Smart Planning 101

What is an irrevocable pure grantor trust, and why would someone want one?  In this episode, David Zumpano, a nationally recognized expert on asset protection, estate planning & elder law, discusses with me this little-known (although widely used) trust – what it is, why we use it, and who it is for. In Part 1, you will learn: about the goal of helping a loved one to protect their autonomy why people end up in nursing homes (how failing to plan makes this more likely) why retirement isn’t necessarily what you think it is why we want to engage in an asset protection strategy for financial security in our later years what is an irrevocable pure grantor trust, and how it differs from tax trusts and revocable living trusts the history of trusts and what they were traditionally used for (tax trusts – the “traditional” irrevocable trust – no access, no control, no right to benefit) how trusts evolved over time – becoming the revocable living trust why the change in the laws in 2001 significantly changed t

Part Five of the 5 Things Adult Children of Aging Parents Need to Know Now -- The Pre-Planning Options That Your Aging Parent Needed Yesterday –This topic somewhat revisits the concept that “basic estate planning isn’t enough” but also addresses the specific types of advanced planning that can make a difference in protecting assets and the ones you love. The real point of pre-planning is to MAXIMIZE options and gain maximum control of yourself, your family, and your life. When people wait until a crisis, the result is that there are fewer options; therefore, less control!   Part 1: (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents. Part 2 (Episode 16): Basic Estate Planning Isn’t Enough (Wills, Revocable Living Tr

Part Four of The 5 Things Adult Children of Aging Parents Need to Know Now (Episode 18): In this episode, Audrey Ehrhardt of ElderCounsel and I talk about the different types of scenarios that make legal decision making necessary for an adult child; how having proper documents affects this; why you may, as an adult child, need advice not only for your parent’s sake but also for your own!   Part 1: (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents. Part 2 (Episode 16): Basic Estate Planning Isn’t Enough (Wills, Revocable Living Trusts, and Your Garden-Variety Powers of Attorney Just Aren’t Going to Cut It) Audrey and I discuss the fact that people THINK they’ve “gotten it all taken care of” – this episode

What is long-term care? How do we plan for our parents’ needs as they age – what are our options? In this episode, Audrey Ehrhardt from ElderCounsel and I discuss the many different types of long-term care and how to access them. The point being, it is MUCH better to know in advance – be prepared – and not try to figure it out when your loved one has a healthcare crisis! Part 1: (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents. Part 2 (Episode 16): Basic Estate Planning Isn’t Enough (Wills, Revocable Living Trusts, and Your Garden-Variety Powers of Attorney Just Aren’t Going to Cut It) Audrey and I discuss the fact that people THINK they’ve “gotten it all taken care of” – this episode explores the reasons why this is

In this episode, Audrey Ehrhardt from ElderCounsel and I discuss the fact that people THINK they’ve “gotten it all taken care of” – but we explore the reasons why this is a dangerous assumption and some of the things you should do about it. A Will Isn’t Enough (And Neither is A Revocable Living Trust) Your Financial Power of Attorney Needs Review This topic is important because so many people (both children AND parents) have mistaken beliefs that things are “all taken care of” – and find out that they are NOT when there is much less that can be done about it. Part 1: (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) Audrey gives some facts and figures about how many people this affects, and how expensive it really is. You may be shocked to learn these details! We also put this into a practical perspective for adult children, so you can see how it relates to you and your parents. I also discuss the frequently discussed statement, “I’m never going to a nursing home – so don’t ev

In this five-part series, I (Nicole) interview Audrey Ehrhardt, the Office Management Director of the national elder law organization ElderCounsel, and we discuss the FIVE THINGS adult children of aging parents need to know…now. Planning for the future is essential, especially today with longevity increasing, modern medicine playing a significant role in our living with disability, and longer times of living in retirement. Understanding how these issues play into our parent’s lives will enable us to make better decisions later, with less stress. **Reminder** The contents of this podcast do not constitute legal advice; this information is for general purposes only. If you need advice specific to your situation, consult with an elder law attorney that practices in your state.   Part 1: The Cost Of Long Term Care Is Rising (And Why It Matters To You) Part 1 (Episode 15): The Cost of Long Term Care is Rising (And Why It Matters to You) Audrey gives some facts and figures about how many people this aff

In this short episode, family estate planning and elder law attorney discusses how wills tend to have very little relevance for many people these days. Listen to the entire episode related to facts about wills you don't know: www.SmartPlanning101.com/11

In this short episode, nationally recognized pet planning expert Peggy Hoyt shares the "one thing" she wishes EVERY pet owner would do when it comes to planning for their pets. Pet trust, pet legacy planning. Listen to the full interview: www.SmartPlanning101.com/10

The continuation of Steve Frank’s family story of his mother’s Alzheimer’s diagnosis and treatment. Did you miss part 1? Click here What you will learn in this episode: Steve continues the story of the emergency move of his mother out of the house to an Alzheimer’s memory care facility; How many Alzheimer’s patients are healthy in body and what the effect of that may mean financially to families; Steve’s experience when his mother insisted on coming living with him instead of remaining at the facility and what he learned was the correct way to cope with this; The challenges of how the effects of anesthesia affect an Alzheimer’s patient; How, despite the intention and promises to never sell their parent’s house, that is what happened and how that ultimately was the right thing for his parents; How, despite his mother’s apparent lack of recognition of most things, she consciously attempted to refuse food; Steve’s feelings on letting go; How long term care insurance played a major role in his

