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Second Half of Life Podcast
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Second Half of Life Podcast

Author: Steinbacher, Goodall & Yurchak

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This podcast explores the many issues and topics related to elder law - the wide range of legal matters affecting people in their second half of life and individuals with disabilities. Produced by Steinbacher, Goodall and Yurchak: Your elder care and special needs law firm, providing quality representation in litigation. Visit our website at PAElderCounsel.com.
48 Episodes
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In this short clip from a virtual happy hour discussion held with a private group in October, Attorney Jenna Franks and Long-Term Care Planner Kristin Daugherty talk about the importance of not only have a Power of Attorney, but also that the document is done correctly and accounts for all reasonably possible situations. Kristin also gives an example of something that all financial POAs should have and if they don't, it could create a major problem when trying to protect assets from long-term care costs. 
A bad fall, stroke, dementia diagnosis, or other unexpected illness are things beyond one's control that could create a need for nursing home care, either temporarily or for the long term. But are you prepared for the financial ramifications of requiring nursing home care, either for yourself or a loved one?In this episode, Attorney Jenna Franks and Long-Term Care Planner Kristin Daugherty discuss legal strategies that are available to everyone to help minimize the financial and emotional impact of a healthcare crisis. Among the topics they discuss are what long-term care insurance covers, what both Medicaid and Medicare pay towards the cost of long-term care, how you can protect your home and other assets from the rising cost of long-term (hint: it's best to start planning early while you're still in good health in order to get the best results), and what you can do if you're currently in a crisis or a loved one is already in a nursing home and you haven't pre-planned. This is an audio recording of a virtual seminar originally presented in October 2020. To view a video of this episode, complete with PowerPoint slides, visit our YouTube Channel. 
In this podcast episode, an audio recording of a virtual seminar originally presented to a private audience in September 2020, Attorney Julie Steinbacher, founding shareholder of Steinbacher, Goodall & Yurchak,  discusses everything one would need to know about planning for the second half of life, with a particular emphasis on IRAs, trusts and taxes. She begins the presentation by talking about the foundational documents that everyone should have, such as Wills and Powers of Attorney, and goes into some more detail about the different types of POAs. In the second half of the episode, she then discusses trusts and their objectives,  IRAs and other qualified retirement plans, as well as taxes and how those should factor into retirement planning and potential planning for long-term care, and estate planning. To view a video of this presentation, complete with PowerPoint slides, visit https://www.youtube.com/watch?v=lkdthjvkSQE
What if you or a family member have an unexpected health crisis, such as a fall, stroke, accident, or dementia diagnosis? What if this crisis leave you or your loved one in need of some form of long-term care? What are your options, and how will you pay for this care?In this episode, a recording of part of an informal virtual discussion held in September 2020, Kristin Daugherty and Tammy Zilske, our firm's two Long-Term Care Planners, discuss the different levels of long-term care and what each entails, as well as how each is or can be generally paid for - though each individual situation certainly varies - and which ones are eligible to be paid for by Medicaid benefits. Both Kristin and Tammy are also Certified Medicaid Planners - two of only three in all of Pennsylvania as of 2020 - and they help clients every day with submitting Medicaid applications when they require long-term care. A video of this same presentation can be viewed on our YouTube channel https://www.youtube.com/watch?v=9tYrgqJNrtM
So, you have a Power of Attorney. First of all - what kind of POA is it - financial, healthcare, living will, mental health, or all of the above? What is in it? How long ago was it drafted? Have any of your personal circumstances changed since it was originally done? It is critically important to review your POAs periodically, because if there are critical components missing, it can greatly affect someone's ability to carry out the wishes of an incapacitated loved one. It can also affect a elder law attorney's ability to help both parties, which could potentially lead to long and expensive legal proceedings involving the courts. In this brief episode, long-term care planner Tammy Zilske explains more about the importance of having good quality POAs, and the possible consequences of having out-of-date or incomplete POAs, or none at all. 
