Jeffrey Bellomo explores what he calls "the coordination crisis" in estate planning. While a crisis can be revealed in different ways, it often happens when members of a family and their various hired professionals aren't communicating effectively or working from the same playbook. As a result, disconnected professionals, outdated plans, and even simple assumptions can cause big problems and leave families vulnerable to the loss of assets.
As Jeff says, "The biggest mistake is assuming that somebody else is handling it or assuming that the professional that we are talking to knows everything about everything." Through a powerful real-life story, he explains why financial advisors, attorneys, health care providers, and families should honor respective areas of expertise. Along the way, Jeff illustrates the importance of coordinated planning, assigned responsibilities, and conscientious preparation in successful estate planning.
WHAT YOU NEED TO KNOW
(00:00) Introduction: The Coordination Crisis
(03:30) Poor coordination causes the biggest estate planning problems
(06:00) Why professionals should stay in their own lanes
(08:24) How advice can cost families money
(15:16) Why professionals must stay in their own lanes
(18:03) Unfunded trusts, beneficiary mistakes, and outdated plans
(21:22) Coordination, responsibility, and preparation matter
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.
Bellomo & Associates workshops:https://bellomoassociates.com/workshops/
For more information, call us at (717) 845-5390.
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WAYS TO WORK WITH JEFFREY BELLOMO
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