The Red Wagon Estate Planning & Elder Law Show

Jeff talks with Chelsey Richardson of Express Watersports in Myrtle Beach, SC. Chelsey is the scuba instructor who has guided Jeff and his daughter, DeAnna, through their scuba training and certifications. Chelsey discusses her love of the ocean, teaching, and what to consider if you're thinking about introducing scuba to your children. Key Takeaways     02:01 – About Chelsey Richardson First expe...

A person's 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...

There are four types of fiduciaries. Serving as a fiduciary comes with great responsibility and takes a lot of work. Whether choosing a fiduciary or agreeing to serve as one, it's important to understand what the role requires. As Bellomo and Associates prepares to launch its new fiduciary workshop, Jeff introduces us to the various fiduciary types and what is expected of them.   Key Takeaways  01...

In this delightful departure from the usual discussions of elder law and estate planning, Jeff introduces us to a special guest, his daughter, DeAnna. She is whip-smart and brimming with energy. For listeners who have asked Jeff to share more personal information about himself, we think you'll find that talking with DeAnna is great way to learn more about Jeff outside of work. Jeffrey R. Bellomo,...

Medicaid is a valuable federal program that primarily applies to nursing home and in-home care. The law is open to some interpretation by individual states, so it's important to consult professionals you can trust to guide you through the legal and financial complexities of the program. Jeffrey R. Bellomo, founder of Bellomo & Associates, is a licensed and certified elder law attorney with a maste...

Host Jeffrey Bellomo introduces us to his friend, Danny Ferry, a business owner and podcast host. Jeff appeared on a recent episode of Danny's podcast, and now it's Danny's turn to share his perspective on business, networking, and the importance of finding your passion. Danny and Jeff met through a networking group, which has become a key source of support and inspiration for them both. In this d...

Yes, it is a good idea to protect your assets. You love your family way too much not to 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...

A "last will and testament" (or the lack of one) largely determines who gets our or our loved one's assets after death. Also, a will is subject to state laws that guide when and how our assets are distributed. It's an important document, so it's important to understand how a will ensures that our wishes are put into motion.   Jeff explains what a will is, what it covers, and the protection it prov...

Transferring ownership of your home to your child or children is easy, but that's where the uneasiness often begins. When you give joint or sole ownership of your home to your child or children while you are still alive, you lose some or all control of the asset. Additionally, the home becomes vulnerable to new types of risk—some predictable, some unforeseeable. So, before you place the name(s) of...

Several myths about Medicaid have taken hold in our public consciousness. Oftentimes, because of these myths, people who seek help from Bellomo & Associates have formed strong opinions about Medicaid before they really understand it. Today, Jeff debunks the myths so that you can make good healthcare decisions while ensuring that your assets are protected.   Key Takeaways   00:55 These are Medicaid...

Jeff Bellomo started his estate planning and elder care law firm with a commitment to educating people so that they could make the best possible decisions for themselves and their loved ones. Today, free workshops form the foundation of this "education first" philosophy. Five different workshops are available, which enable attendees to focus on their specific areas of interest. Attending a worksho...

When choosing professional services, it helps to know the people behind the logo. What's their backstory? What motivates them? Are they the kind of people you can trust? Jeff Bellomo has been asked to provide a more personal look at his background, his family, and the experiences that have formed his approach to helping people with their estate planning and elder law needs. He also talks about how...

Jeffrey Bellomo decided to specialize in estate planning and elder law because of a health crisis in his own family. He discusses how that difficult situation motivated him to make sure that what happened to his family does not happen to others. Today, members of the Bellomo team emphasize client education, fair billing practices, and proven systems and processes to ensure a predictable yet person...

The difference between probate and non-probate assets is one of the most misunderstood areas in estate planning and elder law. Making informed decisions is critical to smart asset handling when planning your estate, so let's clear up any confusion. Jeff defines key terms, outlines the probate process, and explains how it differs from the direct transfer of assets to beneficiaries. You'll learn how...

We start this episode by talking about the legal structure of Medicaid and how states can interpret it. Following that, we go through the distinction between nursing home Medicaid and in-home care Medicaid. There are different approaches for single individuals and married couples. This episode provides the essential information to be able to understand more nuances of Medicaid and be better prepar...

Medicaid was mentioned previously on the show, but this time we take an in-depth look at Medicaid as it relates to estate planning and elder law. This episode runs through the difference between Medicare and Medicaid, common misconceptions, how Medicaid is applied, how to qualify for Medicaid, how to protect assets while not losing Medicaid benefits, the concept of gifts, and more. Hopefully, this...

In this episode, we focus 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...

In this edition of the "Red Wagon Estate Planning and Elder Law Show", we go through the ins-and-outs of our maintenance program. Jeff begins by talking about his personal experience with his mother and the attorneys who robbed them of their money, and how he became one of those attorneys in his first job after getting his certification. This leads into Jeff talking about how Bellomo & Associates'...

In this episode of the show, we explain what you need to know about special needs trusts. It is important to first look into obtaining a Power of Attorney, and if the disabled individual is unable to do so, go through a guardianship hearing. When planning for individuals with special needs/disabilities, there are third-party options, first-party options, and a few substitutes that can also be viab...

On this edition of the show, we go over the importance of getting the proper assistance with estate planning and how not seeking the services of estate planning and elder law experts can be problematic. Even if you feel like you do not have enough assets worth protecting, it is better to go to an estate planning and elder law attorney and do whatever planning you can. Start planning as soon as pos...

In this episode, we discuss a very important topic: Medicare vs. Medicaid. We explain Medicare first and what Medicare's relevancy is in terms of estate planning and elder law. Following that, we dive into Medicaid. We cover what it is and how it functions in our society. We also touch on filial responsibility law and Medicaid estate recovery. The goal of this episode is to clear up any confusion...

In this episode, we go over one of the fundamental concepts of Bellomo & Associates: "The Three Lands to Your Family's Security". The three elements of this concept are Tax Land, Long-term Care Land, and Estate Planning Land. Understanding these three "lands" is essential for trust planning and protecting your assets. Maintaining control of your assets is key, so it is important to understand Tax...

In this episode, we review a little bit of the "Three Lands of Estate Planning" discussed in the previous episode. Then we transition into an introduction of trusts. We go over the dishonest practices of some attorneys with regard to trusts, what trusts are and what they do, and a few types of trusts such as testamentary trusts, revocable grantor trusts, and irrevocable asset protection trusts. We...

In this episode, we walk through what estate planning is and who needs it, the basics of financial and medical power of attorney, and planning a will. We also discuss some common misconceptions surrounding estate planning and what to look out for when you are ready to start the planning process. In our next episode, we will talk about what trusts are and how to protect assets, so make sure to tune...

In this episode, we go over the premise of the Red Wagon Estate Planning and Elder Law Show. Attorney Jeff Bellomo will discuss all things estate planning and elder law. Jeff knows the difficulties of estate planning and elder law from personal experience and strives to provide the best education and service possible. There are various workshops at Bellomo & Associates designed to inform potential...