If you are preparing to draft your estate plan with your estate planning attorney, there are a variety of issues that you will need to think about before your documents can be finalized.
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Prior to drafting your estate plan, we recommend that you give some thought to the following items:
How do you want your money and assets handled if you die? Do you want any restrictions? If you are married, do you want your spouse to handle all assets? Are you worried about your spouse remarrying and being influenced by the spouse? It is important to know how you want your money to be managed when you or your spouse dies, especially if you have minor children.
If you have minor children, who will be their guardian? This is a very difficult discussion to have, but it’s better to make this decision than leave it up to the probate court. Many parents hope to avoid lengthy, emotional guardianship proceedings for their minor children.
Upon your death, where do you want your money, house, etc. to go? Do you want it to go to family, children, friends, charities, etc.? And do you want it given all at once? Or staggered? We typically recommend distributing money to children at certain ages, instead of in a lump sum.
Who will handle your affairs when you die? You need to appoint someone to be your trustee. This will be the person that you name to follow the instructions laid out in your estate plan regarding distribution or other plans you have set forth. This is usually your spouse first if you are married, then the most responsible person you know.
Who will make decisions for you if you are incapacitated? Usually, married clients designate their spouse as their power of attorney for both health and financial issues. If your spouse is already incapacitated or predeceased you or if you are single, who would you want to handle these issues? It can be the same person, or different people, to handle medical and financial people.
These are some of the decisions you should consider.
We often help our clients walk through these decisions and provide further guidance as we draft their documents.
If you need help, contact us today.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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Probate is a court process that your estate will go through after you pass away. The probate court will distribute your estate and make decisions regarding your estate.
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Many of our clients come to us without an understanding of probate or having had a bad experience with the probate court and wanting to keep their estate out of probate.
If you die without a written estate plan, your estate must go through probate before your money can be distributed to your heirs. Where will your money go? It will follow the intestacy laws of your state.
If you die with a will, your estate will also go through probate.
The only way to avoid probate is to have a trust and fully fund your trust. This means that you need to put all of your assets into your trust during your lifetime.
While probate will make decisions and divide your assets, many people wish to avoid probate because it can take years to complete and the attorney fees and court costs can take a sizeable chunk out of your estate.
Probate proceedings are also publicwhich means that anyone can view your assets and your decisions set out in your will.
We help our clients look at all of their options regarding their estate plan. Because of the issues associated with probate, many of our clients opt to utilize a Living Trust for their estate plan.
If you have questions about which estate plan is the right choice for you and your family, contact us today.
We can walk you through the differences between the laws of the state, a will and a trust.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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The post What is Probate? appeared first on Rickard & Associates.
A recent study found that the total average cost of a healthcare breach is $10.10 million. Can your healthcare practice afford a breach?
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Can your healthcare practice afford a breach? Most healthcare entities cannot.
Since 2020, healthcare breach costs have risen by 42%.
As we know healthcare breaches are incessant, it is important to understand trends.
The trends that have emerged over the past few years are:
Repeat attacks. Many healthcare entities have seen repeat attacks. Organizations with automated security systems were able to shorten the breach lifecycle and mitigate the damage caused by the breach.
Consistent causes. The most common cause of data breaches were stolen credentials. Ransomware also continues to plague healthcare entities, with ransomware increasing by 41% in the last year.
Consistent place. The most common place for data breaches to occur is in the cloud.
While data breaches can be threatening, there are also good trends that have emerged over the past few years. These include:
Automated security shortens breach lifecycles. When possible, make sure that your updates are automated and all security patches are up to date. Having sufficient security measures in place is your first line of defense for a cyber attack or breach.
Shorter breach lifecycles mean lower costs. The quicker your practice is being able to audit the damage and get up and running after a breach, the less money the breach will cost.
Having appropriate policies and procedures with well-trained employees leads to shorter lifecycles. When your staff knows how to handle a breach, they can act quickly and mitigate the damage caused by the breach. This is essential when trying to get your practice back online and keep your patients’ protected health information unaffected.
