Planning Retirement With Deferred Gratification [Episode 132]

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Attorney-CPA Joe Cordell and co-host Jill Enders break down the fundamental elements of planning for retirement. They highlight the importance of making responsible financial choices throughout your life, in order to create the assets necessary for a comfortable retirement.

They discuss the difference between occasional saving and being frugal all of the time, as well as how the ideal of deferred gratification can benefit your retirement outlook. Joe talks about working in some capacity after retirement and how it significantly can impact factors like social security.

They talk about the balance involved in work and health as you age, and Jill talks about how your unique financial situation can dictate whether or not you continue working. Joe and Jill describe how longevity and medical developments can affect your decision to supplement your income with additional employment.

Joe emphasizes the importance of understanding your medical history and how medical advancement and a subsequent extended lifespan can affect your need for additional finances in retirement.

Understanding Electronic Wills [Episode 131]

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Attorney-CPA Joe Cordell and co-host Jill Enders discuss the innovations and intricacies involved in electronic wills. They currently exist in the state of Florida, and given the prevalence of esignatures, this digital innovation adds convenience to the state planning process. Joe highlights how maintaining locatable documents is an essential part of the process, after a will is drafted, as well as talks about the legislative efforts involved in instituting and regulating electronic wills.

Joe breaks down the formalities of execution for wills and how it can seem unnecessarily ceremonial. He highlights how attestation will play a factor in the execution of the will and how formalities will not necessarily go away. Joe and Jill also talk about the possibility of hackers attacking these electronic wills and how necessary protection of servers is going to be with these documents.

Joe emphasizes how a will should be a component, but not the center of a comprehensive estate plan, as well as how beneficial trusts can be in an estate plan.

Then, Joe and Jill are joined by roving celebrity reporter and online editor Dan Pearce, as they discuss lead singer of The Cars, the late Ric Ocasek and the issues surrounding his estate plan.

Receiving Skilled Care at Home [Episode 130]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Ann Layden and Laura Adams of Premiere Home Health in St. Charles, Mo., to discuss the at-home alternative of entering in skilled care facility for treatment, their backgrounds, and their recent Home Care Elite recognition as a home health agency.

They dive into the services offered by Premiere Home Health, the boutique experience, and the transportation options available to clients. Ann and Laura talk about how their care is covered 100 percent through Medicare, and highlight how qualifying for their particular care is entirely dependent on the unique needs of the patient.

They highlight the differences between skilled and unskilled services available through Premiere Home Health and talk about the concerns surrounding liability where recommendations of third party care outlets, or even returning home, are concerned. Ann and Laura strongly encourage seniors and those facing health issues to do their research, before making decisions that can affect your future.

The Changes in Saving for Retirement [Episode 129]

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Attorney-CPA Joe Cordell and co-host Jill Enders discuss many of the changes that have occurred in the economy and how it affects the methodology of saving money and planning for retirement. They dive into the various forms of benefits that an IRA and a 401K include and the differences between the two.

Joe also talks about the impact of the tax law that President Trump signed in 2018, and how it may impact an IRA or a Roth IRA. They also discuss the possibility of traveling and how being active in your retirement years can affect your funds.

By staying active, you can explore more of the world, but Joe and Jill both highlight the drawbacks of acquiring a part time job in your retirement years that may impede some of your activities or travels.

Joe and Jill also discuss the individuals who go into retirement with mortgages and how that can affect their retirement funds.

Then, Joe and Jill are joined by roving reporter and online editor Dan Pearce, who breaks down the investigation and estate plan issues surrounding Nathan Carman and his family.

Appreciating the Functions of a Trust [Episode 128]

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Attorney-CPA Joe Cordell and co-host Jill Enders navigate the ins and outs of trusts. They talk about the different perspectives that exist among clients who feel that a more detailed estate plan would be “controlling from the grave” versus clients who feel that it simply would be a parent looking out for their children.

Joe explains the differences between a revocable and an irrevocable trust, and he talks about the intricacies involved in the asset protection strategies involved in an irrevocable trust. He also talks about utilizing an irrevocable trust, in order to qualify for Medicaid.

Joe highlights the benefits of having a revocable trust, as well as the challenges associated with the probate process, including the schedule and the costs associated with the experience.

