Eagle & Fein - September 2020

Eagle & Fein - September 2020

SEPTEMBER 2020

E AGLE A ND F EIN . COM

317-726-1714

Will You Join Us to Fight Alzheimer’s? As I am writing this, we are about a month away from the Walk to End Alzheimer’s on Oct. 3, which for me is one of the most bittersweet events of the year. It is bitter because I lost my grandmother, Lois, to the disease, but I also find it sweet because the Walk is a way for me to honor her memory. Every year, our firm puts together a team to walk and raise funds for the Alzheimer’s Association. Between the Walk and National Grandparents Day, which falls on Sept. 13, I have been thinking about Lois and my grandfather, Rex, even more than usual lately. Growing up, both of them were big influences on my life. My grandfather in particular meant a lot to me. He was a good, patient man with the kind of quiet strength and compassion that I aspired to, even as a kid. He was a disabled veteran but he never let that slow him down. Together, Rex and Lois were some of the most creative, interesting people I knew. They owned a ceramics and craft shop in their small town and always split the household duties equally. That was pretty unusual for their generation and just reinforced what a great couple they were. I remember them as completely inseparable. You never saw one without the other until my grandpa Rex passed away. As you might imagine, grandpa’s passing was hard on my grandmother. Their routines were so intertwined that she did not know how to pump her own gas after he was gone because he had always done it for her. After a while, Grandma Lois started to struggle. She had Type 1 diabetes, and Alzheimer’s was setting in. We became more worried about her by the day and finally decided to move her into a nursing home when we found her wandering the neighborhood, unsure of where she was. This might be a familiar story for you — almost all of my friends and clients know someone who has struggled with Alzheimer’s. It is an awful, debilitating disease that impacts millions of Americans every year. Luckily, my grandmother’s story had a relatively happy ending. In the long-term care facility, she found a sense of safety and community she had not had in

a long time. Still, it was difficult to watch her decline.

Every year when I join the team here at Eagle & Fein for the Walk to End Alzheimer’s, I think of Grandma Lois. When you walk, you have the option to hold a flower-shaped pinwheel representing your role in the fight against Alzheimer’s. A yellow flower means you are a caregiver, for example, while a blue flower means you are living with the disease. I carry a purple flower every year to show that I lost a loved one in the fight. The flower means a lot to me, and in fact, I have it in my office right now. Throughout the pandemic, it has been visible in the background of every one of my Zoom calls. Working in elder law, I meet with clients of all ages. Some of them are caregivers, some are adult children who are supporting their parents, and others are spouses. Almost all of them know someone struggling with Alzheimer’s or another disability. Over the years our firm has built a network of resources to help make their lives easier. We have helped clients find long-term care for their loved ones, explore financing options, and obtain government funding. If you need them, we would be happy to share those resources with you, too. This year, I hope you will consider joining me and the rest of the Eagle & Fein team on the Walk to End Alzheimer’s. Friends and clients join us every year, and in the last two years alone, we have raised $42,000 for the cause. We walk for our clients, our friends, and our family. If you would like to walk with us, just call our office and ask to join the fight.

–Scott Linneweber, Associate Attorney

1

317-726-1714

Published by The Newsletter Pro • www.TheNewsletterPro.com

CHANGE CAN BE EASY Pam Marmon’s Outline for Effective Post-Pandemic Transformation

Pam Marmon understands what it means to adapt. Af ter growing up in Bulgaria, Marmon had to modify her way of living when she emigrated to the U.S. Today, she is a CEO, entrepreneur, wife, and mother who believes that change does not have to be difficult. In fact, she has mastered it. Marmon has even established a company, Marmon Consulting, that helps other companies develop strategies for executing transformation. In Marmon’s book, “No One’s Listening and It ’s Your Fault: Get Your Message Heard During Organizational Transformations,” she outlines her proven methods for effective communication in any company setting, from a major corporation to a family business. Released on March 24, 2020, Marmon’s advice is timely in a period when many business owners are searching for proactive solutions and the next step in finding post- pandemic success. Marmon’s book is the perfect guide for business leaders who recognize the need for tangible change and want to execute it as effectively as possible.

