Understanding the Value of Planning with Tim Sechler

Description

Tim Sechler is a certified elder law attorney serving residents of Cranberry, Mars, Wexford, Pittsburgh, Butler, and surrounding communities in Pennsylvania (PA). He is a veteran who earned his law degree and MBA from Duquesne University. Tim is licensed to practice law in PA and West Virginia.

Your host, 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.

Key Takeaways

01:29 – Tim's interest in elder care law

Tim's grandfather spent 10 years in skilled nursing care as an Alzheimer's patient

At that time, the care cost about $700,000

Tim's father asked a lawyer for help protecting assets, but was told that there was nothing they could do

Further research prompted Tim to learn about elder care law and pursue it as his specialty

06:25 – Payments vary by type of care

Medicare doesn't pay for the biggest single health care expense that seniors are likely to face—custodial long-term care (LTC)
Seniors in LTC are penalized by the system compared to seniors with non-custodial health care needs, which makes elder care planning vitally important

09:27 – When choosing an attorney for elder care issues

Tim's firm helps folks with wills and trusts, post-death administration, and nursing home crisis situations
Attorneys who do not specialize in elder care are typically not experienced or knowledgeable enough to effectively help with elder care legal needs
High-dollar estate tax planners who cater to the very wealthy typically are not interested in working with middle or even upper-middle income families
For most middle and upper-middle income families, custodial LTC is the biggest risk to their home and assets

14:07 – Communicating the value of elder care planning

Helping potential clients understand the value of elder care planning is a big challenge for law firms in this practice area
The cost of estate planning legal fees might seem prohibitive, but it is next to nothing compared to the financial losses that will be incurred by unprotected families when custodial LTC is needed
Free educational workshops provide valuable information for decision making