Bellomo & Associates, LLC Advises New Parents on Essential Estate Planning

Bellomo & Associates, LLC, a leading estate planning law firm, is offering valuable insights for new parents on the essential estate plans they should consider to ensure their family's future is secure. Estate planning is a critical step for families with young children, and while there is no one-size-fits-all solution, there are foundational documents and strategies that can provide peace of mind and financial security.

Importance of a Comprehensive Estate Plan for New Parents

According to Bellomo & Associates, estate planning is not just for older individuals or those with significant assets; it is essential for anyone with dependents. New parents should consider several key documents, including a Financial Power of Attorney, Medical Power of Attorney, Living Will, and a Last Will and Testament. These documents are vital for protecting a family’s interests in the event of incapacity or death, regardless of age. Bellomo & Associates emphasizes that every adult over the age of 18 should have these documents in place to ensure their financial and medical wishes are respected.

Base and Enhanced Will Plans for Young Families

Bellomo & Associates offers both base and enhanced Will plans tailored to meet the specific needs of families with young children. The base Will, which spans approximately 23 to 25 pages, is designed to cover most common scenarios, including trusts for minors and special needs trusts to protect the interests of beneficiaries who may be disqualified from receiving certain benefits. These "standby" trusts ensure protection for beneficiaries under a certain age (typically 18) or those who are incapacitated or disabled.

Enhanced Will Plans: Protecting Retirement Accounts and Assets

For families looking for more comprehensive protection, Bellomo & Associates offers enhanced Will plans that go beyond the basics. While the base plan provides for a trust to manage distributions to minors, it does not protect retirement accounts from tax consequences if they are inherited by a child. The enhanced Will plan includes a qualified "see-through" trust that allows retirement accounts to be inherited without triggering immediate tax liabilities. This type of trust ensures that retirement accounts can be stretched over a child’s lifetime, preserving the tax benefits while also protecting the assets from creditors and preventing forced liquidation by an 18-year-old beneficiary.

Proven Success in Protecting Young Families

Bellomo & Associates has a track record of success in helping young families safeguard their assets and secure their financial future. The firm’s enhanced estate planning strategies allow parents to extend tax benefits over their children’s lifetimes while protecting inherited assets from creditors and other unforeseen challenges. These plans are designed to provide parents with peace of mind, knowing that their children’s financial well-being is protected.

Learn More at Bellomo & Associates’ Workshops

Bellomo & Associates invites new parents and families to attend one of their informative estate planning workshops or to contact their office directly to learn more about the benefits of their tailored estate planning services. The firm is committed to providing comprehensive legal guidance to help families navigate the complexities of estate planning and ensure that their loved ones are fully protected.

Contact Information:

Bellomo & Associates, LLC

1755 Oregon Pike Suite 101
Lancaster, PA 17601
United States

Jeffrey Bellomo
(717) 220-8857
https://bellomoassociates.com/