))
Mastering Wealth Transfer: Coordinate Your Assets for an Effective Estate Plan
Manage episode 407187392 series 3558640
Content provided by Jeffrey Bellomo. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Jeffrey Bellomo or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
There are four ways to transfer assets to your loved ones: joint ownership, sole ownership, sole ownership with beneficiary designations, and via a trust. Depending on your situation, you could use one or more of these methods. It is vitally important, however, that you treat the four methods as related elements in an overarching estate plan.
Jeff takes you through the proper use cases and tax implications of each wealth transfer method. He issues a reminder that family members with special needs require unique consideration within the overall estate plan. And, he encourages you to review your legal and financial arrangements to ensure that they are well coordinated and aligned with your long-term goals.
What You Need to Know
(02:30) An asset can be jointly owned. It is automatically transferred to the other person(s) upon the death of one of the joint owners.
(04:36) An asset can be in one person’s name alone. The person’s will governs how the asset is dispersed and must go through probate.
(06:53) An asset can be in one person’s name with a beneficiary designation. Typically, these are retirement accounts, life insurance, etc.
(09:09) Assets can be passed through a trust. Upon death, the assets are titled in the name of the trust.
(14:05) The four ways to own and pass assets are (1) joint ownership, (2) sole ownership, (3) sole ownership with beneficiary designation, and (4) a trust. These four methods should be treated as related parts of the same coordinated plan.
(16:20) Our fee agreement states that you give us permission to work with your financial professional. This ensures that your estate plan is well coordinated, provides the utmost protection, and remains up to date.
(24:41) If you have an individual in your family with special needs who may receive public benefits in the future, we recommend a special needs trust.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
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
Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/
X (formerlyTwitter):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
WAYS TO WORK WITH JEFFREY BELLOMO
Contact Us:https://bellomoassociates.com/contact/
Practice areas:https://bellomoassociates.com/practice-areas/
87 episodes
Share
