Afleveringen
-
Jeff welcomes retired attorney and businessperson Susan Hunter. Before developing a state-of-the-art indoor dog park and boarding-grooming-training facility in Nevada, Susan ran a successful elder law firm in Indiana. Back then, Susan and Jeff took time from their practices to co-teach a systematized approach of practice to elder law, estate planning, and asset protection attorneys. Through their work as Lawyers with PurposeÂź members, Susan and Jeff significantly contributed to what is now a nationwide network of highly skilled and effective estate and elder law attorneys.
BARK! Canine Club & Resort: Call (702) 306-6146 or visit https://barkcanineclub.com/
Indiana Estate & Elder Law: https://www.indianaestateelderlaw.com/
Lawyers with PurposeÂź: https://www.lawyerswithpurpose.com/What You Need to Know
(00:00) Episode introduction.
(03:05) Susanâs former partners and successors, Justin Schuhmacher and Jenny Rozelle, have renamed the firm to Indiana Estate and Elder Law.
(04:14) Susan and her husband started BARK! Canine Club & Resort. The 14-acre-complex includes a state-of-the-art facility for boarding, grooming, and training and a 5,000-square-foot indoor dog park designed for comfort and safety out of the desert heat.
(09:26) The Mesquite BARK Foundation is a 501C3 that benefits dogs all over Southern Nevada and Southern Utah.
(11:07) Susan developed an interest in elder law when she saw that her grandmother needed assistance with elder law issues but didn't trust attorneys.
(12:26) Susanâs professional turning point came when she connected with Lawyers with Purpose (LWP).
(18:07) The best way to learn something is to teach it.
(19:47) Susan helped Jeff see how a maintenance program would benefit his clients. This led to The Red Wagon Club.
(23:56) As co-trainers for LWP, Jeff and Susan helped grow a network of lawyers who can say, âyes, I will find you someone who does it the way we do it.â
(27:16) The business practices taught by LWP are transferable, universal practices.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeffâs guest is Julie Cassaday, a certified life coach and Level II Reiki Healer, whose unique approach to personal development and empowerment has transformed lives. Julie helps individuals reveal the best of themselves by untangling the obstacles to their goals. In addition to private coaching and Reiki, her work extends to communication and organizational training in workshops, webinars, and retreats. Her dynamic presence makes her a favorite keynote speaker with groups of all kinds and sizes. With a distinctive set of skills and a gift for connecting with others, Julie also is a passionate advocate for caregivers, an underserved group that both provides and deserves special care.
Connect with Julie Cassaday of Tanglewood Life Coaching on Facebook and LinkedIn. Or, reach out by phone, email, or her website.
Call: (443) 250-6360
E-mail: [email protected]
Website: https://www.tanglewoodlifecoaching.com/
WHAT YOU NEED TO KNOW
(00:00) Episode introduction.
(02:44) Julie gives the background on Tanglewood and how it got its name. She believes her work is to help people clear away the brush to reveal the best version of themselves.
(04:54) She studied mass communications and organizational and broadcast communications in college. Here studies revealed a love of connecting with people.
(06:01) Julie jumped at the chance to give up a 30-year career in sales so that she could pursue work as a life coach.
(07:11) Having two parents with dementia led Julie to the Alzheimerâs Association and, eventually, a Reiki certification.
(10:34) As a communications trainer, Julie speaks at employee development classes, conferences, etc. She offers a selection of popular sessions or custom-designed programs.
(13:03) Life coaching is meeting someone where they are today, assessing their goals, and reminding them of who they are at their core.
(16:07) Having served as a caregiver for her parents while parenting her own children, Julie understands the demands. This drives her to advocate for caregivers of all types.
(22:28) Julie is seeing an increase in dementia in people under 65, which is especially devastating emotionally and financially.
ABOUT BELLOMO & ASSOCIATES
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Zijn er afleveringen die ontbreken?
-
Finding the right senior living community for yourself or a family member can be overwhelming, emotional, and time-consuming. Assisted Living Locators is a nationwide network that helps seniors find the community that best meets their needs. Rick Campomizzi, owner of the local Harrisburg-based office, provides free, personalized service and expert guidance through what can be a maze of confusing options.
To learn more, call Rick at (717) 802-1074, email [email protected], or visit https://assistedlivinglocators.com/harrisburg.
What You Need to Know
(00:00) Episode introduction.
(03:52) Rick is familiar with a range of care communities, including independent living, personal care, memory care, assisted living, and skilled nursing communities.
