Estate Planning
You can relate to being “sandwiched” between the older generation and the younger generation if you care for an aging parent or parents, as well as your own children. You may feel pulled in multiple directions while trying to meet the needs of your family members. According to the Pew Research Center, about a quarter […]
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Since Americans are now living longer than previous generations, our retirement years may be extended as well. Since expenses, taxes, and inflation don’t go away simply because we retire, we need to make sure we have enough money to live comfortably while meeting increasing costs of living. The first step in the process of planning […]
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Having a plan in place for the unexpected means being prepared in the case of an accident, incapacitation, or death. If the COVID-19 pandemic taught us anything, it’s that life is uncertain and that caring for you and those you love is imperative, including legal preparedness. An elder law attorney and estate planning attorney can […]
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It is quite possible that your heirs, including minor and adult children, do not agree regarding family circumstances, particularly when it comes to inheriting your estate. Relationships can change and intensify when you die, with underlying issues that bubble to the surface, creating tensions over your estate and possibly tearing your family apart. Even if […]
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The first significant retirement legislation changes since 2006 was the Setting Every Community Up for Retirement Enhancement Act (SECURE). The impact of the SECURE Act on some retirees, near-retirees, and their future beneficiaries may significantly affect you, and it’s imperative to schedule a review of your retirement accounts and estate planning documents. Changes in the […]
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A deceased individual’s estate is taxed when assets are transferred to their heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value of a person’s assets at the date of death. The estate pays the tax before any assets are distributed to beneficiaries or […]
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It is important to talk to your spouse or life partner about comprehensive estate planning before making any decisions. Before meeting with an estate planning attorney, it is best to discuss your ideas to present a united goal. This conversation can be challenging if you and your loved one have different points of view about […]
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In human history, there has never been a more critical time in terms of wealth transfer than now as baby boomers prepare their estate plans. Over the next 25 years, projections estimate 68.4 trillion dollars will be in motion to create an unprecedented transfer of generational wealth. The post-WWII economic environment allowed the growth of assets during […]
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We tend not to talk or think about end-of-life planning because it’s a difficult topic for us. But without planning for it, we will have fewer options and things may not go as well as we would like for them to. You may wish to pass away in the comfort of your home, but without […]
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The number of older Americans experiencing widowhood or divorce is on the rise, prompting them to form new partnerships. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships. Cohabitating can have unforeseen and unintended consequences without a legally recognized civil […]
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This question is asked all the time: “Wouldn't it be easier to get a will off the internet, transfer my land when I die, and put my children on my bank account?” It’s just not a good idea. For the plan to work as you would want it to, it should account for plenty of complications. A good plan should protect your spouse and your children from the loss of valuable government benefits if anybody is or becomes disabled. The plan should avoid the delay and expense of probate court. The plan should protect money from children’s creditors or divorce or remarriage. It should be crafted to serve family harmony and to avoid disputes between children as joint owners. Even a relatively simple situation is made up of many moving parts. Internet documents and joint-ownership devices just won’t do the job.
Also, assembling the moving parts so they work smoothly is just the first step. Your estate plan needs maintenance too, just like your car has a “check engine” light. Major family events like serious illness or death, marriage, birth, or financial reversals are alerts that you should tune up your plan to reflect those changes. Your plan shouldn’t be “one and done.”
It takes expertise to coordinate the various strategies available. Don’t risk a result that will cause your family problems and unnecessary expense. Call us to create a plan that harmonizes the moving parts, so the gears will work together and you will leave the legacy you intended. We hope you found this article helpful. If you have questions or would like to discuss your legal matters, please do not hesitate to contact our office at 215-364-1111 to schedule a consultation.
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