Episode 28. Understanding Property Ownership Types and DeedsJeff addresses listeners questions about property ownership and deeds. He explains different types of ownership arrangements, some of which are implied on the deed while others must be specifically listed. With this understanding, it becomes clear that your deed should explicitly name the type of ownership arrangement that best suits your needs.  Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masters degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.Don't forget to Follow, Like, and Subscribe for upcoming podcast episodes: Apple: https://podcasts.apple.com/us/podcast/understanding-property-ownership-types-and-deeds/id1634278675?i=1000597660690 YouTube: https://youtu.be/aUHrxgXKY_E Spotify: https://open.spotify.com/episode/5kVb2f3sida1Pff3WSO9pE?si=XJ0fGweMTm6dfozyqcmZAg

23. Benefits of Putting Your House in a Trust A persons house is often their biggest asset and deserves protection, but in most cases transferring ownership is not enough. Putting your house in a trust is the best way to maintain control of the asset, get the step-up in basis for favorable tax implications, and protect the asset from others. But perhaps the most important benefit is the peace of mind that comes with knowing your home is safe. Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a masters degree in taxation and a certificate in estate planning. He is skilled at explaining complex legal and financial topics in easy-to-understand language.

Episode Summary   There are four types of fiduciaries. Serving as a fiduciary comes with great responsibility and takes a lot of work. Whether choosing a fiduciary or agreeing to serve as one, its important to understand what the role requires. As Bellomo and Associates prepares to launch its new fiduciary workshop, Jeff introduces us to the various fiduciary types and what is expected of them. Key Takeaways 01:29 What is a fiduciary?Someone to whom property or power is entrusted for the benefit of anotherFour types of fiduciaries: financial power of attorney, health care power of attorney, executor/executrix, trustee02:05 Our growing lineup of workshopsWill soon launch a new fiduciary workshop Current workshops: probate and trust administration, pre-planning, crisis planning, special needs04:27 Serving as financial power of attorney An advocate to tend to the finances and make sure bills are being paidMake important financial decisionsImpartial, assertive, detail-oriented, organized, diligent, competent Living locally is helpful 06:26 Serving as health care power of attorneyMake sure individuals health care needs are being metAn advocate for important health care decisionsA background in health care is helpfulImpartial, assertive, detail-oriented, organized, diligent, competent Consider choosing a retired health care provider (e.g., nurse or social worker) who is knowledgeable and trustworthy10:20 Serving as an executor/executrix Executor (male) or executrix (female) of the last will and testamentAn advocate to carry out the wishes of the testatorResponsible for bills, taxes, liabilities, and distributing the assets according to the willReceives authority when they receive the letters testamentary after the probate petitionGifting assets or naming children as joint owners on accounts is not recommended in many cases15:15 Serving as a trustee Different types of trusts can be created for a variety of reasons: taxes, asset protection, etc. The person appointed as trustee will likely vary depending on the type of trust  Special needs trusts will usually require a professional fiduciary (e.g., Achieva or Security Trust in Pennsylvania)A professional fiduciary, such as a trust company or an insured professional, is recommended when the trust is meant to serve someone who is not responsible enough to manage the money or when extreme wealth is involvedChoose a fiduciary who is good with money, impartial, assertive, organized, detail-oriented, diligent, and competent A person can be the trustee of their own asset protection trust, and this often calls for a second person to serve as co-trusteeLinks and Resources Mentioned Bellomo & Associates workshops, including The Three Lands of Estate Planning: https://bellomoassociates.com/workshops/ For more information, call us at (717) 845-5390.   Connect with Bellomo & Associates on Social MediaTwitter: 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