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' approach to build relationships and trust with clients, and first and foremost educate people.
One of the key ways Bellomo & Associates builds lasting connections with clients is through our maintenance program. Jeff explains what our maintenance program is and what it does for our clients. We hope that you join the maintenance family if you are able and keep up to date with the show for everything you need to know about estate planning and elder law.
Key Takeaways
Takeaway 1: Jeff's background 01:00
- When Jeff's mother became ill and needed assistance, a surgeon told them to look into care options. He went to an attorney seeking advice, paid a $300 consultation fee, and the attorney tried to trap him into a $15,000 plan without any details, insight or explanation. He forfeited that $300 and went to another attorney who did the same thing, costing him another $300.
- In 2008, Jeff found himself becoming the very thing he swore to himself he would never be, one of those attorneys that just collects consultation fees.
Takeaway 2: What Bellomo & Associates is about
05:23
- Bellomo & Associates was founded on the idea that education comes first and foremost. That is why we have so many free workshops.
Takeaway 3: Our maintenance program 06:41
- We have a maintenance family now, clients who choose to pay a flat fee per year to be able to come in at any time, ask any questions and make any changes to their documents.
- If the law changes, we call them about the changes in the law.
Takeaway 4: The impact of the Secure Act 13:08
Several years ago, the law changed. There was the Secure Act that came down, a law related to retirement accounts.
- Prior to the Secure Act, we were able to stretch out a retirement account for a beneficiary over the life expectancy of the child. So, if you have a child in their twenties, there is a lot of life expectancy remaining. You could stretch out that retirement account a long time.
- The Secure Act in 2019 said no to this. It said that you have 10 years to realize it. This was a significant change in the law.
- Listen to your financial advisor on what to do with your retirement account. We're only letting you know that we're seeing a change, that you can't just defer, defer, defer.
- The highest wage-earning years for most individuals are in the 50s and 60s, years when their parents are retired. The children have 10 years to pay 100% of the tax consequence.
Links and Resources Mentioned
Connect with Bellomo & Associates on Social Media
LinkedIn: https://www.linkedin.com/in/bellomoandassociates
Ways to work with Jeff Bellomo
Contact Us: https://bellomoassociates.com/contact/ Practice areas: https://bellomoassociates.com/practice-areas/
