand the priorities and can assist in making decisions, or if necessary, make decisions for us.

Everyone needs an estate plan for three basic reasons: (1) to manage incapacity, (2) for quick, cheap, and easy transfer of property at death, and (3) to protect assets for yourself and your beneficiaries. But parents of minor children also need an estate plan to answer other important questions: (4) who will raise your child if you die or become incapacitated, and (5) who will manage your child’s property you die or become incapacitated? The default answers to (4) and (5) might not be what you like. Your estate plan is the place to put your answers to these questions. The goals are to minimize court involvement, provide for your child, and protect your child’s assets, seamlessly.