Jul 27, 2023

People often think that they should transfer their assets directly to their grandchildren (or children) to avoid inheritance tax. Jeff explains why signing over assets to someone else can present serious risks to a family’s financial health. He suggests using a trust instead so that you can ensure that your wealth...

Jul 20, 2023

A recent revenue ruling by the IRS has caused some confusion. The ruling applies to “intentionally defective grantor trusts” or IDGTs. Bellomo & Associates does not use IDGTs. Instead, the firm uses “irrevocable grantor trusts” or “pure grantor trusts.” The IRS ruling does NOT apply to these types of...

Jul 13, 2023

Are you aware of the significant risks in using do-it-yourself legal kits and non-attorneys or non-specialist attorneys for estate planning? 

Each state has its own rules for preparing wills, powers of attorney, advanced health care directives, etc. Standard forms sold nationwide simply cannot meet all the...

Jul 6, 2023

Congratulations! You just turned 18. You are an adult now, well, legally speaking. Your parents can no longer gain access to your financial information or make medical decisions for you. But before you celebrate your newfound independence, here is something to consider. What if you need help?

When you turn 18, it’s...