[♪♪] >> Renee: GOOD EVENING, WELCOME TO WILLS AND ESTATE PLANNING CALL IN.

A KET FORUM.

THANK YOU FOR JOINING US TONIGHT.

I'M RENEE SHAW.

WHETHER YOU ARE A SENIOR, A CAREGIVER OR FAMILY MEMBER, MIDDLE AGED OR JUDGER, THIS PROGRAM CAN HELP YOU NAVIGATE THE COMPLEX ISSUES WE ALL FACE AS WE GROW OLDER.

YOU OFTEN HEAR HOW IMPORTANT IT IS TO HAVE YOUR AFFAIRS IN ORDER, RIGHT?

TONIGHT WE ARE HERE TO HELP YOU DO THAT FROM LEARN BEING CARE OPTIONS TO WILLS, TRUSTS AND ESTATE PLANNING.

WE'LL TAKE YOUR QUESTIONS SO YOU CAN HAVE THE RIGHT DOCUMENTATION TO PREVENT HARDSHIP FOR YOU AND YOUR FAMILY.

A COUPLE MONTHS AGO WE ASSEMBLED MANY OF THE FOLKS WITH US AGAIN TONIGHT TO TALK ABOUT THE MEDICAL AND FINANCIAL CONSIDERATIONS YOU SHOULD KEEP IN MIND.

AND BECAUSE OF YOUR INTEREST AND FEEDBACK IN OUR FIRST PROGRAM, ELDERLAW ATTORNEYS, ASSET MANAGEMENT EXPERTS, SOCIAL WORKERS AND SENIOR CARE PROVIDERS ARE BACK TO FIELD YOUR QUESTIONS AND CONNECT YOU TO RESOURCES.

WITH ME TONIGHT ARE AMY DOUGHERTY, ATTORNEY AND MEMBER OF THE BLUEGRASS ELDERLAW PLLC.

JONATHON DAVIS MANAGING PRINCIPAL OF JT DAVIS ASSET MANAGEMENT.

LIZ FOWLER PRESIDENT AND C.E.O.

OF BLUEGRASS CARE NAVIGATORS.

MISTY CLARK VANTREASE, PARTNER WITH KENTUCKY ELDERLAW PLLC.

AND LINDSAY MEDLEY A SOCIAL WORKER WITH THE LEXINGTON SENIOR CENTER.

NOW IN OUR STUDIO NEXT DOOR MY COLLEAGUE LAURA ROGERS IS WITH OUR PHONE VOLUNTEERS TO TAKE YOUR CALLS AND WE'LL COME TO HER DURING THE BROADCAST AS SHE TALKS WITH THOSE EXPERTS ANSWERING PHONES.

YOU CAN CONNECT WITH US SEVERAL WAYS TONIGHT TO ASK YOUR QUESTIONS BY E-MAIL, AT PUBLICAFFAIRS@KET.ORG.

ON X FORMERLY TWITTER AT PUBAFFAIRSKET.

OR BY PHONE AT 1-800-944-4664.

THROUGHOUT THE EVENING YOU WILL SEE THOSE WAYS TO CONTACT US AT THE BOTTOM OF YOUR SCREEN ON THE LEFT-HAND SIDE.

AND AS A REMINDER THIS CALL IN IS PART OF KET'S ONGOING AGING INITIATIVE NEXT CHAPTER THAT FOCUSES ON THE REWARDS AND CHALLENGES OF GROWING OLDER.

GOOD EVENING EVERYONE, THANK YOU FOR BEING HERE AND HAPPY EARLY HOLIDAYS TO YOU ALL.

AND I CAN'T THINK OF A BETTER WAY WRAPPING UP OUR TO DO LIST OF 2024, LIZ FOWLER, GETTING OUR AFFAIRS IN ORDER.

AND LAST TIME, YOU WERE WITH US YOU TALKED TO US ABOUT FIVE WISHES THIS DOCUMENT HERE.

AND THERE ARE FIVE WISHES AND WE'LL PUT THESE ON THE SCREEN AND HAVE YOU WALK THROUGH THEM.

YOU SAY THAT THE PERSON I WANT TO MAKE MY HEALTHCARE DECISIONS FOR ME, WHEN I CAN'T MAKE THEM FOR MYSELF.

THAT IS WISH NUMBER ONE.

WISH NUMBER TWO, THE KIND OF MEDICAL TREATMENT THAT I WANT OR DON'T WANT.

WISH FOUR HOW COMFORTABLE I WANT TO BE.

WISH FOUR IS HOW I WANT PEOPLE TO TREAT ME AND WISH NUMBER FIVE WHAT I WANT MY LOVED ONES TO KNOW.

THE FIVE WISHES EMBODIED IN THIS DOCUMENT.

TELL US MORE ABOUT THIS AND WHERE WE CAN FIND IT.

>> IS THIS A GREAT DOCUMENT.

THEY ARE AVAILABLE WEBSITE AGING WITH DIGNITY.COM AND YOU CAN CALL OUR OFFICES AND WE'LL MAIL ONE OR PICK UP AT THE LEXINGTON SENIOR CENTERS, LOTS OF PLACES AND WAYS YOU CAN GET THESE IN YOUR HANDS.

AND THE GREAT THING IT IS IS CERTAINLY YOUR MEDICAL TREATMENT AND WISHES ARE VERY, VERY IMPORTANT FOR YOUR FAMILY TO KNOW.

AND IT ALSO TALKS ABOUT YOUR EMOTIONAL NEEDS YOUR OTHER PHYSICAL NEEDS YOUR SOCIAL NEEDS THAT YOU WANT TO EXPRESS.

AND THE THE DOCUMENT GUIDES FAMILIES OR LOVED ONES IN HAVING THE DISCUSSION WITH YOU.

AND I ALWAYS THINK THE HOLIDAYS ARE A GREAT TIME TO CELEBRATE AND [ALL TALKING AT ONCE] ABOUT THE FUTURE AND WHAT KINDS OF THINGS THAT ARE IMPORTANT TO YOU AND GET THOSE THINGS WRITTEN AND IT IS A NICE GUIDE TO QUESTIONS TO ASK AND TALK ABOUT WITH YOUR FAMILY.

SO I ENCOURAGE THIS DOCUMENT IS EASY TO USE.

AND HELPS YOU WITH PREPLANNING SOME OF THE DIFFICULT CHALLENGING CONVERSATIONS THAT ARE BETTER TO HAVE WHILE YOU ARE WELL AND ABLE TO HAVE THEM RATHER THAN A CRISIS AFTER AN EVENT.

>> Renee: SOME PEOPLE THINK IT MAYBE MORBID TO HAVE THE CONVERSATION DURING THE HOLIDAYS BUT YOU HAVE YOUR FAMILY ASSEMBLED AND IT WOULD BE GOOD TO DO THAT.

THERE ARE A COUPLE DOCUMENTS THAT'S YOU TALKED TO US ON THE LAST PROGRAM MEDICAL ORDERS FOR SCOPE OF TREATMENT AND DNR'S.

IF YOU WAND TO HOLD THEM THOSE DOCUMENTS.

>> KENTUCKY MEDICAL ORDERS FOR SCOPE OF TREATMENT AND THESE ARE PHYSICIAN ORDERS.

THE GREAT THING IS MANY OF US DO OUR LIVING WILLS LONG BEFORE WE'RE ILL OR NEED THEM.

THE MOST FORM LETS YOU OUTLINE YOUR PREFERENCES WITH YOUR PHYSICIAN NOW THAT THEY KNOW THE CONTEXT OF YOUR ILLNESS AND HOW YOUR DISEASE MIGHT PROGRESS, AND COULD PUT AS MUCH TREATMENT AS YOU WANT IN HERE OR AS LITTLE.

SO IT'S NOT CARE LIMITING.

IS WHAT IS WHAT YOUR WISHES ARE AND THE GREAT THING SINCE IT'S MEDICAL ORDERS THE DOCUMENTS YOU SHOULD HAVE HANDY AND AVAILABLE IF YOU GO TO THE EMERGENCY ROOM, THEY KNOW WHAT YOU'VE TALKED ABOUT, WHAT IS THE LIKELY PROJECTION OF YOUR ILLNESS AND WHAT HAS BEEN PLANNED FOR YOU.

AND IT CAN BE UPDATED REGULARLY WITH YOUR DOCTOR AS YOUR CARE AND TREATMENT PLAN CHANGES.

REALLY GREAT THAT KENTUCKY ENACTED THIS NOT EVERY STATE HAS MEDICAL ORDERS FOR SCOPE OF TREATMENT.

AND THE OTHER THING IS THE KENTUCKY EMERGENCY MEDICAL SERVICES DO NOT RESUSCITATE ORDER.

SOME PEOPLE WOULD PREFER NOT TO HAVE CPR.

AND IF YOU ARE ONE OF THOSE INDIVIDUALS, BUT YOU BELIEVE YOU MITD NEED EMERGENCY SERVICES TO COME TO YOUR HOME, EMERGENCY PERSONAL PERFORM CPR AS PART OF THEIR ACTIVITIES IF THEY COME TO YOUR HOME BUT THERE'S MANY REASONS YOU COULD HAVE THEM COME AND IF YOU DON'T WANT CPR YOU SHOW THEM THIS FORM AND THEY WILL PROVIDE THE TREATMENT AND SERVICES BUT WITHHOLD CPR IF THAT'S YOUR CHOICE.

>> Renee: A LOT OF GOOD INFORMATION.

AND WE'LL TALK MORE ABOUT SOME OF THESE THINGS AS WE GO ALONG.

JONATHON DAVIS THANK YOU FOR BEING WITH US.

YOU WERE IN THE OTHER STUDIO I DON'T KNOW IF IT IS AN UPGRADE TO BE IN HERE BUT WE'RE GLAD TO HAVE YOU.

MANY OF OUR VIEWERS THERE WERE A LOT OF TAX QUESTIONS ABOUT HOW DO I LESSEN MY TAX LIABILITY OR IMPLICATIONS.

AND MAKE SURE I'M GUARANTEEING MY HEIRS GET WHAT I WANT THEM TO HAVE.

WHAT ARE FUNDAMENTAL ONE, TWO, THREE'S TO CONSIDER TO GET THAT BALL ROLLING.

>> YOU MUST CONSIDER ALL OF US ARE GOING TO DIE.

