This episode is all about navigating senior living and quality of care, and I'm excited to have Kya Groves, owner of Front Porch Senior Advisors as our expert guest.
Kya is a seasoned advocate and expert in the senior-care field with over two decades of hands-on experienceâIncluding Director of Business Development for in-home care, senior living and dementia support.
Kya assists seniors and their families navigate senior living, memory care and in-home care options. She also provides guidance and expertise for downsizing, resources, Veteran benefits, move management and resources.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.đ For help, visit NancyCogar.comđď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTubeđ Hey! I'm also on Substack! Visit me at https://nancycogar.substack.comâ¨Follow on Instagram @nancy.cogarDisclaimer: 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.
#business #entrepreneurShow notes for this episode: https://nancycogar.com/who-inherits-your-business/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.đ For help, visit NancyCogar.comđď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTubeđ Hey! I'm also on Substack! Visit me at https://nancycogar.substack.comâ¨Follow on Instagram @nancy.cogarDisclaimer: 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.
#soloagers #boomers #aging Show notes for this episode: https://nancycogar.com/solo-agers/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.đ For help, visit NancyCogar.comđď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTubeđ Hey! I'm also on Substack! Visit me at https://nancycogar.substack.comâ¨Follow on Instagram @nancy.cogarDisclaimer: 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.
#caregiver #family #holiday Show notes for this episode: https://nancycogar.com/caregiver-holiday-survival-guide-to-avoid-burnout/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.đ For help, visit NancyCogar.comđď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTubeđ Hey! I'm also on Substack! Visit me at https://nancycogar.substack.comâ¨Follow on Instagram @nancy.cogarDisclaimer: 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.
Can ChatGPT write your will? I'll give you my answer in Episode 87 of Boomer Time with the following headlines that I think are important for you to know about:
From Forbes.com: 4 Predictions For The Future Of AI In Estate Planning
From People.com: Woman Conned Out of $15K After AI Cloned Her Daughterâs Voice in Terrifying Scam: 'I Broke Down'
https://people.com/woman-conned-out-of-usd15k-after-ai-cloned-daughters-voice-terrifying-scam-11775622
From Parents from Yahoo Life: Grandparents Are Falling for AI MisinformationâHereâs How To Help Them Spot the Fakes
https://www.yahoo.com/lifestyle/articles/grandparents-falling-ai-misinformation-help-193625481.html
đ For help, visit https://www.NancyCogar.comđListen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoSđListen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845đListen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/đ I'm also on Substack! You can join my Substack community here: https://nancycogar.substack.com/â¨Follow on Instagram: https://www.instagram.com/nancy.cogarDisclaimer: 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.
Show notes for this episode: https://nancycogar.com/how-long-does-probate-take/
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.đ For help, visit NancyCogar.comđď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTubeđ Hey! I'm also on Substack! Visit me at https://nancycogar.substack.comâ¨Follow on Instagram @nancy.cogarDisclaimer: 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.
Show Notes for This Episode: https://nancycogar.com/1-in-5-boomers-victims-of-financial-fraud/So that you donât miss this and future episodes, subscribe and follow the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and YouTube! Or you can always visit NancyCogar.com to hear the latest. 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.#Podcast #Aging #EstatePlanning #BoomerTime #NancyCogar #LegalPodcasts #AskAnAttorney #BabyBoomers #Scams #AI #Fraud #Boomers #Money #Finance
Show Notes for This Episode: https://nancycogar.com/boomer-scams
So that you donât miss this and future episodes, subscribe and follow the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and YouTube! Or you can always visit NancyCogar.com to hear the latest.
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.
#Podcast #Aging #EstatePlanning #BoomerTime #NancyCogar #LegalPodcasts #AskAnAttorney #BabyBoomers #Scams #AI #Fraud #Boomers
In this episode, I'm discussing healthy aging strategies with Dr. Joseph Casciani, Ph.D, founder of the Living to 100 Club. We hope you'll enjoy this insightful conversation we delve into what it means to age well.