(05:26) Rickâs service is free. His PA coverage spans five counties and 155-160 senior living communities.
(06:23) Rick starts with an assessment of the seniorâs needs and desired geographic area. He provides an overview and pricing for a few select communities and then sets up tours as desired. He goes along on the tours and advocates for the family.
(09:42) Rick serves multiple counties in south central PA and any county that is not handled by another franchise. When another area is covered, Rick will work with his counterpart to help the senior find the right fit.
(12:24) Some seniors donât have family or donât have family in the area. Those who help seniors navigate the complexities of elder care resources provide an invaluable service.
(14:06) Rick keeps current on the different communities, the staff, and the leadership. He watches for changes that could affect performance and is careful about the recommendations he makes.
(18:50) Different communities offer different service levels. Understanding these details is key to good decision-making.
(20:05) Don't underestimate the power of socialization and activities. Todayâs senior living communities are not what they used to be.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Itâs that time of year when Jeff provides the newest and most applicable IRS and Medicaid numbers for tax and estate planning purposes. Many of these numbers are discussed in our free, educational workshops. Jeff also likes to review them here along with related questions we get from our clients.
WHAT YOU NEED TO KNOW
(00:00) Episode introduction.
(05:50) The federal estate tax limit is now $13.61 million per person or $27.22 MM for a married couple.
(09:14) The annual exclusion gift is set at $18,000 per person per recipient per year. Ask your tax preparer if you should file a gift tax return.
(10:40) For Medicaid purposes in Pennsylvania in 2024, the income limit is $2,829 per month. If your income is greater than the limit, you're allowed $2,400 in resources. If less than the limit, you can have $8,000 in resources.
(11:20) To be eligible for waiver services in the home, your income must be less than $2,829 + $500 per month. Talk to your financial professional.
(12:17) For a community spouseâs protected share amounts, the maximum is 50% of the assets, but no more than $154,140 and no less than $30,828.
(12:59) To calculate penalty for gifting during look back period and days until Medicaid eligibility for nursing home or waiver, use the amount gifted divided by $379.65 per day or $11,547 per month.
(14:04) The Minimum Monthly Maintenance Needs Allowance (MMMNA) refers to income limits for the community spouse. The maximum is $3,853.50 and the minimum is $2,465.
(14:20) The excess home minimum is $713,000 and the maximum is $1,071,000. The home maintenance deduction is $965.10 per month. The heating standard is $750 per month and the non-heating standard is $401. The personal needs allowance is $45 per month.
(15:30) A new IRS ruling headline suggests that children are losing step up in basis with irrevocable trusts. This does not apply to the type of trusts used at Bellomo.
(19:13) The grantor trust rules in Pennsylvania now mimic the federal grantor trust rules. Nothing will change for most Bellomo clients.
(21:30) The IRS announced a potential gift tax for trust beneficiaries. This should not affect you if Bellomo created your trust.
ABOUT BELLOMO & ASSOCIATES
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
This is the 2nd part of our examination of celebrity estate plans. Using the real-life stories of some of entertainmentâs most famous figures, Jeff teaches us valuable lessons that can be applied to our own situations.
What You Need to Know
(00:00) Episode introduction.
(02:56) Singer Whitney Houston created a will in 1993. She died 19 years later with the same will in place. The lesson: Keep your will up to date. Be careful about passing large sums of unprotected money to young people.
(07:39) Attorney Robert Kardashianâpart of OJ Simpsonâs defense team and the father of Kourtney, Kim, Khloe, and Robâhad a handwritten will. Upon his death, the language in the will was unclear and subsequently disputed. The lesson: Detailed language matters.
(11:44) Actor Heath Ledger died in 2008 with an outdated will that left everything to his parents and sister. So, at the time of his death, Ledgerâs young daughter was not provided for. His family gifted the inheritance to his daughter. The lesson: Donât rely on others to do the right thing.
(16:20) Musician Prince died in 2016 with $200 million in assetsâand no will or trust. Forty-five people claimed to be heirs. By 2018, $6 million had been spent on unnecessary legal fees. The lesson: Formalize your plan. Be detailed and intentional.
(19:20) Actress Brittany Murphy named her mother as heir in a handwritten will. When Ms. Murphy got married, she updated her estate plan and used very specific language, again leaving her entire estate to her mother. The lesson: Keep your plan updated and use detailed language.
(22:51) Singer Aretha Franklin died without a will or trust. Two contradictory handwritten wills were found in her house. The lesson: Use a professional to create an estate plan. Have only one document stored in a safe, known place.
