Special thanks to Kurt Baker, host of the radio show “Master Your Finances,” for inviting me on his show to discuss how recent legal, economic and social changes, including the COVID-19 pandemic, can impact the finances of the elderly and disabled and their families, what you can do to protect your life savings. The segment aired on Sunday, September 13, 2020 at 9:00 AM on 107.7 FM TheBronc and is now available on demand on the Master Your Finances website.
Other topics we discussed during the segment on practical financial issues include:
- How the SECURE Act really impacts your retirement plan and why it is very important to update estate planning for your tax-qualified retirement accounts (i.e., individual retirement accounts, 401(k)’s, 403(b)’s, 457(b)’s)
- Why life insurance and long term care policies are important investments in your family’s future
- Estate planning strategies you might not have thought of, including a ROTH IRA conversion
- How to ensure that your estate plan accomplishes what you intended
- Tips and traps for retirement income planning, including how the new individual retirement rollover rules affect your bottom line
- Health insurance tips and traps (and how to avoid them) in the event of a job loss
- How to protect your home and your life savings while getting your loved one the best long-term care
- How to navigate the changes to the long term care and Medicaid application process landscapes brought about by the COVID-19 pandemic
- How the COVID-19 pandemic is exacerbating the mental health crisis and the important steps you can take to protect yourself and your finances if you are faced with an involuntary commitment
For more information on the “Master Your Finances” radio show, click here.
Jane Fearn-Zimmer is a shareholder in the Elder and Disability Law, Taxation, and Trusts and Estates Groups. She dedicates her practice to serving clients in the areas of elder and disability law, special needs planning, asset protection, tax and estate planning and estate administration. She also serves as Chair of the Elder & Disability Law section of the NJSBA.