SOMETIMES WE GET SO CAUGHT UP IN DAY-TO-DAY WE THINK WE'RE GOING TO LIVE FOREVER.

BUT AT SOME POINT, ALL OF US GO AWAY.

SO WE HAVE TO FIGURE OUT WHAT DO WE WANT TO HAVE HAPPEN TO OUR RESOURCES ONCE WE'RE GONE.

THE SECOND THING IS TO FIGURE OUT WHO DO I WANT TO TAKE CARE OF?

IS IT KIDS, GRANDKIDS?

A RELIGIOUS ORGANIZATION OR A CHARITY?

AND HOW DO YOU WANT TO TAKE CARE OF THAT ORGANIZATION AS WELL.

THOSE ARE VERY IMPORTANT.

>> Renee: OKAY.

MISTY, THANK YOU FOR BEING HERE, AGAIN.

SO IN SEPTEMBER WE GOT A LOT OF QUESTIONS ABOUT WILLS AND TRUSTS AND EVEN AFTER THE SHOW PEOPLE STILL SEEMED TO BE MURKY ABOUT OKAY, WHAT IS WHAT AND WHEN DO I NEED TO USE EITHER A WILL OR TRUST OR COMBINATION OF BOTH?

>> WELL, I WILL TRY TO GIVE YOU A SIMPLE EXPLANATION.

SO I THINK OF THE LAST WILL AND TESTAMENT IS THE MOST BASIC DOCUMENT THAT WE HAVE.

ALL THESE DOCUMENTS WILLS OR TRUSTS ARE TRYING TO LET PEOPLE KNOW THIS IS WHERE I WANT MY THINGS TO GO WHEN I PASS AWAY.

BUT HOW THEY GET THERE IS GOING TO BE DIFFERENT.

WITH THE LAST WILL AND TESTAMENT WHAT HAPPENS IS YOU SAY THIS IS WHO I WANT TO BE MY EXECUTOR OR EXUSE TRICKS.

THAT IS THE PERSON THAT WILL CARRY OUT YOUR WISHES AND WHERE YOU WANT THINGS TO GO.

WHEN YOU PASS AWAY, AND THAT MOMENT ANYTHING IN YOUR NAME IN YOUR NAME ALONE, WITHOUT A DESIGNATED BENEFICIARY FREEZES.

AND NO ONE CAN DO ANYTHING WITH THAT ASSET UNTIL WE GO TO COURT.

AND AMY AND I WE'RE THE LAWYER AND WE GO AND GIVE THE JUDGE THAT LAST WILL AND TESTAMENT HE MAKES SURE WE DID A GOOD JOB WRITING IT AND DID ALL THE RIGHT THINGS WITH WITNESSES AND NOTARIES AND HE OR SHE THE JUDGE, APPOINTS THAT EXECUTOR AT THAT POINT.

AND THAT STARTS A PROCESS CALLED PROBATE.

SOME PEOPLE THINK I HAVE A WILL SO I DON'T NEED PROBATE BUT IT'S THE OPPOSITE, A WILL IS THE DEVICE WE USE WHEN WE GO THROUGH PROBATE N KENTUCKY THAT IS A SIX-MONTH PROCESS.

OF LETTING CREDITORS COME FORWARD AND DOING INVENTORIES AND WRAPPING THINGS UP AND DISTRIBUTING.

THE WAY A TRUST IS DIFFERENT IS A TRUST IS LIKE A BUCKET THAT WE PUT OUR ASSETS IN NOW IF WE'RE DOING A REVOCABLE TRUST MAYBE WE PUT THEM IN THERE NOW.

AND WE'RE THE TRUSTEE BUT WE CAN TAKE THINGS IN AND OUT OF OUR BUCKET WE CAN GET RID OF IF IF IT'S REVOCABLE.

BUT THE MINUTE WE PASS AWAY, ANYTHING WE PUT IN THE BUCKET WE ARE NOT THE TRUSTEE BUT WE'VE NAMED WHO IS AND THEY TAKEOVER IN THAT INSTANTS.

YOU DON'T HAVE THE TIME PERIOD WHERE ANYTHING IS FROZEN THEY DON'T NEED COURT PERMISSIONS ON COURT APPOINTMENTS AND YOU DON'T HAVE THAT SIX-MONTH PERIOD THAT YOU HAVE TO WAIT.

THERE ARE TRUSTS TO AVOID PROBATE OR MAYBE WE HAVE A SPECIAL NEEDS CHILD THAT WE NEED TO TAKE CARE OF.

SO WE NEED A SPECIAL NEEDS TRUST.

OR MAYBE WE HAVE HAVE A SITUATION WE ARE NOT SO COMFORTABLE WITH OUR SON-IN-LAW OR DAUGHTER-IN-LAW OR MAYBE WE HAVE A CHILD WHO HAS PROBLEMS MANAGING MONEY OR HAS SOME TYPE OF DRUG OR CHALLENGE JOB.

ALCOHOL JOB.

TRUST CAN GIVE US PROTECTIONS FOR OUR HEIRS TO MAYBE KEEP THEM SAFE AND THE MONEY TO BE BETTER USED.

AND THEN WE ALSO HAVE TRUSTS THAT HELP PRESERVE AND PROTECT ASSETS FOR LONG-TERM CARE WHICH I'M SURE MAYBE WE'LL TALK ABOUT MORE LATER AND THOSE ARE I EVER REVOCABLE TRUSTS.

YOUR ASSETTINGS GO FROM POINT A TO POINT B WITH A WILL OR A TRUST.

BUT IT'S HOW DO YOU WANT TO GET THERE.

ARE WE GOING TO TAKE THE BUS OR A RIDE THAT IS A LITTLE BIT NICER AND THAT IS WHAT A TRUST DOES.

>> Renee: THE WORDS YOU ARE USING REVOCABLE AND IRREVOCABLE WHY ARE THOSE IMPORTANT?

>> A REVOCABLE TRUST YOU'RE STILL IN CHARGE OF IT.

AND THOSE ASSETS ARE STILL YOURS.

WHEN I SAY YOU ARE THE TRUSTEE YOU CAN TAKE THINGS IN AND OUT OF THAT BUCKET IF IT'S REVOCABLE AND YOU CAN THROW YOUR BUCKET AWAY.

AND GO BACK TO HAVING A LAST WILL AND TESTAMENT IN A TRADITIONAL MORE SIMPLE ARRANGEMENT.

IRREVOCABLE IS VERY DIFFERENT.

WITH THAT, MIGHT PUT YOUR HOUSE OR ASSET INTO THAT BUCKET THAT YOU'RE TRYING TO PROTECT THAT ASSET.

BUT YOU HAVE TO PUT A LID ON THE BUCKET.

AND WHAT THE LID SAYS IS YOU CAN'T GET IN THERE ANYMORE YOU ARE NOT THE TRUSTEE AND YOU CAN'T TAKE THINGS OUT AND IT DOESN'T BELONG TO YOU ANYMORE.

AND MANY TIMES AND MOST TIMES WHEN WE'RE DOING ASSET PRESERVATION PLANNING, YOU ARE ALSO NOT THE BENEFICIARY.

YOU ARE REALLY DOING THAT FOR THE BENEFIT OF CHILDREN OR FUTURE GENERATIONS.

SO YOU ARE GIVING UP A LOT WHEN YOU MAKE AN IRREVOCABLE TRUST YOUR TOOL FOR PRESERVING OR PROTECTING ASSETS.

BUT IT MIGHT BE SOMETHING THAT YOU'RE TRYING TO DO.

BUT IT IS VERY DIFFERENT THAN THAT REVOCABLE TRUST.

>> Renee: LET'S TALK A LITTLE BIT AMY DOUGHERTY ABOUT LONG-TERM CARE INSURANCE.

WHAT ARE THE PROS AND CONS OF LONG-TERM CARE INSURANCE?

>> LONG-TERM CARE INSURANCE CAN BE GREAT IF YOU CAN AFFORD IT.

FROM THE PREMIUMS ARE VERY SUBSTANTIAL.

I'VE SEEN PEOPLE PAY THOUSANDS OF DOLLARS A YEAR LIKE $20,000 FOR A LONG-TERM CARE INSURANCE.

AND IF YOU DON'T HAVE THAT KIND OF MONEY TO PAY, THEN THAT'S A PROBLEM.

THE OTHER THING IS THAT YOU HAVE TO KNOW WHAT YOU'RE TRYING TO PRESERVE.

LIKE YOU WOULDN'T NEED A LIFE INSURANCE POLICY IF YOU DIDN'T HAVE PEOPLE DEPENDING ON YOU.

YOU ALSO DON'T NEED LONG-TERM CARE INSURANCE POLICY IN MY OPINION IF YOU DON'T HAVE ASSETS THAT YOU ARE TRYING TO PRESERVE.

AGAINST LONG-TERM CARE COSTS.

THERE IS A SENSE IF YOU LONG-TERM CARE INSURANCE IF YOU CAN AFFORD IT IT GIVES YOU FLEXIBILITY IN SELECTING A NURSING HOME.

SOMETIMES THE PEOPLE THAT ARE PROVIDING THE CARE FOR YOU HAVE NO IDEA OF THEY ARE PROVIDING CARE FOR A RESIDENT ON MEDICAID OR WHO IS PRIVATE PAY WITH LONG-TERM INSURANCE.

SO THE CARE MAY NOT BE DIFFERENT.

BUT OTHER TIMES ANOTHER NURSING HOMES THAT COULD BE QUITE DIFFERENT.

SO THAT CAN GIVE YOU A LOT OF LATITUDE AND IF YOU HAVE MONEY TO PAY PRIVATELY, THEN A HOME CAN BE PRESERVED FOR EXAMPLE.

SO THERE ARE OTHER BENEFITS OF THAT.

WORD OF WARNING, IS THAT YOU WANT TO UNDERSTAND YOUR POLICIES.

YOU WANT TO UNDERSTAND IF THEY COVER ASSISTED LIVING, ESPECIALLY WANT TO UNDERSTAND IF YOU ARE PAYING THIS MONEY FOR INSURANCE IF THEY COVER CARE FOR THOSE WHO ARE HAVING MEMORY ISSUES.

THAT'S OFTEN IF THEY DON'T COVER THAT, YOU HAVEN'T BOUGHT SOMETHING THAT IS HELPFUL TO YOU.