So how can you protect your practice?
Work with your healthcare attorney to ensure that your HIPAA risk assessment is up to date and your security measures are sufficient.
Test your breach readiness plan often.
Make sure your policies and procedures clearly detail how to proceed in the event of a breach.
Train your employees. We help our clients train their employees to know what to look for and what steps to take to respond to a breach right away.
If you have questions or need help with your healthcare breach readiness and response or HIPAA risk assessment, contact Rickard & Associates today.
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If your electronic health record (EHR) template is set up incorrectly and leads you to be billed improperly, it could lead to prison time.
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In recent years, we have heard from many of our clients that their compliance plans received less attention than normal due to the pandemic, staffing issues, and other pressing concerns.
However, compliance enforcement is ongoing and it is essential to prioritize your compliance plan.
A Delaware physician was just convicted of a $5 million fraud scheme.
The physician billed Medicare for injections that he did not perform as billed. He billed for injections that he did not own the required equipment necessary to give the injections to patients.
He has not been sentenced, but faces up to 10 years of prison time for each of the 11 counts of fraud.
If you are using an EHR template, you need to make sure that your practice has it set up correctly. If it is not, it might indicate that you are using equipment that you don’t have or performing services that you cannot actually perform.
While that doesn’t appear to be the case with the Delaware physician, we have seen issues with the template leading to inappropriate automated selections and inappropriate billing that needs to be corrected.
Simple oversight or mistakes can lead to billing errors. It is essential that you have a thorough and effective compliance plan in place to find any issues and vulnerabilities, especially as it relates to your EHR.
We help our clients perform necessary functions to avoid fines and potentially prison time.
We often recommend that healthcare entities:
Audit their billing and EHR templates,
Update their policies and procedures,
Train their employees,
and ensure that all of their compliance programs are running smoothly.
If you have questions or need help with your compliance program, auditing, or EHR templates, contact Rickard & Associates today.
We know you’re busy. Subscribe to our blog to get updates and news sent directly to your inbox!
We publish vital information on health law topics and news every Wednesday and Friday. To get this important information delivered directly to your mailbox, subscribe today!
Do you need help updating your Business Associate Agreement or negotiating contracts with third-party vendors? We can help. To contact us about your Business Associate Agreement, your vendor contracts or your other legal needs, call us today.
This section was produced by the editorial department. The client was not given the opportunity to place restrictions on the content or review it prior to publication.
by HSBC
Susannah Pierce and Murad Al-Katib: 100 days after the task force identified crisis, businesses are still waiting for action from Ottawa
Published January 29, 2023 • Last updated Jan 30, 2023 • 3 minute read
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A highway in BC is washed out by flooding. From the global pandemic to the wildfires and flooding in British Columbia, to physical disruptions due to blockades and strikes, Canada’s transportation system has suffered severe disruptions. Photo by BC Transportation Ministry
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Just over a hundred days have now passed since the Supply Chain Task Force’s independent report to the federal government indicated that “Canada’s transportation supply chain is nearing its breaking point.” And even though task forces are typically established to urgently address a problem in need of a solution, Canadian businesses are still waiting on concrete action to improve the transportation infrastructure and supply chains that serve as a cornerstone of our economy.
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From the global pandemic to the wildfires and flooding in British Columbia, to physical disruptions due to blockades and strikes, our transportation system has suffered severe disruptions — some preventable and some unavoidable — that have stretched it beyond its limits.
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Nearly a quarter of businesses continue to struggle to get the goods they need
The issue has only escalated, and we’ve run out of time. According to the latest Canadian Survey on Business Conditions Report, nearly a quarter of businesses continue to struggle to get the goods they need, putting operations and growth at risk. To position Canada as a strong competitor and reliable trading partner to our allies and grow our economy, the government must join forces with industry stakeholders to address the transportation supply chain crisis.
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The path forward is clear.
First, while the government isn’t solely responsible for infrastructure investment, its leadership is critical. A federal commitment to major, strategic, long-term investments is key to building Canada’s trade infrastructure – a crucial consideration as the government deliberates its next budget.
