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
Jeff reflects on his many years as an attorney and shares the advice he would give himself as a young lawyer. As it turns out, his advice consists of universal truths: think differently; keep learning and growing; be clear, consistent, and honest in your communications; accept that people need to make their own decisions in their own time; nurture and value your relationships; and, most of all, cherish your loved ones and tell them how you feel. Apple: https://podcasts.apple.com/us/podcast/reflecting-on-universal-truths-jeffs-advice-to-his/id1634278675?i=1000632666319 YouTube: https://youtu.be/O3LeJuvnnr4 Spotify: https://open.spotify.com/episode/2C2Xh0q5o6BhtWTK7cYKtO?si=F6k6_r8dTzaXAdKvnQjsGg
Episode 64: Dont Gamble with Your Legacy: Choosing the Right Professionals for Elder Law and Estate Planning Jeff answers another set of commonly asked questions in this last part of our series. But keep your questions coming! Along with guest interviews and deep dives into special topics, we will continue to address your questions periodically. And, of course, were happy to assist you in our workshops, meetings, and all of the ways we interact. Apple: https://podcasts.apple.com/us/podcast/dont-gamble-with-your-legacy-choosing-the/id1634278675?i=1000631821067 YouTube: https://youtu.be/ftFVvtreyMw Spotify: https://open.spotify.com/episode/6mZanpnQgggg8F5Cwo4HDX?si=uQOIDttpTAmi6tyMLg4VWQ
Episode 63: Cracking the Code: Estate Planning FAQs Unveiled As we continue our series, Jeff discusses several misconceptions surrounding elder law, asset protection, and estate planning. These questions apply to everyone, regardless of financial status. Whether hes talking about basic wills, different types of trusts, or the significance of the red wagon, Jeff uses relatable examples to make the concepts easy to understand. With that clarity comes the realization that proper planning is essential to ensure that you are taken care of and that you leave a lasting legacy for your loved ones. Apple: https://podcasts.apple.com/us/podcast/cracking-the-code-estate-planning-faqs-unveiled/id1634278675?i=1000631048145 YouTube: https://youtu.be/V3DiuTnqoAo Spotify: https://open.spotify.com/episode/7kobEqyzVTdVkdqRBpB6Mv?si=uvNR-XAATcSkH2W2J2S1Ew