(26:23) DJ Casey Kasem suffered from dementia in his later years. In 2007 and 2011, he created conflicting documents that put his daughter and his wife at odds over his fortune. The courts were forced to intervene. The lesson: Make your intentions clear.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
It might not seem like it, but celebrities are people, too. Their estate plans prove that, just like us, some are forward-thinking and prepared while others fail to protect their assets. Jeff uses the stories of some of the wealthiest and most fascinating figures in entertainment and sports to teach us valuable lessons in estate planning because our legacies matter, too!
What You Need to Know
(00) Episode introduction.
(07:04) Elvis Presley established a trust for his daughter, Lisa Marie. The trust dissolved when she turned 25 and that made the assets vulnerable. The lesson: Use non-dissolving trusts and carefully consider the age and maturity of the beneficiary.
(13:10) Actor Philip Seymour Hoffman did not provide for after-born children. The lesson: Add a clause, âand any after-born childrenâ and donât rely on governmental statutes that might not be in place when needed.
(15:50) Jim Morrison of The Doors died with an overly simplistic will. Plans should be able to accommodate the many âwhat ifâ scenarios that could be playing out at the time of death. The lesson: Provide for various contingencies and backup the backup.
(19:32) Track star Florence Griffith Joyner kept the location of her will a secret. As a result, it took four years to close her estate and members of her family disagreed on what they thought were her wishes. The lesson: Make your document(s) location known and keep the papers in a professionalâs safe, secure facility.
22:50) Michael Jackson, the King of Pop, created a trust, but he never funded it. Jacksonâs family spent a lot of time in probate court. With trusts, you avoid probate and keep your business private. The lesson: Fund your trust.
(24:30) Actor Marlon Brando supposedly made oral promises to his long-time housekeeper. His estate plan excluded those promises, and his housekeeper brought a lawsuit. In the end, she won just a fraction of what she allegedly had been promised. The lesson: Document the details.
(26:57) James Gandolfini of The Sopranos had an estate worth $70 million when he died suddenly. He hadnât finalized his plan before leaving on vacation and 55% of the wealth was lost to taxes. The lesson: Work with an attorney or financial pro to make sure your plan is complete.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeff âinheritedâ probate paralegal Cathy Montague two years ago when Bellomo acquired a small elder law firm from a retiring attorney. It didnât take long for Jeff and the team to recognize Cathyâs experience and value. And it didnât take long for Cathy to embrace her new environment and colleagues.
Cathy sits down with Jeff to reflect on her long and impressive career. They discuss how sole ownership and probate can be a good financial planning strategy. Then Cathy shares what she has learned about dealing with families experiencing heightened stress and emotion in the wake of loss. In a more lighthearted story, she explains why a previous client paid in all $1 dollar bills!
What You Need to Know
(00:00) Episode Introduction
(03:25) Cathy began her career 37 years ago. She started doing a bit of everythingâwills, powers of attorney, deeds, and the likeâbut eventually became a specialist in probate administration.
(06:35) Cathy finds great fulfillment in helping others. In addition to providing professional guidance and answering questions, she is determined to make this difficult time as easy as possible for folks.
(07:27) The probate process can take up to a year because the estate must be advertised with two different agencies per Pennsylvania law. Creditors have one year to submit a bill from the advertisement date.
(09:25) Sometimes people underestimate the stress that can come with losing a loved one and finalizing the estate. Other times, people are hesitant to complete the probate process because it can feel like letting go of their loved one.
(11:33) Cathy describes herself as someone who helps family members after their loved one has passed. She walks them through the process to ensure that they fulfill the activities and deadlines stipulated by Pennsylvania law.
(12:15) Probate administration is needed when the deceased owns assets in his/her name alone. It might seem more convenient to avoid probate by jointly owning all assets, but avoiding probate is not always a wise strategic move.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeff welcomes Wade Williams from Integrity Wealth Strategies. With tax, audit, and real estate experience under his belt, Wade found his real passion was helping others as a financial advisor. Jeff and Wade discuss investment management and the process of starting up with an advisor. They also highlight the value of expertise and a client-centric model for legal and financial services.
Jeff and Wade round out the discussion with personal reflections on living with purpose, parenting, and values. Jeff also announces a fun, listener-requested enhancement to future podcast episodes!
Wade Williams has clients across the U.S. He can be reached at (717) 718-5720. Learn more at https://www.raymondjames.com/integrityws/.