Boomers are getting older every day and are quickly becoming the largest demographic in the United States. Dr. Joe and I talk about what this looks like if we plan or if we decide to do nothing to prepare. Plus, we discuss Dr. Joe's passion and outlook as he aims to turn aging on its head. You'll want to save and share this important episode of Boomer Time.
Dr. Joseph Casciani, Ph.D, is the founder of the Living to 100 Club. With more than three decades of experience as a psychologist, his work has been dedicated to geriatric mental health and healthy aging strategies. For most of that time, he was deeply embedded in nursing home communities, providing support to older adults, their families, and professional caregivers.
A significant shift occurred in 2019 when, after selling his company, he broadened his professional scope. The new focus extended beyond long-term care facilities to empower individuals living at home with the knowledge and strategies for successful aging. His work is guided by the conviction that resilience, the ability to adapt to life's setbacks, and the courage to overcome self-limiting beliefs are the true cornerstones of a better, more fulfilling life.
o Living to 100 Club: https://livingto100.club (Blogs, Podcasts, Presentations)
o Better, Longer & Happier: https://livingto100.solutions (Card Deck Series)
o Living to 100 Community: https://livingto100.community (Open Forum)
Social Media:
o LinkedIn: https://www.linkedin.com/in/josephcasciani/
o Facebook: https://www.facebook.com/Livingto100Club
đ For help, visit https://www.NancyCogar.com
đListen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS
đListen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845
đListen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/
â¨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.
Who is the caregiver, and why? More often than not, it's an unpaid role. What can we do to encourage more family members to participate in caregiving or at least support the sibling or family member in that role?
Approximately 43.5 million caregivers have provided unpaid care to an adult or child in the last 12 months. [National Alliance for Caregiving and AARP. (2015). Caregiving in the U.S.] The majority of caregivers (82%) care for one adult, while 15% care for two adults, and 3% for three or more adults. [National Alliance for Caregiving and AARP. (2015). Caregiving in the U.S.]
About 15.7 million adult family caregivers care for someone who has Alzheimerâs disease or other dementia. [Alzheimerâs Association. (2015). 2015 Alzheimerâs Disease Facts and Figures.] Those numbers are only expected to increase, as youâve heard me discuss many times on the show.
Letâs take a closer look at caregivers in this episode. Who is typically a caregiver of an older adult family member? Did you know itâs often unpaid? Why arenât more people in families sharing this burden?
Iâm going to put some pressure on the men out there today and challenge you a bit. Are you ready?
Iâve got a man in the hot seat today â he is willing to face some questions for the team. It's my husband, Gary.
He is not a typical man because he is a caregiver and has been several times. Heâs the perfect person to get a perspective from and maybe support me in issuing a challenge to more men. These services are not paid, but they are valuable.
For help, visit https://www.NancyCogar.comđListen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoSđListen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845đListen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/â¨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.
What questions do you have? I'd love to hear from you. If you like the podcast, share it with a friend, and follow us on Facebook and YouTube. If you need help with estate planning or administration, reach out for a strategy session.
So that you donât miss this and future episodes, subscribe and follow the podcast on Spotify, Apple Podcasts and YouTube! Or you can always visit NancyCogar.com to hear the latest. 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.
#Podcast #Aging #EstatePlanning #BoomerTime #NancyCogar #LegalPodcasts #AskAnAttorney #Procrastination #Boomers #Caregiving #Family #Medical #Health
Seventy percent of folks have no estate planning in placeâmeaning no will, no trust, no powers of attorney, nothing appointing anyone they trust with the legal authority to act on their behalf if something were to happen. I donât think itâs a lack of money; we spend lots of money on lots of things. Maybe itâs avoidanceâsomehow emotionally linking us to our final demise? It amounts to procrastination. We all do it from time to time.