>> Renee: SO THE YOUNGER YOU PURCHASE LONG-TERM CARE INSURANCE, IS IT MORE AFFORDABLE?

AND IF YOU WAIT UNTIL YOU ARE 50 AND OLDER WHEN YOU CAN GET INTO THE $20,000 ANNUAL PREMIUM?

>> MOST PEOPLE BUY LONG-TERM CARE FINS THEY DO, IN THEIR 50s AND MIDDLE 60s.

AND THEY START THAT.

IT'S ALSO AN ISSUE OF WHETHER YOU WOULD MEET THE MEDICAL CRITERIA.

IT IS A LOT TOUGHER TO MEET.

AND A LOT OF THE POLICIES THAT ARE WRITTEN NOW HAVE THESE LARGER PRICE TAGS BUT THEY DON'T OFFER AS MUCH.

YOU WANT TO DO INVESTIGATING AND MAKE SURE THAT YOU UNDERSTAND WHAT YOU ARE BUYING.

AND THAT IT'S GOING TO COVER.

THE WAY I TALK TO MY CLIENTS ABOUT LONG-TERM CARE INSURANCE IS YOU WANT YOUR MONTHLY -- MONTHLY INCOME PLUS THE PAY OUT OF THE LONG-TERM CARE POLICY TO COVER YOUR STAY AT A NURSING HOME.

FOR EXAMPLE OR YOUR STAY AT ASSISTED LIVING.

>> Renee: WHICH CAN BE $9,000 A MONTH OR MORE.

>> IT CAN BE HIGHER THAN THAT.

A LOT OF LOUISVILLE'S HIGHER THAN LEXINGTON.

BUT MOST NURSING HOMES NOW YOU WOULD NEED TO BE PLANNING FOR $12500 EASILY.

>> Renee: A MONTH.

>> 12 TO 14 AND THE LOUISVILLE MARKET AND OWENSBORO.

THERE IS MORE OF A MOVE NOW TOWARDS LIFE INSURANCE POLICIES FOR ANNUITIES THAT HAVE ACCELERATED BENEFIT RIDER FOR A LONG-TERM CARE ON THEM.

[ALL TALKING AT ONCE] >> PLEASE, GO AHEAD.

>> Renee: FINISH YOUR THOUGHT.

>> THEY ARE MUCH MORE PALATABLE TO A LOT OF PEOPLE BECAUSE THE OLD POLICIES WERE VERY USE IT OR LOSE IT.

AND PEOPLE WOULD BE MOM OR DAD WOULD PASS AWAY AND THEY PAID THOSE PREMIUMS ALL THOSE YEARS AND NEVER USED THAT POLICY.

WE PAY PREMIUMS ON HOMEOWNERS INSURANCE I'M NOT MAD MY HOUSE DIDN'T BURN DOWN IT'S PART OF THE INSURANCE WORLD.

BUT WITH THESE NEW POLICIES THEY ARE MORE OF YOUR INVESTMENT PORTFOLIO THAT LIFE INSURANCE WITH THAT ACCELERATED BENEFIT RIDER THAT JONATHAN WAS TALKING ABOUT.

>> Renee: JONATHAN TAKE IT AWAY.

>> LIKE SHE WAS SAYING THERE ARE INSURANCE POLICIES THAT HAVE A RIDER ATTACHED TO THE POLICY AND THAT COULD CIRCUMVENT THE COSTS WE WERE TALKING ABOUT.

$20,000 A YEAR WHAT YOU MIGHT PAY FOR A STAND-ALONE POLICY IF YOU GET A POLICY BY ITSELF.

IF YOU DO A RIDER IT COULD BE A FEW HUNDAI MONTH ON THE RIDER.

MUCH MORE COST-EFFECTIVE.

>> Renee: OKAY I HAVE THIS MUCH IN MY RETIREMENT WHY DON'T I DIVERT THOSE FUNDS FOR LONG-TERM CARE NEEDS?

>> YOU COULD TAKE MONEY FROM A IRA OR 401K AND DIVERT THOSE FUNDS INTO A LIFE POLICY THAT HAS A LONG-TERM CARE RIDER ATTACHED TO IT.

>> Renee: LINDSEY, THANK YOU FOR BEING WITH US AGAIN.

ONE OF THE QUESTIONS WE ALSO GOT LAST TIME WAS OKAY, GREAT INFORMATION BUT CAN I DO ALL THIS WITHOUT HAVING TO GET A PRIVATE ATTORNEY?

AND ARE THERE RESOURCES THAT YOU PROVIDE YOU AND YOUR CENTER AND OTHER RESOURCES THAT CAN HELP PEOPLE NAVIGATE THIS WITHOUT BEING TOO MUCH OUT OF POCKET?

>> ABSOLUTELY.

WE ARE LUCKY IN KENTUCKY THAT WE HAVE AREA ON AGING AGENCIES THROUGHOUT KENTUCKY.

SO EACH COUNTY HAS IS GROUPED INTO A REGION HERE IN LEXINGTON WE ARE PART OF THE BLUEGRASS REGION WHICH COVERS 17 COUNTIES AND WE PROVIDE BOOKS CALLED PATHWAYS THAT HAVE EVERY RESOURCE WHETHER PAID OR FREE RESOURCES IN THESE BOOKS YOU CAN EASILY OBTAIN BY GOOGLING WHAT YOUR COUNTY IS UNDER FOR AN AREA ON AGING.

>> Renee: COOL.

NEXT DOOR, AS WE SAID EARLIER WE HAVE MY COLLEAGUE LAURA ROGERS WHO IS STANDING BY NOW.

AND WE'RE GOING TO THROW IT TO HER.

LAURA?

>> ALL RIGHT THANK YOU SO MUCH RENEE.

WE ARE GETTING STEADY PHONE CALLS HERE.

CAITLIN KIDD IS AN FOREIGN WITH KENTUCKY ELDERLAW AND YOU TOOK A CALL THAT WAS A GOOD QUESTION.

TELL US WHAT THEY ASKED YOU AND HOW YOU HANDLED THAT QUESTION.

>> THANKS SO MUCH.

I HAD A CALLER ASK ME WHAT HAPPENS WHEN YOU PASS AWAY WITHOUT A WILL.

AND WHERE YOUR ASSETS GO WHEN YOU PASS AWAY WITHOUT A WILL.

THAT IS REALLY DEPENDING ON WHAT NEXT OF KIN YOU HAVE BUT IT'S USUALLY GOING TO PASS PER KENTUCKY STATUTES CALLED INTESTTATE.

IT WILL TELL YOU IN WHICH ORDER YOUR ASSETS ARE GOING TO PASS AND THAT IS PRESUMING THAT THE ASSETS THAT YOU HAVE AREN'T JOINTLY OWNED AND DON'T HAVE A BENEFICIARY NAMED ON THOSE ASSETS.

>> AND THAT IS DIFFERENT FOR PEOPLE DEPENDING WHAT SURVIVING FAMILY THEY HAVE WHETHER IT IS A SPOUSE OR CHILDREN OR PARENTS.

UNKNOWNS AND THIS IS ALL GENERAL ADVICE FOR A WIDE AUDIENCE ACROSS THE STATE OF KENTUCKY.

AND EVERYBODY'S CIRCUMSTANCES ARE DIFFERENT AND INDIVIDUALIZED.

YOU GIVE YOUR CLIENTS YOU HAVE A LOT OF CONVERSATIONS WITH THEM.

WHAT ARE CONCERNS THAT YOU HEAR FROM FOLKS YOU ARE TALKING TO?

>> SO PREDOMINANTLY I HEAR PEOPLE ASK ME HOW DO I AVOID PROBATE?

AND THOSE CAN BE AVOIDED WITH GOOD CORE DOCUMENTS YOU WILL HEAR A LOT ABOUT TRUSTS TONIGHT.

BUT A GOOD TRUST CAN AVOID PROBATE FOR YOU FOR THE MOST PART.

AGAIN, JOINTSLY OWNED AS SETS OR ASSETS THAT HAVE BENEFICIARIES NAMED FOR THE MOST PART WILL AVOID PROBATE AS WELL.

THE SECOND PIECE I HEAR PEOPLE ASK ME IS HOW DO I PROTECT MY ASSETS SHOULD I NEED SKILLED NURSING HOME IN THE FUTURE?

AND AGAIN A LOT OF THAT TRUST PLANNING PIECE THAT YOU WILL HEAR ABOUT TONIGHT, CAN HELP AVOID OR HELP PROTECT ASSETS FROM MEDICAID OR ANOTHER SOURCE THAT MAY STEP IN SHOULD YOU NEED SKILLED NURSING CARE IN THE FUTURE.

>> LONG-TERM CARE CAN BE VERY EXPENSIVE SO PEOPLE WANT TO MAKE SURE THEY ARE PREPARED FOR THAT DOWN THE ROAD.

THEY DON'T WANT TO BURDEN OTHER FAMILY MEMBERS WITH PAYING FOR THOSE EXPENSES?

>> CORRECT.

WE'VE GOT VIEWERS ACROSS THE COMMONWEALTH TONIGHT BUT IN JEFFERSON COUNTY SPECIFICALLY IF WE ARE LOOKING AT SKILLED NURSING CARE IT CAN BE BETWEEN 13 TO 16,000 A MONTH.

A LOT OF PEOPLE DON'T HAVE THAT IN INCOME COMING IN.

SO WE WANT TO PLAN LONG-TERM FOR WHAT THAT LOOKS LIKE.

AND FOR A LOT OF FOLKS THAT CAN BE THROUGH AN IRREVOCABLE TRUST OR A PREPLANNING TOOL THAT AN ELDERLAW ATTORNEY CAN HELP PLAN FOR.

>> WE ARE GETTING CALLS ABOUT INREVOCABLE TRUSTS TONIGHT.

CONTINUE TO CALL IN AND WE HAVE EXPERTS TAKING YOUR QUESTIONS AND PASSING THE QUESTIONS ON TO OUR PANEL NEXT DOOR AS WELL WHERE WE WILL GO AGAIN TO RENEE.

>> Renee: THANK YOU, LAURA.

AND THANK YOU CAITLYN AS WELL.

LAURA WILL BE WITH US A COUPLE MORE TIMES TO SEE WHAT ELSE YOU ARE ASKING AND AS A REMINDSER AT THE BOTTOM OF YOUR SCREEN YOU HAVE THE WAYS TO GET IN CONTACT WITH US.

