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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Missy Shands Manning to review some of the most common mistakes that are typically made in estate planning and elder law.
The panel discusses the factors that often lead to these missteps, the consequences of the mistakes, and what you can do to avoid them.
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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Missy Shands Manning to discuss many of the missteps that people make when estate planning. This not only includes mishandled estate planning documents, but also includes failing to create estate planning documents altogether.
Missy describes the biggest problem with only creating a will, as opposed to a comprehensive estate plan that also features a trust and Powers of Attorney for both financial and health care matters. She walks through the process of conservatorship appointment in the cases, where you do not have a Power of Attorney in place and highlights the differences between conservatorship and guardianship. The panel also breaks down many of the reasons why people do not have their estate planning documents already created.
Missy explains the functions of a pour-over will and how it is utilized for those that forget to include assets in their living trust. She also describes the risks in creating online wills through forms and talks about the importance of finding an attorney that focuses on estate planning and elder law.
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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.
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Attorney-CPA Joe Cordell and co-host Susan Arthur highlight family feuds that can occur in the estate planning experience. They break down estate planning techniques that you can use, in order to any fighting among loved ones over an estate.
Joe and Susan break down how an estate plan that has not been updated can cause problems, as well as how expectations can cause family members to clash with one another and with the attorney caught in the middle.
Joe discusses the role that inclusion plays in the client’s motivations and how that can unintended consequences. He explains what a presumption of undue influence is and how it can shift a case, where a will is challenged.
Joe and Susan detail the responsibilities that the clients have in avoiding conflict among family members and loved ones. Joe talks about what goes into choosing who to put in charge with your decisions, if you are incapacitated, or with your estate, when you die.
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Attorney-CPA Joe Cordell and co-host Susan Arthur highlight how to protect your assets in a litigious world on this episode of ElderTalk with Joe Cordell. Joe discusses how corporations or other types of entities have methods of protection, in order to lower the risk of losing assets. He explains what joint tenancy by the entirety is and how it can affect lawsuits that can result in the loss of assets.
Joe also talks about how an insurance umbrella policy catches many of the risks that you can be liable for. He details the difference between reducing the risk and protecting against the risk, as well as explains the role that irrevocable trusts play in asset protection.
Joe also discusses how comfortable or uncomfortable the law is with uses of trusts, as well as how asset protection does not apply to those who anticipate oncoming liability issues. He also highlights the ins and outs of a self-settle trust and talks about the control and freedom that you may or may not have while utilizing asset protection.
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Attorney-CPA Joe Cordell and co-host Susan Arthur break down the role of an elder law attorney, on this week’s episode of ElderTalk with Joe Cordell. They highlight the uncertainty that the future includes and how having a plan in place, created by an experienced elder law attorney can help put your mind at ease. They talk about how proper planning can help protect your life’s work and how building your team of experienced professionals in respective planning fields can be beneficial in deciding your future.
Joe discusses how a financial advisor, a medical care manager, a geriatric care manager, an individual that you would give durable Power of Attorney to, a spiritual advisor of some sort, and an elder law attorney can make for a complete team that assists you in making decisions regarding your future.
Joe also explains the vague boundary that exists between an elder law attorney and an estate planning attorney, as well as the need for having an elder law attorney who is opinionated.
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Attorney-CPA Joe Cordell and co-host Susan Arthur continue their discussion on estate planning issues that arise for celebrities. They discuss musician Ray Charles and the issues surrounding the trusts that he established for his children, as well as the amount that he left for his charitable foundation. Due to a lack of clarity and updates regarding the amounts being given to each child, litigation occurred.
Joe and Susan also discuss musician and aspiring politician Sonny Bono and his lack of will during the time of his death. They highlight how her former wife, Cher, sued the estate for unpaid alimony and was able to collect, despite her own success.
They talk about R&B singer Barry White and the lack of updates of his will. This, paired with the fact that his divorce to his second wife was not made legal, caused problems among the family members involved.
Joe and Susan also break down the issues surrounding Michael Jackson’s last wishes and the issues surrounding having a pour-over will and not putting the assets in a trust, as well as the estate of former Miami Dolphins owner Joe Robbie and the problems he had with his will, revocable trust, and his spouse’s forced share. They wrap up the show by discussing how much money Leona Helmsley gave her dog after she died.
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Attorney-CPA Joe Cordell and co-host Susan Arthur dive into estate planning through the lens of celebrities and use them to highlight the ways that you can put a plan in place, in order to take care of those that you care about.
They discuss the story surrounding Buzz Aldrin and his desire to get married again, despite his children’s concerns regarding competence and the legal implements regarding guardianship that are in place. They talk about the possibility of a prenuptial agreement providing safeguards that could quell the concerns of the children.
Joe and Susan discuss the detailed will and trust of Frank Sinatra and the company that his daughter was running, but was left to his wife, Barbara. They also discuss former Chief Justice of the Supreme Court Warren Burger and his 176-word will. The division of assets was not evenly split, causing discord among family members.
They also talk about the will of Lauren Bacall and the taxes due on her estate. Joe discusses issues involving liquidity in estate planning. Joe and Susan wrap things up by talking about Lisa Marie Presley and her issues surrounding her father’s estate and the issues surrounding her own finances.
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Attorney-CPA Joe Cordell and co-host Susan Arthur answer listener questions, regarding issues that those facing the aging process would find helpful. These questions answer topics surrounding protecting assets, when you are attempting to qualify for Medicaid, whether payments to third-parties are subject to the five-year look-back rule of Medicaid, whether or not writing the wrong address or wrong last name on a Power of Attorney document requires getting a new one, how competency can play a factor in determining whether or not someone is fit to live on their own, utilizing the legal maneuvering involved in creating a new Power of Attorney, in order to override the decision-making of someone named in the original one, the time that it takes to settle an estate, and so much more.
Joe and Susan discuss what the best way is to give money to your grandchildren, what a 529 plan is, the benefits of a trust, and how insurance policies can affect qualifying for Medicaid.
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Attorney-CPA Joe Cordell and co-host Susan Arthur kick off 2019 by discussing practical New Year’s resolutions, so that you can be benefit from the changes you make in the new year.
In no particular order, Joe and Susan discuss having important estate planning documents located in a place where other people know where they are, having a plan for asset transfer, having conversations with your family members about what you have decided, making sure that you have Powers of Attorney and health care directives created, so that your wishes regarding financial and medical decisions can be realized by a loved one, having a reliable emergency alert tool, joining a walking program, so that you can get the exercise in, and getting a physical, committing to a social club or activity, so that you can gain the physical benefits of social interaction with others.