What You Need to Know
(03:27) Integrity Wealth Strategies has a broker dealer relationship with Raymond James. In addition to its trading platform, Raymond James also provides compliance support, world-class financial planning software, and other resources for Wadeâs clients.
(06:28) Simply put, Wade uses the expertise heâs gained in investment management and other areas to help people meet their goals.
(08:44) Even high-level financial pros (CFOs, CPAs, etc.) have learned to rely on Wade instead of trying to manage their own investments.
(12:12) Donât hesitate to approach a financial advisor. Wade does not charge a consultation fee. His fees are based on the value of the money managed.
(18:30) Jeff and Wade met because their daughters are friends. In time, the two men became referral partners because they were confident that any referred clients would receive excellent care and service.
(27:27) The two most-downloaded Red Wagon podcasts are the two featuring Jeffâs daughter, DeAnna. As a result, DeAnna will be on the podcast more in 2024. Stay tuned!
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeff welcomes Mark Sussman from Strategic Business Group. Mark is an executive coach, mentor, and family business advisor. He helps leaders widen their perspective on their business, formulate plans to achieve their goals and monitor their progress.
Being in charge can be lonely, so Mark also runs a peer advisory group for CEOs and owners. The Small Business Forum is a collaborative and non-competitive environment where members can provide support and learn from each other.
If you are a leader interested in growing your businessâespecially if youâre navigating decision-making with little, if any, high-level support or collaborationâconsider contacting Mark to learn more:
Call: (717) 439-6254
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/markysussman
Website: https://strategicbizgroup.com/
What You Need to Know
(02:37) Mark encourages leaders to be growth minded, business growth and personal growth.
(03:21) The Small Business Forum is a dynamic discussion group consisting of business owners that meet to help each other make better decisions about their business and themselves. The forum includes a monthly group meeting and monthly one-on-one coaching for its members. Mark also has clients outside the forum.
(08:26) Markâs initial meeting with a potential client is to learn the ownerâs goals and determine whether they would be a good working fit. Conversely, the goal discussion helps the owner determine whether Mark would fit their needs as well.
(11:28) Listening is key. Coaching is not about loading up clients with new ideas. Instead, itâs about helping clients see and understand what they are saying and doing from a different perspective.
(12:43) Markâs qualifications and experience include market researcher, trained moderator, data scientist, MBA, college professor, small business owner, and more.
(19:02) Business owners hire Mark usually for one of three reasons: they are not able to take vacations, they want to sell their business, and/or they are thinking about succession.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeffrey Bellomo is joined by Meg Motter, Life Care Planning Coordinator at Bellomo & Associates. As an experienced, licensed social worker, Meg provides personalized support for elderly individuals dealing with various challenges related to aging, health, and living arrangements.
Meg and Jeff share stories of commitment, personal connections, and the critical role of advocacy in health care. Itâs an eye-opening look at just one aspect of service that differentiates this law firm.
What You Need to Know
(02:42) At 16, Meg decided to pursue social work when she cared for an elderly relative. She graduated Western Maryland College and earned her graduate degree from the University of Kansas.
(04:13) A life care planning coordinatorâs duties vary depending on the needs of the individual and family. Some clients are healthy and well; they live at home and want to stay there so Meg acts as a support or advocate when needed. Sometimes, though, an elderly personâs situation is not good. Meg can intervene to determine the services that are needed and assess whether the home is safe.
(07:21) A health care advocate is a valuable ally. Itâs important to have someone who can track, follow up, and understand medical decisions and activity.
(09:58) Jeff hired Meg because he needed someone who could answer questions such as: How can we make Momâs home safer? Does she need memory care? Does she need skilled care? How should we be advocating for her?
(18:39) Megâs willingness to help and advocate for those in need has even extended to non-clients, such as the woman she encountered who was not feeling emotionally safe at home. Meg, her daughter Jennah (Bellomoâs chief operating officer), and Jeff all got involved in moving the woman into assisted living. Today, the woman is flourishing, and Meg continues to be involved.
(23:34) In a previous episode, Jeff discussed how individuals can use advocates as power of attorney when they donât have family or a support system in place. Meg does not act as power of attorney for her clients.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website https://bellomoassociates.com/) to learn more.
Bellomo & Associates workshops: https://bellomoassociates.com/workshops/
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeff is joined today by Craig Milsten. Craig has worked as an assistant District Attorney and the head of litigation at a large general practice law firm. For the last 18 years, he has been with Katherman Briggs & Greenberg (KBG) Injury Law. Craig is an experienced trial attorney and specializes in personal injury claims.
