Wood + Lamping - Mark Reckman - Estate Planning / Elder Law By cover art

Wood + Lamping - Mark Reckman - Estate Planning / Elder Law

By: Joe Strecker Productions
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  • Summary

  • Mark Reckman has been with Wood + Lamping since 1979 and has served as the head of the Real Estate and Probate Practice Areas as well as managing partner of the firm.

    Currently, Mark’s practice spans Medicaid, estate planning, probate, real estate, and small business. Mark is a founding member of TriState Care Partners, which is a referral network of Cincinnati health care providers dedicated to enabling seniors to age in the place they call home.

    Since 2006, Mark has been selected annually for inclusion in Ohio Super Lawyers®. Mark was recently selected by his peers for inclusion in The Best Lawyers in America© 2014. He has been named one of Cincinnati's "Leading Lawyers" by Cincinnati Magazine annually since 2007. Mark was also a member of Class XI of Leadership Cincinnati. In 2017, Mark received an award from the PLAN Southwest Ohio committee. PLAN is a non-profit whose mission is to serve those with serious disabilities. Mark has been involved in their initiative since their inception.

    Mark appears biweekly on the 55KRC radio show Simply Money and enjoys travel, tennis, and scuba diving.
    Copyright Joe Strecker Productions
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Episodes
  • Mark Reckman - When to give up financial control

    Mark Reckman - When to give up financial control
    Jun 24 2024
    A study published by American Economic Review in 2021 found that
    most seniors in the U.S. have a person or agent in mind to take over their
    finances in the event of cognitive decline. 81% have a family member in mind
    and 19% have an institution or a professional in mind.
    Here are the major challenges they found:

    1) Not aware of one’s own decline;
    2) Not wanting to give up control;
    3) Agent is not aware of decline; and
    4) Agent is not “available”.

    Let’s talk about possible solutions:

    1) Pick the right Agent. Agent must be:
    a. trustworthy;
    b. reliable;
    c. “available” – which means they have both the time and the
    “right” temperament; and
    d. young and relatively healthy.
    2) The Agent does NOT need to be:
    a. close by (although that helps);
    b. a relative; or
    c. a medical or financial expert.
    3) Sign a financial POA and medical POA:
    a. does not have to be the same person;
    b. name a backup Agent;
    c. “refresh” the financial POA every 3-5 years; and
    d. avoid the “springing” POA.
    4) When it is time to turn things over:
    a. file POA in local county;
    b. file a copy of the POA with every company you do business
    with – starting with the bank, broker and other financial
    institutions. The medical POA gets filed with each healthcare
    provider, doctor, hospital, and health insurance company.

    When does the Agent “step in”? Depends on the individual. My parents
    had a division of labor that was typical of the WW II generation. Dad
    managed the money, and mom managed the house and the family. When
    dad got bad, my mother did not want to manage the finances. She was plenty
    smart – she was the valedictorian of her high school and nursing school. But
    she had NO interest in finances. So, she gave it up immediately.
    Other cases are very different. The Agent must look for clues like
    bounced checks, late tax returns, unopened mail, double payments, etc.,
    then offer to help – gently. It will take more than one offer.
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    9 mins
  • Mark Reckman - Who should purchase long term care insurance?

    Mark Reckman - Who should purchase long term care insurance?
    Jun 24 2024
    WHO SHOULD PURCHASE LONG-TERM CARE INSURANCE?

    Buying long-term care insurance is one way to protect against the high cost
    of long-term care. However, this type of insurance may not be for everyone,
    so consider all your options.
    Long-term care – care in a nursing home or at home – may be paid for in
    four main ways:

    1. Out-of-pocket. If you have sufficient resources, you can pay for
    your long-term care needs with money you have saved.
    2. Medicare. Medicare covers short-term nursing home stays after
    an illness or injury that require hospitalization. Medicare covers up
    to 100 days of “skilled nursing care” per illness. But, rarely do you
    get the full 100 days. Usually, it’s more like 20 days.
    3. Medicaid. If you have limited resources, Medicaid will pay for
    nursing home care. In order to be eligible for Medicaid benefits an
    Ohio nursing home resident may have no more than $2,000 in
    “countable” assets (it may be higher in some states).
    4. Long-term care insurance. With long-term care insurance, you
    pay monthly premiums to buy a policy that pays your long-term
    care costs if you are admitted to a nursing home or need home
    care (depending on the policy).

    Determining whether you need long-term care insurance depends, in large
    part, on your financial situation. The cost of a long-term care insurance

    policy varies considerably, depending on your age when you purchase the
    policy, the benefit period, and the level of benefits, among other things. But
    the premiums are expensive. Therefore, if you have the resources to selfinsure your long-term care and still have money left over, you likely don’t
    need to buy a long-term care policy. On the other hand, if you cannot afford
    to pay monthly long-term care premiums, you will likely be able to qualify
    for Medicaid.
    Another factor to consider is your family’s health history. A common reason
    for needing extended long-term care is dementia. If you know you have a
    family history of Alzheimer’s disease, for example, it may make more sense
    to buy insurance.
    Of course, we never really know what the future may bring. Long-term care
    insurance is like any insurance policy: we don’t know if we will ever need it.
    In general, long-term care insurance is something to consider if:

    1. You have the resources to pay the premiums, even in retirement;
    2. You want to preserve your estate for your heirs; and
    3. You don’t have enough money to self-insure.

    How much do you need to “self-insure”? That depends on your income and
    your marital status. If you are a single retired teacher with a good pension
    (more than $5,000/mo) then a million in investments is probably enough. If
    you are a married “1099er” with no pension, it would take more like three
    million. And, of course, if you have no children to leave your money to, that
    changes everything.

    LTC insurance is not for everyone. Folks with no resources cannot afford it
    and folks with substantial resources can self-insure. The folks in between
    need to look at this.
    AARP has excellent material to help walk you through this decision without
    bias. Go to their website for more information or call there.
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    8 mins
  • Mark Reckman - Funeral Costs

    Mark Reckman - Funeral Costs
    May 27 2024
    10 mins
Economics Personal Finance
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