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Without serious investment, we risk hindering Canada’s economic growth, competitiveness and international reputation as a reliable partner for business. With the current geopolitical crisis, the world needs more Canada, from the agricultural goods we produce, to energy transported by rail and pipeline to products manufactured in Canada — we can’t accept trade infrastructure that doesn’t have capacity or can reliably transport goods on time.
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The government needs to work with businesses to set clear priorities on infrastructure projects that will bring forward measurable economic returns as well as properly triaging projects that will put food on shelves, deliver the goods businesses need to operate and get Canadian products to global markets.
These projects should include safeguarding critical infrastructure that will ensure our supply chains can continue uninterrupted if a primary route is damaged or blocked. Others will expand rail in busy areas as well as increase bridge capacity to reduce congestion and speed up delivery.
Another critical step forward is developing a vision for Canada’s trade corridors.
Because Canada is a trading nation, our trade infrastructure matters. Two out of every three dollars that Canada makes rely on moving goods.
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Trade corridors are key to this transportation of goods, and the government must look to work with businesses to develop new gateway strategies, including those for Western, St. Lawrence and Arctic Gateways.
Each corridor strategy would lay out how the government would work with provinces, the private sector, communities and Indigenous peoples to identify the capacity challenges facing our corridor transportation systems and develop a pipeline of actionable solutions.
Finally, the government must accelerate regulatory modernization.
Regulation continues to be a growing concern, with nearly 25 per cent of businesses that trade interprovincially citing red tape, such as different certifications and technical standards, as a major obstacle to doing business within Canada.
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Regulatory effectiveness is integral to a competitive environment and requires regulating smarter to attract new economic opportunities to Canada.
Regulatory uncertainty and changing expectations in the regulatory process are a poison pill to those looking to invest billions of dollars developing new pipelines, new mines and other large-scale nation-building infrastructure projects. We need predictable timelines to encourage capital investment. It can’t take a decade to approve infrastructure projects. In this sense, streamlining the regulatory process and adopting strict timelines for approving major infrastructure projects is essential — and long overdue.
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‘Are we going to see a deep and long recession? Highly unlikely’: Starlight Capital CEO
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An efficient and reliable transportation network inclusive of trade corridors is key to Canada’s economic growth and partnerships with countries in desperate need of stable, reliable trading partners. Without it, we are jeopardizing the success and livelihood of Canadians and their businesses as well as the growth and prosperity of our country and our allies need. We can’t wait another 100 days for meaningful action.
Susannah Pierce is Shell Canada President and Country Chair and VP Emerging Energy Solutions. Murad Al-Katib is the President and Chief Executive Officer for AGT Food and Ingredients. Together they co-chair the Canadian Chamber of Commerce’s Western Executive Council.
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Rivian (RIVN) shares are sliding today as the EV-maker announced plans for a “green” debt offering.
Rivian says it intends to sell $1.3 billion worth of “green” convertible senior notes due in 2029, with the option to grant an additional $200 million worth of convertible notes to the original purchasers.
In line with Rivian’s ethos as a company (it’s a Climate Pledge signatory and was the first to say it won’t use deep-sea mining for batteries), it intends to use the capital it raises for “green” or environmental purposes.
“Rivian intends to use the net proceeds from the offering to finance, refinance, make direct investments in, in whole or in part, one or more new or recently completed… current and/or future eligible green projects,” the company said in a statement. Rivian said these projects could include activities tied to clean transportation, renewable energy, circular economy (ie, recycling batteries/metals), energy efficiency, and pollution prevention.
Rivian said the green-note offering meets the eligibility requirements as determined by the International Capital Markets Association’s “Green Bond Principles” guidelines.
In its most recent earnings report, Rivian barely reached its production goal for the year but reported an adjusted EBITDA loss of $5.22 billion. With the company forecasting another adjusted EBITDA loss of $4.3 billion for 2023, it’s not surprising that it’s seeking additional sources of funding. Rivian reported it had cash on hand of $12.01 billion at the end of the fourth quarter and expects capital expenditures to reach $2 billion for the year. Rivian is also in the midst of developing its next factory in Georgia, where its next-generation R2 vehicles will be built. Rivian says production of that vehicle will start in 2026.
