Resources For Aging Well

Falls Are Rising Among Older Adults. Heres How to Lower Your Risk at HomeAccidental fall deaths in the U.S. have roughly tripled since 2000, according to CDC data analyzed by USAFacts. For adults 65 and older, falls are now the leading cause of both fatal and non-fatal injury, and the increase shows up in every older age group.Several factors seem to be adding up: more prescription medication use, more drinking among older adults, and higher obesity rates. Fear of falling plays a part too. People who worry about falling often move less, and over time that can weaken strength and balance. Know your riskCommon risk factors include limited mobility, chronic conditions such as diabetes or arthritis, certain medications, changes in vision or hearing, and home hazards. The National Council on Agings free Falls CheckUp is a quick way to see where you stand. Build everyday habitsWear glasses and hearing aids as prescribed and keep up with regular eye and hearing exams.Review your medications with your doctor or pharmacist.Use a sturdy step stool, not a chair, to reach high places.Take your time, especially when standing up or changing direction. Make your home work for youFor stairs and steps, a stairlift, wheelchair ramp, home elevator or platform lift can make it easier to move between levels.Install grab bars and consider a shower seat or an accessible walk-in shower.Clear clutter, secure or remove loose rugs, and keep cords out of walkways.Add brighter lighting and nightlights. A few small changes can help you stay active and comfortable at home. Adapted from Deaths from Falls Are Rising. How Can You Reduce Your Fall Risk at Home? by Lifeway Mobility.Contact Person: Eric Rubel | Marketing [email protected]:  847.403.0132

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Keep What Matters, Transfer What Counts: A New Approach To Estate PlanningStarting in 2026, the federal estate tax exemption is expected to jump to $15 million per person (thats estimated to be $30 million for couples). Its a big opportunity for high-net-worth families to get ahead with their planning; however, many hesitate.gettyAnd if that sounds like you, youre not alone. One of the most common concerns I hear in conversations with clients is this:"I dont want to give up control. Or access. Or income."Totally fair, but heres the good news, modern estate planning isnt about giving everything away. When done right, its about protecting what youve built, while keeping the flexibility and control you care about most.Dont Let the Tax Tail Wag the DogWhether youre updating existing plans or starting from scratch, remember taxes shouldn't be the sole driver. Given enough time, the tax code offers multiple ways to address wealth transfer efficiently.Instead, begin with this question I learned from fellow board member Eleanor Johnson: What do you want to be known for?Its a powerful shift in perspective. Once you clarify your legacy goals, your estate plan becomes a vehicle to achieve them.That might look like:Setting up a fund to support & benefit your family for generationsPreserving family assets or a businessSupporting your community or favorite causes with lasting impactTaxes Isnt the Only Threat to Your WealthI was recently speaking to a room of about 300 people and asked, How many of you know someone whos paid estate tax? Maybe 15 hands went up.Then I asked about lawsuits. Around 40% raised their hands. Divorce? Nearly 80%.The point is, estate taxes get a lot of attention but in reality, things like divorce, lawsuits, poor succession planning, or bad business decisions are far more likely to chip away at your wealth. A sound estate plan guards against these risks, too.Liquidity Is Often OverlookedMost of my clients' own businesses making up 50% to 90% of their net worth, with limited liquid assets. In these cases, the biggest threat isnt just tax, its the lack of cash flow and asset diversification.What happens if a key owner dies prematurely? The family may lose not only income, but the value of the business itself while also facing an estate tax bill.Another challenge arises when dividing assets among children. Often, one child is involved in the business while others are not involved in it. Without liquidity, it becomes difficult to equalize inheritance fairly, a common source of family tension.Permanent life insurance can help:Provide immediate liquidityReplace lost incomeEqualize inheritances among heirsProtect business continuityEven if no crisis occurs, life insurance can offer long-term flexibility and tax-free leverage. Please consult with your own personal tax attorney for tax counsel.Strategies That Preserve Control and IncomeModern planning tools can provide opportunities which allow you to transfer wealth without losing control or income. Here are three common tools used, typically in combination, to achieve this goal:Spousal Lifetime Access Trusts (SLATs): Provide income or principal access to your spouse, keeping funds available to your household.Beneficiary Defective Inheritors Trusts (BDITs): Shift wealth outside your estate while retaining access to income or principal for yourself.Business Entities (LLCs or FLPs): Maintain management authority while transitioning ownership gradually.These strategies arent about losing control; theyre about repositioning assets for long-term efficiency while keeping your financial independence intact.Building a Plan That Works for YouThe best plans start with a clear vision and are backed by solid data. Work with an advisor who can walk you through different planning structures and model the impact of each option, including:Wealth transfer tax implications tax savings comparison, use of lifetime exemption, and how taxes are mitigated now and into the futureIncome tax implications funds to pay income taxes, examine tax basis in capital assets, and tax issues surrounding retirement plan assetsCashflow analysis where will you take cash from to buy certain assets or pay for certain expensesEstate flowcharts how each part of your estate plan (will, trusts, etc.) work together to pass on assets to your heirsLiquidity analysis if estate taxes are due, how will you pay them? The tax should be paid in a manner that preserves your family wealthThe Window Is Open but Could CloseYes, the 2026 law makes the $15 million exemption permanent, but nothing in tax policy is truly permanent. Future administrations can reverse course.My colleague Michael Amoia coined the term Political Life Expectancy your life expectancy divided by four. Why? Because every four years brings the possibility of a new administration, and with it, a new tax code.If youre 60 today, you could see seven to eight major policy shifts before your estate is settled.Thats why flexibility is the most important feature of any estate plan built today.What Happens If You Wait?Waiting could cost a significant amount of its assets, taxes and worse, if your estate lacks liquidity, your family might be forced to:Sell assets under pressureBorrow against core holdingsBreak up or sell the family businessAnd dont forget: your assets are likely to grow over the next decade. Transferring them now, while theyre still appreciating, creates the opportunity for major tax savings.What Should You Do Now?In todays climate, a smart estate plan should:Start with legacy What do you want to be known for?Plan beyond taxes Think about lawsuits, liquidity, succession, and family.Preserve access and control Use proven strategies that work for your unique situation.Prioritize flexibility Make sure your plan can adapt to change.You dont need to give it all away.You just need to act while you still have control, clarity, and leverage to choose how and when to use your resources.

