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Ep. 29 - Comprehensive Estate Planning Guide - Part 1: A
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Are you prepared to secure your future with a robust estate and financial plan for long-term care? Tune in to discover how to protect your wealth and navigate these critical decisions. Welcome to The Good Steward Law and Wealth Podcast, where host Ledly Jennings delivers expert guidance on crafting an estate plan and financial plan for long-term care. In this continuation episode, Part 1-A, we dive deeper into strategies for funding long-term care, ensuring your estate plan aligns seamlessly with your financial plan.
IN THIS EPISODE:
- (01:25) Prepare for long–term care costs ahead of time in your estate plan
- (04:14) Paying for long-term care with private pay
- (08:28) Paying for long-term care using Medicaid: Qualify for Medicaid using legal strategies, not loopholes, to best support your financial plan
- (15:54) Check back for parts 2 and 3 of the series on estate planning and preparing for long-term care
KEY TAKEAWAYS:
- An effective estate plan addresses long-term care costs through options like private pay, insurance, or Medicaid. A strategic financial plan, such as using tax-deductible IRA withdrawals, optimizes payments for long-term care while preserving the estate plan’s goals.
- Medicaid within an estate plan involves managing assets to meet eligibility, such as reducing them to under $2,000, while protecting assets like a house. A financial plan ensures legal strategies align with government programs to support the estate plan without exploiting loopholes.
- A holistic estate plan, developed with attorneys and advisors, ensures long-term care needs are met through coordinated asset protection. Integrating a financial plan with the estate plan efficiently secures resources for long-term care and future inheritance.
RESOURCES:
[email protected] - Email
Ep. 12 - Long-Term Care Planning: All You Need to Know
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
KEYWORDS: Estate Planning, Long-Term Care, Financial Plan, Medicare, Insurance, Incapacity, Power of Attorney, Living Will, HIPAA Authorization, Financial Decisions, Nursing Home Costs, Medicaid, Private Pay, IRA, Asset Protection, Estate Recovery Program, Good Steward Law and Wealth Podcast, L. Jennings Law, U.S. Law, Tax Deductions, Medicaid Qualifications, Long-Term Care Support, Long-Term Care Funding, Pension, Finances, funding long-term care, tax-deductible IRA withdrawals, Medicaid Eligibility, holistic estate plan, Attorneys, Advisors, asset protection, Living trust vs will, How to set up a trust fund, Medicaid planning strategies, IRA rollover rules, Estate tax strategies, Revocable vs irrevocable trust, Best retirement accounts, Power of attorney financial, Beneficiary planning, End-of-life financial planning, Living trust vs will How to set up a trust fund Medicaid planning strategies IRA rollover rules Estate tax strategies Revocable vs irrevocable trust Best retirement accounts Power of attorney financial Beneficiary planning End-of-life financial planning
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