Episode Summary
Yes, it is a good idea to protect your assets. You love your family way too much to not set up protections for today and into the future. But safeguarding your hard-earned wealth takes planning and smart decision making. We recommend that you partner with experts who will help you understand your choices—people who will help you do what’s best for you and your loved ones.
Jeffrey Bellomo and his team can establish asset protections so that you don’t lose your wealth while you’re alive. Also, the team can advise you on strategies that largely preserve your assets and honor your wishes after you have passed. It simply makes good sense to protect what you have by putting a smart plan in place with the help of experienced experts.
Key Takeaways
01:03 – Leaving assets unprotected can have devastating results
Without proper planning, financial obligations to a nursing home can result in a significant loss of assets
A failure to plan for wealth protection can result in assets being mishandled after your death
Unprotected assets can even risk the financial health of your loved ones
03:05 – Asset protection has many benefits
Can be arranged while you are alive or after you have passed
Safeguards your assets so that they cannot be taken from you while you’re alive
Shields your assets from long-term care expenses
Prevents loss of financial assistance if a dependent is receiving public benefits
Preserves your assets for your loved ones after you pass
Provides built-in protection for those who receive your assets
Ensures that your assets will be handled according to your wishes
Creates favorable tax conditions
08:22 – Tax trusts are used less frequently today given the size of the federal estate tax limit
The federal estate tax limit is $12.06 million/spouse or $24.12 million/couple
Tax trusts were used more frequently when the federal tax limit was lower
In 2025, the federal estate tax limit will be reduced to about $11.6 million/couple
13:30 – Most people qualify to use an asset protection trust
Use of an asset protection trust requires assets less than the federal estate tax limit
An asset protection trust (or grantor trust) allows you to retain some control over your assets while you’re alive
With an asset protection trust, the grantor can be the trustee
An asset protection trust can be changed
Asset protection trusts are subject to Pennsylvania (PA) inheritance tax
If wealth is transferred at the time of death, PA taxes from the first dollar at these state tax rates: spouse = 0% tax; lineal descendants = 4.5%; siblings = 12%, others = 15%
20:59 – Education is key to proper planning
You can learn more by attending any of our free weekly workshops in York or Lancaster
We make it possible for you to attend a workshop from the comfort of your home
Links and Resources Mentioned
Bellomo & Associates workshops, including Medicaid: https://bellomoassociates.com/workshops/
For more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
Twitter: 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
Episode 62: Commonly Asked Questions: Dont Wait to Protect Your AssetsIn 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. Apple: https://podcasts.apple.com/us/podcast/commonly-asked-questions-dont-wait-to-protect-your-assets/id1634278675?i=1000630266225 YouTube: https://youtu.be/JwBBLHFwNJQ Spotify: https://open.spotify.com/episode/71tMIUMHo6kMcjkoFHg9cx?si=6-prQKj6SJGiMAsEUkRKcw
Episode 60: Healing Hearts: How Olivia's House Supports Grieving Families w/ K.C. Delp & Julia DunnJeff talks with K.C. Delp and Julia Dunn, M.Ed., LPC, of Olivias House, a non-profit organization dedicated to providing no-cost grief and loss support for children and families. Olivias House has an unmatched reputation with its proven program model, incredible volunteers, and tremendous support from the community. In addition to providing support after the death of a loved one, the team can help a family cope with a terminal illness diagnosis or even a chronic illness. Families will learn to navigate difficult conversations and emotions.Listeners are encouraged to explore volunteer opportunities, make a donation, or support the annual gala and silent auction. Website: https://www.oliviashouse.org/ Email: Volunteer@oliviashouse.org Call: 717-699-1133 (York, PA) or 717-698-3586 (Hanover, PA) Don't forget to Follow, Like, and Subscribe for upcoming podcast episodes: Apple: https://podcasts.apple.com/us/podcast/healing-hearts-how-olivias-house-supports-grieving/id1634278675?i=1000628657734 YouTube: https://youtu.be/HC-DuHObtTg Spotify: https://open.spotify.com/episode/05aELCc7BHUJMC8Y3thvCR?si=RK0eKgS7TA-eFKD0vqmReA
Episode 59: Maximize Your Mortgage: Integrating Your Mortgage into Your Estate Plan w/ Ken PittsKen Pitts is co-owner of First Choice Mortgage Advisors, a mortgage broker in Media, PA, just outside Philadelphia. Kens team of highly skilled loan specialists takes the time to understand and develop the best option for each borrowers unique goals and needs. Jeff and Ken discuss various aspects of home financing and how different options and considerations can enhance your estate plan. Ken explains reverse mortgages, debt consolidation, all-in-one loans, and the factors influencing mortgage rates. Youll appreciate his insight based on the market trends hes seeing in todays unusually complex environment. First Choice Mortgage Advisors is licensed in PA, NJ, DE, and FL. Learn more at www.firstchoicemortgageadvisors.com or call Ken directly at 610-637-7325. Don't forget to Follow, Like, and Subscribe for upcoming podcast episodes: Apple: https://podcasts.apple.com/us/podcast/maximize-your-mortgage-integrating-your-mortgage-into/id1634278675?i=1000627818382 YouTube: https://youtu.be/zKRM_PZjwEQ Spotify: https://open.spotify.com/episode/5IFQPKcgeqYi32iWIsUB72?si=E3RWhAIrTAG_LQ-ZLUwXYw