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.

Navigating Wills and Trusts Part 2 [Episode 62]

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Attorney-CPA Joe Cordell and co-host Susan Arthur continue their discussion on wills and trusts. They break down the roles you assign to others when you create a will or trust and how conflict can arise when you have one person occupying all three roles.

Joe and Susan talk about the opportunities that trust provides, in having control of the assets and being able to offer beneficiaries a meaningful gift after you die. They break down the ins and outs of revocable and irrevocable trusts, as well as how irrevocable trusts can be tax instruments for the wealthy.

They break down the regulations of how the trust interacts with qualifications for Medicaid, as well as the difference between income versus principal, in terms of funds within the trust. Joe details the provisions of an asset protection trust and recommends what to include in an irrevocable trust and what not to include.[/vc_column_text][/vc_column][/vc_row]

Navigating Wills and Trusts Part 1 [Episode 61]

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Attorney-CPA Joe Cordell and co-host Susan Arthur begin a two part journey on wills and trusts. They highlight intestate succession and the necessity of the probate process. Probate can be a polarizing subject, but Joe explains how it functions to make sure that the wishes of the deceased are carried out.

Joe and Susan discuss why having a will is so important and why you should be suspicious if you get a will for less than $500. They also explore the ins and outs of the different types of trusts and what you can accomplish with a trust.

Joe details the positions involved and each of their responsibilities when a trust is involved, as well as the history of transferring assets. He also talks about the importance of choosing trustees, as well as dealing with internal family conflict when dealing with the estate plan. The plan needs to cover possible risks that can arise, especially when it comes to the surviving spouse.

Navigating the Myths and Misconceptions of Medicaid and Long-Term Care [Episode 60]

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[vc_row][vc_column][vc_column_text]Attorney-CPA Joe Cordell and co-host Susan Arthur break down many of the myths and misconceptions that exist, when it comes to Medicaid, Medicare, and long-term care. They start the show by explaining that Medicare addresses injuries or illnesses, as opposed to chronic care or custodian care, as well as detailing the impact that families and private resources have on the medical economy.

Joe and Susan detail their list of Medicaid myths and misconceptions and debunk them, including the need to sell your house and give it to the government, in order to be Medicaid eligible, the illegality of giving away assets, in order to be Medicaid eligible, the length of the waiting period involved in Medicaid, and more.

Joe also breaks down how the involvement of families on accounts and assets can affect how Medicaid sees transactions within the last 60 months and how proof is necessary to help this process.[/vc_column_text][/vc_column][/vc_row]

Avoiding Mistakes in Your Estate Planning [Episode 59]

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Attorney-CPA Joe Cordell and co-host Susan Arthur break down the mistakes that notable individuals have made in their estate plans. For example, former Supreme Court Justice Warren Burger did his own estate planning and left out provisions that ended up costing his loved ones. Doris Duke was not discerning in her choice of executor and trustee when she was estate planning, costing the charities that she wanted to help significant amounts of money.

Florence Griffith Joyner did not inform her family where her estate documents were located, making it so her probate took four years to close. Michael Jackson never fully funded his trust, leading to public fights, probate courts and more.

Joe and Susan highlight how important it is to have a lawyer that understands estate law and avoid the mistakes that others have made. Additionally, Joe highlights how trusts can reduce the challenges and risks that many who utilize wills may come across.[/vc_column_text][/vc_column][/vc_row]