What about procrastination that is absolutely paralyzing? Have you experienced that? Where are you with that? Do you know someone who is a procrastinator, and youâve tried everything you can think of to get them moving, but theyâre still sitting there like a lump on a log?
Procrastination is realâI see it all the time. Do nothing damaging.
I was watching an old school be torn down, located down the street. A big tractor was tearing away at the building, leaving piles of rubble. I saw all kinds of people boo-hooing about the buildingâ"so many memories," "how sad," blah, blah, blah.
Do you know the reality is that building had sat crumbling and deteriorating for 20+ years, probably even longer? I know because I drive by it at least two times a day!
Why didnât anyone do anything to protect the building? To save it? Right? If they cared so muchâYou know what I think? They donât careâdidnât care enough to do anything about it. Now, when they are seeing the result, itâs a hue and cry and "so sad." Reality is, it's too late to do anything.
Thatâs the same thing Iâm talking about here. Procrastination â you care but you donât care enough to do something about it.
Iâve spent two years of my own time, money, and effort on this podcastâtrying to encourage you all to move forward with a plan for your estate planning and older years. Why? Because I do careâIâve seen what happens when it's too late.
But Nancy, what do you mean? What does any of this have to do with estate planning?
You need to invest time in planningâthe right documents, enforceable, and that work for you. Asset planning, long-term care planning, understanding eligibility requirementsâall of that. Seventy percent of us have done nothing.
Procrastination, just like the demolition of that schoolâexcept it's your life, your independence, your quality of life, your ability to make your own decisions. All that effortâcomes crashing down on youâyou lose your freedom of choice. All because you didnât take action.
So that you donât miss this and future episodes, subscribe and follow the podcast on Spotify, Apple Podcasts and YouTube! Or you can always visit me at NancyCogar.com to hear the latest.
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.
If youâre married â you took an oath âfor better or worse in sickness and in health, until death do us part.â But what does that oath really look like?
Many of my clients come face-to-face with that challenge later in life â more specifically when one spouseâs health declines to the point that they can no longer live at homeâŚmaybe the other spouse just doesnât have the capacity or skills to continue to care for the other. Nursing home care is often part of that equation⌠even if its just one spouse. What do you do when one spouse may need nursing home care and the other spouse can still go on living at home?
This is one of the biggest challenges that a married couple may face later in life â itâs happening more and more and there are a couple of reasons why.
In Episode 79, weâre diving deep into a topic that touches so many familiesâitâs often an unknown until you come into a situation where youâre facing the challenge of paying for but often gets ignored until a crisis hits: long-term care, and what happens when one spouse enters a nursing home and the other remains at home. Itâs my hope you will walk away from this episode with some good and reliable information, maybe it will inspire a few conversations as to options related to long term care and if you havenât done it already â take some steps to put a plan in place for your sunset years. Trust me, you will be glad you did.
PLUS, I've included a downloadable checklist as a companion to this podcast episode. Download the Medicaid & Marriage Checklist Here: https://nancycogar.com/episode-79-medicaid-marriage-and-the-nursing-home-what-you-need-to-know-before-its-too-late/
đ For help, visit https://www.NancyCogar.com
đListen to Boomer Time with Nancy Cogar on Spotify, Apple Podcasts, iHeartRadio and YouTube
⨠Follow me on Instagram @Nancy.Cogar
#Podcast #Medicaid #Marriage #SpousalSupport #LongTermCare #Health #Aging #EstatePlanning #BoomerTime #NancyCogar #Tennessee #LegalPodcasts
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 this episode, weâre addressing an often painful topic: toxic parents â difficult-to-deal-with parents.
âHey, wait a second Nancy â my Mom is a gem â everyone loves her; she volunteers at the church and reads to children after school. The homestead is a showcase at Christmastime.â
Well, thatâs great that you have such a wonderful mama â it is a genuine blessing, and Iâm not going to take that away from you. Not everyone has such a circumstance â Iâm not talking to you today.