YOU CAN CALL US, SEND US A QUESTION BY X, OR YOU CAN SEND US AN E-MAIL AT THE ADDRESS ON YOUR SCREEN AND WE'LL GET TO AS MANY AS WE CAN.

ON THE SAME LINES AS A WILL, THIS QUESTION CAME IN EARLIER, IF MY WILL IS SEVERAL YEARS OLD, DOES IT STILL COUNT AS BEING VALID?

DOES THE WILL EVER EXPIRE?

>> NO.

AS LONG AS PROPERLY EXECUTED.

IT DOESN'T EXPIRE.

THE PROBLEM THAT I SEE IS THAT PEOPLE WILL COME AND SEE ME AND THEY WILL HAVE A WILL THE THEY WROTE IN 1982 WHEN THEIR CHILDREN WERE 8 AND 6.

AND NOW THEIR CHILDREN AND ARE 50 AND 48.

SO IT DOESN'T REALLY ADDRESS THEIR LIFE.

AND HOW THINGS ARE NOW.

AND IT DOESN'T EVEN IMAGINE THAT THEY WOULD HAVE GRANDS CHILDREN AND THOSE THINGS.

THE WILL DOESN'T EXPIRE BUT YOUR CIRCUMSTANCES CHANGE.

AND SO I DON'T KNOW ABOUT YOU BUT I ENCOURAGE CLIENTS EVERY FIVE YEARS OR SO TO TAKE OUT THE LEGAL DOCUMENTS.

>> I DO EVERY TWO YEARS.

AND CONTACT US ABOUT EVERY FIVE YEARS UNLESS THEY HAVE HAD A MAJOR CHANGE AND CONTACT US WHEN THEY HAVE A MAJOR CHANGE.

>> THERE'S NO HARM IN DOING IT MORE OFTEN.

I WOULD SAY EVERY FIVE YEARS TAKE IT OUT AND LOOK AT IT AND MAKE SURE IT MAKES SENSE FOR YOU AND WHERE YOU ARE NOW.

PARTICULARLY IF ONE OF LIKE A SPOUSE, ONE OF THEM IS NOT HEALTHY ANY LONGER.

THERE MAYBE SOME THINGS WE NEED TO ADDRESS WITH HOW THEY HAVE THEIR ESTATE STRUCTURED.

MAYBE IT DOESN'T MAKE SENSE FOR ME TO LEAVE EVERYTHING TO MY HUSBAND WHO HAS ADVANCED DEMENTIA AND WOULDN'T BE ABLE TO CARE FOR HIMSELF ALONE.

MAYBE HE NEEDS A TRUST SETUP AND MY WILL.

THERE'S THINGS THAT AN ELDERLAW ATTORNEY WILL LOOK AT AND MAKE SURE IS RIGHT.

BUT IT'S STILL VALID IT MAY NOT BE THE WAY WE WANT THINGS STRUCTURED ANYMORE.

>> I ALWAYS THINK ABOUT WILLS AND TRUSTS AS THE MAIN FOCUS IS TO MEET THE CLIENT'S GOALS.

I START OUT ASKING THE CLIENT WHAT THEIR GOALS ARE AND WE HAVE A CONVERSATION ABOUT THAT.

IF YOU HAVE AN OLD WILL IT MIGHT BE VALID BUT LIKELY IT WON'T MEET THE GOALS THAT YOU HAVE.

>> Renee: FROM A VIEWER MY WIFE AND I HAVE A WILL CREATED WHEN OUR CHILDREN ARE SMALL.

YOU WERE RIGHT ON IT.

WE ARE NOW BOTH RETIRED AND OUR CHILDREN HAVE THEIR OWN FAMILIES WE NEED TO CHANGE OUR WILL TO REFLECT OUR CURRENT SITUATION CAN WE MODIFY THE WILL TO REFLECT THESE CHANGE AND HAVE OUR SIGNATURES NOTARIZED OR DO WE NEED A LAWYER?

>> THEY NEED TO START FROM SCRATCH.

A LOT OF PEOPLE HEARD OF A CODICIL TO MY WILL.

I THINK WE DID CODICILS WAS BECAUSE ATTORNEYS DID NOT WANT TO RETYPE EVERYTHING.

>> WORD PROCESSING ISSUES.

>> NOW THAT WE HAVE COMPUTERS WE DO TYPICALLY WRITE A NEW WILL FOR YOU AND GET IT SETUP.

BUT WHERE PEOPLE START SCRATCHING THINGS OUT AND TRYING TO INITIAL YOU CANNOT DO THAT AND MAKE VALID CHANGES IN THE STATE OF KENTUCKY.

I'VE HAD PEOPLE TRY TO CUT PEOPLE OUT OF THE WILL AND IT DOES NOT WORK.

YOU HAVE TO GO TO A LAWYER.

>> NO SHARP IS.

>> YOU NEED TO GO TO A LAWYER AND HAVE IT DONE THE RIGHT WAY.

AGAIN LIKE AMY SAID, WE WANT TO ACCOMPLISH YOUR GOALS.

SO IT'S WORTH IT TO MAKE THAT INVESTMENT IN A NEW DOCUMENT.

>> Renee: SO WE'VE HAD QUESTIONS TO LIZ ABOUT IN-HOME CARE AND KNOWING WHAT YOU CAN DO AND HOW DO YOU EVEN KNOW HOW TO START THE CONVERSATION ABOUT IN-HOME CARE AND DO YOU WAIT UNTIL THE PHYSICIAN RECOMMENDS IT?

>> RENEE THAT IS A QUESTION I FREQUENTLY GET FROM INDIVIDUALS.

I THINK I NEED MORE HELP AND I'M WAITING FOR MY DOCTOR TO SUGGEST IT OR SHOULD I BRING UP THE TOPIC?

AND WE OFTENTIMES HEAR FROM OUR PHYSICIANS WELL, I'M WAITING TO GET FEEDBACK FROM THE FAMILY TO GUIDE MY NEXT CONVERSATION.

I ENCOURAGE ANYONE IF YOU HAVE QUESTIONS, ASK THE CAREGIVERS YOU TRUST YOUR PHYSICIAN WHERE YOU'RE SEEKING CARE.

BE OPEN, ASK QUESTIONS DON'T BE SHY.

OR ANOTHER INDIVIDUAL YOU TRUST.

WHETHER IT'S A COMMUNITY MEMBER, A NEIGHBOR, CLERGY, SPIRITUAL SUPPORT FROM A CHURCH YOU MAY GO TO, FOLKS AT THE SENIOR CENTER THEY CAN HELP YOU WORK THROUGH THESE DIFFICULT QUESTIONS.

BUT, YES, FOR MOST IN-HOME CARE AND SERVICES, OFTENTIMES INDIVIDUALS CAN REFER THEMSELVES.

AND THEN IF IT REQUIRES SOMETHING WITH MEDICAL ELIGIBILITY, FOR EXAMPLE BLUEGRASS CARE NAVIGATORS WOULD WORK WITH YOUR PHYSICIAN SO YOU DON'T HAVE TO GO THROUGH THE PHYSICIAN PHONE CALLS OR HOME AGENCY WILL WORK TO GET THOSE REFERRALS.

BUT IF YOU HAVE A QUESTION BEGIN MAKING PHONE CALLS.

>> I THINK IT GOES BACK TO GOAL SETTING.

WHAT IS IT THAT YOU ARE STRUGGLING WITH.

IS IT WITH BATHING AND GROOMING?

MORE WITH HOUSE CHORES?

LIKE IS LAUNDRY GETTING TOO DIFFICULT.

ARE DISHES PILING UP?

THOSE THINGS ARE WHAT I THINK THE SIMPLEST THINGS WHAT THEY CALL ADL'S.

>> ACTIVITIES OF DAILY LIVING.

>> Renee: RIGHT.

AND SO IT'S IMPORTANT TO KNOW WHAT IT IS YOU NEED TO HAVE HELP WITH.

THIS QUESTION FROM A VIEWER IF I GO TO A NURSING HOME SHOULD I SETUP A REVOCABLE TRUST TO SAVE MY HOME?

WE GET LOTS OF QUESTIONS ABOUT THIS.

>> THE REVOCABLE TRUST IS NOT THE TOOL FOR THAT.

BECAUSE REMEMBER THAT BUCKET I TALKED ABOUT THAT IS REVOCABLE YOU CAN STILL ACCESS EVERYTHING IN IT.

SO YOU ARE STILL THE TRUSTEE, YOU ARE IN CHARGE OF IT AND THE BENEFICIARY.

SO IT DOESN'T SHELTER ANYTHING.

ALL OF THAT STILL CONSIDERED AVAILABLE TO YOU.

AND WOULD BE REQUIRED TO BE SOLD, LIQUIDATED, SPENT DOWN IS THE TERM THAT WE USE BEFORE YOU WOULD BE MEDICAID ELIGIBLE.

SINGLE PERSON IS ONLY ELIGIBLE FOR MEDICAID TO PAY FOR A NURSING HOME WHICH IS THE GOVERNMENT PROGRAM THAT PAYS.

WHEN THEY HAVE LESS THAN $2,000 IN COUNTABLE RESOURCES AND THAT HOME WOULD COUNT.

SO TO TRY TO PRESERVE OR PROTECT THAT WE'RE BACK TO THE IRREVOCABLE TRUST.

BUT IT'S NOT JUST THE USE OF AN INREVOCABLE TRUST, IT'S IRREVOCABLE TRUST PLUS FIVE YEARS.

WHAT THE LAW SAYS AND THIS IS FEDERAL LAW BUT EVERY STATE IS REQUIRED TO FOLLOW IT IS THAT YOU CAN SHELTER AND PROTECT YOUR ASSETS YOU CAN USE AND IRREVOCABLE TRUST FOR THAT PURPOSE BUT YOU ARE ALSO GIVING UP SOMETHING AND WHAT YOU ARE GIVING UP IS FIVE YEARS THAT YOU ARE NOT GOING TO ASK AT ANY POINT DURING THAT FIVE YEARS FOR MEDICAID TO COVER YOUR NURSING HOME STAY.

SO THERE IS A STISM WHEN IT'S TOO LATE.

IF I'M ALREADY IN THE NURSING HOME, YEAH YOU CAN PUT YOUR HOME IN THERE BUT YOU BETTER HAVE ASSETS TO PAY FOR THAT FIVE-YEAR PERIOD OTHERWISE IT DOESN'T WORK.

