You’ve probably heard the saying, “A man who represents himself in court has a fool for a client.” While most of us wouldn’t go to court alone, the rise of do-it-yourself legal tool kits makes it tempting to go without professional guidance when creating an estate plan. But it’s important to understand that off-the-shelf home remedies can expose your assets to unnecessary risk and jeopardize your family’s financial future. From emotional blind spots to technical errors, even the smartest people can make costly mistakes without proper legal help. So, before you get carried away with DIY enthusiasm, tune in to learn the hidden costs and common pitfalls of do-it-yourself legal tools.

WHAT YOU NEED TO KNOW

(00:00) Episode introduction.

(02:56) When non-professionals use off-the-shelf tools to create a trust, will, power of attorney (PoA), or estate plan, strategic missteps and technical mistakes often go unnoticed until it’s too late.

(05:18) Estate planning and elder law are highly complex even for attorneys who specialize in these areas.

(07:35) Often, basic DIY legal kits don't keep pace with state-specific laws and are not able to address “what if” scenarios such as changes in marital status, unexpected death or disability, protection of government benefits, etc.

(09:21) The use of beneficiaries to avoid probate does not provide protection of assets or safeguard against mishandling of funds and property.

(11:07) Jointly owned assets can have significant tax implications.

(12:33) Long-term care eligibility and asset protection are complicated and require thoughtful, expert strategies.

(16:43) Powers of attorney should be very specific. Most DIY kits do not contain the appropriate language.

(23:23) Can you use a DIY kit and have everything turn out well? Yes, but there are many situations that a DIY kit cannot provide for—and those are the protections that a professionally created plan can anticipate.

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/

• Life Care Planning
• The Three Secrets of Estate Planning
• Nuts & Bolts of Medicaid

For more information, call us at (717) 845-5390.

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