September 2018 – Joseph E. Cordell

Avoid Writing the Full Check [Episode 71]

September 29, 2018/in ElderTalk, Podcasts/by Abby Johns

Attorney-CPA Joe Cordell and co-host Susan Arthur continue to discuss the ins and outs of estate planning, while highlighting many of the intricate options available to you as you plan for the future. They go over why giving away money to loved ones in one untethered action is a bad idea.

Joe talks about how inheritance can play a factor in how the student loan qualification process goes, as well as how inheritance can complicate any divorce that a benefactor of your last wishes goes through. The monetary gifts you give your children can become a marital property when a purchase is made or a deposit is made into a co-mingled account, so Joe cautions against giving all of the money at once.

He also talks about how important the constraints of a trust, such as a co-trustee, is to the preservation of the money you give after you die.

Affording Long-Term Care [Episode 70]

September 22, 2018/in ElderTalk, Podcasts/by Abby Johns

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Attorney-CPA Joe Cordell and co-host Susan Arthur are joined by Diane Finnestead, of Diane Finnestead Insurance, and Carrie Gormley. Diane started her career as a long-term care specialist and is now a National Trainer and District Specialist. Gormley has twelve years of experience in insurance and is a member of the Senior Resources Options.

The four discuss private sector solutions that people can use, in order to pay for their long-term care. They break down what the expenses can be, whether you are at home or at an assisted living facility. From an insurance perspective, Carrie talks about how chronic issues play a factor in what long-term care options are available.

They highlight the home health care policies that can be found for those in need of both short-term and long-term care. Diane also discusses how the underwriter can be an advocate for the patient, if a letter is written on their behalf. The group also touches on what happens when a patient may not qualify for long-term care.

Taking the Emotions Out of Estate Planning [Episode 69]

September 15, 2018/in ElderTalk, Podcasts/by Abby Johns

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Attorney-CPA Joe Cordell and co-host Susan Arthur discuss some of issues that can arise when emotions get involved in the estate planning process. They discuss the need to have a plan in place, as well as highlighting how differing viewpoints regarding who feels entitled to what can breed conflict when it comes to making sure that the wishes are carried out according to the elder family member’s request.

Joe talks about how third parties like creditors, can involve themselves in the process after the family member has died. He also discusses how customizable trusts can be, in terms of how much control to specific amounts of money benefactors are allowed.

Joe talks about the unfortunate circumstances when a benefactor goes through a divorce after receiving an inheritance and how that is sorted out, as well as how an inheritance can make someone a target and at risk for exacerbating existing addictions.

Planning for Your Future [Episode 68]

September 8, 2018/in ElderTalk, Podcasts/by Abby Johns

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Attorney-CPA Joe Cordell highlights those who are not quite at the age of needing the services of any type of estate and elder plans, but why it still is important to do so. He talks about the importance of knowing the government rules and how your age interacts with the regulations regarding elder law and estate planning.

He talks about how the start of the process can lead to disagreements among otherwise peaceful families, regarding who gets what in terms of assets and responsibilities. Joe also breaks down the necessity of having a health care proxy, such as a health care Power of Attorney. He explains how vital it is to make your wishes regarding the simplest aspects of your future known.

Joe also breaks down the rules and regulations that kick into effect after you die. He explains why probate is a necessary part of the process and how many look to trusts to avoid wills and probate.

Financial Planning for Elderly Housing and Long-Term Care [Episode 67]

September 1, 2018/in ElderTalk, Podcasts/by Abby Johns

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Mark Werner, owner of Cornerstone Advisors and certified financial planning professional returns to ElderTalk with Joe Cordell to discuss financial planning, as it pertains to housing for the elderly. Attorney-CPA Joe Cordell and co-host Susan Arthur join Mark in the conversation to highlight the methods to pay for the medical or custodial care that seniors often require in their housing.

Mark breaks down how the features of the housing care affect the costs and planning involved in the process, as well as how an attorney and a financial advisor working in tandem can be an effective way of building a plan, in order to pay the necessary expenses while protecting assets.

Mark also addresses questions regarding long-term care insurance by giving an example of how payments were addressed and how the chances for the need for long-term care can be a reasonable investment in your medical and financial future.