Both Craig and Jeff have teenagers who are exceptional performers and musicians. Yorkâs music communityâespecially the York Symphony and the Youth Symphonyâhave greatly influenced their children's musical development. You wonât want to miss this discussion, which includes the remarkable musical journey of Craigâs son, Andy.
What You Need to Know
(04:12) Personal injury law is based on the concept of negligence and a reasonableness standard.
(04:41) Injuries due to negligence can have financial, medical, and emotional consequences.
(07:00) Before joining KBG Injury Law, Craig considered KBG to be the gold standard. Being recruited was an opportunity too good to pass up.
(08:16) Starting a legal career in the DA's office provides terrific career experience. There is no better way to learn the rules of evidence, the rules of procedure, and how the courtroom works.
(09:55) Only a small number of civil cases go to trial. When they do, they can be years in the making and require a tremendous amount of work.
(12:20) The goal with every civil claim is to try to resolve it outside of court. A claim only becomes a lawsuit when the plaintiffâs idea of a fair resolution doesnât match the defendantâs idea.
(12:39) There are risks in going to trial. It can take a long time to get to the courtroom. A trial is typically more expensive. There is also the risk of unexpected outcomes.
(15:05) Craigâs younger son is a terrific singer and actor, heavily involved in musical theatre. Craigâs older son, Andy, is 19 and on the autism spectrum. Currently, he is finishing his first semester as a piano performance major at West Chester University. His story is amazing!
(27:26) Visit the KBG Injury Law website at www.resultsyoudeserve.com.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeffâs guest is Tina Hess, the owner of Good News Consulting, a training, consulting, care management, and guardianship company specializing in person-centered dementia care since 1998. Members of the team also began serving as court-appointed guardians in 2004.
With its advocacy, caregiver training, and resources for professionals and families, Good News Consulting continues to have a profound impact on the quality and availability of dementia care in our state and communities.
The companyâs website is loaded with wonderful resources. Visit http://www.goodnewsconsulting.com/ and follow us on Facebook at https://www.facebook.com/goodnewsconsulting.
To get in touch, call 717-843-1504 or send an email to [email protected].
What You Need to Know
(02:45) Good News Consulting initially offered training and shared best practices in dementia care. Even with the companyâs guardianship work, everything has always come back to dementia care. They feel as though theyâve been put here to help those with dementia as well as their caregivers.
(04:26) As guardians, the team does whatever the court appoints them to do. They can help with finances, medical decisions, medication changes, funeral arrangements, and any other responsibilities the court deems necessary. Typically, they serve as legal guardian for people who have been abused, exploited, or neglected. They can also be named for people without family or a power of attorney.
(05:44) Pennsylvania has a guardianship tracking system. Guardians must report status annually, at minimum. Some contracts require more frequent reporting.
(06:37) The company gets referrals from protective services, nursing homes, attorneys, etc.
(07:45) The Making a Difference in Dementia Care training events rely heavily on great community partners such as Bellomo & Associates.
(09:19) Listeners who organize speakers or workshops for their church, business, or community group should consider contacting Good News Consulting for a training session or informational event.
(10:13) Dementia caregiver training and dissemination of resources and best practices can help keep people safe at home longer.
(12:56) Tina developed an interest in eldercare because of her strong relationship with her own grandparents. She majored in long-term care administration and interned at a nursing home where she met and was mentored by the woman who would go on to found Good News Consulting.
(16:07) The Good News Consulting team is highly credentialed, supportive of each other, and well coordinated.
(17:35) Contact the company via its website, Facebook, email, or phone. They don't always have someone sitting beside the phone because the team members are guardians and very active in the community, but they will call back as soon as possible.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
With the holidays upon us, you might be tempted to gift large sums of money to your children. But Jeff warns against this seemingly generous practice because gifting money and/or assets carries real and potential risks, including loss of control, severe tax implications, and inability to pay for long-term care.
Jeff recommends a more thoughtful and lasting gestureâgive peace of mind. Do the things that will serve your children best in the long run. Make sure that your affairs are in order. Have your powers of attorney in place. Pre-plan your funeral. Set up a trust to ensure your money and assets are protected and preserved so that your children can enjoy the peace of mind that you wish for them.
What You Need to Know
(02:12) It's important to understand all the rules before you start gifting money or other assets.
(04:51) Why not gift money? (1) You lose control while youâre still alive. (2) You could create a heavy capital gains tax burden for your children. (3) If you need long-term care (LTC), the money might not be available when you need it.
