BoomerTime with Nancy Cogar

This episode features a very special, honorable guest, someone who has known me all of my life. Meet my mom, Carol Grimes, who shares about her experience in an independent living community, the need for friendship as we age, and the virtues of communication between caregivers and their loved ones.

She offers some very important words to the wise for Boomers planning their own care, and a very important incident involving some reorganized pickles.

Join the Boomer Time community! Learn more at ⁠⁠⁠NancyCogar.com⁠⁠⁠, subscribe to my newsletter and gain helpful resources to help you or your loved one navigate aging with confidence.

In this episode, we are talking about the need for rest, relaxation, R&R, whatever you call it. Know that no matter how much we cram into our schedule, that there will always be more to do. We are not designed for a 24/7 lifestyle. Even God rested on the seventh day!

But how do you find the freedom, let alone time for respite care? Friends, volunteers, family members and even professionals offer these services.

For example, ARCH National Respite Service is a resource center that helps caregivers find respite programs. Also, a lesser known fact is that hospice programs often offer respite as well.

Plus, for those living in Tennessee, the PACE program can offer transportation and assistance for qualifying seniors. This is something worth looking into, whether you're a primary caregiver or a friend or loved one who wants to help someone get the rest they need.

If you take a listen to this episode, you'll hear some nice bonus footage of Gary and I on the Watauga River near Johnson City, Tennessee.

Respite is a need.

Join the Boomer Time community! Learn more at ⁠⁠⁠NancyCogar.com⁠⁠⁠, subscribe to my newsletter and gain helpful resources to help you or your loved one navigate aging with confidence.

Drew Clements is an attorney with Clements Law Firm, and he and I have had an opportunity to work together on cases from time-to-time. And while our specialties slightly differ, we are both focused on helping Boomers plan for life's "uncertainties."

Often times you can be creative when you have time for long-term care planning. Drew has experience and the insight to see where there hasn’t been planning and now we have a crisis - or a specific circumstance that has come up and requires assistance from a legal advocate.

One of the issues that can come up involves nursing home care two issues, (1) how to pay for it and (2) how to make your assets go as far as they can go - protecting them from an immediate spend down. That requires planning, too.

One of the ways to protect those assets or to be more strategic with them is a Medicaid Asset Protection Trust. Listen as Drew breaks hose down in an understandable way and talk about the pros and cons of those.

How to reach Drew: [email protected] | ClementsLawFirm.com

On this episode of Boomer Time, I am going to tackle some simple shortcuts that folks often take thinking that they are doing just what I talked about – planning for their aging years but doing it by taking some shortcuts. I see a lot of folks taking these shortcuts – and I’m here to tell you today that these shortcuts can often lead to some major boo boos – or painful consequences. Often times – the ones involved don’t know or realize that until its too late. That’s why I think its worth sharing. There should be some very important takeaways for you today and I bet some of these will sound VERY familiar – maybe you have even done one of them.
Make sure to stick with me because at the end I’m going to offer you some important and free resources that can help with your long-term care planning. So, spend the next 30 minutes with me. These are issues I want to tackle together as a community. I have already heard from some of you and I’m so glad to know that the podcast helps in your circumstances. I want to say hello to Stephanie in Utah. I hope all is going well with the transition that we talked about. And big hello to one of my favorite people in the world – Josh Robbins in Murfreesboro. Thanks for tuning in counselor and I would love to have him on the show. He is just great. If you are in Murfreesboro and looking for legal help – look up Josh Robbins. Maybe Josh will come on the show and can share some of his expertise. If you’re new to the show – reach out to me and tell me what you think. Ask me a question – maybe it will make a great next episode.

But here, we are talking about unintentional BIG BOO BOOs or mistakes that can cost you when it comes to simple shortcuts in your estate plan.

You don't need to be a millionaire with lots of assets to start a trust.