Joe and Jill discuss the possibility of challenging a will, as well as accusing a beneficiary of undue influence. They break down the responsibilities of a trustee and an executor. Joe also talks about how businesses are preserved by an executor, after the owner of a business dies.

Contemplating Aging in Place [Episode 127]

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Attorney-CPA Joe Cordell and co-host Jill Enders focus their discussion on the on-going debate of aging in place vs. moving to a facility or community that offers amenities and care options. They highlight an article from the Wall Street Journal that details the financial investment that has been made in creating these facilities and communities

The post Contemplating Aging in Place [Episode 126] appeared first on Cordell Planning Partners.

Navigating Family Dynamics in Estate Planning [Episode 126]

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Attorney-CPA Joe Cordell and co-host Jill Enders discuss the legal ramifications of having estate planning documents in place. Joe describes the role of the attorney and how they go about creating a comprehensive estate plan that reflects the wishes of the client.

They talk about clients who may have a controlling kid who wishes to manage the situation. Joe and Jill highlight how there are situations where the controlling kid’s intentions are pure and situations when they are not. Joe dives into the burden of proof in proving undue influence and also describes a case involving a $3 million estate involving children disputing decisions involving estate planning documents. Legal actions and appeals still are occurring in the case.

Then Joe and Jill are joined by online editor and roving reporter Dan Pearce to discuss a case occurring in Florida, where an administrative assistant of a skilled nursing facility in Florida was arrested for misusing the funds of a patient, of whom she was their agent with a Power of Attorney in place.

Managing Your Finances Responsibly As You Get Older [Episode 125]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by Wealth Advisors and Certified Financial Planners Todd Oetken of R.W. Baird, to talk about the money issues that seniors and their families often face when it comes to retirement and long-term care.

Todd highlights the concerns surrounding the use of the principle when the market is on a decline, what the four percent rule is, the importance of asset allocation, and the vitality of saving money over the years.

Joe and Todd discuss why many find themselves working at age 75 and how they could have benefited from sound saving strategies. Todd also tells stories about clients that are forced to start over, due to poor financial decisions that do not pay out.

They discuss the physical limitations that exist when someone is looking for a job later in life and how important paying off debts and mortgages. Todd emphasizes the importance of accounting for insurance and long-term care expenses when doing the financial math that shapes your future. Joe highlights the importance of seeking out the advice of a financial planner as you age.

Then Joe and Jill are joined by online editor and “roving celebrity reporter” Dan Pearce to discuss the successful pre- and post-retirement investing strategies of former Boston Celtics guard John Havlicek.

Financing In-Home and Long-Term Care Needs [Episode 124]

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Attorney-CPA Joe Cordell and co-host Jill Enders discuss the financial aspect of planning for in-home and long-term care, on this episode of ElderTalk with Joe Cordell. They highlight a survey by Genworth Financial regarding the cost of care, and Joe and Jill dive into the numbers, which breakdown by state.

The survey details the monthly costs of in-home care, community and assisted living, and nursing home facilities, and Joe and Jill dive into how each type of care interacts with qualifying for Medicaid, which can allow you to qualify for the care you need.

Joe and Jill talk about familial and emotional impact of having professionals assist in the needs of seniors. They discuss how recommendations for health care professionals and companies can be beneficial in the decision-making process.

Then Joe and Jill are joined by online editor and “roving reporter” Dan Pearce to discuss the issues surrounding the estate of Oscar nominated writer and director John Singleton. They detail his death, his mother’s conservatorship and executorship, his will, his children, and more.

Learning More About Rehabilitative Care [Episode 123]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Ann Warren and Mark Dwyer, of the Rehabilitation Institute of St. Louis. They talk about the challenges that seniors face when injured, as well as their journey regaining their health and eventually making their way back to their respective homes.

They highlight their locations and how the support services that patients may require can change, depending on the status of their health. Ann and Mark detail how Barnes Jewish Hospital home health services work with the Rehabilitation Institute of St. Louis to provide care, even after patients leave the facility.

Ann and Mark talk about easy Medicare is to work with, in terms of in-patient rehabilitative care and also highlight how total hip or knee replacement is no longer covered on an in-patient basis at their facility.

They all detail how ailments like a broken hip are no longer as grim of a prognosis as it once was and how important making adjustments to rehabilitative exercise program can be for seniors experiencing pain from rehabilitative exercises.