In this episode, we focus in on Bellomo & Associates’ professional ‘boot camps’. We go through the origin of these educational events, what they do for healthcare professionals & financial professionals, what to expect at an event, and how these events affect consumers. This provides useful information whether you’re a healthcare or financial professional or a client of an estate planning & elder law firm. First and foremost, we are here to educate, and we want to turn your education into a relationship. Make sure to reach out to us if you are interested in our services and keep up with the Red Wagon Estate Planning and Elder Law Show for more essential information!
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About 15 years ago, Jeff started to realize that there was a bit of rub between the healthcare profession and the elder law bar.
Example: Capacity becomes a bit of a tug-of-war between healthcare professionals and legal professionals.
The bar for being determined as having legal capacity is low, which has caused concern from healthcare professionals.
Jeff talked to some of his social worker friends and tackled this issue with a whole bunch of others. They told him that he should do this for social workers professionally so that they can get credits for an engaging and educational event with him.
Bellomo & Associates looked into it and we determined that we would offer free social worker credits and went ahead and hosted an event with around 100 people, which was a success.
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After the second boot camp we realized, why are just saying social worker and not healthcare? We opened the boot camps to all healthcare professionals.
Each camp earns 6-7 credits.
These camps give us the opportunity to see how the two areas, elder law and healthcare, jive and at the same time how they have some conflict. We can examine why the conflict occurs, what it means and what it is from each perspective.
These boot camps can do the same thing with financial professionals with similar conflicts. We were finding some of the same conflicts with financial advisors, accountants and other professionals.
A person should have a team behind them: an elder law attorney, a financial advisor, an accountant and maybe an insurance agent.
Each one of these people has a job and a focus. Lawyers protect assets, accountants reduce taxes, and financial advisors increase wealth.
Well, these don’t always jive. These ideas can be completely at odds with each other. We have to look at the long term and look at where the client is headed and what their personal goals are.
We decided to offer the same Boot Camp for financial professionals so that we can have these conversations ahead of time.
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It’s all about case studies and real life examples to have conversations about the issues and work through them.
Professionals are better prepared for any scenario because of these boot camps.
We’re currently hosting 4 boot camps per year. You can give the office a call and go on our website to register.
There is a boot camp coming up on October 7th in our Lancaster office.
This one will be for all professionals, healthcare and financial together. The conversation and the interaction is better when you mix the room because the event is not just about one topic. It’s a lot more fun and it’s a great way to network with other professionals.
Bellomo & Associates Boot Camp:
For more information, call us at (717) 845-5390
Contact Us: https://bellomoassociates.com/contact/
Practice areas: https://bellomoassociates.com/practice-areas/
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
Episode Summary The start of the new year brings new numbers that affect financial decisions and health care. Jeff provides an update on the 2023 numbers you should know for tax planning and Medicaid qualification.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.Key Takeaways 01:45 Tax PlanningThe annual exclusion gift amount is $17,000/person for 2023Most people will not be subject to federal estate tax due to the high dollar amount that triggers the taxPennsylvania (PA) does have an inheritance taxActions in one area of planning (e.g., taxes) can affect other areas of planning (e.g., estate planning)09:00 Medicaid PlanningCase workers use PAs Long-Term Care HandbookIf a persons income is more than $2,742/month, PA could recover assets if the person has more than $2,400 in assets in their name alone at time of deathIf a persons income is less than $2,742/month, PA could recover assets if the person has more than $8,000 in assets in their name alone at time of deathPA can pursue asset recovery from probate estate onlyNon-probate assets are jointly owned or tied to a beneficiarySound estate planning can avoid asset recovery by the state12:25 The Waiver ProgramA PA program that can be thought of as Medicaid in the homeThe income cap limit to qualify is $2,742/monthPA might allow a person to qualify even with an additional $500/month in income if the $500 is funneled to an Excess Income Trust 14:32 Married Couple Assets Different rules apply for institutionalized spouses and community spouse The community spouse can keep the house, the car, and their own retirement accountall remaining assets go into a pot When the pot is less than $29,724, the community spouse can keep the entire potWhen the pot is between $29,724 and $148,620, the community spouse can keep one half of the pot 17:21 Married Couple IncomeIf the community spouses monthly income is between $2,288.75 and $3,715.50, then they can keep itIf the community spouses monthly income is less than $2,288.75, then they can get a portion of the institutionalized spouses incomeThe minimum excess home equity limit for 2023 is $688,000Links and Resources MentionedPennsylvania Long-Term Care Handbookhttp://services.dpw.state.pa.us/oimpolicymanuals/ltc/Long-Term_Care_Handbook.htmBellomo & Associates workshops, including Medicaidhttps://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
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.