Indianapolis – Circa August 2022: Rivian R1T Pickup Truck display at a dealership. Rivian offers the R1T in Explore, Adventure and Launch models.
With a long lead time until its next vehicle, Rivian’s cash situation is a key focus for analysts and investors.
“We’re forecasting 2023 cash burn of $5.5B helped by working cap. RIVN guided to a 40% improvement in FCF in 2024 driven by their target of positive gross margins. We est. RIVN will need to raise financing by the end of 2024,” Wells Fargo analyst Colin Langan wrote in a note the day after Rivian’s latest earnings release predicting today’s announcement of a capital raise. Langan currently has an Equal Weight rating on the stock with an $18 price target.
With questions still remaining about how many vehicles the company can churn out in 2023, Rivian’s recent stock volatility may be a regular occurrence without more evidence of production gains and cash preservation initiatives.
—
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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Glen Korstrom / Business in Vancouver – Jan 31, 2023 / 11:56 am | Stories: 409129
Photo: Rob Kruyt
Lululemon’s flagship store in Metro Vancouver is at the corner of Robson and Burrard streets
Multiple media outlets are reporting that global sportswear giant Nike Inc. (NYSE:NKE) is again suing Vancouver-based leisurewear retailer Lululemon (Nasdaq:LULU) for alleged patent infringements.
Reuters reported that Nike today filed documents in Manhattan federal court that said it has suffered economic harm and irreparable injury from Lululemon’s sale of its Blissfeel, Chargefeel Low, Chargefeel Mid and Strongfeel footwear.
Nike has not yet released a public statement on the legal conflict.
Lululemon sent BIV an email to say, “Nike’s claims are unjustified, and we look forward to proving our case in court.”
Reuters said Nike’s lawsuit seeks unspecified damages, and that it alleges that the Oregon-based company’s three patents on issue concern textile and other elements, including one addressing how the footwear will perform when force is applied.
This is the second consecutive January in which Nike has taken court action against Lululemon. Media reports in January 2022 noted that Nike filed documents in the US District Court in Manhattan that accused Lululemon of infringing six patents because its Mirror technology, which lets users target specific levels of exertion, as well as compete with others, and record personal performance, infringe on Nike intellectual property.
Lululemon in July 2020 spent US$500 million to buy Mirror – a New-York-based, in-home fitness company.
Mirror’s marquee product is a device that appears to be a standard mirror, unless it is turned on.
Users activate their Mirror to enjoy augmented reality. A fitness instructor could appear – wearing Lululemon clothing, and ready to guide the user through a workout.
The Mirror could also show videos that include Lululemon representatives, or community events.
Nike is said to be seeking triple damages among other remedies for Lululemon’s alleged willful infringement of patents related to its Mirror product.
From pandemic-related travel restrictions to extreme weather events, Canada’s travel industry has navigated an unprecedented amount of uncertainty of late. And now, just as demand for travel has returned to its 2019 level, airlines are navigating their next patch of turbulence: a lack of qualified pilots.
According to Transport Canada, in a typical pre-pandemic year, roughly 1,100 pilot licenses were issued. When complemented by foreign-trained pilots, that was generally more than enough to satisfy the needs of carriers as large as WestJet and Air Canada, all the way down to regional, charter and cargo airlines.
But as demand for flying collapsed in 2020, so did the number of new pilots get their paperwork. Government data shows less than 500 licenses were awarded in 2020, a figure that fell to less than 300 in 2021 and just 238 last year.
The department told CBC News in a statement that while labor shortages in the airline sector have been “identified as a priority area for action,” there are no current plans to loosen regulations. But the agency says it’s doing what it can to “increase the competitiveness of the Canadian flight training industry as well as improve the viability of aviation careers to address any shortages.”
