Investing in the Planning Process [Episode 72]

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Attorney-CPA Joe Cordell and co-host Susan Arthur talk about the forms and paperwork that often can be involved in the long-term planning process. As the years go by, it is important to have a plan in place, and Joe talks about the costs that go into the estate planning process and how saving money in the planning process does not always translate into your wishes being executed after you die.

Joe discusses how the amount of money you have factors into the decision-making involved in estate and long-term planning, as well as how an experienced elder law attorney will be the one completing all of the necessary tasks to create a comprehensive and complete will or trust.

Joe also talks about how important the customization aspect of the planning process is. When you go online for a form, you may not be getting all of the customization you may require, and Joe explains why it is important to invest in the extra aspects of your long-term plan.

Affording Long-Term Care [Episode 70]

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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]

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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]

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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]

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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.

Understanding Guardianship and Conservatorship [Episode 66]

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Attorney-CPA Joe Cordell and co-host Susan Arthur break down the history of a Durable Power of Attorney and explain that a guardian refers to the care of the physical person, as well as the person appointed to make decisions about personal care, where you live, etc. Joe also describes how a conservator is in charge of taking care of your assets.

He highlights the protective mechanisms and precautions built within the court when it comes to the appointment of guardianship and conservatorship. Joe and Susan discuss the difference between being incompetent and being bad with money, as well as the liabilities that family members may have when taking on one of these roles for a loved one.

Joe dives into what negligent entrustment is and how the foreseeability of something bad happening can play a factor in what someone in a role like a guardian or someone with a durable Power of Attorney is liable for.

Establishing a Durable Power of Attorney [Episode 65]

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Attorney-CPA Joe Cordell and co-host Susan Arthur dive back into durable Power of Attorney, as they break down the general version, as opposed to the health care version. They talk about different options that surround the durable Power of Attorney, such as whether or not you want the durable Power of Attorney to be in effect immediately and the amount of authority you give someone.

Joe and Susan discuss the importance of having someone spring into action when an emergency arises and the role of a fiduciary in the Power of Attorney process. A fiduciary’s duty when it comes to a Power of Attorney differs from when it comes to trusts, and Joe and Susan discuss the importance of choosing the right person to fill that role for each entity.

Joe highlights the importance of cataloging and organizing important documents and information, in relation to the agent in a durable Power of Attorney and trustees when trusts are in use. He talks about where to start in your elder planning, if you have yet to start.

Navigating Family Issues in Estate Plans [Episode 64]

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[vc_row][vc_column][vc_column_text]Attorney-CPA Joe Cordell and co-host Susan Arthur touch upon the will and probate process discussed last week before they dive into the possible conflict that can arise among families regarding estate plans. Joe will explain how courts handle no contest clauses with wills and how many going through the estate planning process will initiate a transfer before the estate plan goes into effect, in an effort to prevent conflict.

He details why a video may be a beneficial medium, in detailing the wishes of the estate plan in many situations. Joe explains that a spousal share entitles a spouse a share of the estate. They talk about the ins and outs of an augmented estate, which is a court consideration of a transfer intended to defraud the marital rights of the surviving spouse.

Joe also breaks down durable Powers of Attorney for health care and how important it is to find the right person to appoint as your agent.[/vc_column_text][/vc_column][/vc_row]

The Positives of Probate [Episode 63]

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Attorney-CPA Joe Cordell and co-host Susan Arthur continue last week’s discussion, touching on irrevocable trusts and how the entity allows for the flexibility that many are looking for in their estate planning. They explain the features and limitations of irrevocable trusts and how the experience of an elder law attorney can assist you in determining if they are the best option for you and your estate.

Afterward, Joe and Susan dive into the probate process, highlighting the ins and outs of this necessary procedure. They discuss the interpersonal side of the process and how it can affect the financial side.

Probate is a procedure that can take time and cost money, but the process offers the protection and analysis that you need, in order to make sure that your wishes are honored. Joe and Susan discuss what happens with probate when someone dies without a will versus when they do have a will.