BoomerTime with Nancy Cogar

We've often discussed typical estate planning, but what happens when an estate is more substantial? These are known as high-net-worth estates. In this episode, we'll delve into what constitutes such an estate, what they might entail, the inherent risks without proper planning, and real-life examples to illustrate these points.

Let's begin with a clear definition. A "high-net-worth estate" isn't just about lavish lifestyles; it's about the total value of your assets. If your combined real estate, investments, retirement accounts, and other holdings exceed $1 million, you likely fall into the high-net-worth category and should pay particular attention to tax implications and exemptions.

It's crucial to be aware of the federal estate tax exemption. In 2025, this stands at $13.99 million per individual or $27.98 million for married couples. However, these figures are slated to "sunset" or expire at the end of the year, potentially reverting to 2018 levels around $6 million. This change could impact a wider range of estates. If your estate's total value surpasses this exemption, the amount above the threshold could be subject to a federal estate tax of up to 40%.

State-level regulations are also significant. Here in Tennessee, we currently don't have an inheritance tax, making it an attractive location for retirement. Previously, Tennessee had a $1 million threshold for state estate tax.

Important Note on Income Tax: Any income generated by the estate during its administration is subject to income tax.

Now that we've defined high-net-worth estates, let's explore common pitfalls when these estates are not properly planned, and how to prevent them in Episode 72 of Boomer Time.

🔑 For help, visit https://www.NancyCogar.com🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube🎙Listen to Boomer Time with Nancy Cogar on Spotify: ⁠https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS⁠🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: ⁠https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845⁠🎙Listen to Boomer Time with Nancy Cogar on iHeartRadio: ⁠https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/⁠✨Follow on Instagram: ⁠https://www.instagram.com/nancy.cogar⁠

Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.

Dealing with the loss of a loved one is never easy. It's a time filled with grief, a whirlwind of emotions, and a lot of uncertainty. On my podcast, Boomer Time, I often get asked, "What do I do next?" when someone loses a loved one. It's a 911 call for help, and honestly, it's a question that needs a thoughtful answer.

First and foremost, let's acknowledge the pain. Grief is essential. Allow yourself to feel it. Many times, a loss follows a long illness or a challenging period of caregiving. Recognize that loss, and let yourself grieve before anything else. The practical matters can wait, trust me. As a person of faith, I believe my loved ones are in a better place, but that doesn't diminish the pain of loss. Grief has its own timetable, and suppressing it will only make it resurface later. Lean on your support system. You're not meant to navigate this alone. I understand that some of you may be experiencing raw and even angry feelings. That's okay. It's all part of the process. Pray, if that's your way of coping.

Now, let's talk about some practical steps. If you're the executor, personal representative, or trustee, understand that you're stepping into a leadership role. Your family will look to you for guidance. Set a tone of communication and transparency. Answer their questions, and share relevant documents when possible. Nothing creates more disputes than a perceived lack of information. Take this role seriously. You're there to lead and reassure your family through a tough time. Remember, they are grieving too, and they may be unsure about what's coming next. Estate administration takes time. Getting into court for probate, if necessary, can take weeks. Share this information. The unknown only adds to the grief.

So, what are the first steps? Allow for grief and honor the lost relationship. Then, communicate with your family. Your loved one chose you for this role for a reason. Be the leader they expected you to be. Guide your family without creating disputes. Setting expectations from the beginning is key.

Episode 71 of Boomer Time offers additional guidance. If you find yourself in this space, I invite you to listen. I’m also here in the event that you need more personalized assistance.

🔑 For help, visit https://www.NancyCogar.com

🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube

🎙Listen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS

🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845

🎙Listen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/

✨Follow on Instagram: https://www.instagram.com/nancy.cogar

Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.

My latest episode will focus on a “sensitive topic” and this may be one of the toughest to talk about. Death. What do you want done with your body when you’re gone. It’s not as simple as you might think and if you don’t plan you may be leaving a significant financial burden for your loved ones.

There are lots of options – more than you may realize. How do you want to go out? I’ve got folks don’t want a funeral or want a big party, or nothing at all, and some are donating their entire body to science, others opt for the traditional burial or cremation. It's an important topic – and there is really no escaping it, right? Unless we have some divine intervention.

Even God tells us to be prepared – that’s what we are going to try to do to be better prepared about the options available for the “final disposition of your body” and why you should plan for this. But also I’ll discuss what can happen if you don’t. I’ll even cover some of the more bizarre options people have prepared for their final farewell.

So... how do you want to go? Do you want to become cremated? Do you want to be composted? Do you want to be shot into space or the sea? Do you want a Viking burial on an open pyre? Well if you do, its going to require some planning and a financial investment. Before we get into the options. I thought it might be interesting to take a look at a couple of send-offs that some other folks have opted for. They really range from the basic to the ultra extreme and they are all true in Episode 70 of Boomer Time.

