Don’t Gamble with Your Legacy: Choosing the Right Professionals for Elder Law and Estate Planning
Manage episode 407187384 series 3558640
Jeff answers another set of commonly asked questions in this last part of our series. But keep your questions coming! Along with guest interviews and deep dives into special topics, we will continue to address your questions periodically. And, of course, we’re happy to assist you in our workshops, meetings, and all of the ways we interact.
What You Need to Know
(02:20) What if I suspect that an elderly neighbor or a loved one is being abused?
Call the police if someone is in immediate danger. If the situation is less immediate, contact Adult Protective Services.
(04:21) I don’t have a spouse or children. What should I do with my assets?
Look to family first, perhaps siblings, nieces/nephews, etc. Also, consider donating to charities or organizations.
(05:16) Can I select someone outside my family for my power of attorney?
Find a professional who can provide these services. On the financial side, you want people who are bonded and insured. For health care, consider hiring a retired nurse to make medical decisions for you.
(12:28) What is probate?
If you own assets in your name alone (i.e., not jointly owned, not beneficiary designated, and not held in a trust), the assets go through your will and your will goes through probate court.
(14:49) Can’t I do the probate process without an attorney?
Yes, but you will likely have questions about the process, timelines, creditor advertising, tax returns, etc. The executor is personally liable, so you want to get it right.
(15:43) Does the probate process cost money?
The county will assess fees and using an attorney comes with a price tag. But, to avoid potentially greater expenses and headaches, use professional help throughout the process.
(16:10) Why do lawyers charge what they charge?
Specialists charge what the market will bear. Hiring a highly educated and skilled attorney or law firm, however, can provide enormous benefits that offset the price.
(16:28) What is the cost of an estate plan?
A plan is worthless if it doesn’t do what it needs to do. We lay out our prices for you in our educational workshop.
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 (717) 845-5390.
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