n this episode, we walk through what estate planning is and who needs it, the basics of financial power of attorney, medical power of attorney and planning a will. We also went over some common misconceptions surrounding estate planning and what to look out for when you are ready to start the planning process. In our next episode, we will talk about what trusts are and how to protect assets, so make sure to tune in!Takeaway 1: What is estate planning?Two sisters at a workshop had opposing ideas: All about not losing money vs. Making sure mom can die peacefully without guessing what she would have wantedBoth sisters are correct, estate planning addresses both of these ideas.Takeaway 2: When to start estate planning? Science cannot replace the brain - it is important to plan ahead and organize your estate planning before your brain enters la-la land or later you have some sort of disability. Estate planning is being prepared before it can become messy.You want to control your property while you are alive and well. Control is key.Takeaway 3: Misconceptions Family is the most important thing = WRONGWe think family is the most important thing but in reality its yourself. Its like on an airplane when the oxygen masks fall down, you have to put yours on first before helping others. You have to take care of yourself first. Then you can take care of the rest of your family. Everyone is always wanting to know about money, but with that the pyramid is upside down. We need to flip the pyramid. The base is the most important thing. The base is you and your spouse, then your family, and then the money accumulated and how to protect it. Some people think that estate planning can be generalized for everyone, but everybody has very different needs, estate planning is not uniform. Its impossible to answer the What do I need? question without knowing a lot about a person and their family.Heirs are in fact not determined until death.Takeaway 4: Advice for getting ahead It is important to put money into a trust if you do not want to give an outright distribution to an 18-year-old. Do not leave anything to chance, plan for all the contingencies. Put money in trusts to be prepared for whatever scenario plays out.Financial power of attorney is a great place to start with planning once you turn 18. If you dont have one and you lose capacity, the only way to appoint a beneficiary is to go through a guardianship hearing. Yes, there is a fallback will, but its not perfect. Do not rely on a fallback statute.Financial power of attorney, a medical power of attorney, and a will are the most important items to start with.

We welcome Lauren Yuran, Associate Manager with MediConnect Insurance! Lauren shares why she chose a career with MediConnect and what makes them unique. She shares how overwhelming the Medicare enrollment can be and the ways that MediConnect can help simplify the process, at no charge. She also shares why it is important every year to re-evaluate your Medicare Plan. To learn more call 888-818-6334.

Jeff knows the difficulties of estate planning and elder law from personal experience, and strives to provide the best education and service possible. There are various workshops at Bellomo & Associates designed to inform potential clients on how to protect their assets, utilizing the red wagon analogy. Episodes will be released on a weekly basis, explaining the ins-and-outs of estate planning and elder law and the red wagon concept.Key Takeaways Jeff has been practicing in the estate planning and elder law arena for approximately twenty years. Jeff has the designation to be a certified elder law attorney, masters of laws and taxation, and a certificate of estate planning.He knows from personal experience with his parents and the beginning of his law career that a lot of lawyers just want your money, so he started up Bellomo & Associates to provide the education and service that clients deserve.Bellomo & Associates workshops cover all things related to estate planning and elder law to ensure attendees make informed decisions and avoid falling into a trap like Jeff and his parents did.Workshops are free and if you come in person, you can receive a free consultation from a Bellomo & Associates team member.Our assets are like what we used to carry around in a red wagon when we were kids. Now we are pulling metaphorical wagons that contain our assets, our house, our investments, etc. Thus, we have the Red Wagon Estate Planning and Elder Law Show.Links and Resources Mentioned:Bellomo & Associates workshops: https://bellomoassociates.com/workshops/ 

On this edition of the show, we go over the importance of getting the proper assistance with estate planning and how not seeking the services of estate planning and elder law experts can be problematic. Even if you feel like you do not have enough assets worth protecting, it is better to go to an estate planning and elder law attorney and do whatever planning you can. Start planning as soon as possible with a financial power of attorney once you turn 18. We also talk more about wills and intestate succession, which is better to avoid if possible. Another important topic we cover in this episode are the do-it-yourself kits and online estate planning, and why they are not ideal. It is worth spending a little extra money to talk with experts in estate planning and elder law, making sure you plan the right way and do what is best for you and your familys future. We hope you join us for our workshops and continue to learn about all things estate planning and elder law with us!Key Takeaways Takeaway 1: Power of attorneyYou dont need millions of dollars to start estate planning. You can and should start with a power of attorney when youre 18. Anyone over the age of 18 should have planning.If you dont have a power of attorney in place and you lose capacity and the ability to make decisions for yourself, you cant make payments and somebody has to do that for you.The mechanism that the law has in place is a guardianship hearing, which can be less than ideal.Just because somebody doesnt have the capacity does not mean that they dont understand that they dont like it. It might not feel right being in a courtroom with a person filing a petition at a different table, a different counsel, a judge, somebody transcribing, etc. We want to make sure that nobody is taking advantage of you and doing something that you dont want. Guardians can take away your right to make a decision for yourself. Thats why its important to have a financial power of attorney as soon as possible. There is a healthcare statute, but it can lead to a family battle and potentially a guardianship hearing, so it is better to plan early with a financial power of attorney.Takeaway 2: Wills and intestate successionIf you do not have a will, the government provides one for you. Its not perfect, just like the healthcare statute, but it is better than nothing.Intestate Succession - when the government has to make a decision about what somebody would want to do and create rules based upon what they believed to be true. If you dont have a will, it is not guaranteed that all the money from a parent who passed away suddenly will go to their spouse. The children could take a good portion of the money and be in a situation where they cannot give the money back to their living parent. Intestate succession is at least something, but it is better to be the one in control, making the decisions.Takeaway 3: Do-it-yourself kitsOnce again, do-it-yourself kits and any online sources are better than nothing, but these kits are done nationally and do not take into account the differences between states. Each state has different requirements and laws. Pennsylvania tends to be more strict and difficult with its requirements. Another thing we often see are powers of attorney that are drafted through a kit or online are not going to provide the powers that you need. We are able to do asset protection in PA. The key is that the document, the powers of attorney, provides in it that you are allowed to do unlimited gifting for the purposes of Medicaid planning, asset protection, asset preservation, etc. That specific language must be in the document.We see 9 times out of 10 limited gifting in the DIY kits. They are limited only to the amount of the annual exclusion gift, which is currently around $16,000. When someone enters a nursing home, we have to see if they have the legal capacity to enter a new power of attorney so that they can have their assets protected. The kits provide for outright distributions. They have generic wills that could cause problems in certain scenarios.