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PROBATE - not always bad

Probate can be a time-consuming and expensive headache for heirs, not to mention that proceedings are subject to public record. However, not everything associated with probate is bad. In fact, particularly for smaller estates, there are actually a few benefits. 

Probate is the legal process by which a person's will is determined to be valid. A probate court appoints an official executor for the will to facilitate the settlement and distribution of the decedent's property according to the terms of the will. The purpose of probate is to ensure that the decedent's property is lawfully distributed the way he intended. 

For smaller, less complex estates, probate may not take long and be a relatively uneventful process. However, time is relative, so bear in mind that a short timeframe to settle a will in probate may be six to eight months. For more complicated estates - in which property must be sold, there are disputes among heirs or heirs must be located - the process can take anywhere from two to four years. Obviously, the more the beneficiaries disagree, the longer probate will take. Some beneficiaries may even hire their own attorneys to scrutinize the probate process in order to find ways for larger distributions to go to their clients.4 

The time frame for probate is not just based on the complexity of the estate itself, but also on the individual state laws that govern probate, and the case load of individual courts where probate is filed. 

Probate also offers some benefits where debts are concerned, as it generally sets a time limit on how long a decedent's creditors may make claims against the estate. For example, in California if a creditor does not file a claim on the estate within four months after an executor is appointed, the creditor may not have rights to any monies owed. Conversely, other estate planning strategies may not block creditor claims, and a creditor may file a claim years after an estate has been settled.7 

It may be that some estate planning tactics may be so complex that they create more problems than they're worth. Furthermore, the time and money spent may be futile, in that most wills are processed through probate anyway - even if the majority of the estate is placed in trusts and other estate plans. 

It may be a good idea to evaluate your estate planning needs based on the size of your estate. However, you may not want to transfer too many assets to trusts or other estate planning vehicles in order to avoid probate. That's because those assets may no longer fall under your control should you need to access many of your assets for retirement income or potential emergencies in your lifetime. 

Compliments of Strategy Investing, Andrew Rafal newsletter

Source: LifeHealthPro, 6 reasons why probate isn't that bad, September 13, 2013;

Five hearing tech announcements that could benefit older adultsPosted: 12 Sep 2016 07:20 AM PDTHearing technology advances -- the hearing aid industry considers changing. It’s a positive when you see disruption of industries that have too tight a lock on the consumer, whether it is in categories of health insurancetelecom carriers or hearing aids.  You spend time with people everywhere you go – those with significant hearing loss but no hearing aids; they have hearing aids, but hate to wear them.  According to a recent NY Times article, two-thirds of adults over 70, but only 15-30% of those wear them – and at $5000 a pair, no wonder. In recent years, personal sound amplification products(PSAPs) that are not classified as hearing aids and thus do not require the audiologist role, though the FDA may change that. Just asking, if the device is called a 'Wearable,' does Silicon Valley find it more worthy of funding?  But anyway. In July, Consumer Reports published an explanatory guide that should be required reading for organizations that serve older adults. It would seem to be the wild west of innovation.  Here is a sampling of five recent product announcements:ReSound. The firm "introduced a new model to the award-winning ReSound LiNX2™ family: the world's only mini behind-the-ear (BTE) model to feature Made for iPhone. In addition, the mini BTE also features telecoil capabilities. ReSound LiNX2 is the world’s first internet-connected hearing aid, connecting to the internet to locate misplaced hearing aids. This new model enhances the award-winning ReSound Smart Hearing portfolio, giving users even more choices to meet individual preferences and hearing loss needs." Learn more at Resound.Oticon. 

"Technological limitations of current hearing aids have led to the use of tunnel directionality: Speech coming from the front is clear, whereas the rest of the sound environment is suppressed. This results in a limited, narrowed and artificial listening experience. With new, groundbreaking technology, Oticon Opn™ is fast and precise enough to analyse and follow the soundscape and differentiate between sounds. Even in complex listening environments, this allows Oticon Opn™ to constantly open up and balance individual sounds to deliver a rich and meaningful soundscape, empowering the brain to choose on which sounds to focus." Learn more at Oticon.
Eargo. 

Silicon Valley based startup that "offers an entry-level rechargeable hearing aid (FDA class I medical device) that it sells directly to consumers. Eargo is a near-invisible in-the-canal device offering four volume settings. Developed by a French ENT, it features patented silicone “flexi-fibers” that enable the device to sit comfortably deep in the ear canal while letting air and natural sound flow freely to the eardrum. At $1,980 per pair, the Eargo hearing aids are more expensive than many of the new off-the shelf “hearables” (classified as personal sound amplification products, or PSAPs, by the FDA), but less expensive than the higher end hearing aids fitted by audiologists." Learn more at HearingTracker.com.

Cochlear.
 "Cochlear Limited (ASX: COH), the global leader in implantable hearing solutions, announces today it has received U.S. Food and Drug Administration (FDA) approval for its newest innovative hearing loss solution, Kanso. The Kanso Sound Processor provides a distinct new way for cochlear implant users to hear. Unlike most hearing aids and current cochlear implant sound processors that are worn on the ear, Kanso is a small, off-the-ear hearing device  that provides a more discreet hearing solution and delivers the same hearing experience as a behind-the-ear sound processor." Learn more at Cochlear.

iHearMedical.
 "iHear® Medical announced today the launch of the world’s first online hearing solutions platform. The company begins taking orders today for its flagship invisible iHEARHD® hearing aid, and the iHearTest™, which recently received landmark FDA approval as the first and only home hearing screener. Delivery of iHear products starts July 15, 2016. The company also plans to launch the iHEARMAX™, a mini behind-the-ear hearing device, on August 15, 2016. iHear’s products are currently being offered in the U.S., with plans to introduce them in China and other markets in 2017." Learn more at iHearMedical.