Exploring the Estate Planning Issues of Ernie Banks [Episode 122]

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Attorney-CPA Joe Cordell is joined by Jill Enders of KTRS and online editor and “roving reporter” Dan Pearce break down all of the intrigue surrounding the estate of former Chicago Cubs player Ernie Banks. They break down the case, as the story reenters the news.

Caretaker Regina Rice was named the beneficiary in Banks’ will. Banks died in 2015, three months after filing for divorce, and his wife, Elizabeth, and children were did not receive anything, sparking legal action over the course of several years.

Joe talks about the complications surrounding naming a caretaker as a beneficiary in your will, as well as what spouses are entitled to, regardless of a pending divorce, at the time of death. He also emphasizes the importance of sound financial planning and making sure that the estate planning documents being forged are defendable against scrutiny. He offers alternative ideas, such as a video will, that can show the intention and cognitive faculties of the deceased, to prove validity.

Joe and Jill also talk about ways of preventing caretakers from taking advantage of seniors.

The Foundational Elements of Estate Planning [Episode 121]

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Attorney-CPA Joe Cordell highlights the importance of having all of the necessary estate planning documents in place as you age, on this episode of ElderTalk with Joe Cordell. Joe details the ins and outs of long-term care insurance, as well as self-insurance.

He talks about the rehabilitative care and short amount of time required for Medicare to cover long-term care and compares it to the Medicaid planning involved in qualifying for Medicaid. Joe also highlights the history of elder law, as it relates to long-term care and Medicaid planning.

Joe describes the utility of a durable Power of Attorney and explains the roles of a conservator and a guardian ad litem. He also talks about the Power of Attorney for health care and the various decisions regarding care that can be involved.

Joe also navigates the ease of a trust and how useful they can be, in preserving assets for beneficiaries.

Exploring City and Rural Assisted Living Communities [Episode 120]

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Attorney-CPA Joe Cordell and Villages of St. Peters Memory Care Administrator April Haskins highlight aspects of the independent, assisted, nursing, and long-term care experience. They dive into the decision-making process heading into deciding that living by one’s self, as well as the importance of touring facilities, in order to understand what is right for the potential resident and what they are looking for from the facility.

April details different types of fee structures that exist within these types of communities and talks about the impact of Medicaid on paying long-term care costs. Joe and April discuss the commonality of facilities and communities that are 100 percent Medicaid and emphasize that Medicaid and non-Medicaid users receive equal care.

Joe and April highlight how those within the communities can take priority when they require additional care, over those on waiting lists to enter the community. They talk about the differences between communities and facilities in rural areas, as opposed to those near larger cities.

Choosing Independent or Assisted Living Facilities [Episode 119]

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Attorney-CPA Joe Cordell and co-host Susan Arthur are rejoined by Villages of St. Peters Memory Care administrator April Haskins to break down some of the factors that go into the decision of leaving one’s home and entering an independent or assisted living facility.

April details all of the amenities that many facilities have, which allows seniors to maintain some levels of independence while receiving the care that they may need. They also bring up the costs involved in independent living.

April and Joe explain what a buy-in is, when it comes to senior care. They highlight the varied payment structures that exist among facilities, as well as the lifestyle options available to residents. Joe discusses the commonality in the St. Louis area regarding seniors going to a living facility  based on having friends that are involved in common interests or communities.

April explains what Centers for Medicare and Medicaid Services are and also talks about the conversations between senior parents and their children, regarding visits, amenities, and overall environment of a potential facility.

Joe also announces that April will be joining ElderTalk with Joe Cordell as an occasional co-host.

Making Spending Adjustments for Retirement [Episode 118]

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Attorney-CPA Joe Cordell and co-host Susan Arthur are rejoined by Wealth Advisors and Certified Financial Planners Todd Oetken and Grant Roberts, both of Roberts & Kohler/Hilliard Lyons, a Robert Baird Company, to discuss a variety of topics related to financial planning and retirement.

They talk about what potential clients consider when choosing a financial advisor, as well as the intimate conversations that are required for financial planners, in order to get the full scope of a client’s unique situation.

Todd highlights how various aspects of one’s health and how they interact with their job before retirement affect what they choose to do after they retire. They also dissect the challenges involved in dealing with debt while attempting to retire.

Todd and Grant encourage accountability in spending, in order to assist in saving for retirement, as well as advocating the inclusion of the children in financial and retirement planning. They talk about the responsibility of the client, in having these types of challenging conversations about finances before anything traumatic occurs, so that family feuds can be avoided.