In this brief episode, a clip from a virtual event in September titled "Piecing Together the Long-Term Care Puzzle," Long-Term Care Planner Tammy Zilske talks about the use of a Medicaid Compliant Annuity to help pay for the cost of long-term care and to help qualify an individual for Medicaid benefits to pay for the cost of long-term care. The rules for such a product are complicated, so it is recommended that you consult an elder law attorney (like our firm!) before purchasing one. 
Can adult children be held liable for their parents' nursing home bills? The short answer is yes, but this usually only happens as a last resort and in situations when there has been little or no planning done, or the adult child completely disappears or stops communicating with the nursing home. Our firm's long-term care planners Kristin Daugherty and Tammy Zilske explain more about the Pennsylvania law that allows this, the relatively rare situations in which this may happen and how to avoid such a situation (it starts with having a plan for pay for long-term care costs, which is where we come in). 
Nursing home care costs nearly $11k per month in Pennsylvania in 2020.  So, what happens if you or a loved one finds yourself in need of long-term care, either expectedly or unexpectedly, but especially if this circumstance hasn't been planned for previously? You'll either need to pay for it out of your own (or your family's) pocket, using any possible long-term care insurance you may have to at least partially offset those costs, or you'll need to apply for Medicaid benefits for these long-term care costs so that your life savings aren't depleted over time, and you have nothing to pass down to your heirs or other beneficiaries when you pass. So, what are the rules surrounding qualifying for Medicaid benefits for long-term care? In short, they are very complicated, but the most important thing to remember is the five-year lookback. In this episode, a clip from a virtual event held in September 2020, our firm's two long-term care planners, Kristin Daugherty and Tammy Zilske, who are also Certified Medicaid Planners, talk about the five-year lookback and how it works, and how it affects when you can qualify for Medicaid benefits for long-term care. 
Attorney Julie Steinbacher, the founding shareholder of Steinbacher, Goodall & Yurchak, gives this comprehensive presentation about the many aspects of estate planning. She uses a number of personal stories and anecdotes from her nearly 20 years of practice as an elder law attorney, social workers and long-term care facility owner, to relate to the audience and impress the importance of developing each part of an estate plan for your second half of life. An estate plan is more than just a Will and/or Power of Attorney (although both of those documents are extremely important as well), and Julie explains how each individual aspect of an estate plan can have an impact on what happens both while you're still living and after you pass away. This is an audio recording of a virtual seminar originally given to a private group. To view a video of the presentation, complete with PowerPoint slides, visit https://www.youtube.com/watch?v=2cOvX6FSiMY
In this podcast episode, a small portion of our Wine & Wills virtual event from Sept. 1, Long-Term Care Planner Kristin Daugherty explains the three levels of long-term care and what characterizes each of them, how they are paid for differently in some cases in terms of which are eligible to paid for by Medicaid, and how each individual's needs differ, as well as how each individual pays for such care. If you enjoyed this informative episode about different types of long-term care, subscribe to our podcast and receive notifications about new podcast episodes. Over the next month, there will be more short episodes ranging in length from about 2-15 minutes on long-term care specifically, and the various community resources available to individuals and families in need. 
Attorney Jenna Franks briefly explains the tax situation if an investment account (not to be confused with a qualified retirement plan) is put into a trust, and what our firm generally does to keep the tax rate on such an account as low as possible. This is a brief clip from our Wine & Wills virtual event held on Sept. 1. 
