Smart Planning 101 with Nicole Wipp

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:

…in Part 2, we will discuss exactly who this is for, how it works, and more!  We will also discuss the types of assets that may be placed in a trust such as this one, and the benefits of its flexibility and protection.

Dave was born and raised in Central New York. He attended LeMoyne College and began his professional career with Price Waterhouse as a staff accountant. He graduated from Syracuse College of Law. He is the Founder and Senior Partner of the Estate Planning Law Center, David J. Zumpano CPA, Esq., with offices in New York and Florida. The Estate Planning Law Center serves as a “model law firm” to hundreds of law firms across the country. Dave’s practice remains focused on estate planning and elder law.

Dave has been featured in the Wall Street Journal and on National Public Radio for his expertise in Estate and Medicaid Planning. Dave has been a regular speaker and trainer on estate planning, asset protection, and Medicaid Planning to many national legal, banking, and financial institutions, including the National Academy of Elder Law Attorneys, National Network of Estate Planning Attorneys, American Academy of Estate Planning Attorneys, The American Association of Attorney-CPAs, Ohio State Bar Association, Elder Law Answers, WealthCounsel, LLC, Advisor’s Forum, LLC, ElderCareUSA, Ameriprise Financial, Morgan Stanley Smith Barney, Merrill Lynch, Wells Fargo, HSBC, Bank of America, Prudential, Mass Mutual, AXA Advisors, and others. He has been featured on local, regional, and national newspapers, TV, and radio programs.

In addition to his law firm, Dave is the Founder of the Medicaid Practice Network and Medicaid Practice Systems, LLC. Dave is Co-Founder of Lawyers with Purpose, LLC (LWP), an organization committed to ensuring people can die without emotional pain and lawyers can be respected and valued for the good they help create. Dave has educated thousands of attorneys all over the United States on Estate, Asset Protection, Medicaid Planning, and Business Development. Dave is the creator of an Estate and Asset Protection Law Practice System for attorneys which has been implemented by almost 1,000 law firms nationwide. Dave also serves as a Business Coach to hundreds of attorneys across the country.

Dave is a graduate of the Esperti Peterson Institute for Advanced Wealth Strategies and has published Irrevocable Pure Grantor Trusts: The Estate Planning Landscape Has Changed. (Syracuse Law Review Vol. 1 Fall 2010), Medicaid Estate Recovery: A 50 State Analysis, and What Hard Work Giveth, the Nursing Home Taketh Away: Asset Preservation Under Medicaid (the Digest, 1994-95). Dave is also a contributing author to Giving: Philanthropy for Everyone, published October 2002.

Dave’s first priority and passion is his wife, Christine, and their children, Maria, Olivia, and Angelo.

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 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 a dangerous assumption and some of the things you should do about it.

Part 3 (Episode 17): Options for Long Term Care

What is long-term care? How do we plan for our parents' needs as they age - what are our options? In this episode, Audrey and I discuss the many different types of long-term care and how to access them.

Part 4 (Episode 18): The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Understand What You Are Getting Into!)

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 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 explores the reasons why this is a dangerous assumption and some of the things you should do about it.

Part 3 (Episode 17): Options for Long Term Care

What is long-term care? How do we plan for our parents' needs as they age - what are our options? In this episode, Audrey and I discuss the many different types of long-term care and how to access them.

Part Five (Episode 19): 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.

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 a dangerous assumption and some of the things you should do about it.

Part 4 (Episode 18): The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Understand What You Are Getting Into!)

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 5 (Episode 19): 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.

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.

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 even discuss it with me,” and why we can’t let that statement hinder reality; Audrey illustrates how a long term care insurance policy may not give you the relief you believe it will; and more.

Part 3 (Episode 17): Options for Long Term Care

What is long-term care? How do we plan for our parents' needs as they age - what are our options? In this episode, Audrey and I discuss the many different types of long-term care and how to access them.

Part 4 (Episode 18): The Legal Responsibilities An Adult Child May Be Asked To Take On For An Aging Parent (Understand What You Are Getting Into!)

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 5 (Episode 19): 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.

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.

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 even discuss it with me,” and why we can’t let that statement hinder reality; Audrey illustrates how a long term care insurance policy may not give you the relief you believe it will; and more.

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 a dangerous assumption and some of the things you should do about it.  Click here to listen to Episode 16

Here, we 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, and not when your loved one has a healthcare crisis!  Click here to listen to Episode 17

Audrey 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.  Click here to listen to Episode 18

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. Click here to listen to Episode 19

Audrey joined ElderCounsel in 2013 and serves as Director of the Office Management Division.  Prior to joining ElderCounsel, Audrey was a practicing elder law attorney in Florida and the owner of The Ehrhardt Elder Law Offices, P.A. Audrey’s practice focused on estate planning, probate and trust administration, wealth preservation for high net worth families, and asset protection strategies for seniors in need of long-term care options with eligibility for Medicaid and Veteran Affairs programs. One of Audrey’s goals practice goals was to create a dedicated environment where elders and their loved ones knew a team supported them when making important legal planning decisions. During her career, she developed many successful office management procedures focused on both administrative efficiency and the cultivation of referral-based law practice.

Audrey received her Bachelor of Arts from Florida State University in 2001 with a major in both Classical Archaeology and History. She received her Juris Doctor from the Florida State University College of Law where she was a member of the mock trial team and was admitted to the Florida Bar in 2004. While practicing law, Audrey simultaneously owned a custom cake bakery.  In 2012, she moved to Tallahassee with her husband, son, and three dogs.

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:

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

***REMEMBER, THE INFO IN THIS PODCAST AND THIS WEBSITE IS NOT LEGAL ADVICE!  GENERAL INFORMATION!*** 

Are you a Michigan resident that needs estate planning or elder law help?  Contact Nicole’s law office, click here 

Need help in another state?  You can contact Nicole’s office as well!  Just let us know!