There are lots of different kinds of trusts and they can serve all kinds of different purposes. This is an often-confusing topic for that reason. I hope to resolve some of that in Episode 13 as we tackle some of the differences in trusts – and talk about whether a trust is a good option for you – whether it’s for long term planning for an older adult or someone with a special need or just a vehicle that you want to avoid probate.

What is probate?

Probate is court-administered estate administration. That usually involves a will, and you can even have trusts in wills, believe it or not. I told you this can be confusing stuff.

First – What is trust and how does it work?

Trusts are created under the law where you live. Tennessee has a Uniform Trust Code that governs such trusts which is part of our state laws. Other states have similar laws in place – and those can vary from state-to-state which you need to be very aware of.

If you have a trust that is created in Tennessee, and you move to Georgia, well – unless you change the controlling law of that trust – it is going to continue to be controlled by Tennessee law. It works the same way around… so if you’re one of those folks that has moved here to Tennessee and you had a trust created in another state – your trust will continue to be governed by that state’s rules, unless you amend the trust. That’s something you want to think carefully about because that can get extremely complicated – especially if it involves a complex trust. I may tackle the details of more complicated trusts in future episodes but today – we are just talking about trusts generally.

There are all kinds of trusts. But – don’t cross trusts off the list if you’re not a millionaire with a lot of assets. It still may be a good option for you. And that’s where I am going to focus today’s discussion because that’s where most of us find ourselves, right. I think that’s the most practical for our discussion on trusts and its where I find most of my clients making decisions in favor of trusts. Either separately created trusts or those trusts that are created inside Last Will and Testaments. Are you confused yet? I hope not. We are going to tackle that topic next and I hope to give you a better handle on those simpler trusts and what they may be able to help you with as you plan for your future.

Do you know the differences in the types of care you’ll receive?

If not, then I hope you have time to listen to my latest episode, where I cover five different types of care that you could expect as you age.

These are options when you cannot stay at home and cannot care for yourself. You need extra help in a community where there is professional and consistent help available to you.

I can share plenty of war stories, as I’ve had a number of clients come to me after being scammed. It’s always painful plus it’s hard to recover losses. And unfortunately, it’s only getting worse.

The FBI tells us that scams targeting older adults are up 82.35% percent in just one year. It’s not as simple as you might think to protect yourself from it. These scammers are sophisticated and getting better at stealing from you all the time.

Perhaps you have already experienced it or become a victim of such scams. We are going to talk about the top scams out there right now in the first part of our episode, and then stick with me because in the second half of the show we’re going to put some resources in your hands so that you can protect yourself, or your aging parents AND I am also going to share how you might be able to stop all those phone calls and junk mail all together. AND stay until the end because I will also share how you can get those resources in your hand. You know I love putting those resources in your hand. It’s all about empowerment.

This is a VERY sensitive topic for me as an elder law attorney. I have seen numerous seniors victimized by these types of scams. Why not? These scammers understand the fishing hole – the graying of us baby boomers represents the largest transfer of wealth in U.S. history. You’ve worked hard and saved money. Guess what? These guys know it and they want it!

Did you know first that telephone solicitors know that they should NOT be calling you. Put yourself on the Do NOT Call Registry and that will help to give them no excuse to call you again. These telephone solicitors are supposed to follow very specific rules. And yet, on average this year, U.S. consumers have received 4.3 billion unwanted calls a month.

We are in the age of cell phones and there are some features on your cell phone that can help reduce the number of calls you’re getting. I made this downloadable guide that can help you to start blocking calls right away on your iPhone, Android or Google Pixel device. Share this with a family member or friend.

What about junk mail? Did you know that you can reduce that, too? This really excites me because you can get bombarded with this stuff. I know. All you have to do is register with the Direct Marketing Association’s Consumer Website. If you’re a caretaker or if you’ve lost a loved one – you can stop junk mail to them as well.

Tennessee has an access to justice initiative part of that includes something known as HELP4TN.org. There, you’ll find lots of legal resources there and you can even ask an attorney for help by email. That’s a great resource especially if you have been scammed financially or are on a fixed budget and not able to hire an attorney.