🔑 For help, visit https://www.NancyCogar.com

🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube

🎙Listen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS

🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845

🎙Listen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/

✨Follow on Instagram: https://www.instagram.com/nancy.cogar

Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.

This week, we’re talking about funeral home drama. You don’t want it – you may worry about that one loose cannon that may show up a the funeral, right.  I’ve got a few of those in my own family so I know you’re pain.  When family feuds, old grudges, and poor planning collide at one of the most emotional times in life.

I’ve seen stories of it all — the brawls, the breakdowns, and yes, even a fistfight next to the casket. So, grab your coffee, settle in, and let’s talk about how you can spare your loved ones a soap opera when the time comes.

In Episode 69, I share some real life stories. Of course, names have been changed to protect the guilty — and the innocent!! Right?  Some of these scenarios may sound familiar. Let me know if you’ve experienced any funeral home drama that you hear in this latest episode of Boomer Time.

🔑 For help, visit https://www.NancyCogar.com

🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube

🎙Listen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS

🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845

🎙Listen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/

✨Follow on Instagram: https://www.instagram.com/nancy.cogar

Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.

Welcome back to Boomer Time! It's your host, Nancy Cogar, here today to talk about something that can feel a little intimidating: estate planning. And you know what? I hear from so many of you who feel like your questions might be "dumb." Let me tell you something right off the bat – when it comes to protecting your future and the people you love, there's absolutely no such thing as a "dumb" question.

In this episode, I want to create a really comfortable space for us to explore some of those questions that might feel a little awkward or even obvious to ask. We'll gently unpack things like the difference between a will and a trust – in plain English, of course. We'll also touch on how to even begin these important conversations. Trust me, I've seen it all, and I understand that this process can feel overwhelming.

My goal today is to demystify estate planning for you. It's perfectly okay if you're not sure where to start or if you're worried about asking the "wrong" questions. In fact, seeking clarity is the most intelligent thing you can do. Remember, everyone's situation is unique. What might seem like a simple question to one person could be the key to unlocking a crucial piece of your own estate plan.

So, if you've been putting off thinking about wills, trusts, or what will happen to your precious belongings because you're unsure of where to begin or afraid to ask what you think might be a silly question, please listen in. My hope is that by the end of our time together, you'll feel more empowered, better informed, and ready to take those important first steps with real confidence. Let's dive in and discover that the only "dumb" question is the one you keep to yourself.

🔑 For help, visit https://www.NancyCogar.com

🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube

🎙Listen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS

🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845

🎙Listen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/

✨Follow on Instagram: https://www.instagram.com/nancy.cogar

Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.

Older adults are the main target and the victims with the biggest losses, according to newly released numbers from the Federal Trade Commission (FTC). And the losses are astronomical: a record $12.5 billion was reported stolen through scams and fraud last year, up 25 percent from $10 billion in 2023.

The overall cost of these crimes continues to skyrocket: Just four years ago, in 2020, Americans lost far less, $3.5 billion, to fraud, including identity theft.

The amount of money victims lose through fraud increases with age, partly because older people tend to have more to lose. Victims in their 60s claimed a jaw-dropping total of $1.18 billion stolen through fraud in 2024 alone. 

The FTC found that among the victims who included their ages in their complaints, adults in their 70s reported losing a median of $1,000, compared with a median of about $417 reported by those in their 20s. The median reported losses for all ages in 2024 was $497. 

These scams get my blood boiling and I have had a lot of folks lose money whether its romance scams, the 10-million-dollar Jamaican scam, or scammers pretending to be everything from a threatening government aging and your grandkids.  

You may know someone whose been scammed.  Maybe it was you?  I’ve been a victim of identity theft.  This is something that impacts all of us.   Talking about fraud isn’t exactly fun. But staying informed? That’s empowering. And in 2025, being informed is more important than ever. Because of scams today? They aren’t just shady phone calls from someone claiming to be a prince. They’re smart. High-tech. And they’re after all of us.

🔑 For help, visit https://www.NancyCogar.com

🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTube

🎙Listen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS

🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845

✨Follow on Instagram: https://www.instagram.com/nancy.cogar

Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.

In Episode #66 of the Boomer Time Podcast, I sit down with Amy Clarke of Morning Pointe Senior Living to discuss the crucial needs of both seniors and their caregivers. She announces the upcoming annual Caregiver Cafe, a free community event sponsored by the Morning Pointe Foundation.

