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.

COVID-19’s Continued Impact on the Stock Market [Episode 162]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by Louis Wray, founder and Wealth Manager of Vine Wealth Management to discuss how to navigate the stock market amid the COVID-19 pandemic.

They break down the effects of the pandemic on the economy and how to project the future, amid the chaos. Louis looks into 2021 and offers his insight on the stock market and economy’s future.

Louis highlights industries and companies that have recovered from the financial impact of COVID-19, as well as what may change moving forward.

Louis navigates the subject of annuities for older clients and how risk tolerance is factored into the financial decision-making process. He makes investment recommendations for those looking to retire by the end of the year, as well as talks about the benefits and potential drawbacks that often are discussed of a diversified portfolio.

Joe and Louis discuss how Federal policy has affected the stock market over the last 12 years, as well as how it can affect projections.

Paying for Long-Term Care While Protecting Your Identity [Episode 161]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Chris Orestis, president of LifeCare Xchange and author of “Help on the Way” and “A Survival Guide to Aging”. They discuss ways seniors can both pay for long-term care and protect their bank accounts and identities from potential threats.

Chris breaks down how a long-term care life settlement can be a solution to long-term care expenses. He helps navigate the complications surrounding life insurance policies and offers tips on utilizing them to the benefit of seniors looking to pay for long-term care.

The group transitions to discussing identity theft. Chris highlights how the COVID-19 pandemic has made seniors more vulnerable to scams and cyber threats. They discuss what scammers may gain from knowing a senior’s social security number, as well as highlighting potential bank information scams.

Chris offers recommendations to children of seniors, in order to protect the senior from identity theft. He discusses the IRS impostor scam and how to protect those vulnerable, as well as the ins and outs of credit card fraud.

Getting Inspired by the St. Louis Senior Olympics [Episode 160]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Phil Ruben, director of the St. Louis Senior Olympics.

The St. Louis Senior Olympics is a Masters-style athletic competition that promotes the health and wellness of men and women by providing them with opportunities to participate in competitive sports and social events.

The annual event is organized by the Jewish Community Center and involves the help of over 300 volunteers with over 1,200 athletes participating in over 90 events.

Phil discusses the cancelation of the event, due to the pandemic and highlights the virtual events that will be offered instead. He breaks down each type of event that seniors typically compete in for the St. Louis Senior Olympics and describes the level of competition.

Phil talks about 2021 and whether or not plans underway for the St. Louis Senior Olympics next year, as well as how people can get involved as an athlete or as a volunteer.

Identifying Cost Concerns for Long-Term Care Part 2 [Episode 159]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao, as they continue their discussion about paying for long-term care.

They highlight the social stigmas associated with utilizing Medicaid planning, in order to receive Medicaid for long-term care costs. Teresa breaks downs the ins and outs of the look-back period involved in preplanning and crisis planning.

Teresa and Joe talk about the tools involved in crisis planning and the intricacies associated with asset protection, including an irrevocable trust. Teresa describes the customizability of the irrevocable trust and how it shields the assets from Medicaid.

Teresa navigates the use of using both a revocable and an irrevocable trust at the same time and how clients use a revocable trust to sustain their standard of living.

Teresa talks about what happens with Medicaid eligibility if an applicant owns a business. The group also discusses how home health services factor into Medicaid. Joe also describes the ins and outs of a qualified annuity.

Identifying Cost Concerns for Long-Term Care Part 1 [Episode 158]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to begin a two-part discussion on long-term care. They highlight how mid- and higher-income brackets can qualify for Medicaid, in order to pay for long-term care through Medicaid planning.

Teresa and Joe break down how the utilization of irrevocable trusts can protect your assets, making them inaccessible and putting you in a specific income bracket. This allows you to qualify for Medicaid to pay for long-term care.

They describe the 5-year look-back period and the rules and penalties associated with the regulation. Teresa also talks about how a healthy spouse, or community spouse, factors into the Medicaid planning and long-term care process and what annuities do, in order to provide income for essentials for the community spouse.

Teresa talks about the asset limit for the institutional spouse and how that differs when both spouses need long-term or nursing home care. She explains the difference between income rules and asset rules, related to Medicaid qualification.

Joe and Teresa stress the importance of finding an elder law attorney, like those at TuckerAllen, to help you navigate the intricacies of planning for long-term care. Teresa also helps navigate home health services and how that can be paid for, amid the COVID-19 pandemic.

Having Important Financial Conversations with Ande Frazier [Episode 157]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by behavioral finance expert and author Ande Frazier to discuss how to reestablish financial stability and security amid the COVID-19 pandemic.

They talk about Ande’s background in the financial field and how her father’s ministry has helped those seeking financial advisement. Ande discusses her book “Financially Free: 11 Conversations to Have With yourself About Life, Money, and Worth,” and highlights how those who are age 60 and older require financial plans that fit their goals and individual life circumstances.

Ande and Joe outline investment strategies for those over age 60. They highlight how the COVID-19 pandemic may affect specific markets and why it still is vital to have money left over for necessary expenses.

Ande and Joe advocate financial responsibility and talk about how many were living on “the financial edge” before the pandemic, who are now defaulting on mortgages. They talk about the state of the stock market and how the 2020 United States presidential election may affect the stock and financial landscape.

Targeting Aging With Dr. Nir Barzilai [Episode 156]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by Dr. Nir Barzilai, author, aging expert, founder of the Institute for Aging Research at the Albert Einstein College of Medicine, and Scientific Director of the American Federation for Aging. They discuss what steps seniors can take to protect themselves from exposure to COVID-19, while combating aging.

Dr. Barzilai details a drug that may target characteristics of aging. He talks about his research projects regarding longevity genes and identifies other drugs that may assist in boosting the immune system.

Dr. Barzilai gives his thoughts on Vitamins D and C, and advocates the importance for seniors to exercise. He also talks about his experiences with intermittent fasting.

He also offers his educated guess regarding timelines on many of these promising medications that target aging and improve the immune system.

Make sure to check out Dr. Barzilai’s book, “Age Later: Health Span, Life Span, and the New Science of Longevity”.