Here’s what’s getting reported these days.

The overwhelming majority of calls reported were robocalls — 68 percent of the 5 million calls you reported during the fiscal year ending October 2021 were robocalls. (If you answer the phone and hear a recorded message instead of a live person, it’s a robocall). Another 22 percent were live calls.
The most common topic of the calls you reported was imposters, including calls from scammers pretending to be the Social Security Administration or IRS.

Read more at NancyCogar.com

Join the Boomer Time community! Learn more at ⁠⁠NancyCogar.com⁠⁠, subscribe to my newsletter and gain helpful resources to help you or your loved one navigate aging with confidence.

Resources Mentioned in this Podcast:

What is a POA? That stands for Power of Attorney. What does that mean? That essentially means that you are entering into a legal and written document in which you authorize individuals – one or more – I always recommend Alternates to make legal decisions for you – IF and when you’re not able to. POAs can be made for healthcare and for financial decisions.

So… I often hear from people who say, "I don’t need those."

I was at Cracker Barrel this morning having breakfast with my husband Gary, and the server told me that she was having this same argument with her mother. I’ve heard this over and over again. She told me in a frustrating voice that she has tried over and over again to ask her mother to make powers of attorney for health care and for her financial decisions – that way she has her daughter whom she trusts with those things – authorized to make those decisions – when she cannot make them on her own. Mamma told her I don’t need those. I’ve told you all verbally who is going to be in charge, if that happens.

Well… with all due respect Glenda (if you’re listening), that’s not good enough. As a matter of fact, if it's not in writing, it is no good at all. You need powers of attorney and they need to be durable and enforceable (especially here under Tennessee law). What does durable mean? Why do you need these and what happens if you don’t have them? I explain in Episode 10. Listen on Spotify or Apple Podcasts today and share with a family member or friend.

Do you have a Power of Attorney for yourself? Did it make all the difference? Tell us about it. Leave a comment in our contact form or email me at [email protected]. I'd love to hear about it.

Join the Boomer Time community! Learn more at ⁠⁠NancyCogar.com⁠⁠, subscribe to my newsletter and gain helpful resources to help you or your loved one navigate aging with confidence.

Resources Mentioned in this Podcast:

According to the Federal Bureau of Investigation, scams targeting older adults are up 82.35% percent from last year.  It’s not as simple as you might think to protect yourself from it.  These scammers are sophisticated and getting better at stealing from you all the time.  

Perhaps you have already experienced it or become a victim of such scams.  In this episode, we are going to talk about the top scams out there right now in the first part of our episode. Then stick with me because in the second half of the show we’re going to put some resources in your hands so that you can protect yourself or your aging parents.

Also, we'll share how you might be able to stop all those phone calls and junk mail altogether.  And stay until the end because I will also share how you can get those resources in your hand. 

This is a VERY sensitive topic for me as an elder law attorney.  I have seen numerous seniors victimized by these types of scams.  Why not – these scammers understand the fishing hole –the graying of we baby boomers represent the largest transfer of wealth in US history.  You’ve worked hard and saved money.   Guess what these guys know it and they want it. 

Have you experienced a scam or think you may be being scammed? Visit NancyCogar.com and use our contact form to tell us your story. We may feature it in a future episode and offer resources to help.

In this episode, I discuss conservatorships with my law partner and attorney Jodi Schaffer.

Jodi's practice has an emphasis on serving vulnerable adults especially elderly needing protective conservatorships.   She also serves as a conservator in many of these cases.  For that reason she is an expert and can give us a first hand boots on the ground look at what it's like, what to expect, and what you can do to avoid these circumstances when it comes to caring for your loved ones in their older years.

Seeking resources about conservatorships? Join the Boomer Time community! Learn more at ⁠⁠NancyCogar.com⁠⁠, subscribe to my newsletter and gain helpful resources to help you or your loved one navigate aging with confidence.