Category: Long-Term Care

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The Great Wealth Transfer, Part 2: Bridging Generations (Ep. 142)

The Great Wealth Transfer, Part 2: Bridging Generations (Ep. 142)

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As we delve deeper into the transformative phenomenon of the Great Wealth Transfer, Part 2 of our series further explores the staggering $68 to $74 trillion destined to cascade down over the next decade.

In “The Great Wealth Transfer, Part 2,” Larry Heller, CFP®, CDFA®, guides us through the intricate dynamics of this wealth transition, offering crucial insights for aging parents and their millennial heirs. Larry sheds light on key aspects, empowering millennials to navigate challenging conversations with their Boomer parents and ensuring a seamless, secure transfer of wealth. This episode is a must-listen for those aiming to redefine their financial legacy in the face of this monumental wealth shift.

Key discussion points include:

  • Strategies for smooth talks about inheritance between the Boomer generation and the Millennial Generation
  • How advisors navigate the emotional and practical sides of wealth transfer
  • Insights into fair wealth sharing in complex family dynamics
  • Essential advice to keep everyone safe from fraud
  • Understanding the importance of Medicaid and trusts in financial plans & estate planning
  • A look at the bigger picture of estate planning beyond finances
  • The uncomfortable but necessary “end-of-life planning” conversation between children and parents
  • How staying organized can improve estate planning
  • And much more!

 

Resources: 

Connect with Larry Heller: 

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The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

The Great Wealth Transfer, Part 1: From Boomers to Millennials (Ep. 141)

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Ever heard of the Great Wealth Transfer? It’s about to change everything you thought you knew about money.

Imagine a staggering $68 to $74 trillion cascading down over the next decade or so. Could this make millennials the richest age group the U.S. has ever seen?

In this two-part series, Larry Heller, CFP®, CDFA®, offers a glimpse into the psyche of the baby boomers as they navigate this monumental transition of wealth to the millennials. Learn how you can prepare as Larry covers such topics as taxes, Roth conversions, estate planning, and the benefits of being diligent with your record-keeping.

Part 1 of this Great Wealth Transfer series highlights:

  • The intricacies of taxes associated with this massive wealth movement
  • A review of Required Minimum Distributions (RMDs) and Roth conversions
  • How to engage in family tax planning, including the importance of candid conversations 
  • Eyebrow-raising tales like the Miami Dolphins’ sale driven by unforeseen tax burdens
  • The often overshadowed aspects of estate planning, such as safeguarding assets and diligent record-keeping
  • And much more!

 

Resources: 

Connect with Larry Heller: 

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Life Beyond Divorce: Focusing on the Future with Gabrielle Clemens (Ep. 138)

Life Beyond Divorce: Focusing on the Future with Gabrielle Clemens (Ep. 138)

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Juggling the various aspects of your life can not only be tricky, it can be very overwhelming. And then, just when you think you’ve got a handle on it all, a ball comes crashing down. No matter your financial situation, you deserve to come out happy and secure after a divorce. 

In this episode of Life Unlimited, host Larry Heller, CFP®, CDFA® focuses on helping women through the divorce process with guidance and expertise from Gabrielle Clemens, an award-winning attorney, and CDFA®. Listen as she shares her knowledge in divorce taxation, estate planning, and finance so women can focus on their future and set concrete goals. She also talks about her book, “Marriage is About Love, Divorce is About Money,” which sheds light on understanding the three levels of divorce, and how to make logical decisions pertaining to your post-divorce life.

Gain insight as Larry and Gabrielle discuss:

  • How to focus on the future and set concrete goals
  • Which professionals to include in your “divorce team”
  • A cost-benefit analysis in decision-making during divorce
  • The importance of aligning your interests with those of your attorney
  • Finding happiness 
  • And more

Resources: 

Connect with Gabrielle Clemens:

Connect with Larry Heller: 

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10 Common Estate Planning Mistakes Made by Divorcees With Keren Birnbaum, Esq. (Ep. 97)

10 Common Estate Planning Mistakes Made by Divorcees With Keren Birnbaum, Esq. (Ep. 97)

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You don’t know what you don’t know. Whether you are contemplating divorce or are in the process, you want to protect yourself by having the proper communication and documentation.

In this episode, Larry Heller talks with Keren Birnbaum, Esq. a partner with Schwartz Ettenger, PLLC who focuses on estate planning, trust and estate administration, and elder law. Keren shares 10 common estate planning mistakes that divorcees need to be aware of to retire right.

Keren discusses: 

  • Repercussions of not having estate planning documents
  • The mistake of not updating your estate planning documents
  • Not updating beneficiary designations in your retirement accounts and insurance policies
  • Why it’s critical to educate yourself on the assets you own
  • And more

Connect With Keren G. Birnbaum, Esq:

Connect With Larry Heller:

About Our Guest:

Keren G. Birnbaum, Esq. is a Partner with Schwartz Ettenger, PLLC where she concentrates her practice in the areas of Estate Planning, Trust and Estate Administration and Elder Law. She has over 10 years of experience advising clients on how to protect themselves, their loved ones and their business in the event of death, incapacity or disability. 

Ms. Birnbaum earned her law degree at Hofstra University School of Law and her Bachelor’s Degree at Brandeis University. She is admitted to the New York State Bar, is a member of the New York State Bar Association, Queens County Bar Association, Brandeis Association, and is an active member of the Elder Law and Trusts and Estates Sections of the New York State Bar Association. Ms. Birnbaum has also lectured and published articles on various elder law and estate planning issues.

 

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Elder Law is Really Elder Care — With Attorney Brian Tully (Ep. 56)

Elder Law is Really Elder Care — With Attorney Brian Tully (Ep. 56)

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Do you have a plan in place to care for your loved ones as they age? 

In this episode, Larry Heller is joined by Brian Tully, founder of Tully Law, P.C. and certified elder law attorney, to explain why elder law is really elder care. This discussion covers the extensive service that Brian Tully and his team offer our aging population, which goes beyond traditional estate planning by supporting clients and caregivers as needs shift with age. 

In this episode, you’ll learn:

  • An explanation of the “elder care continuum” 
  • What Tully Law, P.C. does to help people plan for care
  • The difference in health issues that are covered by Medicare versus long-term care
  • The number one tool for sheltering assets to become eligible for Medicaid
  • Whether there’s a difference in the quality of care for Medicaid recipients compared to private-pay recipients
  • And more!

Tune in now to learn about the level of protection and care Tully Law P.C. can offer your aging loved ones!

Resources:  Heller Wealth Management | Tully Law, P.C.

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Everything You Didn’t Know About Long-Term Care with Guest Rona Loshak (Ep. 41)

Everything You Didn’t Know About Long-Term Care with Guest Rona Loshak (Ep. 41)

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The longer you live, the more likely you are to need long-term care. In fact, once you reach 80 years old, there’s an 80% chance that you will need it.

Whether you’re thinking about your own long-term care or care for your parents, this is the episode for you. Larry Heller speaks with guest Rona Loshak, an award-winning specialist in long-term-care insurance, to give you all of the information you need to make the right decisions for you and your family.

In this episode, you’ll learn:

    • What misconceptions keep people from creating realistic plans

 

    • Whether you can get plans from another state

 

    • The four categories of people who are more likely to need long-term care

 

    • Whether long-term care is covered by Medicare

 

    • How to qualify for long-term-care insurance

 

    And more!

Tune in now and get your long-term-care questions answered!

Resources:  Heller Wealth Management | Karp Loshak LTC Insurance Solutions