Discovering Friendship Village [Episode 167]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Friendship Village President and CEO Terry Walsh and Friendship Village Chesterfield’s Executive Director and Chief Strategy Officer Carmen Fronczak to discuss the trend of seniors in the St. Louis area moving into assisted living and memory care facilities amid the COVID-19 pandemic.

The group discusses the grand openings of state-of-the-art assisted living and memory care campuses in Chesterfield and Sunset Hills, as well as how to pay for long-term care, in general.

They highlight how many of the design choices of the Chesterfield campus was based on input from staff and residence of a previous Friendship Village location, as well as the preparedness of their staff in handling the magnitude of new residents at both locations.

The group talks about the community atmosphere that helps seniors in combating loneliness, depression, and other mental health-related issues that may come with going through the aging process alone.

Charitable Giving in Your Estate Plan [Episode 166]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to break down methods of utilizing estate planning for charitable giving. They highlight how a bequest in a will or trust offers informative instructions on how much money is being given and to what charity.

Joe and Teresa highlight the risks involved when the correct legal name of the charity is not used in the estate planning documents and how closely these conditions are monitored. They also talk about what may happen if someone leaves all of their money to a charity and the surviving family members contest the will or trust.

They also talk about what may happen if a charity is not identified, but rather, a request is left that the heirs donate a percentage of assets to a specific charity after death. Teresa also highlights the ins and outs of naming a charity as the beneficiary of a retirement account, as well as how pet trusts are created, in order to take care of pets after you die.

Applying for a Reverse Mortgage [Episode 165]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by Better Business Bureau investigator Don O’Brien. The group discusses reverse mortgages and how seniors can utilize them, in order to gain access to the equity of their home.

Don explains how the amount of cash is determined with a reverse mortgage, as well as how to navigate some of the fees and conditions that may be associated with a reverse mortgage. He cautions against the idea of seniors being charged excessive up-front fees for services that generally can be found free of charge or at a low cost through the Department of Housing and Urban Development (HUD).

Don explains how a reverse mortgage affects heirs after you die, as well as his expectations regarding seniors utilizing reverse mortgages during the economic uncertainty of the COVID-19 pandemic.

Don makes general recommendations to consider before applying for a reverse mortgage and emphasizes the importance of finding a trustworthy lender.

Pandemic Retirement Planning [Episode 164]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by Todd Oetken, financial advisor and Certified Financial Planner for R.W. Baird to discuss how to navigate financial planning amid the COVID-19 pandemic.

As the pandemic has continued, there continues to be economic consequences that seniors have to face, when looking to invest. Todd highlights how these circumstances may impact the financial landscape of both the end of 2020 and the beginning of 2021.

He describes concerns he is hearing from clients, regarding their financial futures and offers general tips on what financially to do during this stage of the pandemic.

Todd also talks about the spending habits of seniors and how, amid the pandemic, they should be adjusted to reflect the current COVID-19 crisis. He highlights the importance of a retirement plan and how creating one before you reach the age of retirement is vital for a financially solvent retirement.