Financially Ever After Widowhood Stacy Francis

Do you know what steps to take and how to keep yourself secure in the face of a devastating medical diagnosis? In this episode of Financially Ever After Widowhood, host Stacy Francis talks to Candace Dellacona, a family lawyer who helps older adults plan for their future. They discuss how to prepare for long-term care and protect your assets, such as ensuring you have a healthcare proxy and power of attorney and considering long-term care insurance. They also dive into why you should have a team of experts, including a geriatric care manager, who can help you find the best care options for your situation.


Planning for the future with a terminal illness diagnosis involves crisis planning to protect assets and ensure proper care for the sick spouse.

Medicaid and Medicare are essential programs to understand when planning for long-term care, with Medicaid serving as a payer of last resort for costs not covered by Medicare.

Long-term care insurance can provide options and financial relief for individuals facing the need for extended care, offering flexibility in choosing care providers and settings.

Advanced directives, including a health care proxy and power of attorney for finances, are crucial documents to have in place after receiving a serious medical diagnosis to ensure proper decision-making and care.

Building a team of professionals, including financial advisors, elder law attorneys, and geriatric care managers, is essential for navigating the complexities of long-term care planning and advocacy.

Support groups can be valuable resources for information and recommendations on care providers, legal assistance, and financial planning strategies for individuals facing medical crises and long-term care needs.


Resources

Candace Dellacona on the Web | LinkedIn | Facebook
Email: Candace.Dellacona@offitkurman.com
Phone: 212-545-1656

Stacy Francis | LinkedIn | X(Twitter)
Email: stacy@francisfinancial.com

When you suffer a loss, should you move forward or move on? Nikki Sewell, a therapist with a personal experience of profound loss, offers a unique perspective on navigating grief and moving forward after the death of both her husband and father by the age of 30. With over 17 years of experience in grief counseling, Nikki emphasizes the importance of not just moving on but moving forward in the tapestry of life. Join Stacy Francis on this episode of Financially Ever After as Nikki shares her insights on setting healthy boundaries, practicing self-compassion, and the complexities of re-partnering after loss.


Moving forward, not moving on, is a more empowering approach to dealing with grief and loss, recognizing that past experiences are woven into the tapestry of our lives.

Setting healthy boundaries is crucial in the grieving process, especially for women who may struggle with people-pleasing tendencies and societal expectations.

Self-compassion plays a vital role in navigating grief and trauma, allowing individuals to acknowledge their emotions and prioritize self-care.

The decision to re-partner after losing a spouse is a personal choice, and individuals should focus on their own growth and happiness rather than societal pressures.

Recognizing that grief can manifest in different ways for different people, it's essential to be understanding and supportive of individuals experiencing loss.

Seeking professional therapy and support can help individuals navigate the emotional and financial challenges that come with the loss of a spouse.


Resources

Nikki Sewell | Website | Weekly Blog
Email: nikki@nikkisewell.com
Phone: 203-590-9642

Stacy Francis | LinkedIn | X(Twitter)
Email: stacy@francisfinancial.com

Have you considered the true cost of healthcare for women, especially in the face of widowhood? Forbes reports that women pay nearly $15 billion more than men in health costs. In this episode of Financially Ever After, host Stacy Francis is joined by Beth Battaglino, the CEO of Healthy Women, and Deb Gordon, the co-founder of Umbra Health Advocacy. Together, they discuss the significant challenges widows face in healthcare, including hidden and unexpected expenses that can cause severe financial strain. Financial education and proactivity is crucial, along with support from caring experts and advocates, so that you can empower yourself with physical and financial health. 


The widowhood effect highlights the increased risk of mortality and prolonged illnesses that women face after losing a spouse, emphasizing the importance of healthcare and preventative care.

Women pay much more for healthcare than men, with women paying more out of pocket due to differences in utilization patterns and services needed.

It is crucial to seek help and ask for assistance in navigating healthcare costs and bills, and take full advantage of the resources available to help reduce financial burdens and provide support.

You can make informed decisions about your healthcare and ensure you are adequately covered if you understand health insurance coverage and benefits. There are numerous experts and advocates who will stand by your side.

Utilizing healthcare flex spending accounts and health savings accounts can help women save money on healthcare expenses and plan for future medical needs.

Hiring patient advocates or utilizing the services of organizations like the Alliance of Professional Health Advocates can provide expert assistance in managing medical bills and navigating the healthcare system.


Resources

Deb Gordon | Umbra Health Advocacy | X(Twitter) | LinkedIn | Alliance of Professional Health Advocates
deb@umbrahealthadvocacy.com

Beth Battaglino | Healthy Women | X(Twitter) | LinkedIn

Stacy Francis | LinkedIn | X(Twitter)
Email: stacy@francisfinancial.com

Articles:
Healthy Women: Understanding Health Insurance Terms
Healthy Women: Choosing a Health Insurance Plan
Healthy Women: Healthcare 101 for Women
Forbes: Women Pay $15 Billion More Than Men for Medical Costs

Losing a spouse is difficult enough, and navigating the complex world of taxes only adds to that burden. In this episode of Financially Ever After, host Stacy Francis is joined by Samantha Harris, CPA, who leads her own tax preparation service company. Together, they provide valuable advice that will help you understand important nuances, file your taxes, and potentially save thousands of dollars in the process. Stacy and Samantha dispel some of the mystery around taxes after a loss, from finding the right professional guidance to understanding Social Security to proactive planning.


