The Bellomo and Associates
Estate Planning PROCESS
- Present planning goals
- Outline the process
The Vision Meeting
- “Estate Plan Audit” to clarify client’s goals
- Show client options to reach goals
- Client chooses plan
The Designing Meeting
- Obtain client’s personal and financial information
- Review counseling issues
- Design the plan
The Signing Meeting
- Review plan and ensure accuracy
- Client signs legal documents
- Do “Funding Roadmap”
The Funding Meeting
- “Funding Roadmap” to make stuff work with the plan
- Client signs funding documents
- Create action plan for unfunded assets
- Ensure plan design and funding are completed
FOR YOUR ESTATE PLANNING NEEDS
Becoming a Client of
Bellomo & Associates, LLC
Understanding the Three P’s of Estate Planning
Who are the Important People in your life? Beginning with you, they also likely include your loved ones: your spouse if you are married, children and grandchildren if you have any, perhaps your parents, siblings or other relatives. Beyond these, however, “Important People” also could include charities, special causes, colleges or universities, or churches to which you are committed. For some, “Important People” could even include pets. Spend some time thinking about the impact others have had on your life. Make a list and jot notes if you like. This is where the planning process truly begins.
By Property we mean your assets in general. Make a list of the assets you own or control. At this point, you do not need to identify insurance policy numbers and exact dollar values. Rather think through your assets in terms of their nature (cash, stocks, bonds, real estate, etc.); their value in thousands of dollars; and your ownership interest: Do you own assets in your name only, in joint tenancy with someone else, or through a trust agreement or some other arrangement? Be sure to include often-overlooked assets like life insurance (the death benefit, not the cash value), business interests, and any inheritance you expect to receive.
After identifying the Important People in your life and your Property, the next step is to consider the plans you would make for those people (including you) and that Property in the event of your own incapacity or death.
Who would you name to make decisions for you if you could no longer do so yourself? Would the same person handle your finances and your personal and health care decisions? Who would care for your minor children? How would you distribute your assets to your heirs? Would you prefer to spare your heirs the potential cost and hassles of the probate process? Would you like to minimize the impact of estate taxes … or maximize the impact of a charitable bequest? Is there someone in your family with special needs for whom you would like to provide? Is there someone who perhaps should not receive a great deal of (or any) money without some outside oversight?
These are just a few of the issues to consider when approaching the planning process. They are much more important than the “treasure hunt” for legal documents at this stage.
When You Are Ready
When you are ready to schedule a consultation, please call or complete the contact form and we will give you a call to schedule one. If you are interested, we have also provided information about our fees.