The key, Marmon explains, is to identify your company ’s culture and cater your plan’s language to suit what will resonate with your employees the most. This will establish a sense of alignment with your business’s vision and direction, which can be one of the biggest hurdles to overcome. You cannot achieve success in a period of change if your team is doubtful and unwilling. With your company united toward your vision, you can begin to enact real change. However, this is only the beginning. Marmon’s book also outlines how to connect with fellow leaders in your company to develop a framework for growth. By creating a stable foundation and inspiring change, you will find this time of major transition to be much smoother than you may have anticipated. As a result, your company will come out on top at the end of the COVID-19 era. Marmon’s mantra is inspiring: “With the proper process, change is not hard.” And with her book, “No One’s Listening and It ’s Your Fault,” business leaders can see just how simple change can be.

Let Your Family and Physician Know Your Health Care Wishes

WHAT IS THE DIFFERENCE BETWEEN GUARDIANSHIP AND POWER OF ATTORNEY? • A power of attorney is voluntary and easily revoked, is private and does not involve a court, and is made by a competent person. • A guardianship can be voluntary or involuntary, involves court proceedings, can only be terminated by court order, and usually involves someone who is incompetent by age or health.

THE INDIANA LONG-TERM CARE PROGRAM (ILTCP) If a person needs Medicaid to pay for their long-term care, that person needs to spend down their assets to obtain Medicaid benefits. But certain insurance policies allow Medicaid recipients to keep some or all of the assets. A person who purchases a qualifying long-term care policy under the Indiana Long Term Care Program (ILTCP), as determined by the Department of Insurance, is allowed a special resource disregard in the Medicaid eligibility determination once policy benefits have been utilized. The amount of the disregard for the applicant and a spouse depends on the type of “asset protection” earned by the qualifying policy. There are two types of disregards: 1) total asset protection, and 2) dollar-for-dollar asset protection. The available policy disregard is in effect for the lifetime of the applicant and spouse. 1. Total asset protection is available to the individual who purchased a policy or certificate that includes a maximum benefit equal to or greater than the state-set dollar amount in force on the original effective date of the policy (e.g., when there was a policy agreement). 2. Dollar-for-dollar protection is available when the individual does not have total asset protection. The amount of the resource disregard is applicable up to the limit on the policy. The policy covers long-term care services provided in a facility or in the home. The first page of an ILTCP policy will have boxed language stating whether the policy qualifies for Medicaid asset protection.

In the event a client experiences an incapacity, having a power of attorney saves court costs and keeps personal and financial matters private.

WHAT IS AN ADVANCE DIRECTIVE? An advance directive is commonly the written instructions regarding one’s desires for future medical care. It is to provide clarification to one’s family and physician in understanding their care wishes. The advance directive allows an individual to designate another to make their health care choices in the event of incapacity. Likewise, an advance directive can be used for both naming and preventing specific persons from making health care decisions. Having an advance directive does not take away an individual ’s right to decide their current health care. This is true even under the most serious medical conditions. An advance directive will only be used when the individual is unable to communicate or when their physician determines the patient no longer has the mental competence to make their own choices.

2

EagleandFein.com

Published by The Newsletter Pro • www.TheNewsletterPro.com

You already know that our team here at Eagle & Fein is your go-to resource for all things estate planning. But now, if you would like to learn more about the process and level up your expertise for your clients, we can help with that, too! Throughout the year, the Eagle Wealth Planning Institute hosts a series of educational workshops focused on estate planning fundamentals. This educational series will provide you with the tools you need to assist your clients in creating and maintaining estate plans that accomplish their long- term goals. After completing all four workshops, you will be inducted into the institute and invited to attend exclusive events. Here is a rundown of the topics we will cover. HELPING YOUR CLIENTS PLAN FOR THEIR DISABILITY — TUESDAY, NOV. 3, 2020 Inevitably, clients will transition from healthy to unhealthy, and how organized this process is depends on them. Once they realize how important it is to plan for their end-of-life care, you can work together to implement a strategy. The sooner a plan is implemented, the sooner they can qualify for government benefits. We will look closer at the qualification process for such benefits. HOW & WHY TO ENGAGE YOUR CLIENTS IN THE ESTATE PLANNING PROCESS — TUESDAY, FEB. 2, 2021 In this workshop, you will learn why proper planning is essential to give clients and their survivors the security and financial benefits they desire. We will examine how a trust-based plan and an awareness of the different types of estate planning tools can help you customize your clients’ plans while also providing privacy from the probate courts. Are You Ready to Level Up Your Estate Planning Expertise?

