1 - What You Should Know About Estate Planning and Common Misconceptions
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In 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 wanted
Both 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 = WRONG
We think family is the most important thing but in reality it’s yourself.
It’s 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. It’s 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 don’t 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 it’s 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.
- To view the original version of this article visit www.youtube.com/watch?v=_aSqijM9J0o&list=PL7k7-MvzIrRgmTeFTi7RMP8vGjYar10V3&index=2&t=1s
- Seniors Blue Book was not involved in the creation of this content.
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Bellomo & Associates
Estate Planning 3198 E Market St, York, Pennsylvania, 17402We Educate so what happened to the Bellomo Family doesn't happen to yours!Our firms mission is to ensure that you and your family never needlessly, painfully suffer. Every team member has a personal story that has brought us here to advocate for you and your family. We want to replace your burden with peace of mind. We have the answers, but more important, we have your back.Bellomo & Associates, LLC advises Individuals and families, business owners, senior citizens, and their families about the estate planning and elder law challenges facing them today. For seniors and their families facing the issues of aging, or for those of any age who wish to protect their familys financial future, we counsel clients and provide solutions on Asset Protection; Specials Needs Trusts; Wills; Trust Design; Medicaid; Estate Planning; Nursing Home Matters; and Estate Administration. For our clients who own businesses, our team assists them with succession planning for their business in conjunction with their estate planning. We have office locations in York, PA, and Lancaster, PA.We offer FREE workshops! Our workshops are fun and entertaining ways to learn! We provide you with the information to decide what is right for you. If after attending, you decide we arent the right fit no problem! Youll never feel any pressure from our team.