Protecting Your Assets: A Detailed Look at Trusts, Q & A Part 1

The Red Wagon Estate Planning & Elder Law Show

We're thrilled by the level of engagement we see in our clients and podcast listeners. Your questions are always welcome because understanding the concepts in estate planning and elder law helps you make the best decisions for you and your family. Lately, we've received a lot of inquiries about trusts so we will dedicate two episodes to a deep dive into asset protection trusts.

If you're a regular listener, you have the foundational knowledge to follow along with this in-depth discussion. However, if you're new to our podcast, we recommend starting with our earlier episodes that cover trusts and other topics at an introductory level.

And, if you're in Pennsylvania, we'd love for you to join us at one of our free educational workshops. Check out our website or give us a call to learn more.

WHAT YOU NEED TO KNOW

(00:00) Episode introduction.

(03:20) What type of trust does Bellomo & Associates use for asset protection and tax purposes? Are revocable trusts used for asset protection?

(09:40) Are pure grantor irrevocable trusts widely used? Should I use Google to learn more about them?

(10:19) How do trusts work with continuing care retirement communities (CCRC)? What if I don’t plan on using a CCRC, but then I change my mind?

(13:19) How do trusts handle different types of real estate—a primary residence, vacation homes, and rental properties, etc.? What's the difference between ownership and control of properties? How are expenses paid for?

(18:00) When is it too late to set up a trust? What is the difference between pre-planning and crisis planning? What activates the five-year lookback period?

(23:37) Is an asset protection trust, as used by Bellomo & Associates, the same thing as a domestic asset protection 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 MENTIONED

Bellomo & 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 [phone].

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/