Financially Ever After Widowhood

Latest Episodes:

Mastering Medicare with Riitta Schoenfeld May 14, 2024

Show notes

What are the key considerations when navigating the complex world of Medicare and health insurance as you approach age 65? In this episode, Riitta Schoenfeld, a Medicare expert, delves into the intricacies of Medicare, discussing eligibility, different plan options, penalties, and the importance of understanding your healthcare coverage. Join us as we unravel the maze of Medicare and empower you to make informed decisions for your financial and health security in your golden years.

Understanding the difference between Medicare and Medicaid is crucial for eligibility and coverage.
Riitta’s journey from volunteering to becoming a Medicare expert highlights the importance of helping others navigate healthcare options.
Medicare eligibility is based on age, disability, or specific medical conditions, such as end-stage renal disease or Lou Gehrig's disease.
The importance of signing up for Medicare at the right time to avoid penalties and ensure proper coverage.
The distinction between Medicare Advantage plans and Medigap insurance supplements in terms of coverage and benefits.
Long-term care, including custodial care, is not covered by Medicare, emphasizing the need for additional planning and insurance options.

Resources

Riitta Schoenfeld | LinkedIn

Email: RSchoenfeld@srhafetz.com

Telephone: 516-331-4833

Stacy Francis | LinkedIn | X(Twitter)

Email: stacy@francisfinancial.com

Terminal Illness and Long-Term Care with Candace Dellacona Apr 30, 2024

Show notes

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

Moving Forward or Moving On after Loss with Nikki Sewell Apr 16, 2024

Show notes

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

The Healthcare Crisis for Widows with Deb Gordon and Beth Battaglino Apr 02, 2024

Show notes

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

Understanding Your Taxes After A Loss with Samantha Harris, CPA Mar 19, 2024

Show notes

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

Elder Law and Special Needs Planning with Britt Burner Mar 05, 2024

Show notes

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

National Academy of Elder Law Attorneys

Stacy Francis on LinkedIn | X(Twitter)

Email: stacy@francisfinancial.com

Financial Security and Fraud Prevention with Kathy Stokes Feb 20, 2024

Show notes

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

Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Navigating Grief and Finding Peace in Caregiving with Holly Strelzik Feb 06, 2024

Show notes

Holly Strelzik, a woman who has experienced her fair share of loss and grief, joins Stacy Francis on this episode of Financially Ever After. From a childhood of divorce and estrangement to the death of a close friend and several traumatic events, Holly has cultivated a profound connection to the art of dying and end-of-life care. As an end-of-life doula and grief recovery specialist, Holly understands the importance of caring for oneself while caring for others. She shares her personal journey as a caregiver and offers valuable insights on finding support and maintaining one's own well-being. Be inspired by Holly's wisdom and compassion as she empowers women to navigate the challenges of caregiving and grief.

Taking care of oneself is crucial as a caregiver, as neglecting self-care can lead to negative consequences for both the caregiver and the person being cared for.
Holly shares her personal journey of caregiving, from her childhood experiences to her current role as a caregiver for her husband with Alzheimer's.
The 2-2-2 plan is a practical approach to ensure that caregivers have support in place for different timeframes, from a few hours to a couple of weeks.
Caregivers face a higher mortality risk and need to prioritize their own well-being to avoid caregiver strain.
Center for the Heart, founded by Holly, provides end-of-life care and grief support to individuals and families facing terminal illnesses.
Grief is a complex process that requires compassionate support and understanding, and Center for the Heart offers a safe space for individuals to explore their grief and find healing.
Embracing a spiritual practice or finding solace in nature can be beneficial for caregivers in maintaining their own well-being.
Grief can be a catalyst for personal growth and can inspire individuals to serve others who are experiencing similar challenges.