Even though wills are one of the, if not the, most familiar legal documents there are, the fact of the matter is, most people don’t really understand how they work. Unfortunately, wrong information gets perpetuated by the talking heads of conventional wisdom…and bad decisions are made as a result.  Is a will right for you? Are you sure? This episode is about getting rid of some of these misconceptions. I (Nicole) talk about 5 of the most common things people don’t know about wills, and why they are crucial to smart planning. WHAT YOU WILL LEARN IN THIS EPISODE: Nicole Wipp, Family Estate Planning & Elder Law Attorney, Host of Smart Planning 101 Podcast Why a will is your ticket into probate court How wills create a perfect situation for predators that may be interested in what you’re leaving behind (no privacy for your loved ones!) Why what your will says is often not what actually happens How wills are of limited use – and don’t do anything for you during life How the ultimate cost of a will i

Even though for many, pets are as dear as children, the laws definitely don’t see it that way.  Unless you plan, your pet is no more important, legally, than a piece of furniture. That being said, Americans seriously love their pets! According to the American Pet Products Manufacturers Association, 63% of American households have pets. A survey conducted by the American Animal Hospital Association shows that 57% of pet owners say that, if stranded on a desert island, they would prefer their pet as their sole companion. In 2012, we collectively spent $53 BILLION dollars on pet care. Men spend, on average, more than women! 5 BILLION is spent on pet gifts! Despite the fact that we love our pets so much, most people fail to plan.   This simple fact is part of the reason that it is estimated that approximately 3.7 million animals were euthanized in the nation’s shelters in 2008. Don’t let this happen you your vulnerable loved one!  Join me as I discuss pet planning with nationally r

In this continuation of my discussion with a nationally recognized expert on VA Improved Pension, Jim Swain, you will learn: we continue to discuss the dangers of recommendations for, and the use of,  financial products such as annuities for VA Improved Pension (and estate) planning when you should see an attorney to discuss getting VA Improved Pension benefits how your financial power of attorney is usually wrong but needs to be right when doing planning when family members need to start getting involved why seeing a specialist is so important, and more! Make sure you listen to part 1~ Click here CONTACT Jim Swain by clicking here

MEMORIAL DAY – Let’s honor those that have given their lives in service to our country by learning more about how we can help our elderly Veterans, or their spouses, widows, and widowers, in need with a little known, but extremely valuable benefit:  the Veteran’s Improved Pension (which is commonly known as “Aid and Attendance”). What You Will Learn in This Episode: Jim’s background, and why this area of law is very satisfying (how much we can help people!) What the Veteran’s Improved Pension is (a benefit people call “Aid & Attendance”) What the Veteran’s Administration will tell you about qualifying for the benefit (and why they’re WRONG) How the written and unwritten rules play into getting this benefit for people What it takes to get qualified for the benefit What a family member or spouse should do if they are told they have too much money to qualify The dangers of allowing a financial planner, annuity salesperson, or insurance person to get you/a loved one qualified for Veteran’s Improved Pens

Certified Exit Coach Bill Black discusses how approaching retirement for business owners can be a time that is difficult, especially when you're used to working. At the same time, however, it is a great opportunity to "re-wire" and do the things you've always wanted to do. The key? Smart Planning! Listen to Bill's entire interview: www.SmartPlanning101.com/5

Leadership Coach Steve Frank's "Smart Minute" planning tip is revealed when he discusses taking a leadership role in long-term care issues for parents, in light of his experience as both a professional executive leadership coach and his personal experiences with his mother's Alzheimers. Listen to Steve’s entire interview, “002 Mom Had Alzheimer’s: A Family’s Emotional, Legal & Financial Journey” and read our show notes: www.SmartPlanning101.com/2

Business exit planning is crucial to maximizing your investment in time, energy, and brainpower as an entrepreneur. Business owners over 50 have a special challenge because so many will be exiting the business world over the next 15 years. Make sure you get the most money out of your transition AND have it go smoothly! Bill Black from ExitCoachRadio.com shares strategies in this episode.

What is the Smart Planning 101 Podcast all about? In this short episode, host Nicole Wipp discusses why she started this podcast, what you can expect, and the importance of Smart Planning!

Nicole gives advice to anyone contemplating divorce about keeping your head on straight, planning for the rest of your life, understanding what divorce DOESN’T do for you, who you need on your team, and more.

Steve Frank, an executive leadership coach and CEO of Evolution 360, discusses his family's journey after his mother was diagnosed with Alzheimer's. In this interview, he tells us about the challenges the family faced, which -over and above caring for mom - including managing legal and financial issues, helping his father cope with the emotional toll and ultimately the physical toll of caregiving, how to make decisions about impossible issues without creating self-doubt and family conflict, and why taking a leadership role in times of healthcare crisis is crucial.

I get quizzed by Bert Martinez … can I handle the pressure ;)? The tables are turned – I get interviewed by popular blog and radio show host Bert Martinez of Money for Lunch. Bert asks me some great questions (and I hope gets some great answers!). Here’s what’s in this episode: We discuss why people don’t like to discuss death and health care crisis issues, and yet why we have to (financial and personal disaster, most importantly!) Bert asks me what the difference is between elder law and estate planning He asks me about the value of a will We discuss the “right age” to start talking about these things He asks me why planning for long term care is important We discuss the cost of long term care and the repercussions of failing to plan for it (I think he was surprised) Bert realizes his own estate plan is completely out-of-date! Bert is about to release his new book, Created to Succeed.  Check it out!