(09:40) If you want to gift money every month, you may gift up to $500 in totalânot $500 each to multiple people, but rather, $500 combined per month.
(11:57) Nursing homes have a right to sue under the filial responsibility statute, meaning that the children are responsible for their parentâs nursing home stay.
(13:59) So, what should you give your children? Peace of mind is a great gift. Pre-plan your funeral. Make all of the arrangements. Make sure you have your financial and medical powers of attorney in place.
(18:02) As parents start to look toward the future, many decide to create a pure grantor trust.
(22:10) If you want to learn more about pre-planning and trusts, visit www.bellomoassociates.com or call 717-845-5390. We offer free educational workshops so that you can be well informed.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masterâs degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesnât happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
Links and Resources MentionedBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Estate planning is not only for older, established homeowners. Jeff explains how to know when itâs the right time to set up powers of attorney and wills. He outlines state laws that will determine how medical decisions and finances will be handled if a person dies or becomes incapacitated without legal documents in place. Then, he ties it all together with a discussion of trusts for asset protection and tax management.
This is a vital discussion for every adult to understand the importance of timing and the different options available for smart, proactive estate planning.
WHAT YOU NEED TO KNOW
(01:01) Everyone age 18+ is deemed an adult in Pennsylvania (PA) and should have a financial power of attorney (POA) in place.
(02:09) If no health care POA is in place, state law determines who can make medical decisions for you.
(02:29) The state can determine who your assets will go to if you die without a will.
(05:19) Do not assume that all your assets will go to your spouse if you die without a will.
(05:35) Do not assume that youâre âtoo youngâ to need a power of attorney.
(06:22) Increasingly, 18-year-olds are getting POAs before they go off to college so that their parents can get involved on their behalf if the student suffers a serious illness or injury or needs help with, say, a banking issue or a problem at the school.
(07:37) If no POA is in place at 18, the next best time is when you start making some money. In fact, a financial POA is probably more valuable than a will at this point.
(08:12) Having a POA in place avoids legal guardianship hearings should a loved one become incapacitated.
(11:36) In general, there are two major types of trusts: testamentary trusts (created under a will) and living trusts (including revocable and irrevocable trusts). There are different types of irrevocable trusts (e.g., tax trusts, asset protection trusts).
(15:06) Revocable trusts are taking the place of testamentary trusts. These provide asset protection but need to satisfy the five-year look-back period.
(17:41) If a young person needs long-term care, it is much better to do crisis planning with a financial POA already in place.
(19:36) Get an irrevocable tax trust only if you have more than the federal estate tax amount, which is currently about $26 million for a couple.
(21:19) Do you have a house or about $150,000 in investable assets that you do not rely on for everyday expenses? If yes, consider an asset protection trust.
LINKS AND RESOURCES MENTIONEDA FORK IN THE ROAD: Modern Estate Planning and How Elder Law Is Taking the Other Fork
https://www.amazon.com/FORK-ROAD-Modern-Estate-Planning/dp/1959840827
Bellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 was passed in December 2022. Some sections are already in effect and others begin January 1, 2024. The law focuses mainly on retirement and tax-related issues, but has significant implications for estate planning, also. People who have estate plans that list trusts as beneficiaries of retirement accounts are advised to have them reviewed and updated to ensure that their plans continue to meet their financial and estate planning goals.
WHAT YOU NEED TO KNOW
(01:56) The original SECURE Act was passed on Christmas Eve in 2019. The SECURE Act 2.0 was passed in December 2022. The law includes consequential changes.
(02:54) Before the SECURE Act, estate planners would often create an accumulation trust as the beneficiary of a retirement account. Benefits could accumulate, providing long-term asset protection and the ability to stretch out tax payments over the lifetime of the heir(s).
(4:00) Now, spouses can still stretch out taxes over their life expectancy, but children have 10 years to pay.
(07:01) The SECURE Act also means loss of asset protection. For the spouse and the child, a conduit trust (which requires distribution of assets) replaces the accumulation trust.
(08:38) Review all your documents currently in place that have trusts listed as the beneficiary of a retirement account!
(11:00) Bellomo & Associates has the updated language and has reached out to all clients who need their documents changed. Please contact us if you fall into this category but have not yet made the changes.
(14:47) We highly recommend that you list contingency beneficiaries.
(17:14) Connect with your lawyer at least once a year. Laws change regularly and, increasingly, banks want powers of attorney to be less than one year old.