IF YOU WERE WANTING TO PROTECT THAT HOME YOU WOULD HAVE HAD A CONVERSATION WITH AN ELDERLAW ATTORNEY MUCH EARLIER THAN THAT SO YOU CAN SATISFY THOSE REQUIREMENTS OF THE STATUTES OF THE FEDERAL LAW OF THE STATE LAW IN ORDER TO PRESERVE OR PROTECT THAT HOME.

AND THERE'S EXCEPTIONS WHEN WE HAVE DISABLED CHILDREN AND THINGS LIKE THAT.

BUT GENERALLY SPEAKING THAT'S THE RULE.

>> Renee: AND THIS VIEWER HAD A QUESTION IS AN IRREVOCABLE TRUST A GOOD OPTION AND WHAT SITUATION MAY BENEFIT FROM THAT?

>> THE SITUATION WHERE YOU ARE TRYING TO PROTECT AND SHELTER RESOURCES SHOULD YOU NEED SKILLED NURSING CARE.

THAT MIGHT BE RESOURCES FOR YOU AND YOUR SPOUSE.

BUT MANY TIMES THERE ARE RULES WHEN YOU ARE MARRIED THAT ARE MUCH MORE GENEROUS.

THEY DON'T REQUIRE THAT FULL SPEND DOWN.

BUT IF YOU ARE TRYING TO MAKE SURE THAT YOU CAN PASS ON ASSETS THAT YOU CAN LEAVE SOME TYPE OF LEGACY, THAT IS THE TOOL THAT YOU ARE GOING TO USE.

YOU ARE TRYING TO MAKE SURE THAT YOU DON'T LOSE YOUR HOME THAT YOU ARE ABLE TO PASS IT ON TO YOUR CHILDREN.

I THINK TOO, PEOPLE WHEN YOU ARE ON MEDICAID AND IN A NURSING HOME ALL YOU CAN KEEP OUT OF YOUR INCOME IS $60.

ALL OF YOUR INCOME MUST GO TO THE NURSING HOME EVERY MONTH.

>> Renee: EXCEPT FOR $60.

>> YOU GET TO PAY YOUR INSURANCE PREMIUMS YOU KEEP $60 CALLED YOUR PERSONAL NEED AS LOU ANSWER.

EVERYTHING ELSE GOES TO THE NURSING HOME.

>> YOUR HEALTH INSURANCE PREMIUMS.

>> NOT LIFE OR ANY OTHER KIND.

AND SO BEING ABLE TO PRESERVE OR PROTECT ASSETS MEANS WE ARE GOING FOR ASSETS THE FAMILY WILL HELP PAY FOR THE THINGS THAT MAKE LIFE ENJOYABLE.

>> Renee: JONATHAN ANYTHING ELSE?

ASSET PRESERVATION IS PEOPLE HAVE A LOT OF INTEREST IN AND THEY ARE CONCERNED ABOUT THAT.

>> PRESERVATION HAVE A FIVE-YEAR LOOK BACK PERIOD.

WE DON'T KNOW WHEN WE'RE GOING TO DIE.

WE HAVE TO ASSUME OUR DEATH IS IMMINENT.

SO THAT BEING SAID WAITING TWO YEARS OR THREE YEARS TO GET STARTED THAT IS THE WORST.

THE BEST THING IS START YESTERDAY.

>> Renee: AND WE SAY THAT OFTENTIMES THESE PROGRAMS ARE GEARED TOWARDS SENIORS BUT I'M HOPING THAT PEOPLE MIDDLE-AGED, 50 AND UNDER, MILLENNIALS THAT MANY OF YOU FIND YOURSELVES IN THE CARE GIVING SITUATIONS SO IT BRINGS TO MINDS HOW IMPORTANT IT IS TO PLAN AND PLAN EARLY.

>> I WAS GOING TO SAY, I ALWAYS THINK 65 AND UNDER YOU ARE LOOKING AT YOUR PRIVATE LONG-TERM CARE INSURANCE, YOUR LIFE INSURANCE WITH THE RIDERS THAT IS THE BEST TIME TO GET THOSE.

65 TO 75 IS THE IDEAL TIME IN MY OPINION TO DO IRREVOCABLE TRUST PLANNING BECAUSE WE'RE MOST OPTIMISTIC YOU WILL MAKE THE FIVE-YEAR PERIOD.

IF YOU HAVE A LOT OF ASSETS MAYBE WE CAN GO HIGHER OR IF YOU HAVE INSURANCE WE CAN STACK A LITTLE BIT.

BUT TIMING WISE FOR THE VIEWERS, THAT'S WHAT I THINK OF AS THE SWEET SPOTS.

>> Renee: THAT'S GOOD.

>> ONE POINT ABOUT THE IRREVOCABLE TRUST, YOU CAN'T GIVE YOUR ASSETS TO A SPOUSE.

BECAUSE WHATEVER'S ANY ASSET BELONGING TO EITHER OF THE SPOUSES AT THE MEDICATED OFFICE IS COUNTABLE.

YOU HAVE TO HAVE A TRUSTED CHILD ESSENTIALLY THAT YOU'RE WILLING TO MAKE A GIFT OF YOUR ASSETS TO FOR THEM TO HOLD AND LET THE FIVE YEARS RUN AND YOU CAN'T USE THEM.

>> Renee: WE WANT TO GO BACK TO LAURA ROGERS IN THE STUDIO NEXT DOOR.

LAURA?

>> ALL RIGHT THANK YOU.

ARMINE HUTCHENS IS HERE WITH JT DAVIS ASSET MANAGEMENT.

AND SO ARMINE HUTCHENS WHEN YOU ARE ADVISING PEOPLE ON FINANCIAL AND ESTATE PLANNING, WE KNOW THERE ARE DOCUMENTS THAT THEY NEED TO HAVE IN PLACE IN ORDER TO DO THAT EFFECTIVELY.

WHAT ARE THOSE DOCUMENTS?

>> JT WE ADVISE THREE ESSENTIAL DOCUMENTS FOR ESTATE PLANNING.

AND THOSE ARE VERY IMPORTANT BECAUSE YOU MUST HAVE YOUR ESTATE PLANNING GOALS.

AND THOSE COULD BE SHORT-TERM GOALS OR LONG-TERM GOALS.

AND IN IN TURN THOSE GOALS HELP YOU FOR YOUR ESTATE PLANNING MAKE IT EASIER.

OTHER IMPORTANT DOCUMENTS WE RECOMMEND IS ACCURATE FINANCIAL SNAPSHOT WHICH IS YOUR BUDGETING, YOUR DEBT MANAGEMENT YOUR ASSETS ALL YOUR RETIREMENT INVESTMENT STATEMENTS.

AND YOUR BANK STATEMENT ALL YOUR DEBTS STATEMENT EVERYTHING YOU HAVE ALL YOUR STATEMENTS TO BE IN AN ACCURATE FINANCIAL SNAPSHOT.

AND THE THIRD WE RECOMMEND LIVING TRUST OR WILL WHICH IS VERY IMPORTANT.

IT WILL MAKE IT EASIER FOR YOUR FAMILY MEMBERS YOUR CHILDREN THEY WILL NOT STRUGGLE TO LOOK FOR ANY ITEMS WHEN YOU HAVE ALL YOUR LIVING WILL OR TRUST DOCUMENTS ORGANIZED.

THOSE ARE VERY, VERY IMPORTANT FOR YOUR FINANCIAL JOURNEY.

BECAUSE IF YOU HAVE MONEY AND IT WAS NOT RETURNED IT BELONGS TO ANYONE WHEN YOU PASS UNCLE SAM WILL DECIDE WHICH IS VERY SAD.

>> YEAH, GOOD ADVICE.

WITH BANK STATEMENTS AND DOCUMENTS LIKE THAT, SO MANY TIMES THINGS ARE DIGITAL.

DO YOU SUGGEST PEOPLE KEEPING THEM IN A SAFE SECURE LOCATION?

>> YOU KNOW, IT WILL BE GREAT IF THEY HAVE BOTH.

WE SAID YOU CAN WRITE A LOVE LETTER YOU WRITE A LETTER TO YOUR CHILDREN ANY FAMILY MEMBER EVERYTHING ITEMIZED.

YOU ITEMIZE WHAT YOU HAVE.

YOUR INVESTMENT STATEMENT YOUR, YOUR DEBT STATEMENT IF YOU HAVE ANY DEBT THAT YOU YOU ARE IN THE PROCESS OF TAKING CARE OF THEM.

OR INVESTMENT BECAUSE OFTEN WE HAVE SO MANY DIVERSIFIED PORTFOLIOS WE HAVE IRA'S OR 401K AND THOSE ARE VERY IMPORTANT FOR FAMILY MEMBERS TO BE EASIER TO LOCATE.

AND WE RECOMMEND TO HAVE BOTH ELECTRONIC AND WRITTEN FORM.

>> BE SURE YOU DESIGNATE A BENEFICIARY ON THOSE ROTH IRA ACCOUNTEDS.

>> BENEFICIARIES ARE IMPORTANT ESPECIALLY WITH 401K WE START WORKING AND THEN WE ASSIGN BENEFICIARIES IT'S IMPORTANT TO UPDATE EVERY COUPLE OF YEARS.

AND WITH IRA AS WELL.

BECAUSE OFTEN WE WOULD LIKE TO CHANGE, DIVORCE HAPPENS SO LIFE CHANGES AND WITH LIFE CHANGES OBVIOUSLY BENEFICIARIES COULD BE CHANGED AS WELL.

IT'S IMPORTANT TO VISIT YOUR BENEFICIARY INFORMATION AND UPDATE THEM PERIODICALLY.

>> DON'T NEGLECT THAT PART OF THE PROCESS.

THANK YOU ARMINE HUTCHENS I APPRECIATE IT.

RENEE, BACK TO YOU.

>> Renee: THANK YOU.

AND THANK YOU WE APPRECIATE YOU BOTH.

A LOT OF QUESTION COMING IN.

THE NUMBER AND THE WAYS TO CONTACT US ARE AT THE BOTTOM OF YOUR SCREEN, BY E-MAIL, PHONE OR TWITTER.

