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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Is Medicaid Right for You? [Episode 99]

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Attorney-CPA Joe Cordell and co-host Susan Arthur continue their ongoing discussion on Medicaid and long-term care. They describe the social and homely environment that many long-term care facilities and nursing homes attempt to cultivate, as well as the factors that allow you to qualify for Medicaid.

Joe highlights the evolution in financial strategies on how people spend and save their money as they age. He talks about the events and occurrences, such as trips or large purchases, that someone may want, which may make Medicaid planning a poor fit for them.

Joe talks about the usefulness of an irrevocable trust and how making financial sacrifices through frugal living can come at the cost of experiences in your senior years. Joe and Susan also answer a listener question regarding protecting a savings account, in case the listener incurs health expenses.

They also answer a listener question regarding whether or not there is a downside in bringing a loved one home from a nursing facility, as it pertains to Medicaid and finances, as well as a question asking what to do if you have too much money for Medicaid, but not enough money for nursing home costs.

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