Joseph E. Cordell

Attorney, CPA, Author, Speaker

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.

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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.

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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.

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Looking Into Medicaid Planning [Episode 154]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to highlight the importance of financial planning for long-term care through Medicaid, on this episode of ElderTalk with TuckerAllen.

They describe the qualification process of qualifying for Medicaid and emphasize the ability that you have, in protecting your life’s work for your loved ones while still being able to afford long-term care and provide funds for a healthy spouse.

Teresa dives into the laws surrounding Medicaid and how they affect an estate after someone dies, as well as the look-back period and the possible penalties associated with it.

Teresa breaks down what an irrevocable trust is and what it is used for. She and Joe details the rules and regulations associated with an irrevocable trust, as it relates to maintaining Medicaid eligibility and allowing you to live in the house, even if you choose to place it in the irrevocable trust.

Joe explains what annuities are and the criteria to have one. He also talks about how Medicaid is calculated in Missouri and what the income level qualifications are in the state.

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Questions and Answers About Medicaid [Episode 117]

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Attorney-CPA Joe Cordell and co-host Susan Arthur answer listener questions about relevant topics pertaining to Medicaid, long-term care, estate planning, and more.

Joe and Susan describe what undue influence is and how evidence of cognitive issues can help support the legal claim. They also dive into some of the estate planning aspects of the Jeffrey Epstein case regarding his trust.

They answer a question regarding whether or not a car and house of a listener’s mother should be sold, so that the mother can qualify for Medicaid. Joe highlights the protections surrounding cars, as it pertains to Medicaid eligibility.

Joe and Susan talk about how moving states impacts the estate plan and details how difficult ancillary probate can be for intended beneficiaries. They discuss revocable trusts and whether or not the owner of the trust has an obligation to inform a trustee, if they wish to change trustees.

They also discuss whether or not the sale of antiques within a house can be used to pay for long-term care and whether or not that would affect Medicaid eligibility. Joe and Susan stress the importance of creating a specific plan with an elder law attorney.

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