I WILL GO IN ORDER THESE ARE IF NONLINEAR QUESTIONS WE'RE TRYING TO GROUP THEM TOGETHER BUT, IS THERE A PAPER I CAN FILL OUT TO TRANSFER PROPERTY SUCH AS MY HOUSE TO A FRIEND WITHOUT TRANSFER TAX OR INHERITANCE TAX?

>> NOT WITHOUT TAX.

ANYTIME THAT TO TRANSFER PROPERTY YOU HAVE TO DO A DEED.

SO YOU CAN DO A QUICK CLAIM DEED BUT THAT DOESN'T RELIEVE OF YOU OF ANY SORT OF TRANSFER TAX IMPLICATIONS WHICH THERE IS A TRANSFER TAX.

BUT NOT WHEN YOU ARE TRANSFERRING TO CERTAIN FAMILY MEMBERS LIKE SPOUSES OR CHILDREN.

WHEN IT COMES TO INHERITANCE TAX, IF IT IS DONE WITHIN THREE YEARS OF DEATH, IT GETS PULLED BACK IN AND THERE WILL BE AN INHERITANCE TAX.

WE HAVE A TIERED TAX SYSTEM, A HEIRS, B HEIRS, C HEIRS.

A BEING SPOUSE, CHILDREN, GRANDCHILDREN, NO TAX IN KENTUCKY.

NIECE NEPHEW FURTHER OUT THERE'S SOME TAX AND A FRIEND WOULD BE A C HEIR SO THAT WOULD BE THE HIGHEST LEVEL OF TAX.

>> Renee: GOOD INFORMATION.

BACK TO TRUSTS AGAIN.

WHAT ITEMS SHOULD NOT BE PUT IN A TRUST SHOULD A NAMED BENEFICIARY BE EXCLUDED?

>> SO I'M NOT SURE DEPENDS ON THE TYPE OF TRUST.

SO GENERALLY SPEAKING INVESTMENTS LIKE IRA'S 401K'S THOSE TYPES OF ACCOUNTS DO NOT NEED TO GO IN CERTAINLY NOT GOING IN AN IRREVOCABLE TRUST IN THE STATE OF KENTUCKY BECAUSE IT WOULD BE AN IMMEDIATE TAX INCOME TAX IMPLICATION TO THAT AND IN KENTUCKY THOSE ASSETS ARE PROTECTED FROM MEDICAID.

BUT GENERALLY SPEAKING, YOU KNOW WHEN WE'RE DOING IRREVOCABLE TRUST PLANNING WE WANT TO LEAVE THAT PERSON WITH PLENTY OF ASSETS OUTSIDE OF THE TRUST TO ALSO AFFORD THE CARE THEY NEED FOR IN-HOME CARE OR LEVEL THAT MIGHT BE BEFORE THE NURSING HOME.

WE HAVE TO TAKE A LOOK AT IT AND SEE WHAT MAKES SENSE TO GO IN.

AND WHAT DOESN'T NEED TO GO IN.

IF WE CAN DESIGNATE BENEFICIARIES AND AVOID PROBATE MAYBE AN ASSET DOESN'T NEED TO GO INTO A REVOCABLE TRUST.

IT IS A SITUATIONAL.

>> Renee: WILL HEIRS BE RESPONSIBLE FOR OUTSTANDING DEBT WHEN THE DEBT HOLDER PASSES AWAY?

>> NO.

ESSENTIALLY THEY WON'T BE BUT IT DOESN'T MEAN THEY WOULD HAVE THEIR INHERITANCE.

SHE IS RIGHT.

THAT MEANINGS IF I'M THE CHILD AND MY PARENTS DIE AND THEY OWE SOMEONE I'M NOT RESPONSIBILITY FOR MY PARENTS' DEBT.

WITH SPOUSES WE HAVE THIS WEIRD RULE IN KENTUCKY THAT A HUSBAND'S RESPONSIBLE FOR DEBTS OF HIS WIFE BUT THE WIFE IS NOT RESPONSIBLE FOR THE DEBTS OF THE HUSBAND.

>> Renee: THAT IS TRUE?

>> IT IS THE LAW.

THE COURTS HAVE COME OUT AND SAID THIS PROBABLY NEEDS TO BE CHANGED.

BUT THAT IS STILL THE LAW.

BUT IN A SPOUSE -- IN A CHILD'S SITUATION A LOT OF CHILDREN ARE AFRAID IF MY MOM OR DAD NEED CARE AM I GOING TO BE RESPONSIBLE FOR A DEBT OR FOR THE COST OF THAT CARE?

AND THAT NOT TRUE OR MY PARENT IS IRRESPONSIBLE WITH MONEY AND THEY HAVE A BIG CREDIT CARD ARE THEY GOING TO COME AFTER ME?

BUT THEY CAN COME AFTER THE ASSETS OF THE ESTATE AND THERE IS A LITTLE PROTECTION $30,000 FOR CHILDREN SURVIVING SPOUSE.

BUT THAT IS WHERE THEY WILL COME.

THEY WILL FILE A CLAIM IN THE PROBATE.

AND THEY WILL COME AFTER THOSE ASSETS.

>> Renee: THIS SCENARIO HERE, I HAVE EARLY ONSET DEMENTIA I WANT TO PROTECT MY PROPERTY FROM A NURSING HOME SO I CAN PASS IT ON TO MY SON.

CAN THE PANELISTS ELABORATE ON THE SEVEN RULE RULE BUT I THINK HE MEANS THE FIVE-YEAR RULE.

>> IN A SITUATION LIKE THAT, YOU KNOW, TO ACT QUICKLY BECAUSE WE WANT TO WE'VE GOT THAT FIVE-YEAR CLOCK THAT IS THERE.

WE WOULD SETUP TYPICALLY AN IRREVOCABLE TRUST WITH THE HOME INSIDE THAT TRUST.

THAT CHILD -- >> AND MAYBE OTHER ASSETS.

>> LIKE AMY SAID THAT CHILD NEEDS TO BE TRUSTEE HAS TO BE TRUSTWORTHY.

BECAUSE -- >> AND THE BENEFICIARY ALSO.

>> IT IS A POWERFUL POSITION.

AND IT MAY BE THAT THOSE ASSETS NEED TO BE ACCESSED BECAUSE WE DON'T MAKE IT THROUGH THE FIVE YEARS.

SO WE NEED THAT CHILD TO BE ABLE TO ACCESS THOSE.

>> AND WE WILLING TO RETURN THEM TO THE PARENT TO SPEND ON THE PARENT'S CARE IF THEY ARE NEEDED.

>> WE ONLY MAKE IT FOUR YEARS WE HAVE TO SOMEHOW.

>> THAT IS A SCENARIO THEY NEED TO VISIT AN ELDERLAW ATTORNEY SOON AND WORK ON CREATING A PLAN THAT GIVES THE MOST SAVES THE MOST IF THAT'S THE GOAL OF THE CLIENT.

>> THERE IS AN EXCEPTION IF A CHILD MOVES IN WITH THEIR PARENT AND CARES FOR THEIR PARENT AT LEAST TWO YEARS BEFORE THAT PARENT NEEDS A NURSING FACILITY, THE FEDERAL LAW, THE STATE LAW THEY ALL SAY THAT HOME CAN BE TRANSFERRED TO THAT CHILD NO FIVE-YEAR RULE, NO PENALTIES OF ANY KIND.

A CAREGIVER CHILD RULE.

>> Renee: HOW DO YOU THEY PROVE THEY'VE MOVED NON-CHANGED THEIR PERMANENT RESIDENCE.

>> THEY HAVE TO PROVE THEY'VE LIVED THERE FOR TWO YEARS.

AND THEY DO THAT BY A NOTE A PHYSICIAN, A NEIGHBOR ATTEST TO IT.

A.

>> A DRIVER'S LICENSE.

>> THEY HAVE TO PROVIDE THE PROOF OF IT.

THEY CAN'T LIVE IN MOM'S BASEMENT BECAUSE IT'S CONVENIENT FOR THEM.

>> .

>> Renee: OR A PART-TIME SITUATION.

>> THEY ARE PROVIDING THAT CARE.

>> THERE IS ANOTHER EXCEPTION TOO FOR DISABLED CHILDREN.

SO YOU CAN GIVE EVERYTHING YOU OWN TO A DISABLED CHILD AND ROLL ON TO MEDICAID FOR LONG-TERM CARE THE NEXT DAY.

BUT THAT WOULD NEED TO BE A LAWYER WOULD NEED TO HELP SOMEBODY THAT IS FAMILIAR WITH THE MEDICAID RULES AND THOSE RULES ALSO DON'T HELP WITH THE TAX ISSUES IF YOU GIVE REAL ESTATE AWAY WHILE YOU ARE ALIVE, THE RECIPIENT HAS TO PAY A LOT OF CAPITAL GAINS DEPENDING WHAT THE FACTS ARE.

SO YOU ALWAYS WANT TO SEE AN ACCOUNTANT NOT JUST YOUR ELDERLAW ATTORNEY.

>> Renee: HOW MUCH DOES IT COST?

FOR AN ELDERLAW ATTORNEY TO SETUP A REVOCABLE TRUST?

>> TO SETUP A REVOCABLE TRUST?

GOSH, IT DEPENDS.

IS THE BEST LAWYER ANSWER THAT YOU WILL HEAR.

IT DOES -- I GUESS IT DEPENDSES ON THE COMPLEXITY WHAT IS INVOLVED IN THE TRUST IF YOU ARE SETTING UP SUBTRUSTS FOR CHILDREN AND ALL THOSE THINGS, BUT I WOULD SAY A TRUST, I WOULD THINK REASONABLE PRICING IS PROBABLY $1500 UP TO $5,000 BECAUSE IT DEPENDS ON THE COMPLEXITY OF IT AN IRREVOCABLE TRUST IS PROBABLY $3500 UP TO $6,000 DEPENDING ON THE COMPLEXITY OF IT.

THAT EXPENSE IS MORE SIGNIFICANT THAN A LAST WILL AND TESTAMENT.

THAT IS BECAUSE WE'RE DOING SOMETHING MORE SOPHISTICATED.

>> Renee: I WANT TO GO TO THIS SCENARIO POSED.

MY MOTHER PASSED WAY HER WILL WAS DRAWN IN FLORIDA.

SHE DIED IN KENTUCKY.

SHE HAD PROPERTY IN FLORIDA.

ATTORNEYS SAID WE HAVE TO PROBATE IN FLORIDA AND IN KENTUCKY.

