The Plain English Legal Podcast

Professional Medicaid Planning Failures--Part 2 of 2

Losing the house to the nursing home?

Having to go to court for Mom's guardianship because Dad died?

Losing everything the parents worked for because *both* parents now need Medicaid?

And realizing all of these horrors could have been avoided if only the Medicaid attorney looked beyond just getting one spouse qualified for benefits.

Unfortunately, the bar is set so low for Medicaid Planning professionals in general and Medicaid Attorneys specifically that comprehensive, forward-thinking strategies and plans are hard to come by.

In this discussion between Certified Medicaid Planners (TM) Jeffrey G. Marsocci and David Cole, they explore five big ways that professionals fall short and how issues should be approached instead.

For the YouTube video version, check it out here: https://youtu.be/UezX6Bi1LLk

#medicaid #medicaidplanning #assetprotection #estateplanning

Professional Medicaid Planning Failures--Part 1 of 2

Losing the house to the nursing home?

Having to go to court for Mom's guardianship because Dad died?

Losing everything the parents worked for because *both* parents now need Medicaid?

And realizing all of these horrors could have been avoided if only the Medicaid attorney looked beyond just getting one spouse qualified for benefits. Unfortunately, the bar is set so low for Medicaid Planning professionals in general and Medicaid Attorneys specifically that comprehensive, forward-thinking strategies and plans are hard to come by.

In this discussion between Certified Medicaid Planners (TM) Jeffrey G. Marsocci and David Cole, they explore five big ways that professionals fall short and how issues should be approached instead.

For the YouTube video version, check it out here.

5 Ways Medicaid Attorneys Destroy Families By Failing to Plan Ahead

Unfortunately, it is all too common that attorneys who help clients qualify for Medicaid completely fail to plan for contingencies with the family, even when the client is asking to make sure their assets are saved for their loved ones.

In a recent case I have been briefed on, the previous attorney merely met the extremely low bar of just getting Mom qualified, but committed five big errors... or at least what we consider errors. In this video, we review five big ways many Medicaid planning attorneys can destroy a family by failing to take even likely contingencies into account. #medicaid #powerofattorney #irrevocabletrust #trusts

For the YouTube video version, check it out here.

8 Ways to SAVE Money Gifting to Charities

In this interview with Mike Brooks of Safe Asset Financial, Jeff discusses 8 specific techniques around Planned Giving that can benefit the giver, their family, and charities all at the same time.

The rundown of the techniques are:

1. Bequest from a Will or Trust
2. Charitable Gift Annuity
3. Beneficiary Designation on Donor Advised Funds
4. Charitable IRA Donation
5. Life Insurance Beneficiary Designation
6. Gifts of Highly Appreciated Assets
7. Donations to Charitable Remainder Trusts
8. Testamentary IRA Charitable Remainder Trust

It is astounding how much a giver can get ahead when they run the numbers with their financial advisor, estate attorney, and accountant. So check out these techniques and see if one or more of them might be right for you, or if your favorite charity should take a closer look at their own planned giving campaigns to incorporate some of these.

#estateplanning #charity #financialplanning #taxplanning

For the YouTube video version, check it out here.

3 Nasty Secrets About Wills

There are many attorneys who are happy to just “go with the flow,” and dole out a Last Will and Testament for their clients when asked. After all, the general public expects that that all they have to do is create a basic Will, and suddenly their estate is completely taken care of. Nothing can be further from the truth. The assumptions that come along with just “doing a Will” are enough to destroy a person’s plans. While a Will does have it’s place, here are three massive secrets that attorneys do not typically highlight to the public when recommending a Last Will and Testament to their planning clients.

For the YouTube video version, check it out here.

10 Myths of Care Assistance Planning

There are a lot of myths surrounding the Care Assistance process, particularly when it comes to Medicaid since the program is the most complicated and skilled care is the most costly. And, unfortunately, the consequences of incorrect information are often irreversible and very, very expensive.

That is why I have compiled the Top 10 Myths of Care Assistance Planning for you. If you believe even one of these is true, failing to get the right information and help can be catastrophic.

For the YouTube video version, check it out here.

Don't forget to subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

Leveraging Taxable Assets to Boost Retirement and Estate

Too often, people blindly follow the crowd, and when it comes to retirement and building an estate, people can be leaving a lot of money on the table. Or worse, they are needlessly dumping it into Uncle Sam's pockets. The real rich members of society have been taking advantage of loopholes in the tax code for decades that most people don't know.

In this discussion, Jeff and our panelists Steve Redelsperger, Chris Pell, and Victor Angustia review a few techniques that can be leveraged to provide boosted retirement with lower taxes. #financialfreedom #retirement #estateplanningattorney #lifeinsurance

For the YouTube video version, check it out here.

Don't forget to subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

Do Step-Children Inherit From An Estate?

This question has been popping up a lot lately, and, unfortunately, the answer is "it depends." In this podcast episode, attorney Jeffrey G. Marsocci examines inheritances with and without a written plan, what constitutes a child under estate distribution laws, and how parents with step-children can approach estate planning in ways that are fair. #estateplanning #blendedfamilies #inheritance #adoption

For the YouTube video version, check it out here.

Don't forget to subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

Duct Tape Estate Disaster

What happens when there is no money available to pay the funeral home?

When someone uses the "duct tape solution" of beneficiary designations on all their accounts to avoid probate rather than using a revocable living trust, it becomes a disaster for the people named as executors in the Will. This is to the point it could delay paying for the funeral for a month or more.

In this podcast episode, Jeff reviews an estate where he was "temporarily" named as executor, the client "Tasha" died, and now the financial firm holding her assets is refusing to even release information until they get paperwork from a court process that takes a month or more. #probate #funeral #estateplanning #revocabletrust 

For the YouTube video version, check it out here.

Don't forget to subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

Getting Started with Financial Planning

When it comes to financial and estate planning, knowing how to start seems to be the toughest part. While we already have plenty of content on starting estate planning, building up that estate is it’s own subject. Thankfully, I had the opportunity to speak to John Heck of Protection Point Advisors to review getting started in financial and retirement planning at various ages and under different circumstances. One thing from the discussion was clear: there is no one-size or one plan fits all.

For the YouTube version, check it out here.

Don't forget to subscribe to my Youtube channel @theplainenglishattorney to watch the full videos of my podcast episodes!

#finances #retirement #investing #estateplanning