Todd and Joe discuss the benefits of children stepping in when parents reach senior ages and assist them in their day to day life, including with financial matters. Grant also talks about what occurs when a client does not have children or does not have children that live nearby.

Questions and Answers About Medicaid [Episode 117]

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Attorney-CPA Joe Cordell and co-host Susan Arthur answer listener questions about relevant topics pertaining to Medicaid, long-term care, estate planning, and more.

Joe and Susan describe what undue influence is and how evidence of cognitive issues can help support the legal claim. They also dive into some of the estate planning aspects of the Jeffrey Epstein case regarding his trust.

They answer a question regarding whether or not a car and house of a listener’s mother should be sold, so that the mother can qualify for Medicaid. Joe highlights the protections surrounding cars, as it pertains to Medicaid eligibility.

Joe and Susan talk about how moving states impacts the estate plan and details how difficult ancillary probate can be for intended beneficiaries. They discuss revocable trusts and whether or not the owner of the trust has an obligation to inform a trustee, if they wish to change trustees.

They also discuss whether or not the sale of antiques within a house can be used to pay for long-term care and whether or not that would affect Medicaid eligibility. Joe and Susan stress the importance of creating a specific plan with an elder law attorney.

Caregiving for an Alzheimer’s Patient [Episode 116]

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Attorney-CPA Joe Cordell and co-host Susan Arthur are joined by Cynthia Fantasia, pastor, national speaker and author of the book “In the Lingering Light: Courage and Hope for the Alzheimer’s Caregiver” to discuss the challenges surrounding dementia and Alzheimer’s. She talks about her personal experience dealing with her husband’s Alzheimer’s and her journey caregiving for him.

Cynthia talks about developing a support system during her husband’s illness through her church and the struggle that many face in wanting to help a caregiver. She also stresses the importance of those that want to help, to put themselves in the world of the caregiver.

Cynthia highlights the importance of finding a doctor that works best for the patient and the caregiver, as well as the emotional challenges she personally faced when bringing her husband to a memory care facility. She describes the advantages that these types of facilities offer to dementia and Alzheimer’s patients who need additional care.

Cynthia also talks about having “the conversation,” regarding medical care and making your wishes known. She was able to honor her husband’s wishes because of having such a difficult conversation and advocates doing the same for those facing similar circumstances. She also touches on the financial side of the situation, through meeting with an elder law attorney and qualifying for Medicaid.

Monitoring Brain Health with Dr. Wendy Suzuki [Episode 114]

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Attorney-CPA Joe Cordell and co-host Susan Arthur are joined by Dr. Wendy Suzuki, a Professor of Neural Science and Psychology in the Center for Neural Science at New York University and author of “Healthy Brain, Happy Life.” Her work focuses on areas of the brain critical for our ability to form and retain long-term memories, and some of her more recent research is dedicated to the role that exercise plays in neuroplasticity and expanding cognitive reserve.

They discuss what neuroplasticity entails, what much of the research surrounding brain function and stimulation entails, and the impact of exercise on the aging brain.

She talks about the boost in brain function that an aerobic workout can have, as well as her studies as it relates to Parkinson’s Disease. Dr. Suzuki details the misconceptions surrounding the connection between brain function and exercise and the importance of good sleeping habits in cognitive performance.

Dr. Suzuki also advocates the importance of meditation and how that can offer benefits to brain health. She discusses how manageable of a lifestyle change increasing healthy habits is and how vacuuming or walking around a store can be easy and beneficial ways of keeping your brain healthy.

Click here to learn more about Dr. Suzuki’s upcoming talk on exercise, neuroplasticity, and the expansion of cognitive reserves at 3 p.m., Sunday, September 8, at the Congregation Shaare Emeth in St. Louis, Mo.

Dealing With Long-Term Care Bills [Episode 113]

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Attorney-CPA Joe Cordell and co-host Susan Arthur discuss the various elements to long-term care and the various methods involved in paying for it. They break down the monthly costs of assisted care and nursing home care and how city care can differ in cost and quality from rural care.

Joe and Susan talk about long-term care insurance and how the costs of prescription medications can impact your finances. They also touch on the possibility of being able to afford paying for long-term care yourself and how many make assumptions regarding having your children assist in paying for the costs of long-term care.

Joe talks about the assumption of financial risk when you are younger and planning for the future, and highlights the differences between the advice he may give to someone younger and able to take the risks versus someone older who cannot afford to take on financial risk.

Joe and Susan talk about qualifying for government programs, such as Medicaid, in order to qualify for long-term care. They talk about the Medicaid planning process, as well as the utilization of irrevocable trusts.