Managing Investment Plans for Retirement [Episode 172]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by certified financial planner John Gallia, of Gallia Wealth Management Group to discuss ways to navigate investments and retirement amid the COVID-19 pandemic.

John describes how the current political climate, as well as the 2020 Presidential Election, may affect the economic situations of clients, who are looking to retire. He also dissects how to navigate investment strategies and explains exchange traded funds and how they make up investments.

John also describes why one of the biggest fears among clients is running out of money while retired. He highlights why filling in lacking areas of an estate plan may be a helpful for those leery of investing in the current economic climate.

The group navigates “COVID fatigue” and how it may be affecting those with retirement on the horizon, as well as retirees. John highlights options that people have when they run out of money when retired, including reverse mortgages and refinancing the family home.

Key Components to Estate Plans and Instructing Loved Ones [Episode 171]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Teresa Yao, as they highlight the importance of reviewing a checklist of necessary estate planning documents when creating an estate plan. They go over how the effects of the COVID-19 pandemic have evolved over time for estate planning attorneys and how they assist their clients, who are looking to create plans for the future.

They break down many of the key facets of putting together a comprehensive estate plan. Not only do they dissect the ins and outs of Powers of Attorney, trusts, and wills, but the group describes the personal intricacies involved in leaving estate planning documents where loved ones can find them, dealing with potential family feuds, deciding trustees, agents in a Power of Attorney, and other roles in your estate plan, and more.

Joe, Jill, and Teresa touch on resources that you can use, such as Everplans (which was highlighted in a recent Wall Street Journal article), in order to offer instructions and financial information to your loved ones in the event of your death.

Understanding Timeshare Scams [Episode 170]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by Don O’Brien, an investigator for the Better Business Bureau to highlight scams that can occur, involving timeshare properties.

The group highlights how the timeshare industry and societal perceptions of timeshare properties have evolved, as well as common techniques that people have used, in order to exit ownership. They dissect a Better Business Bureau study from 2016 that involved 700 complaints against Missouri timeshare relief companies that reported millions of dollars in losses.

From that study, they describe how Missouri compares to others states, in terms of complaints filed against timeshare exit scams, as well as why seniors may be so vulnerable to these types of scams. Don talks about the possibility and commonality of consumers getting their money back and whether or not falling victim to a timeshare exit scam may affect your credit.

Don also goes into detail about the scam involving a deceased family member and how their loved ones supposedly become financially responsible for the timeshare property.

Dealing With Financial Pressure Amid COVID-19 [Episode 169]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by John Smallwood, president of Smallwood Wealth Management and author of “It’s Your Wealth – Keep it: The Definitive Guide to Growing, Protecting, Enjoying, and Passing on Your Wealth,” to discuss ways of overcoming financial pressures amid the COVID-19 pandemic.

They highlight how lifetime events that occur in the financial market can cause major setbacks that can be felt in your accounts for years to come. John describes ways that people can stabilize their financial situation and restructure their plans.

John describes accurate ways to determine how much money one may need to save, in order to retire, as well as steps that one can take, in order to reduce the financial stress on them or their family.

He navigates how much of a burden taxes can be when it comes to navigating a financial landscape with retirement on the horizon, as well as steps to take if someone has lost their job due to the pandemic.

The Resource of Medicaid Planning [Episode 168]

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Jill Enders is joined by TuckerAllen attorney Missy Shands Manning to discuss Medicaid planning as a method of asset protection, while paying for long-term care.

Missy explains what a Medicaid asset protection trust, or irrevocable trust, is and how it functions to protect what you put in it, in order to allow you to qualify for Medicaid. She talks about the ins and outs of the five-year lookback period and how penalties from that function.

She highlights what spend-down means and offers examples that work to get to the $5,000 qualifying limit for Medicaid. Missy also talks about exemptions that exist, when it comes to gifting money and limits that are involved.

Missy also dives into long-term care, including when to start preparations, crisis Medicaid planning, the quality of care, and collection after death. She also talks about the Medicaid application process if you own a business.

She talks about how COVID-19 has affected those on Medicaid, looking to enter nursing homes and long-term care facilities.

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.

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.