Finding the right accountant is crucial for navigating tax implications after losing a spouse. With changes in filing status and potential tax savings opportunities, the right accountant can provide peace of mind and ensure financial stability.

Understanding the different filing statuses, such as qualifying widow or head of household, can significantly impact tax liabilities. Choosing the appropriate filing status can lead to substantial tax savings and ensure compliance with IRS regulations.

Organizing important financial documents and passwords can ease the burden on loved ones in the event of unexpected loss. Maintaining a clear record of financial information and passwords can streamline the process for your family and ensure a smoother transition during a difficult time.

Social Security benefits may or may not be taxable, depending on various factors like additional income sources. Understanding the tax implications of Social Security benefits can help individuals plan effectively for their financial future and optimize their tax situation after the loss of a spouse.

Communication and collaboration between financial advisors, accountants, and clients are essential to ensure comprehensive financial planning and tax strategies tailored to individual needs and circumstances.


Resources

Samantha Harris, CPA on LinkedIn

Email: sam@cavalieraccounting.com

Phone: 646-629-1381

Stacy Francis on LinkedIn | X(Twitter)
Email: stacy@francisfinancial.com

What are the key differences between traditional estate planning and elder law planning, and why is it important to consider elder law planning at a younger age? In this episode of Financially Ever After, host Stacy Francis delves into the intricate world of special needs planning and elder law with guest Britt Burner. Together, they navigate the complexities of legal and financial considerations for people with disabilities and those facing terminal illnesses.


Planning for a disabled child's future requires careful consideration of government benefits and asset protection strategies. Understanding the nuances of Medicaid, SSI, and SSDI is crucial in ensuring the child's financial security and well-being.

Spousal refusal and other legal strategies can help protect assets and qualify for Medicaid in the face of terminal illness or disability. Knowing the options available and seeking personalized advice from an elder law attorney can make a significant difference in navigating these challenging circumstances.

Establishing a Supplemental Needs Trust can safeguard assets for a disabled child without jeopardizing their eligibility for government benefits. By setting up this trust, parents can ensure that their child's financial future is secure and that they continue to receive the necessary support and care.

Personalized advice from an elder law attorney is essential in creating a comprehensive plan for long-term care and asset protection. By consulting with a legal expert specializing in elder law, individuals can develop a tailored strategy that addresses their specific needs and goals, providing peace of mind for the future.

Early engagement in elder law planning, including powers of attorney and healthcare proxies, can provide peace of mind and security for the future. By proactively addressing legal and financial matters, individuals can ensure that their wishes are respected and their affairs are managed according to their preferences and values.


Resources
Britt Burner on LinkedIn
Email: bburner@burnerlaw.com
Burner Prudenti Law on Website | Facebook | X | LinkedIn | Instagram | YouTube
National Academy of Elder Law Attorneys 

Stacy Francis on LinkedIn | X(Twitter)
Email: stacy@francisfinancial.com

What if you received a call or email claiming to be from the IRS, demanding immediate payment for back taxes or threatening legal action? How would you react in a moment of heightened emotion and urgency? In this episode of Financially Ever After, Stacy Francis is joined by Kathy Stokes, who brings a wealth of knowledge and experience in combating financial crimes. As the Director of Fraud Prevention Programs at AARP Kathy brings unique insight into the tactics used by criminals, the importance of education in fraud prevention, and the resources available to protect oneself from scams. Discover how to empower yourself against fraud and safeguard your financial well-being.


Understanding that the IRS will not initiate contact through calls or texts unless there is an existing issue is crucial in avoiding potential scams and protecting personal information.

With a significant 400% rise in cyber crimes and fraud reported in recent years, it is more important than ever to stay informed and vigilant to safeguard against financial threats.

AARP's Fraud Prevention Program, led by Kathy Stokes, plays a vital role in educating people about the risks of financial fraud and providing support to combat these crimes.

Eight out of 10 women change financial advisors within a year of their spouse's passing, highlighting the importance of thorough research and due diligence when selecting a new advisor to ensure financial security.

Those facing emotional vulnerability, such as widows, are often targeted by fraudsters due to their heightened emotional state, emphasizing the need for awareness and protection.

Recognizing red flags like unexpected contact, urgency, and heightened emotions can serve as warning signs to identify and avoid potential scams, empowering you to protect yourself.

Regularly monitoring credit reports and implementing credit freezes are proactive measures that can help prevent identity theft and financial fraud, ensuring greater security and peace of mind.

AARP's Fraud Network Helpline, staffed by trained volunteers, offers valuable support and guidance to those facing potential fraud, providing a safe space to seek assistance and report suspicious activities for better protection.


Resources

Kathy Stokes on LinkedIn | AARP | AARP Fraud Watch Network
AARP Fraud Watch Hotline: 877-908-3360

Stacy Francis on LinkedIn | X(Twitter)
Email: stacy@francisfinancial.com
FrancisFinancial.com

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