News & Resources: Blog: Estate Planning

News & Resources: Estate Planning

Estate Planning

A Second Marriage’s Potential Costs

It’s unlikely that people who marry for the second time (or more) are thinking about losing assets to fund their spouse’s serious illness. But that could happen. Costs for long-term care have been rising significantly for years and continue to grow. Studies show that 70% of Americans will need some form of long-term care, which can last […]

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A Blend of Professionals Will Help You Prevent Estate Planning Mistakes

Your elder law estate planning attorney understands the array of qualified information needed to create a sound estate plan.

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A Guide to Settling an Estate

It is easy to overlook essential details if you do not have a clear plan or professional guidance.

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Understanding Estate Planning

Since each person’s situation is unique, every estate plan is different. Here are the basic steps in the estate planning process to get you started.

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Reducing the Sandwich Generation’s Financial Burden

Pew Research Center survey findings in 2021 show that 23% of Americans are part of the “sandwich generation”. As the senior population grows and younger adults struggle to gain financial independence, many middle-aged adults find themselves “sandwiched” between their children and parents. This generation is raising or providing financial support to their minor children while […]

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The Use of Charitable Trusts to Provide Income to Heirs

A charitable trust is a type of irrevocable trust that provides income to your heirs while benefiting both you and the charity. If you are philanthropically minded with nonessential assets like stocks or real estate, a charitable trust can offer many financial advantages for all those involved. Once in place, a charitable trust is irrevocable even […]

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Preparing and Reviewing Legal Documents as You Age

Hopefully, you started creating legal documents like medical advance directives, trusts, wills, and insurance policies when you were younger.

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Government Programs for Seniors

Many retirees or near retirement individuals should look to existing government programs to possibly qualify to receive assistance and reduce the anxiety many Americans feel living on a fixed income.

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The Executor’s Role

Even though the decedent nominated you to be their executor, you will still need to be appointed to that role by their local probate court.

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The Estate Planning Process for Individuals with Special Needs

What is the definition of special needs? Those with learning difficulties, behavioral or emotional problems or physical disabilities are referred to as special needs. For example, individuals with autism, ADHD, Asperger syndrome, Down syndrome, dyscalculia, dyslexia, deafness, blindness, and cystic fibrosis fall into the special needs category, as do cleft lips, missing limbs, and more. The […]

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CLIENT Testimonial

Scott Bloom Law Estate Planning Diagram

Sometimes after a loved one passes away, the family learns of things they were unaware of while the loved one was living. This was the case for one of our clients, Sam, after his father Tom Jr. passed away. Sam was always under the impression that the home he had grown up in, and that his father had lived in until his death, was owned by Tom Jr. To say it came as a surprise that it was indeed Sam’s grandfather, Tom Sr., who was the actual owner of the home, is an understatement. 

Apparently, when Tom Sr. had passed away nearly 40 years ago, there was no proper estate plan established. Now, Sam would need to open his grandfather’s estate, resolve tax issues that were never addressed, and then go through the legal process to make the home a part of his father’s estate. At first, Sam believed that the entire process would be easy enough for him to handle on his own. However, after digging a little deeper, he quickly realized he would need the help of a knowledgeable and experienced attorney.

Sam reached out to Scott Bloom Law and we developed a game plan for moving forward. We began by probating Tom Jr.’s will and, after some time, we were able to settle the estates of both Tom Sr. and Tom Jr. While it was no fault of Sam, this is a great example of the importance of having an Estate Plan in place. No one wants to leave their families in precarious situations after they pass. The long-term purpose of setting up an Estate Plan today is to preserve as much of your wealth as possible for the intended beneficiaries and retaining a capable attorney can help ensure all of your wishes are met.

At Scott Bloom Law, we are a team of advocates who care, always fighting for what’s best for our clients and their families. With knowledge, experience, and compassion, we strive to find solutions that make the aging process as emotionally and financially easy as possible. Visit us at scottbloomlaw.com or call 215-364-1111, to talk to find out more.

- Case Study: Estate Administration

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