Tag Archive for: trusts and estates

Don’t Cut Corners in Your Estate Planning [Episode 139]

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Attorney-CPA Joe Cordell and co-host Jill Enders talk about the importance of not cutting corners in your estate planning, on this episode of ElderTalk with TuckerAllen. They emphasize why overpaying and getting it done thoroughly and correctly is better than underpaying and utilizing a form.

They touch on each of the moving parts that you need to take care of, while you still are able to do so, such as a durable Power of Attorney, a will, and a trust. Joe dives further into what a trust does, as a central entity of your entire estate plan.

Joe explains the roles involved in the estate planning process and the importance of choosing individuals for these roles based on an accurate understanding of their character, as opposed to loyalty or affection for that person.

He also differentiates wills and trusts, highlighting the ins and outs of both and why having both is a good idea.

Then Joe and Jill are joined by roving reporter online editor Dan Pearce, as they break down estate planning issues surrounding a family and their Italian restaurant in Canton, Ohio.

Appreciating the Functions of a Trust [Episode 128]

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Attorney-CPA Joe Cordell and co-host Jill Enders navigate the ins and outs of trusts. They talk about the different perspectives that exist among clients who feel that a more detailed estate plan would be “controlling from the grave” versus clients who feel that it simply would be a parent looking out for their children.

Joe explains the differences between a revocable and an irrevocable trust, and he talks about the intricacies involved in the asset protection strategies involved in an irrevocable trust. He also talks about utilizing an irrevocable trust, in order to qualify for Medicaid.

Joe highlights the benefits of having a revocable trust, as well as the challenges associated with the probate process, including the schedule and the costs associated with the experience.

Joe and Jill discuss the possibility of challenging a will, as well as accusing a beneficiary of undue influence. They break down the responsibilities of a trustee and an executor. Joe also talks about how businesses are preserved by an executor, after the owner of a business dies.

Navigating Family Dynamics in Estate Planning [Episode 126]

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Attorney-CPA Joe Cordell and co-host Jill Enders discuss the legal ramifications of having estate planning documents in place. Joe describes the role of the attorney and how they go about creating a comprehensive estate plan that reflects the wishes of the client.

They talk about clients who may have a controlling kid who wishes to manage the situation. Joe and Jill highlight how there are situations where the controlling kid’s intentions are pure and situations when they are not. Joe dives into the burden of proof in proving undue influence and also describes a case involving a $3 million estate involving children disputing decisions involving estate planning documents. Legal actions and appeals still are occurring in the case.

Then Joe and Jill are joined by online editor and roving reporter Dan Pearce to discuss a case occurring in Florida, where an administrative assistant of a skilled nursing facility in Florida was arrested for misusing the funds of a patient, of whom she was their agent with a Power of Attorney in place.

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 Financial Safeguards in Trusts [Episode 53]

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Attorney-CPA Joe Cordell and co-host Susan Arthur break down the significance of putting safeguards in place in your powers of attorney or trusts, in order to protect financial assets. They explain how they protect the asset’s overall well-being and how the failure to do so can leave the asset vulnerable in the case of an emergency.

Answering Questions About Long-Term Planning [Episode 45]

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This week on ElderTalk, attorney-CPA Joe Cordell and co-host Susan Arthur answer listener questions about housing, Medicaid, asset protection, power of attorney, and long-term planning. They identify the steps you may need to take if someone becomes incapacitated, as well the importance of taking advantage of existing laws, in order to protect your wishes and your future.

Utilizing Trusts To Protect Your Assets [Episode 4]

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Attorney-CPA Joe Cordell explains many of the misconceptions regarding trusts and details how they can be utilized to help protect a person’s assets regardless of their economic standing.