Avoidable Mistakes When Estate Planning [Episode 163]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Teresa Yao to discuss common missteps that people make when creating and executing estate planning documents.

Teresa describes what it means to die intestate and how the legal process navigates those who do die intestate. She identifies issues that can occur if someone dies with only a will in place and also navigates how putting a loved one on a title of real property while still alive, in an attempt to avoid probate court, may be a bad idea.

Teresa also highlights the tax complications involved in giving assets outright to heirs, while one is still alive. She emphasizes the importance of putting in the right guidelines for the trust, especially for heirs that may be less financially responsible. She also talks about properly funding the trust and reviewing it, so that it reflects the most up-to-date wishes.

COVID-19’s Continued Impact on the Stock Market [Episode 162]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by Louis Wray, founder and Wealth Manager of Vine Wealth Management to discuss how to navigate the stock market amid the COVID-19 pandemic.

They break down the effects of the pandemic on the economy and how to project the future, amid the chaos. Louis looks into 2021 and offers his insight on the stock market and economy’s future.

Louis highlights industries and companies that have recovered from the financial impact of COVID-19, as well as what may change moving forward.

Louis navigates the subject of annuities for older clients and how risk tolerance is factored into the financial decision-making process. He makes investment recommendations for those looking to retire by the end of the year, as well as talks about the benefits and potential drawbacks that often are discussed of a diversified portfolio.

Joe and Louis discuss how Federal policy has affected the stock market over the last 12 years, as well as how it can affect projections.

Paying for Long-Term Care While Protecting Your Identity [Episode 161]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Chris Orestis, president of LifeCare Xchange and author of “Help on the Way” and “A Survival Guide to Aging”. They discuss ways seniors can both pay for long-term care and protect their bank accounts and identities from potential threats.

Chris breaks down how a long-term care life settlement can be a solution to long-term care expenses. He helps navigate the complications surrounding life insurance policies and offers tips on utilizing them to the benefit of seniors looking to pay for long-term care.

The group transitions to discussing identity theft. Chris highlights how the COVID-19 pandemic has made seniors more vulnerable to scams and cyber threats. They discuss what scammers may gain from knowing a senior’s social security number, as well as highlighting potential bank information scams.

Chris offers recommendations to children of seniors, in order to protect the senior from identity theft. He discusses the IRS impostor scam and how to protect those vulnerable, as well as the ins and outs of credit card fraud.

Getting Inspired by the St. Louis Senior Olympics [Episode 160]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Phil Ruben, director of the St. Louis Senior Olympics.

The St. Louis Senior Olympics is a Masters-style athletic competition that promotes the health and wellness of men and women by providing them with opportunities to participate in competitive sports and social events.

The annual event is organized by the Jewish Community Center and involves the help of over 300 volunteers with over 1,200 athletes participating in over 90 events.

Phil discusses the cancelation of the event, due to the pandemic and highlights the virtual events that will be offered instead. He breaks down each type of event that seniors typically compete in for the St. Louis Senior Olympics and describes the level of competition.

Phil talks about 2021 and whether or not plans underway for the St. Louis Senior Olympics next year, as well as how people can get involved as an athlete or as a volunteer.

Identifying Cost Concerns for Long-Term Care Part 2 [Episode 159]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao, as they continue their discussion about paying for long-term care.

They highlight the social stigmas associated with utilizing Medicaid planning, in order to receive Medicaid for long-term care costs. Teresa breaks downs the ins and outs of the look-back period involved in preplanning and crisis planning.

Teresa and Joe talk about the tools involved in crisis planning and the intricacies associated with asset protection, including an irrevocable trust. Teresa describes the customizability of the irrevocable trust and how it shields the assets from Medicaid.

Teresa navigates the use of using both a revocable and an irrevocable trust at the same time and how clients use a revocable trust to sustain their standard of living.

Teresa talks about what happens with Medicaid eligibility if an applicant owns a business. The group also discusses how home health services factor into Medicaid. Joe also describes the ins and outs of a qualified annuity.