SUDOKU

Easy Stuffed Sweet Potatoes

Who says a loaded potato has to clog your arteries? In this healthy version that serves four, a sweet potato base is topped with fiber-rich bean salsa.

INGREDIENTS

• •

4 medium sweet potatoes 1 15-oz can black beans, drained and rinsed 2 medium tomatoes, diced

• • • •

1 tsp coriander

USES OF LIFE INSURANCE IN ESTATE PLANNING — TUESDAY, MAY 11, 2021

3/4 tsp salt

1/4 cup sour cream 1/4 cup fresh cilantro, chopped

We will address advanced planning options, specifically how establishing an irrevocable life insurance trust (ILIT) can give your clients the option to plan gifts without unnecessary tax consequences. These perks include accumulating assets outside of a taxable estate, avoiding income tax on the accumulated funds, creating a source of liquidity, and protecting them from the claims of creditors. BENEFICIARY DESIGNATIONS AND PLANNING CONSIDERATIONS FOLLOWING THE SECURE ACT — TUESDAY, AUG. 3, 2021 In this workshop, you will learn how the 2020 election and subsequent tax legislation will affect estate planning for tax considerations. We will examine how connecting the appropriate beneficiary designation with the desired pattern of assets under management will assist in saving resources for your client’s legacy. Addressing and knowing these planning strategies make you irreplaceable when it comes to helping a client establish a comprehensive estate plan and fulfill their planning goals.

• • •

1 tbsp olive oil

1 tsp cumin

DIRECTIONS

1. With a fork, prick each sweet potato a few times. Microwave the potatoes on high 12–15 minutes, or until cooked through.

2. In a microwave-safe bowl, combine the beans, tomatoes, olive oil, cumin, coriander, and salt. When the potatoes are done, microwave the mixture on high for 2–3 minutes. 3. Cool potatoes slightly, then cut each potato open lengthwise. Pull the halves apart to create space to spoon the warm bean salsa inside.

4. Add a scoop of sour cream to each potato, garnish with cilantro, and serve!

To learn more about any of these workshops or register for the series, contact Melissa Claycomb at 317-726-1714 or [email protected].

3

317-726-1714

Published by The Newsletter Pro • www.TheNewsletterPro.com

8500 Keystone Crossing, Suite 555 Indianapolis, IN 46240 317-726-1714 EagleAndFein.com

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

INSIDE THIS ISSUE

1 Join in Our Fight Against Alzheimer’s 2 How to Enact Effective Change Know the Difference Between Guardianship and Power of Attorney Are You Ready to Level Up Your Estate Planning Expertise? Easy Stuffed Sweet Potatoes 4 Is Stress Making You Forgetful? 3

Stress can cause more than just a bad mood and low energy. Over time, mental exhaustion from stress can lead to forgetfulness and reduced cognition. This can hamper the ability to do work and enjoy life. Though stress is unavoidable, there are some steps you can take to mitigate the negative effects of mental exhaustion, including forgetfulness.

King’s College London, and Western Sydney University all confirm this: Too much internet use is a bad thing.

Of course, it can be easier to delete a social media app than it is to eliminate other types of stressors. Coping with a stressful coworker, for example, can be difficult. It is important to analyze what is the source of the stress and how this situation can be remedied. Dealing with a work- related confrontation can be hard, but having that difficult conversation and resolving the problem can ultimately lead to less long-term stress and improve mental health. Another strategy to reduce stress is avoid multitasking. Taking on multiple projects or doing too much in too little time can create the feeling of being overworked. Plus, studies have found that multitasking is not effective. It is more challenging to deliver results when attention is divided opposed to allowing time to focus on a specific task. To make matters worse, multitasking takes a major toll on memory and cognition, according to a study from Proceedings of the National Academy of Sciences. If stress is impairing your memory, judgment, or cognition, take the above steps to reduce it. If you find your memory and cognition are not improving, consider speaking with a mental health professional to discuss your best next steps. Mental health and stress management are important, and the more we do to improve these areas of our lives, the healthier and happier we will be.

IS STRESS HARMING YOUR MEMORY?

HOW TO COPE WITH

DAILY TRIGGERS

First, consider the source of your stress. These days, a common stressor is social media. Many researchers suggest that spending less time on the internet leads to better health. Several studies have found that constant internet use, including time spent on social media, is negatively impacting our memories. Research from Harvard, Oxford,

4

EagleandFein.com

Published by The Newsletter Pro • www.TheNewsletterPro.com