Estate planning is easy to put off. Work is busy. The kids need something. The house needs attention. Everyone is healthy, and there is always something that feels more urgent. So you tell yourself, Ill get to it later. I understand that. Most people are not avoiding estate planning because they do not care about their families. They are busy taking care of those families right now. But that is also why I encourage people to begin before there is an emergency. When life is calm, you have time to ask questions, talk with the people you love, and make choices that feel right to you. At Bellomo & Associates, we want families to have that opportunity, instead of trying to figure everything out beside a hospital bed. Why Do So Many People Put Estate Planning Off?Sometimes people think they are too young. Sometimes they assume they do not own enough to need a plan. And sometimes they believe their spouse or children already know what they would want. Those thoughts are understandable. If you are feeling well and handling your own affairs, documents such as powers of attorney and healthcare directives may seem like something you will need years from now. The trouble is that we do not get to choose when life changes. Estate planning is easier when you can approach it with a clear head and enough time to consider your options. You can talk about what matters to you without asking your family to make every decision in the middle of a crisis. Estate Planning Is About More Than What Happens After DeathWhen people hear estate plan, they often think of a will and who will inherit the house. Those are important questions, but a plan can also help your family while you are living. What if an accident leaves you temporarily unable to manage your bills? What if an illness makes it difficult to speak with your doctors? Who would step in, and would that person have the authority they need? A financial power of attorney can address who may handle financial matters for you. A healthcare power of attorney can name someone to make healthcare decisions when you cannot. A living will can give direction about certain treatment choices. Pennsylvania recognizes these as distinct planning documents, each with its own requirements. These are deeply personal choices. Making them ahead of time gives your loved ones something far more useful than a guess. The Best Time to Choose Someone Is Before You Need ThemThink about the person you would trust to help if you could not manage your finances for a while. You probably have someone in mind. But have you asked whether they would be willing to take on that role? Do they know where to find your important information? Planning gives you time to have that conversation. You can choose someone who understands you, explain what matters most, and name a backup in case your first choice cannot serve. Without appropriate documents, a family may know exactly whom you would have chosen and still have trouble acting on your behalf. Depending on the circumstances, they may need to seek court involvement. That can be stressful for a spouse or child who is already worried about you. My Family Knows What I Want May Not Be EnoughI hear this often: Jeff, my family knows what I want. They might know a great deal about you. They know how you take your coffee, what you think about the holidays, and which stories you will tell whenever everyone is together. Still, a serious medical decision can be different from any conversation you have had before. Picture three adult children trying to decide what Mom would want. One remembers her saying she never wanted to be kept alive by machines. Another remembers her talking about doing everything possible to have more time with her grandchildren. Each believes they are honoring her wishes. A conversation and the right documents can help your family understand your preferences and know who should make decisions if you cannot. That guidance is a gift to the people who love you. Waiting for a Crisis Can Make Planning HarderEstate planning works best when you can take your time. You can ask what a document means, think about whom to name, and decide how the pieces of your plan should fit together. A sudden illness or a change in memory can make those conversations more difficult. A diagnosis alone does not necessarily mean someone can no longer make legal decisions, but capacity questions can arise, and options may become more limited as circumstances change. This is why I encourage people to plan while the choices are clearly theirs to make. There is comfort in knowing you had the chance to think them through. You Do Not Have to Be Wealthy to Need an Estate PlanEstate planning is about people as much as property. A young parent may want to name someone to care for their children. A single adult may want a trusted friend or relative to speak with doctors if needed. A grandparent may want to make sure an inheritance is handled thoughtfully for the next generation. You may also need to consider your home, personal belongings, pets, online accounts, or who would be responsible for settling your affairs. None of those questions depends on having a certain amount of money. If there are people you care about and decisions you would want to make for yourself, there is a reason to think about a plan. Your Will Is Only One Part of the PlanA will matters, but it may not control every asset you own. Retirement accounts and life insurance policies often have beneficiary designations. The way a home or account is owned may also affect what happens to it. That is why an old beneficiary form deserves attention. Perhaps it names someone who has since died. Perhaps your family has grown, but the form has not changed. A plan works better when you review how its parts fit together, rather than assuming the will answers every question. Your Plan Can Change as Your Life ChangesSome people wait because they want to get every decision perfect the first time. You do not need to predict the rest of your life. A plan should reflect your life now. Then, when life changes, you can review it. Marriage, divorce, a new child or grandchild, retirement, a move, or a change in a trusted relationship may all be reasons to take another look. Beginning today does not mean you can never make a different choice. It means your family has guidance based on what you want today. Give Your Family Instructions Instead of QuestionsWhen someone needs help unexpectedly, loved ones often want to do the right thing. They may simply be unsure what that is. Who can speak with the bank? Where are the documents? Who should make a medical decision? What did Dad want to happen to the house? An estate plan cannot spare a family every hard moment. It can give them direction through some of those moments, and it can let you choose the people you trust to help. When things are going well, estate planning may feel easy to postpone. That is also when you may have the most room to think, talk, and decide. Bellomo & Associates welcomes families who want to start that conversation before a crisis makes it urgent.