Whatever changes do come will do little to help anyone in the short term, and travelers are already seeing the impact of the industry’s current labor crunch.
Staff shortages were a factor in charter airline Sunwing’s cancellation of 67 flights over the last two weeks of December, along with extreme weather.
Salaries for experienced pilots generally go up faster and higher at the major airlines than they do at most others, they are so typically able to have their pick among those available. That causes shortages just about everywhere else.
The head of the Air Transport Association of Canada says it’s a problem that has been brewing for many years, even before the pandemic.
“We haven’t had enough pilots for a long time, mostly at the regional level,” John McKenna said.
Long, expensive process
Getting a commercial license is the last step in a multi-year process of becoming a pilot, a journey that can cost tens of thousands of dollars and take years.
In Canada, for many that journey ends with a dream job at either WestJet or Air Canada, but because of the expense and time commitment of training a new pilot, the major airlines often hire top staff from smaller carriers instead of methodically developing their own.
“Their fishing grounds are the regional carriers. And the regional carriers go down to the smaller carriers, air taxi groups … those levels have been hurting for many years,” McKenna said.
Canada’s two biggest airlines told CBC News in emailed statements that while there is indeed a higher than normal demand for pilots right now, both of them are managing to meet their needs.
“As a large global carrier operating the most modern, largest aircraft, we are a very desirable destination for talented pilots,” AIr Canada said. “As a result, we are able to attract pilots as required.”
“We have and continue to responsibly manage and plan our operations to meet the anticipated demand of our guests and are fully staffed across our network to support our operations,” WestJet said.
That’s not the case for everyone else. Small airlines often have so few pilots on staff that it doesn’t take the loss of very many to stop planes from flying.
Dave Boston is a licensed pilot and also runs a job board to help other pilots find work. (Dave Boston)
In the fall, Sunwing applied to bring in more than 60 temporary foreign workers to meet the demand for pilots, but that application was rejected, which exacerbated the chaos seen at the end of 2022. The airline has since canceled almost all flights out of Saskatchewan and most out of Manitoba for the rest of the winter travel season.
Pandemic reduced numbers, too
It’s not just the big boys gobbling up all the qualified pilots, either. Many simply left the profession during the pandemic.
“Two years ago, to the day, literally almost every pilot [was] out of work,” says Dave Boston, a pilot with 25 years experience who’s also the man behind the Edmonton-based aviation job board, the Pilot Career Centre.
Faced with furloughs and layoffs at airlines big and small, many pilots tried to wait it out, but many simply moved on, he told CBC News in an interview.
“Many who had businesses or other interests, after maybe six months to a year, had to put food on the table, and they left the industry,” Boston said.
For the pilots who are left, headhunting is the new normal. He says he hears from desperate airlines every day, because they either can’t find the staff, or just lost yet another one. “It’s very common for pilots, unfortunately, to work there for six months [then] get a surprise interview that they don’t expect to get, and then they’re gone,” he said.
“It’s a real challenge right now.”
Zona Savic, right, listens to her instructor inside the cockpit of a flight simulator unit at Seneca College. Savic has a long dream of being a pilot, and a lack of qualified flyers means he should have plenty of job prospects once he graduates. (Shawn Benjamin/CBC)
One person hoping to meet that challenge is Zona Savic, a soon-to-be graduate of one of Canada’s premier aviation schools, Seneca College in Peterborough, Ont.
While she had planned to go into engineering, she joined the Air Cadets while in high school, and was quickly bitten by the aviation bug.
“I just knew from the moment that I was in that plane, this is what I was going to do,” she told CBC News in an interview.
She’s on track to get her pilot’s license soon, and while she may do additional training to become an instructor herself, she says it’s a load off her mind to know that she won’t have to worry about finding a job.
And even better for the industry, she has no qualifications about working her way up at smaller carriers flying niches, remote routes.
“I just love the feeling of flying, so if that’s what I’m doing, I don’t really care if I’m in Paris, or in Nunavut,” she says. “Anything is good for me, as long as I get to experience that.”
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