A series of clips from another virtual happy hour event originally held on Sept. 1, 2020 and featuring Attorney Jenna Franks and Long-Term Care Planner Kristin Daugherty make up episodes 33-39 of the Second Half of Life Podcast. This series of seven episodes, ranging in length from just over a minute to just over 15 minutes, deal primarily with long-term care planning topics. These topics include giving a home to a child or other beneficiary for $1 (which our firm does not recommend in most cases), the importance of wills and what types of assets generally aren't covered in them, why retirement accounts generally shouldn't be put in trusts, qualifying for Medicaid to pay for long-term care costs and more.
Links to each individual episode are below, and they can be found, along with all other episodes of the Second Half of Life Podcast, on the Steinbacher, Goodall & Yurchak website, as well as on several podcast directories. The podcast is also available on most podcast platforms, including Apple Podcasts, Spotify, TuneIn + Alexa, iHeartRadio, Stitcher, Podcast Addict, Google Podcasts, Podchaser, Deezer, Listen Notes, Bullhorn, Overcast, Pocket Casts, Castro, Castbox, Podfriend, Player FM, and Podcast Index.
Episode 33 - Why are Wills important and what types of assets generally aren't covered in Wills?
Episode 34 - Should I give my house to my child for $1
Episode 35 - Why not put IRAs and other retirement accounts into a trust?
Episode 36 - All about Powers of Attorney (in under 10 minutes)
Episode 37 - Qualifying for Medicaid to pay for long-term care costs
Episode 38 - Putting investment account into a trust
Episode 39 - Levels of long-term care
Julieanne E. Steinbacher, Esq., CELA*, founding partner and shareholder of Steinbacher, Goodall & Yurchak, and Jenna L. Franks, Esq., recently published the 2021 Supplement to the Pennsylvania Trust Guide. This guide is used as a handbook for attorneys, trustees, and their advisors and was produced by George T. Bisel Company, Inc.
The supplement to the guide contains important law updates concerning trust and tax law and features an analysis of brand-new cases relating to trust creation and administration. Other highlights include an overview of the types of charitable trusts and how to incorporate them as a planning tool for clients, a discussion about the Tax Cuts and Jobs Act of 2017, drafting tips for legal practitioners in the area of trust and estate planning, sample forms and letter templates used for trust funding, an overview of supplemental needs trusts, differences between grantor/non-grantor and revocable/irrevocable trusts, case studies involving irrevocable trusts in Medicaid and long-term care planning, effective uses of trusts to achieve desired tax planning goals, and much more.
Podcast Episode 31 is a Comprehensive Presentation About Using Trusts to Protect Assets; Now Available on New Platforms
So, you're at or close to retirement, or you have recently retired. You've spent around 30-40 years working hard to build up your nest egg so you can have at least a semi-comfortable retirement at minimum so that you can enjoy the fruits of your many years of labor, spoil the grandkids, and donate either your time or money to a charity or nonprofit whose cause is near and dear to your heart. Perhaps you've worked with a qualified financial advisor for several years to help you get to these goals. While it may now seem that you're crossed the finish line, in reality, you still have some outstanding items in order to ensure you can enjoy your retirement as you wish and you don't get caught off guard by an unexpected crisis that could greatly put a dent in your retirement savings.
In the Second Half of Life Podcast episode 31, Attorney Brittany Smith and Long-Term Care Planner Tammy Zilske give a comprehensive presentation on the asset protection trust. These types of trusts are typically used to protect assets from the cost of long-term care, which in Pennsylvania in 2020 average nearly $11,000 per month. If the need unexpectedly arises for long-term care, without proper planning, it can prevent someone from using their hard-earned retirement savings for things they want to use it for, and also make for a much-lower inheritance to pass onto future generations or whatever person or organization someone wishes to pass it to - or even none at all.