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Cracking the Code: Estate Planning FAQs Unveiled
Manage episode 407187385 series 3558640
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As we continue our series, Jeff discusses several misconceptions that surround elder law, asset protection, and estate planning. These questions apply to everyone, regardless of financial status. Whether he’s 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.
What You Need to Know
(01:41) Is a simple will good enough?
Usually, no. A simple will cannot accommodate the range of possible future circumstances that you or your heirs might face. Assets that are passed on outright are highly vulnerable to unforeseen developments.
(06:40) Is estate planning only for people with a lot of money?
No. Even if you don’t own a home, there could come a time when you need someone to make decisions for you. Everyone should have a financial and medical power of attorney in place.
(08:18) Do I need a trust?
It depends. There are different types of trusts, and not all trusts are asset protection trusts. Do not confuse an asset protection trust with a tax avoidance trust.
(17:43) What is the significance of the Radio Flyer Red Wagon?
As kids, the red wagon was where we stashed everything we cared about. As adults, we still need to stash our assets for safekeeping.
(19:12) Can I just research these topics on the Internet?
Most of the information online refers to tax trusts for very wealthy people. Don’t be misled. Use an expert to teach you and guide you through what can be life-changing decisions.
(21:19) Is Medicaid just bad care for poor people?
No. Most nursing homes, including the best nursing homes, accept Medicaid. To qualify for Medicaid, you either spend down your assets or plan ahead. You're better off planning ahead.
(22:50) Why not just give away or gift all my money?
You want to protect and keep control of your assets while you’re alive. You are better off establishing a trust.
LINKS AND RESOURCES MENTIONEDBellomo & Associates workshops:https://bellomoassociates.com/workshops/
- Life Care Planning
- The Three Secrets of Estate Planning
- Nuts & Bolts of Medicaid
For more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
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