Plan & Protect

Episode 10: The Medicaid Episode (Part 3) In this final installment of a three part Medicaid series, Justin and Drew dive into how his firm can use Medicaid rules to protect one spouse when the other needs expensive long-term care. They talk about income protection that may be available to help the spouse at home maintain necessary household expenses. They also look at various ways to protect the assets that the couple worked so hard for all their lives. What You’ll Learn: That the spouse at home may not have to live on just his or her own income.That “Medicaid Spend Down” doesn’t necessarily have to mean what many people think it means.How a Medicaid Qualified Annuity can help couples save more than they ever thought possible under Medicaid rules. Links and Resources Mentioned: Elrod Firm Medicaid Benefits WebpageElrod Firm Ask the Pros WebpageYou Need A Plan Free Book

In this episode, Justin and Drew talk about the three main rules that apply to Medicaid coverage for long-term care. They also talk about common misunderstandings people have about those rules and how those misunderstandings can cost them a ton of money.What You'll Learn:That the Medicaid five year look back doesn't mean what most people think.That the Medicaid income cap doesn't really have to be a cap at all.What you can do to save money even if you're over the Medicaid asset limit.Links And Resources Mentioned:Elrod Firm Medicaid Benefits WebpageElrod Firm Ask the Pros WebpageYou Need A Plan Free Book

In this episode, Justin and Drew zero in on Medicaid as a way to cover the high costs of long-term care. Justin outlines the various long-term care programs that can be covered by Medicaid benefits, and he touches on the three main rules that apply to coverage for those programs. What You'll Learn:Which three levels of long-term care can be covered by Medicaid.What impact Medicaid benefits can have on long-term care costs.Why you should not wait until you're out of money to look into Medicaid coverage.Links and Resources Mentioned:Check out our free book "You Need a Plan"Elrod Firm Website - Medicaid Information

In this episode, Justin and Drew welcome special guest, Jimmy Elrod, to the podcast. Jimmy is one of the owners and directors of a local assisted living facility in central Arkansas. They discuss what differentiates assisted living from other long-term care options, and they get into how the current situation surrounding COVID-19 has forced assisted living facilities to dramatically alter their normal operations to keep their residents and staff safe.What You'll Learn:How assisted living facilities differ from other long-term care options.How assisted living facilities help their residents thrive even as their care needs increase.How facilities are protecting their residents and staff from COVID-19.Links and Resources Mentioned:You Need a Plan Free BookMt. Carmel Community Website

The Long-Term Care EpisodeIn this episode, Justin and Drew talk about the various options available when it comes to long-term care and the different ways a family can pay for those options. Justin provides an overview of long-term care insurance, Medicaid, and Veteran’s Benefits, setting up more detailed long-term care conversations in future podcast episodes.What You’ll Learn:How the term long-term care covers way more than just nursing home care.Why you can’t count on Medicare to cover the high costs of long-term care.Why most people underestimate the availability of Medicaid to help with long-term care needs.Links and Resources MentionedLong Term Care ResourcesGet your Free Copy of "You Need a Plan" Here!

In this episode, Justin and Drew talk about tax issues that often come up when working on an estate plan. They get into tax issues that people tend to worry about but shouldn’t and tax issues that people should worry about but don’t, touching on estate taxes, gift taxes, capital gains taxes, and taxes relating to retirement accounts.What You’ll Learn:Why the estate and gift taxes are often red herrings in estate planningWhich tax may be the most important but most overlooked when planningWhat you need to know about how retirement accounts are different Links And Resources MentionedTime for Taxes You Need A Plan Free Book

It's almost Christmas! In this episode of Plan & Protect, Justin and Drew give the gift of an audio glimpse into Justin's book, You Need A Plan. Justin reads the Preface and Introduction of the book, and, as always, offers you a free copy at ElrodFirm.Com. What You'll Learn:The story behind Justin writing his bookAn introduction to the valuable information covered in You Need A PlanEncouragement to plan for Death, Taxes, and Long-Term CareLinks and Resources:Never Stop Learning - Article Grateful - ArticleThe Plan That Failed - ArticleFree Book Offer

In this episode, Justin and Drew finish up their discussion on trusts. They get into the different types of trusts and they talk about ways you can use a trust to protect your beneficiaries from themselves or from others. What You’ll Learn:Why you might consider using an irrevocable trustHow you can protect the government benefits of a disabled childWhat to do when you have children who are bad with money Links and Resources Mentioned:Trust BasicsThe Tale of Three JoggersYou Need A Plan Free Book

In this episode, Justin and Drew talk about trusts—what they are, how and why they are used in estate planning, and who needs one. You’ll hear why Justin often considers the use of a trust to be the best way for a family to stay out of probate court. What You’ll Learn: A will is not enough when it comes to estate planningYou don’t have to be wealthy to need a trustWhy you might end up in probate court even if you have a trust Links And Resources MentionedTrust BasicsThe Tale of Three JoggersYou Need A Plan Free Book

In this episode, Justin and Drew talk about probate court and why you should do everything you can to avoid it. You’ll hear real life horror stories about celebrities as well as middle-class families whose failure to plan to avoid probate cost them dearly. What You’ll Learn:The truth about what probate court really involvesThe “cost” of probate that goes beyond moneyThe common legal problem shared by Michael Jackson and Justin’s grandparents Links And Resources Mentioned:The Elrod Firm Estate Planning PageYou Need A Plan Free Book

Episode 01: Why You Should Plan and ProtectIn this episode, Justin and Drew discuss why you should care about whether or not you have a plan. You’ll hear the origin story of The Elrod Firm and what inspired Justin to write a book on the topic of planning. What You’ll Learn:The one qualification that sets apart the best Estate Planning and Elder Law AttorneysWhy your age has zero to do with whether or not you need a planAn invaluable resource you can get for free to get startedLinks And Resources Mentioned:You Need A Plan Free BookThe Elrod Firm Website