In this episode, a clip from our Wine & Wills virtual event on Sept. 1, Long-Term Planner Kristin Daugherty discusses using Medicaid to pay for long-term care costs. In addition to the better-known version of Medicaid (also called medical assistance), which is used by people of a certain income level for general healthcare, Medicaid is and can also be used by people of varying asset levels to pay for long-term care costs. So, how can you qualify for Medicaid to pay for long-term care if you have too many assets? The short answer is to give some of these assets away as gifts, often to a trust, but HOW one does this is more important that the act of gifting itself. Kristin explains some of this in very general terms. To learn more about Medicaid qualification for long-term care costs, view this portion of a recent virtual seminar in which Kristin explains more about Medicaid. https://youtu.be/9nB3sEz89Po?t=2105
In this clip from our Wine & Wills virtual event on Sept. 1, Attorney Jenna Franks and Long-Term Care Planner Kristin Daugherty discuss Powers of Attorney and why some POAs don't always contain everything they need to in order to account for possible future scenarios (our office strives to make sure this doesn't happen). They also summarize the four different types of POAs, discuss when each is effective, and talk about choosing agents for POAs and how and why they don't need to be the same person for each type of POA. 
Among the most common reasons for using a trust are to protect assets against the cost of long-term care, other creditors and potentially to avoid certain types of taxes (but not all). So, why then would it not be advisable in many situations to put IRAs, 401(k)s, and other types of qualified retirement savings accounts into a trust? Long-Term Care Planner Kristin Daugherty and Attorney Jenna Franks give a very simple explanation in this clip from our Wine & Wills virtual event on Sept. 1. However, they also offer a scenario when it may be advisable to do so. In short, every individual's situation is unique and what our office would advise as someone's best option is according to each unique circumstance. 
Why not sell your house to your adult child for $1 as a way to protect that asset from creditors or reduce your estate tax? Long-Term Care Planner Kristin Daugherty and Attorney Jenna Franks explain why this isn't a good idea and why our law firm generally advises against this practice. They also offer an alternative that may accomplish the same goals as selling your home for $1, only without the potential downside. 
In this clip from our Wine & Wills virtual event on Sept. 1, Attorney Jenna Franks explains why Wills are important to have for everyone, and also which types of assets, which have their own beneficiary designations, supersede whatever may be written in a Will. 
In this brief clip from our Wine & Wills Virtual Happy Hour held on July 21, 2020, Attorney Landon Hodges talks about what type of assets are generally best to put into a trust, and what specific assets that aren't advisable to put into a trust. He also touches on putting an investment account into a trust in which the principle is protected and irrevocable, but any income generated by it is able to be withdrawn. 
If you're at or near retirement, have you considered how to protect your assets from things like creditors after you pass, or more immediately, from the cost of long-term care while you're alive, should you require long-term care, as one in five people will, statistically? Long-term care in Pennsylvania costs nearly $11K per month in 2020. If this isn't something you've considered, then this is a podcast you'll want to listen to. Attorney Brittany Smith and Long-Term Care Planner Tammy Zilske give a comprehensive presentation on the asset protection trust and go over its purpose, how it is funded and administered. Believe it or not, trusts are and can be used by "normal," everyday people, and not just those with a certain level of wealth. Brittany and Tammy discuss the need for trusts and what it protects you from, how this trust differs from other types of trusts, how it protects assets, what taxes have to be taken into consideration when establishing the trust, and more.This is an audio recording of a virtual seminar originally presented on August 27, 2020. To view a video of the presentation, complete with PowerPoint slides, go to https://www.youtube.com/watch?v=H-3RLoBbLx0
In this brief clip from our Wine & Wills Virtual Happy Hour held on July 21, 2020, Attorney Landon Hodges explains the use of a revocable trust as a means of avoiding probate after the death of the trust owner. While some people may not want to put certain assets into an irrevocable trust, yet would still like to avoid the probate process, a revocable trust would accomplish this, although it doesn't offer asset protection in the same way that a irrevocable trust would. 
In this brief clip from our Wine & Wills Virtual Happy Hour held on July 21, 2020, Attorney Landon Hodges explains what happens when a trustee, or trust manager, lives in a different state than the grantor, or the person who set up the trust. He also touches on which state's inheritance tax will apply if the trustee lives in a different state than the grantor. Long-Term  Care Planner Kristin Daugherty also speaks about the importance of knowing which state a trust of governed under, for those people that may move into a new state after setting up a trust, since many states have different rules related to trusts.
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