This seminar series aims to educate and inform families facing difficult aging-related decisions. I am honored to be a panelist this year and look forward to connecting with attending families and caregivers.-------------------Nancy A. Cogar, Esq., has a Tennessee-based practice in estate planning, elder law, long-term care planning & advocacy for older adults. As a partner with Samples, Jennings, Clem & Fields, PLLC, she is committed to comprehensive, competent & compassionate advocacy for seniors, caregivers and families navigating aging and the incoming Silver Tsunami.🔑 For help, visit NancyCogar.com🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube✨Follow on Instagram @nancy.cogar#podcast #finance #money #elderlaw #estateplanning #aging #assets #news #lawyer #tennessee #boomertime #morningpointe #caregiving #caregivercafe #morningpointe #seniorliving

What if a loved one dies? What are you responsible for?

When a loved one passes away, it's important to know which debts and bills you are not responsible for. Generally, you are not personally responsible for a deceased person's debts unless you were a co-signer, joint account holder, or otherwise legally obligated.

Episode 65 provides a breakdown of what you could be liable for and more.

----Nancy A. Cogar, Esq., has a Tennessee-based practice in estate planning, elder law, long-term care planning & advocacy for older adults. As a partner with Samples, Jennings, Clem & Fields, PLLC, she is committed to comprehensive, competent & compassionate advocacy for seniors, caregivers and families navigating aging and the incoming Silver Tsunami.🔑 For help, visit NancyCogar.com🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube✨Follow on Instagram @nancy.cogar

So, I wanted to start off today on a personal note, as I sometimes do, because as you know, I’m not just a lawyer; I’m also a caregiver. I want to share with you a deeply personal story about my own journey with my 83-year-old mother, who recently had a stroke and is transitioning from independent living to assisted living care.

If you’re facing a similar situation or just trying to prepare for the future, this episode is for you. We’ll talk about the emotional toll, the legal issues that can arise, and the tools you should have in place long before a crisis happens. And yes, we’ll discuss how you can care for yourself as a caregiver because, as many of you know, caregiving is a journey that requires emotional, physical, and legal support.

So, my husband and I have been caregivers for my mother for over ten years now. This went from moving her in with a friend in Florida early on to offer some additional support in their daily lives, to both of them moving in with us for several years. After my mother’s friend passed away, my mother moved to an apartment, which was isolating, and then on to independent living, where she has been for the last five years, until a recent stroke affected her right side and her ability to get up, walk, and move around. This included that hard discussion about where she should go next—straight to a nursing home and the challenge of paying for that—or if she was still a candidate for assisted living, where she could receive care but not feel as though she was an invalid. We had to find that emotional balance, followed by the practical side of necessary care and financial ability. After about six weeks in the hospital and then skilled nursing care, we made some decisions, along with the realization that she was not able to go back to her independent living arrangement. That meant a scary new, unknown frontier for her; loss of friends and familiarity; not to mention trying to pack up all her things and determining what can and should come to the new place versus what she no longer needs, or what we should do with most of the other things that she has accumulated. Not easy stuff.

In this episode of Boomer Time, we're shifting focus slightly. I want to discuss the recent news of Gene Hackman's death because it offers additional important lessons. These include everything from end-of-life care to necessary support, estate planning (which we've already touched on in several past episodes), and the potential for abuse and exploitation. We're discussing issues that arise in the sunset years and how to protect yourself if you want to remain at home or if you're caring for an older adult. Both are significant here, and we're examining the recent deaths of Gene Hackman, 95, and his wife, Betsy, 65.

You might think something like this wouldn't happen, and while we don't yet know all the details, we did gain an important glimpse into their lifestyle in that New Mexico house. Although they had a handyman and some local contacts, they were mostly relying on each other and otherwise alone in that sprawling house.

Reports indicate that Gene Hackman and his wife lived in relative solitude in their later years, raising the question: What happens when elderly individuals live alone, isolated from family and community? More importantly, what legal risks accompany that isolation?

This is what I discuss in my latest episode: the isolation that can often result from the decision to remain at home in your later years. I'm not saying don't do that. I just want to offer suggestions for better support if you choose to "age in place," and advice on protecting yourself from potential problems.

So, let's have a conversation about the challenges of living alone and the legal perspective on elder isolation. As an elder law attorney, I address these questions regularly. When an elderly person lives alone, especially in isolation, several significant legal issues can arise. These range from guardianship and financial management to potential elder abuse and estate disputes. Many of these issues relate to topics covered in prior episodes, which we will try to reference for you.

🔑 For help, visit https://www.NancyCogar.com

🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTube

🎙Listen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS

🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845

✨Follow on Instagram: https://www.instagram.com/nancy.cogar

Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.

Photo Disclaimer: Images used with permission.