IS THIS CORRECT?

WHEN DO WE HAVE TO NOTIFY FLORIDA REGARDING HER PASSING?

>> IT'S CORRECT.

>> IT IS CORRECT.

>> IT IS CORRECT.

>> IF SHE DIES IN KENTUCKY, THE PROBATE WOULD BE DONE IN KENTUCKY AND THE PROBATE IN FLORIDA WOULD BE AN ANCILLARY PROBATE.

>> THAT'S CORRECT.

AND THEN YOU KNOW, THAT DOUBLES YOUR EXPENSE.

SO THAT'S LIKE ONE OF THOSE SITUATIONS WHERE A REVOCABLE TRUST IS VERY HELPFUL IS WHEN PEOPLE HAVE PROPERTY IN MULTIPLE JURISDICTIONS, SO WE DON'T HAVE TO NOT JUST GO TO PROBATE BUT NOT TO GO TO PROBATE IN TWO STATES MORE EXPENSIVE AND MORE TIME CONSUMING IT MAKES A TRUST MORE ATTRACTIVE FOR SOMEONE WHO HAS PROPERTY IN MULTIPLE JURISDICTIONS.

>> Renee: HOW MUCH IN ASSETS DO YOU NEED TO JUSTIFY A TRUST?

AND WHAT CRITERIA SHOULD BE USED TO DETERMINE IF YOU NEED A TRUST?

>> DEPENDING ON THE TYPE OF TRUST, I WOULD SAY THAT FOR A REVOCABLE TRUST IT'S LIKE THE DIVERSITY OF ASSETS THAT YOU HAVE.

IF EVERYTHING YOU HAVE HAS A BENEFICIARY YOU DON'T NEED A TRUST AT ALL.

BUT IF YOU HAVE LIKE WE SAID REAL ESTATE IN MULTIPLE JURISDICTIONS THAT WOULD BE A REASON TO HAVE ONE.

LATE IN LIFE MARRIAGES.

I'VE GOT MY KIDS FROM MY MARRIAGE AND HE HAS HIS KIDS AND MY KIDS DON'T LIKE HIM AND HIS KIDS DON'T LIKE ME WE MAY NEED TO DO TRUST PLANNING TO MAKE SURE THINGS WILL GO WHERE WE WANT THEM TO GO WHEN WE PASS AWAY.

ASSET WISE FOR AN IRREVOCABLE TRUST, I WOULD GENERALLY SAY $100,000 TO $2 MILLION IS THE SPOT.

I DON'T KNOW, AMY IF YOU HAVE A DIFFERENT IDEA ON THAT.

>> I'VE DONE THEM IRREVOCABLE TRUSTS FOR PUTTING LESS ASSETS IN.

I DON'T THINK I'VE DONE IT FOR LESS THAN $200 OR $300,000 WHETHER IT'S THE VALUE OF A HOUSE OR CASH ASSETS.

>> I WAS THINKING LIKE A SMALL HOUSE $100 TO 150 IS THE LOWER END.

>> Renee: SO LAURA ROGERS BACK TO HER FOR OUR THIRD AND FINAL TIME.

LAURA IT'S YOURS AGAIN.

>> THANK YOU, RENEE.

DARYL LOVE IS WITH US FROM BLUEGRASS CARE NAVIGATORS.

AND YOUR PHONE IS RINGING WE HAVE TO GET THIS CALL.

IT'S RINGING OFF THE HOOK.

TELL US ABOUT SOME OF THE PROGRAMS THAT YOU ARE ALL OFFER BECAUSE SO MANY SERVICES AT BLUEGRASS CARE NAVIGATORS.

>> WE'VE TALKED ABOUT TRUST AND WILLS ONE OF THE THINGS THAT BLUEGRASS NAVIGATORS IS ABLE TO DO IS HELPING OUR PATIENTS AND PARTICIPANTS NAVIGATE AND THOSE IN SOCIETY THROUGH THE DIFFERENT STAGES.

ONE OF THE PROGRAMS IS OUR PACE PROGRAM WE WERE TALKING ABOUT THAT EARLIER.

AND THIS IS A PROGRAM FOR ALL INCLUSIVE CARE THAT ALLOWS THE ELDERLY TO BE ABLE TO STAY SAFELY IN THEIR HOMES WHILE BEING ABLE TO GET THE CARE THEY NEED.

THEY CAN QUALIFY TO GO INTO A NURSING HOME FACILITY.

BUT AS WE ALL KNOW, BEING IN YOUR OWN HOME AND YOUR PLACE IS SO IMPORTANT.

BUT SOMETIMES PEOPLE FEEL ISOLATED THIS PROGRAM PROVIDES THE SERVICES THE WRAP AROUND SERVICES PEOPLE MAY NEED.

HELP WITH THEM TO COORDINATE THE COMPLEXITIES OF MEDICAL CARE IN A SAFE ENVIRONMENT.

>> PACE IS GRAS GREAT AND OFFERED IN A LOT OF COUNTIES.

WANT TO ASK YOU ABOUT YOUR DEMENTIA CARE BECAUSE THAT IS SOMETHING UNFORTUNATELY THAT SOME AGING PEOPLE WILL HAVE TO DEAL WITH AND THEY HAVE CAREGIVERS NEED SUPPORT AS WELL.

>> ABSOLUTELY.

YOU HIT CAREGIVERS.

PEOPLE ARE GOING THROUGH THIS PARTICULAR STAGE, THEY ARE THERE TO WORK.

BUT SOMETIMES PEOPLE DON'T HAVE THE ACCESS TO RESOURCES TO HELP THEM NAVIGATE AND BETTER UNDERSTAND.

THROUGH OUR BLUEGRASS DEMENTIA PROGRAM AT BLUEGRASS CARE NAVIGATORS WE HAVE A RESOURCE THAT WE ARE ABLE TO COME IN AND HELP FAMILIES DO THE INITIAL ASSESSMENTS AND SEE IF THEY QUALIFY FOR MEDICARE AND MEDICAID SUPPLEMENTED FOR THAT.

AND BE ABLE TO HELP THEM IN TERMS OF COMING IN, COMING ALONGSIDE THOSE PARTICULAR FAMILIES.

AND THEN BEING ABLE TO PROVIDE THE SUPPORT THAT THEY NEED GUIDING THEM TO THE RIGHT RESOURCES OR BEING ABLE TO SOMETIMES PROVIDE RESPITE CARE.

>> AND OF COURSE, IF YOU DO WHEN YOU DO HAVE THAT LOSS IN YOUR FAMILY YOU OFFER BEREAVEMENT SUPPORT.

>> THAT IS IMPORTANT ESPECIALLY THIS TIME OF THE YEAR.

WE ACTUALLY HAVE SERVICES THAT CAN HELP WITH THE FAMILY MEMBERS FROM EVERYONE FROM THE OLDER TO THE YOUNG CHILDREN AS WELL.

WE HAVE SERVICES THAT ARE PROVIDED VIRTUALLY AS WELL AS IN-PERSON IN SOME OF OUR OFFICES AS WELL.

>> THANK YOU SO MUCH.

AND THANK YOU TO ALL OF OUR SUPPORT HERE ANSWERING CALLS.

APPRECIATE YOU SO MUCH.

RENEE BACK TO YOU.

>> Renee: THANK YOU.

AND THANK YOU THOSE THAT ARE THERE NEXT DOOR IN THE STUDIO DOING GREAT WORK ANSWERING THE CALLS.

TO YOU, LIZ, WE HAVE ON KET MANY TIMES SHOWCASED THE GREAT WORK OF THE PACE PROGRAM AND THAT WILL BE HIGHLIGHTED IN A SPECIAL REPORT HAPPENING NEXT MONDAY NIGHT.

THAT REALLY IS A GREAT SERVICE FOR FOLKS.

>> YOU HAVE TO BE 55 OR OLDER.

SO NOT NECESSARILY WHAT MANY OF US CALL ELDERLY.

AND MEET THE LEVEL OF CARE TO LIVE LONG-TERM IN A NURSING HOME.

AND WHEN YOU ELECT PACE, THE PACE PROGRAM BECOMES YOUR INSURER AS WELL AS YOUR CARE PROVIDER AND PROVIDES YOU ALL THE CARE AND SERVICES THAT MEDICARE AND MEDICAID PROVIDE PLUS WHAT YOU NEED FOR SOCIALIZATION, THERAPY, HOME MODIFICATIONS, TRANSPORTATION IS OFTENTIMES WHAT WE HEAR, I CAN'T GET TO THE DOCTOR BECAUSE MY DAUGHTER HAS TO WORK.

YOU'LL ACTUALLY SEE THE PACE VANS THE VEHICLES RUNNING AROUND TOWN.

THEY ARE EIGHT PACE PROVIDERS IN KENTUCKY.

THE STATE OF KENTUCKY GOAL IS TO HAVE PACE IN EVERY COUNTY.

IT IS EXPANDING IT IS GROWING AND IT IS A GREAT ALTERNATIVE FOR INDIVIDUALS THAT WANT TO LIVE CAN LIVE SAFELY IN THEIR HOME WITH THE SERVICES AND SUPPORTS OF THE PACE PROGRAM.

>> Renee: THE TRANSPORTATION PIECE IS SOMETHING WE'VE HIGHLIGHTED AND HOME MODIFICATIONS IT'S SO VALUABLE.

>> WE ARE WORKING ON A WEB SITE KPA KENTUCKY PACE ASSOCIATION.

IT'S NOT UP YET.

BUT CERTAINLY, THE BLUEGRASS CARE NAVIGATORS WILL CONNECT YOU TO SOMEONE IN YOUR AREA.

>> Renee: GREAT STUFF, INDEED.

BACK TO OUR QUESTIONS.

BECAUSE WE HAVE JUST ABOUT SEVEN-AND-A-HALF MINUTES LEFT.

WHAT DO YOU DO WHEN YOU DON'T HAVE A FAMILY MEMBER OR AN INDIVIDUAL TO SERVE AS AN EXECUTOR FOR YOUR WILL OR AN INDIVIDUAL TO CARRY OUT YOUR MEDICAL DIRECTIVES.

REALLY GOOD QUESTION?

>> IT'S TOUGH.

I MEAN IT REALLY IS DIFFICULT.

THERE ARE PROFESSIONALS THAT WILL SERVE IN THIS CAPACITY.