If you felt a tightness in your chest when you heard that phrase, youâre not alone. Many of my clients, even those in their 50s, 60s, and 70s, struggle with parents who continue to be everything from uncooperative to downright mean, manipulative, critical, accusatory, controlling, demanding until they get their way â downright challenging to be around. It doesnât matter how old you are â these patterns can follow us throughout our lives.
But hereâs the good news: You have choices. You can reclaim your peace and autonomy while protecting yourself and your future. I hope by the end of todayâs podcast, you will have a few nuggets of wisdom to pull from this episode that will help you do that.
What questions do you have? I'd love to hear from you. If you like the podcast, share it with a friend, and follow us on Facebook and YouTube. If you need help with estate planning or administration, reach out for a strategy session.
đ For help, visit https://www.NancyCogar.com
đListen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS
đListen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845
đListen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/
â¨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 this episode, we tackle the most frequently asked questions older adults and their families have about long-term planning and estate planning. As a seasoned elder law and estate planning attorney, I share practical, approachable tips that can help you and your loved ones navigate these questions with confidence, protect your assets, and reduce family stress down the road.
What will happen if I need long-term care, and how will I pay for it?
How can I make sure I donât lose my house if I need nursing home care?
How can I ensure someone I trust can make decisions if I become incapacitated?
What is the best way to avoid probate for my family?
How can I minimize taxes for my heirs?
How can I protect a child or grandchild with a disability or special needs?
What will happen to my pets if I become unable to care for them or after I pass away?
How do I choose the right person to act as my power of attorney or executor?
How can I prevent family conflict after Iâm gone?
How often should I review and update my estate plan?
 Takeaway Action:
â Download my Practical Estate Planning Checklistâ đ For help, visit https://www.NancyCogar.com
đď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube
â¨Follow on Instagram: â https://www.instagram.com/nancy.cogarâ
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.
There have been some big changes recently out of Washington â especially when it relates to Medicare and Medicaid.  They may sound similar and actually they are often used interchangeably â but they are very different â different purposes and itâs important for both seniors and their caregivers to know the difference. Â
Thatâs what weâre focused on today â Medicare v Medicaid and untangling the confusion BEFORE you may need one or the other.Â
Have you ever heard someone say, âOh, Medicare will take care of that,â or, âDonât worry, Medicaid will pay for Momâs careâ? Let me tell you a quick story:
A client, came to see me last year, so relieved she and her husband had Medicare as they turned 65. But when her husband developed dementia and needed long-term care, she was shocked to learn Medicare doesnât cover the care associated with the illness. Related to that â there is NO financial assistance with it comes to assisted living, or senior independent living. Itâs a common misunderstanding that can lead to financial stress if you donât plan ahead.
Today, weâre untangling the confusion between Medicare and Medicaid so you understand:
So grab your coffee, and letâs dive in
đ For help, visit https://www.NancyCogar.comđď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTubeâ¨Follow on Instagram: https://www.instagram.com/nancy.cogarDisclaimer: 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.
Download my FREE Pet Planning Checklist
We love our pets. Theyâre family. Theyâre there when we come home, they comfort us, they make us laugh, and they fill our hearts with companionship.
But hereâs the truth: many people donât plan for what happens to their pets if they can no longer care for them. I have seen it too many times in my practice.
When people donât plan:
Pets may end up in shelters, often elderly and unadoptable.
Family members may fight or resent having to take in a pet.
Pets may be rehomed to someone who doesnât know your petâs medical or emotional needs.
You lose control over your petâs future.
A Pet Trust is the best way to ensure your petâs long-term care:
You designate a caregiver for your pet.
You allocate funds specifically for your petâs care.
You appoint a trustee to manage and distribute the funds, ensuring the caregiver uses them appropriately.
You outline care instructions, including dietary preferences, medical needs, or even daily routines your pet enjoys.
Pet Trusts are legally enforceable and continue for the life of your pet.
Planning isnât just about âbig assets.â Itâs about the loved ones who depend on youâincluding your pets.