(18:23) Our Red Wagon Club lets families update documents as often as they want for a very low maintenance fee. It's a great way to make sure that your documents are ready when you need them.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
When a person calls Bellomo & Associates looking for information for the first time, they speak with Intake Specialist Jacob Sherman. Jacobâs passion for helping others, especially when they are going through a tough time, is evident from the start. As a provider of what Jeff calls, âservice extraordinaire,â Jacob ensures that a personâs initial interaction with Bellomo is both helpful and positive.
Jacob applies that same level of commitment to his work as a health coach. In fact, Jacob introduced Jeff to OPTAVIA, the program of healthy habits that Jeff has used to lose 100 pounds. Both men have had life-changing success with the program. This discussion of their journeys back to health is truly inspiring.
Learn more about OPTAVIA at https://www.optavia.com/
WHAT YOU NEED TO KNOW
(02:03) The team at Bellomo identified the need for an intake specialist. Jacob was a natural fit.
(04:40) Jacob learns what the caller needs and determines who inside the firm can best help them with their specific situation. He has complete confidence that his teammates will provide the caller with expert assistance.
(06:38) Itâs a tough discussion when people have lost someone or must send a loved one to a nursing facility, but it is truly rewarding to provide people with the help they need.
(07:40) Jeff asked Jacob about his noticeable weight loss. That was the start of Jeffâs journey to better health with Jacob as his health coach.
(09:55) Jacobâs weight loss prompted him to become a health coach because he believed so strongly in the OPTAVIA program.
(11:43) Being a health coach is similar to the work Jacob does at Bellomo & Associates. He talks with people, gets to know their circumstances, and helps them improve their situation. Heâs completely dedicated to making a difference in peopleâs lives.
(12:51) Jeff is grateful not only for the benefits that he and his family now experience because of his renewed health, but also because the weight loss has enabled him to be a better attorney.
(26:22) Jacobâs motivation for his health journey is very simple. His âwhyâ is his wife and young son.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeff reflects on his many years as an attorney and shares the advice he would give himself as a young lawyer. As it turns out, his advice consists of universal truths: think differently; keep learning and growing; be clear, consistent, and honest in your communications; accept that people need to make their own decisions in their own time; nurture and value your relationships; and, most of all, cherish your loved ones and tell them how you feel.
What You Need to Know
(02:22) Traditional client management and billing practices leave a lot to be desired. Education, transparency, competence, and fairness are integral to a better approach.
(04:01) One-on-one consultations with attorneys can be overwhelming for clients. Create a learning environment that allows them to breathe and think without feeling pressured.
(09:33) Donât impose what you believe on other people. Listen to what people are telling you.
(11:04) It's okay when people say âno.â You are not failing your client if you have communicated clearly, consistently, and honestly. Let people know the pros, the cons, the good, the bad, and the ugly. From there, the decision is out of your hands.
(13:53) The work youâre putting in to educate people is worth it. Keep fighting the good fight.
(15:12) Be transparent about pricing, and not just front-end pricing. Explain what the process looks like from start to finish.
(15:29) The Red Wagon Club is not only about the maintenance features it offers. People love the relationships that develop from it. It's okay that itâs not a revenue generator.
(16:19) Spend the money on legal software that will keep youâand your clientsâcurrent. Case law, Social Security plans, Medicaid regulations, tax law, and other crucial elements of your work are constantly changing. Clientsâ documents should be up-to-date and effective whether they are needed today, tomorrow, or decades from now. You canât put a price tag on a clientâs peace of mind.
(21:05) There is no crystal ball. Do everything you can to make sure that your clients are prepared. Youâll sleep better at night.
(22:35) Tell the people in your life that you love them.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
Jeff answers another set of commonly asked questions in this last part of our series. But keep your questions coming! Along with guest interviews and deep dives into special topics, we will continue to address your questions periodically. And, of course, weâre happy to assist you in our workshops, meetings, and all of the ways we interact.
What You Need to Know
(02:20) What if I suspect that an elderly neighbor or a loved one is being abused?
Call the police if someone is in immediate danger. If the situation is less immediate, contact Adult Protective Services.
(04:21) I donât have a spouse or children. What should I do with my assets?
Look to family first, perhaps siblings, nieces/nephews, etc. Also, consider donating to charities or organizations.
(05:16) Can I select someone outside my family for my power of attorney?
Find a professional who can provide these services. On the financial side, you want people who are bonded and insured. For health care, consider hiring a retired nurse to make medical decisions for you.
(12:28) What is probate?
If you own assets in your name alone (i.e., not jointly owned, not beneficiary designated, and not held in a trust), the assets go through your will and your will goes through probate court.