SO FOR THE FINANCIAL SIDE, LIKE POWER OF ATTORNEY, EXECUTOR, YOU MIGHT HAVE AN ATTORNEY THAT MIGHT BE WILLING TO SERVE IN THAT ROLE.

THERE'S FIDUCIARY SERVICES AND AMY CAN SPEAK IN THE LEXINGTON AREA I KNOW TWO FIDUCIARY SERVICES.

ON THE MEDICAL SIDE THERE'S JEN ATTRIBUTING CARE MANAGERS THAT CAN DO THAT.

AMY TALK ABOUT YOUR PROGRAM.

>> I WILL.

MY LAW PARTNERS AND I STARTED A SISTER FIRM IT IS A LAW FIRM CALLED BLUEGRASS FIDUCIARY SERVICES AND FOR THE CLIENTS WE MEET WITH AND HAVE NOBODY IN YOUR CIRCUMSTANCE THAT YOU ARE REFERRING TO, WE CAN PROVIDE THOSE SERVICES FOR THEM IF THEY MAKE THAT ELECTION.

SO WE HAVE -- WE ALLOW THEM TO UNDERSTAND WHAT KIND OF SERVICES WE WOULD DO AND THEN WE HAVE THEM FILL OUT THE PAPERWORK LIKE WE HAVE BEEN TALKING ABOUT TONIGHT SO WE GET TO KNOW THEM AND UNDERSTAND WHAT HEY NEED.

AND WE CAN PROVIDE THOSE SERVICES IF THEY NEED THAT.

>> Renee: AND THE NAME OF THAT FIRM IS CALLED?

>> BLUEGRASS FIDUCIARY SERVICES.

WE MEET WITH PEOPLE AND MAKE SURE IT IS A GOOD FIT TO DO THAT.

>> Renee: IT IS A GOOD SERVICE.

>> WE HAVE A LOT OF SOLO AGERS AND IT'S PAINFUL TO SIT DOWN WITH CLIENTS THAT YOU CARE FOR AND REALIZE THEY DON'T HAVE ANYBODY IN THEIR LIVES THAT CAN HELP THEM.

WE ARE WORKING ON TRYING TO FILL THAT GAP.

>> OUR FIRM, WE DON'T DO THE FIDUCIARY PART OF IT.

BUT WE HAVE WHAT WE CALL ELDERCARE COORDINATORS ON OUR STAFF THREE FULL-TIME SOCIAL WORKERS PART OF OUR LAW FIRM TEAM THAT WORK WITH OUR CLIENTS TO HELP THEM AS THEY ARE NAVIGATING AND MAKE SURE THEY ARE ACCESSING ALTHOUGH THE SERVICES THAT ARE AVAILABLE.

THEY ARE GETTING THE SOCIALIZATION, GOING TO THE SENIOR CENTER WHATEVER IS RIGHT FOR THEM.

AND HELPING THEM TRANSITION AS THEY GET OLDER THROUGH DIFFERENT LEVELS OF CARE.

AND THAT'S PART OF THE SERVICES THAT WE OFFER, TOO.

THERE ARE WAYS AND THEY CAN BE MEDICAL DECISION MAKERS.

BUT THERE'S WAYS TO PUT THESE PIECES TOGETHER.

BUT IT IS A STRUGGLE WHEN YOU MAYBE DON'T HAVE THAT NATURAL PERSON.

>> Renee: LINDSEY DO YOU COME ACROSS THIS?

>> QUITE OFTEN AND FOR SOME OF OUR SENIORS OF LOW INCOME THAT ARE WORRIED ABOUT SAVING MONEY THAT MIGHT AFFECT THEIR BENEFITS A PROGRAM CALLED THE SOMEDAY ACCOUNT CREATED BY THE OBAMA ADMINISTRATION.

AND YOU ARE ABLE TO PUT IN MONEY INTO THAT ACCOUNT AND IT SAVE UP TO ALMOST UP TO $100,000.

AND MAKE SURE THAT THAT CANNOT BE TOUCHED BY MEDICAID.

>> Renee: INTERESTING.

IT IS AN INCREDIBLE SITUATION AND GOODNESS THERE ARE RESOURCES THERE.

WE HAVE FOUR MINUTES LEFT AND SO MANY QUESTIONS.

SOMEONE DID ASK I'M 50 YEARS OLD AM I TOO LATE TO PURCHASE LONG-TERM CARE INSURANCE?

THE ANSWER IS NO.

LIGHTNING ROUND.

WILL A LIFE ESTATE DEED KEEP YOUR ASSETS FROM BEING SEIZED TO PAY FOR NURSING HOME CARE?

>> IT HAS THE SAME FIVE-YEAR CLOCK.

WHEN YOU DO A LIFE ESTATE DEED I'M GIVING THIS PROPERTY TO YOU BUT I'M RETAINING THE RIGHT TO LIVE THERE.

THE TRANSFER OF THE REMAINDER INTEREST THAT IS SUBJECT TO THE FIVE-YEAR LOOK BACK.

AND THEN YOUR LIFE ESTATE HAS A VALUE.

SO IF YOU ARE EVER IN A NURSING HOME AND ON MEDICAID AND THAT PROPERTY IS SOLD THE STATE WILL EXPECT YOU TO BE COMPENSATED FOR THAT LIFE ESTATE.

AND THEY RESERVE THE RIGHT TO RECOVER AGAINST IT IN MEDICAID ESTATE RECOVERY TO TRY AND RECOUP SOME OF THE COSTS THAT THEY SPENT ON YOUR CARE OVER TIME.

SO IT COULD BE USED IN SOME WAYS.

BUT I THINK THERE IS A BETTER WAY TO DO IT.

>> Renee: OKAY.

COUPLE MORE LIGHTNING ROUNDS.

IF YOU HAVE DOCKS FROM ANOTHER STATE ARE THEY DOCUMENTS, ARE THEY ENFORCEABLE IN KENTUCKY IF YOU DO A TRUST DOES IT NEED TO BE KENTUCKY BASED ESPECIALLY IF YOU OWN REAL ESTATE PROPERTY IN ANOTHER STATE.

>> THEY ARE VALID AS LONG AS VALIDLY EXECUTED IN THE STATE THEY WERE EXECUTED AND THEY SHOULD BE OKAY.

PROBABLY IT WOULD BE GOOD TO GET THEM REVIEWED.

>> THEY MIGHT HAVE THE SAME ISSUE IF IT'S REAL ESTATE FROM ANOTHER STATE, THAT WOULD NEED TO ESPECIALLY BE REVIEWED.

>> KENTUCKY IS VERY PARTICULAR.

>> Renee: OKAY.

IN KENTUCKY WHY CAN'T YOU DESIGNATE A BENEFICIARY ON YOUR HOUSE DEED?

>> WE DON'T HAVE TRANSFER ON DEATH DEEDS THEY SHOULD CALL THEIR LEGISLATOR AND TELL THEIR LEGISLATOR TO PASS IT IT COMES UP ALMOST EVERY SESSION BUT IT HAS YET TO PASS.

SOME STATES HAVE THOSE DEEDS.

>> OHIO.

>> YEAH.

>> Renee: OKAY.

>> BUT NOT KENTUCKY.

>> Renee: MY DAUGHTER IS A MINOR AND I'M DIVORCED I HAVE A STATE PENSION, 401K THIS MONEY IS FOR MY DAUGHTER AND I HAVE GOLD BARS AND ITEMS I WANTED IT TO BE A SMOOTH TRANSITION AND AVOID PROBATE HOW CAN I SET THIS UP FOR HER?

>> REVOCABLE TRUST.

>> HAVE A SUPPLEMENT SPECIAL NEEDS TRUST BOUGHT A CONDO OUTSIDE OF THE TRUST CAN I LEAVE IT TO MY NEPHEW?

>> NOT SURE IF THEY -- IF IT'S OWNED BY THE SPECIAL NEEDS TRUST IT WILL BE GOVERNED BY THOSE TERMS.

IF SHE HAS A CONDO OUTSIDE OF THE TRUST AND SHE IS THE RECIPIENT OF A SPECIAL NEEDS I WOULD HAVE CONCERNS ABOUT TRANSFER PENALTIES IF SHE WERE TO TRANSFER THAT.

SHE NEEDS TO TALK TO SOMEBODY MORE.

>> Renee: WITH ONE MINUTE REMAINING.

JONATHON DAVIS I WILL COME TO YOU.

GIVE US A COUPLE TAKEAWAYS WHEN IT COMES TO ASSET PRESENT VACCINATION.

>> -- PRESERVATION.

>> KEEP IN MIND WE HAVE TO ALWAYS BE MINDSFUL OF THE FACT THAT ALL OF US ARE GOING TO DIE AT SOME POINT.

IT MAY NOT BE TOMORROW OR FIVE YEARS FROM NOW, THE EARLIER WE START THINKING ABOUT WHO WE WANT TO SAVE MONEY FOR, WHAT INSTITUTIONS WE WANT TO PROVIDE FOR WHEN WE'RE GONE THE EARLIER WE START THE BETTER CHANCE WE HAVE OF BEING SUCCESSFUL.

>> Renee: IT DOESN'T HAVE TO BE PEOPLE IT CAN BE INSTITUTIONS.

>> RIGHT I THINK IT'S ABOUT LIKE A LOT OF US SAID YOUR GOALS.

A LOTTED OF US HAVE THE GOALS TO STAY HOME AND GET THE CARE WE NEED AND WHERE WE WANT IT.

FIGURING OUT HOW YOU'RE GOING TO PAY FOR IT.

THOSE ARE YOUR MAIN GOALS FOR MOST PEOPLE.

START EARLY AND TALK TO THE PEOPLE THAT CAN GIVE YOU THE INFORMATION YOU NEED.

>> Renee: THE HOLIDAYS ARE A GOOD TIME.

THE REASON WE'RE DOING THE PROGRAM RIGHT NOW SO YOU CAN HAVE THE CONVERSATIONS.

NEXT MONDAY WE HAVE A SPECIAL REPORT AGING AND HEALTHCARE.

YOU ARE NOT GOING TO WANT TO MISS THAT.

WE TALK ABOUT THE ISSUES WE TALKED ABOUT TONIGHT, TRANSPORTATION, ACCESS TO MEDICATIONS.

IT IS AN IMPORTANT REPORT AND WE HOPE YOU WILL CHECK IT OUT