So, follow along with me on Episode 75 of Boomer Time. I promise youâll leave with some important takeaways as you plan for the future with Fluffy and Fido in mind. They deserve that. I know Iâll have a plan for my furry, four-legged friends, too.
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.đ For help, visit NancyCogar.comđď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTubeâ¨Follow on Instagram @nancy.cogarDisclaimer: 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.
Every day, more of us Baby Boomers are hitting 65 and beyond. If you havenât started planning for your senior years yet, itâs time. I know it can feel overwhelming but remember this: failing to plan is planning to fail. My goal is to help you avoid that. I also want you to avoid some of the biggest estate planning boo-boos which come from taking short cuts â short cuts that backfire on you, your family and your estate â absolutely not what you intend.
And if youâre the adult child of a Boomer whoâs stepped into the caregiver role â this space is for you, too. As an estate planning and elder law attorney here in Tennessee, I see far too many families unprepared for the legal and financial twists that come with aging. Thatâs why I created this show: to give you a head start and a little peace of mind.
Today, weâre going to talk about some common shortcuts people take when they think theyâre planning wisely, saving steps, time and money â but in the long run these shortcuts often backfire in big, painful ways. I see them all the time, and I want you to avoid them. I also want you to avoid some of the biggest estate planning boo-boos which come from taking short cuts â short cuts that backfire on you, your family and your estate â absolutely not what you intend.
So, follow along with me on Episode 74 of Boomer Time. I promise youâll leave with some important takeaways â and maybe a few âahaâ moments about choices you or a loved one may have made.
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.
If your family is impacted by a dementia diagnosis you are not alone. Dementia is the designated term for a variety of cognitive disorders which can range from Alzheimer's, to sundowners, to Parkinson's and Lewy Body Syndrome. The disease affects millions of Americans and is projected to significantly increase in the coming decades. Currently 7 million Americans living with dementia. That is one in ten people age 65 over and its expected to grow to 13 million in the next 25 years. Best to be aware and prepared.
Letâs start with what I always tell families first: when it comes to dementia, timing is everything. Dementia gradually robs a person of their mental capacity â their ability to understand decisions and consequences. Once capacity is lost, your options shrink dramatically. Thatâs why early planning is essential.
Here are the top legal protections you should put in place as soon as possible:
First, a Durable Power of Attorney. This document lets your loved one appoint someone they trust to handle finances â paying bills, managing bank accounts, even selling a home if needed. Without it, you might find yourself stuck in court seeking guardianship just to do simple tasks.
Second, a Health Care Power of Attorney or Medical Proxy. This gives someone authority to make medical decisions when your loved one canât. Itâs different from a financial power of attorney â you really need both.
Third, a Living Will. This lets your loved one state their wishes for end-of-life care, like whether they want life support or feeding tubes. It can spare families so much heartache and conflict.
Fourth, a HIPAA Release. This is simple but crucial: it allows doctors to share medical information with you. Without it, privacy laws can block you from getting updates.
And if youâre listening right now and thinking, âOh no, we didnât get these doneâŚâ â please donât wait. Talk to your loved one now while they can still sign documents and understand what theyâre signing.
If capacity is already gone, you may have to petition the court for guardianship or conservatorship. This is much more time-consuming, expensive, and public than having power of attorney done ahead of time â but sometimes itâs the only option left.
I have more resources for you and your family as you navigate a dementia diagnosis and estate planning in Episode 73 of Boomer Time.
What do you think? What other questions do you have? I'd love to hear from you. If you like the podcast, share it with a friend, and follow us on Facebook and YouTube. If you need help with estate planning or administration, reach out for a strategy session.
đ For help, visit https://www.NancyCogar.com
đď¸ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts, iHeartRadio and on YouTube
đListen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS
đListen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845
đListen to Boomer Time with Nancy Cogar on iHeartRadio: https://www.iheart.com/podcast/269-boomer-time-with-nancy-cog-272050488/
â¨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.
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.
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