(14:49) Canât I do the probate process without an attorney?
Yes, but you will likely have questions about the process, timelines, creditor advertising, tax returns, etc. The executor is personally liable, so you want to get it right.
(15:43) Does the probate process cost money?
The county will assess fees and using an attorney comes with a price tag. But, to avoid potentially greater expenses and headaches, use professional help throughout the process.
(16:10) Why do lawyers charge what they charge?
Specialists charge what the market will bear. Hiring a highly educated and skilled attorney or law firm, however, can provide enormous benefits that offset the price.
(16:28) What is the cost of an estate plan?
A plan is worthless if it doesnât do what it needs to do. We lay out our prices for you in our educational workshop.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
As we continue our series, Jeff discusses several misconceptions that surround elder law, asset protection, and estate planning. These questions apply to everyone, regardless of financial status. Whether heâs talking about basic wills, different types of trusts, or the significance of the red wagon, Jeff uses relatable examples to make the concepts easy to understand. With that clarity comes the realization that proper planning is essential to ensure that you are taken care of and that you leave a lasting legacy for your loved ones.
What You Need to Know
(01:41) Is a simple will good enough?
Usually, no. A simple will cannot accommodate the range of possible future circumstances that you or your heirs might face. Assets that are passed on outright are highly vulnerable to unforeseen developments.
(06:40) Is estate planning only for people with a lot of money?
No. Even if you donât own a home, there could come a time when you need someone to make decisions for you. Everyone should have a financial and medical power of attorney in place.
(08:18) Do I need a trust?
It depends. There are different types of trusts, and not all trusts are asset protection trusts. Do not confuse an asset protection trust with a tax avoidance trust.
(17:43) What is the significance of the Radio Flyer Red Wagon?
As kids, the red wagon was where we stashed everything we cared about. As adults, we still need to stash our assets for safekeeping.
(19:12) Can I just research these topics on the Internet?
Most of the information online refers to tax trusts for very wealthy people. Donât be misled. Use an expert to teach you and guide you through what can be life-changing decisions.
(21:19) Is Medicaid just bad care for poor people?
No. Most nursing homes, including the best nursing homes, accept Medicaid. To qualify for Medicaid, you either spend down your assets or plan ahead. You're better off planning ahead.
(22:50) Why not just give away or gift all my money?
You want to protect and keep control of your assets while youâre alive. You are better off establishing a trust.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
-
In this first part of our series that addresses some commonly asked questions, Jeff highlights the importance of proper planning for asset protection, regardless of age, and describes the expertise needed to effectively serve clients in this highly specialized area of the law. In addition to protecting your assets, it's about securing your financial legacy and ensuring that your loved ones receive the benefits you intend, even in the face of unexpected life events.
What You Need to Know
(01:31) What is elder law?
Elder law is asset protection lawâand itâs for everybody, not just elders. Remember that once you turn 18, you are deemed to be an adult. So, everyone over 18 needs a financial power of attorney (POA) in place because illness and accidents can happen at any age.
(05:16) Are online power of attorney forms good enough?
No, POAs produced using an online form or a general practice attorney typically lack important details and state-specific provisions. Work with a professional who knows asset protection law for your state and how to provide for it in legal documents. The POA must use specific language for limitations and authorizations, including many of the powers in the realm of estate planning.
(11:52) Why use a certified elder law attorney?
A certified elder law attorney (CELA) has extensive experience and education focused on 12 different concentration areas. The certification exam is very difficult. Attorneys who pass the rigorous exam demonstrate aptitude in asset protection, Medicaid planning, special needs planning, etc. The National Elder Law Foundation is the certifying body.
(16:06) Can I just put beneficiary designations on everything and not worry about probate?
You could, but that doesnât mean you should. Beneficiary designations are quick and avoid a trip to the courthouse. But, beneficiaries do not avoid inheritance tax. Creditors have direct access to whatever assets your beneficiaries have. And, there are any number of scenarios that can result in your assets going to people you never intended.
(26:08) Beneficiary designations provide no asset protection unless you establish a trust for the benefit of the spouse or the children. Be sure to work with an expert, someone who knows the complexities and nuances of this practice area.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of MedicaidFor more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):https://twitter.com/bellomoassoc
YouTube: https://www.youtube.com/user/BellomoAssociates
Facebook:https://www.facebook.com/bellomoassociates
Instagram:https://www.instagram.com/bellomoassociates/
LinkedIn:https://www.linkedin.com/in/bellomoandassociates
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
- Laat meer zien
