🧠 Are You Making These Costly Estate Planning Mistakes?

In this episode of Better Business, Better Life, Terry sits down with Jaclyn Palumbo, a leading elder law and estate planning attorney and partner at Palumbo & Sweet. Together, they explore how families can protect their assets, plan for long-term care, and navigate Medicaid without making devastating mistakes. Jaclyn draws from her extensive legal experience and community involvement to discuss the critical steps families should take to secure their legacy and ease the burden on loved ones. This episode is a must-listen for caregivers, aging individuals, and families looking to plan ahead, providing both knowledge and tools to navigate this important subject.

Key Takeaways

● 🏛 DIY Legal Documents Can Backfire: Attempting to draft estate or Medicaid plans without a qualified attorney can lead to expensive, irreversible mistakes.

● 💡 Planning is Prevention: Starting your estate and long-term care planning before a crisis can save you money, protect your assets, and give your family peace of mind.

● 💸 Spend Down ≠ Give It All Away: Misunderstanding Medicaid’s rules—like giving large gifts too soon—can jeopardize eligibility and financial security.

● 💬 Caregivers Need Care Too: Don’t sacrifice your own health while caring for a loved one; proper planning can relieve pressure and preserve your role as a spouse or child.

● 🧾 Everyone Over 18 Needs an Estate Plan: Even young adults should have basic documents in place—don’t wait until it’s too late to make your wishes known.

Quotes from Jaclyn Palumbo

● “It’s always cheaper to do something right the first time than to fix a botched situation later.”

● “If you’re paying an attorney for advice—follow it.”

● “Do what you want with your money. It’s yours—not your kids’—until you say otherwise.”

● “You’ve paid into the system for decades—don’t feel guilty using Medicaid if you qualify.”

● “Don’t break down caring for your loved one. You can’t pour from an empty cup.”

Connect with Jaclyn:

Website: www.palumboandsweet.com

LinkedIn:  www.linkedin.com/in/jaclyn-palumbo-43124350

LinkedIn:  https://www.linkedin.com/company/palumbo-and-sweet-llc/ 

Facebook: https://facebook.com/palumbosweetllc 

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