Resources

Email: holly@centerfortheheart.com

Stacy Francis on LinkedIn | X(Twitter)

Email: stacy@francisfinancial.com

FrancisFinancial.com

Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

Mothering Through Mourning: Navigating Widowhood and Parenthood with Melanese Marr-Thomas Jan 23, 2024

Show notes

So many of us lost loved ones as COVID-19 swept through our communities, each of us with our own story of love and loss. But what about when those stories include our children? Melanese Marr-Thomas is a two-time Amazon bestselling author and entrepreneur, and she joins Stacy Francis on this episode of Financially Ever After Widowhood to share her powerful journey of love and loss. Melanese opens up about the devastating impact of losing her husband to COVID-19 and the challenges she faced as a widow and single mother of four children. Through her authentic and raw storytelling, Melanese offers a glimpse into the depths of grief and the resilience it takes to navigate life after loss. She shares some of the practical tools in her upcoming book, What the Grief? A Widow's Grief and Loss Becomes Lessons of Hope and Triumph, that helped her and her children, including honest communication, grace, and space. Tune in to this episode to gain insight, inspiration, and a reminder that it's okay not to be okay.

We must be open and honest with children about grief. Melanese created a safe space for her children to express their emotions by sharing her own struggles and giving them permission to not be okay.
Melanese shares her concept of "grief storms," which are intense waves of emotions, where grief is likened to a tornado that destroys everything. These destructive waves of grief were harsh at first, but became easier to manage as Melanese allowed herself to feel and work through her emotions.
Connecting with others who are grieving provides solace and understanding. Melanese highlights the value of Facebook groups, grief support organizations, and therapy in navigating the journey. Being silent about grief hinders healing and support. Being vulnerable and open inspires others.
Losing a spouse means the loss of shared dreams. Melanese shares her struggle with rebuilding her life and finding a new identity, particularly for her food truck business. Her husband was “the grillmaster.”
Giving oneself grace and space to heal is crucial. Melanese shares her toolkit for coping with grief, including water aerobics, adult coloring books, and spending time in nature.
Grief is a lifelong process, and there is no specific timeframe or expectation to "get over" the loss. Love and grief coexist.

Resources

Melanese Marr-Thomas on LinkedIn | Facebook | Instagram | Website | Hope Certain Instagram

Email: hopecertain2022@gmail.com

Stacy Francis on LinkedIn | X(Twitter)

Email: stacy@francisfinancial.com

FrancisFinancial.com

Trusts, Inheritance, and Protecting Your Children's Future with Stefan Dunkelgrun Jan 09, 2024

Show notes

Most parents think about the future of their finances, and the legacy that they will leave for their children. This week on Financially Ever After Widowhood, host Stacy Francis talks with renowned trust and estate lawyer Stefan Dunkelgrun about how to effectively plan your children’s inheritance and safeguard it against extravagance and divorce. As a partner at Davidoff Hutcher and Citron in New York City, Stefan brings a wealth of knowledge and experiences from his work with high and ultra-high-net-worth clients. In this episode, he shares eye-opening tales from the trenches, offering crucial advice on ensuring that your legacy serves your children in lasting, meaningful ways. Whether you're a parent of young children or have adult kids, join us as Stefan explains how to protect your family's financial future while ensuring your wealth enhances rather than hampers their ambitions.

Estate planning is not just about wealth distribution but about ensuring the well-being of your loved ones after you're gone in a way that aligns with your family’s needs and values.
Many parents grapple with how to leave money to their children, especially if they are minors. Stefan discusses creating trusts that provide for children's needs, like education and healthcare, without giving them unrestricted access to large sums at a young age.
Divorce-proofing your child's inheritance is a critical aspect of estate planning. Stefan provides insights on how to structure trusts to ensure that your children's inheritance remains protected, even in the event of their marital dissolution.
Stefan advises selecting someone as trustee who can manage the trust impartially and responsibly, ideally not the children's guardian to avoid conflicts of interest.
Life insurance plays a significant role in estate planning; choosing the right amount and type of policy, and properly designating beneficiaries, can secure your children's financial future without unnecessary tax burdens.
Gifting strategies are an integral part of estate planning, with options like direct payments for medical and educational expenses offering tax benefits.
For high net worth families, Stefan introduces advanced strategies and tools that can extend the benefits of your estate across generations, offering educational funding and other support to grandchildren and beyond.

Resources

Stefan Dunkelgrun on LinkedIn | Davidoff Hutcher and Citron

Phone: (646) 428-3112

Email: Swd@dhclegal.com

Stacy Francis on LinkedIn | X(Twitter)

Email: stacy@francisfinancial.com

FrancisFinancial.com