News & Resources: Blog: Estate Planning

News & Resources: Estate Planning

Estate Planning

Estate Planning for Nontraditional Families

The practice of estate planning is evolving due to changing family structures. As recently as thirty years ago, a traditional family comprised a husband and wife who married young, purchased a home, had children, and worked toward financial stability and security. In 1949, 79.8 percent of American households were married couples, but in 2021 that […]

Planning for the Surviving Spouse’s Estate

Upon losing a spouse or long-time partner, it can be challenging to consider other matters besides grief. However, it is crucial to understand there are important and timely decisions you need to make regarding your finances and personal estate plan. In truth, estate planning is perpetual as it accounts for changes in marriages, deaths, divorces, […]

Living Trusts: How They Can Benefit Seniors

Seniors are often the target of fraud and financial abuse. That’s why it’s important that planning is in place to help seniors protect themselves and their assets. As we age, it can become increasingly difficult to manage our assets. Most of us will, at some point, need assistance with these details to help ensure that […]

Planning an Estate for Blended Families

Today’s American families commonly have stepchildren, and they are treated as if they were full biological children, even in cases of inheritance. This is particularly true where stepchildren are part of a blended family from an early age. Biological siblings may have different feelings about a stepchild inheriting what they perceive is theirs as a […]

An Overview of Powers of Attorney (POA)

Estate planning involves implementing Power of Attorney (POA) documents. All states recognize powers of attorney, but rules and requirements will differ from state to state. The document gives one or more individuals the legal authority to act as your agent or proxy on your behalf. Depending on which POA you choose, the agent’s power may […]

Knowing the Probate Process Whether You Have a Will or Not

Almost everyone knows about the probate process, which takes place in probate court after someone passes away, and they are aware that it takes place after someone dies. Unfortunately, fewer people know that it can be a long and complicated process. It can sometimes take months, or even years, to complete. The Probate Process The […]

Understanding Special Needs Trusts

In general, a trust is a financial arrangement in which property or assets are managed for someone else’s benefit. The person or entity who manages the trust is known as the “trustee” and is entrusted with the responsibility of making decisions in the best interest of the person who benefits from the trust, known as […]

How Does Estate Planning Work with Multiple Homes?

For many people in the Philadelphia and South Jersey region, owning a second home is a dream come true. Whether ‘down the shore or ‘up the mountains’, some folks seek to own a second property to be closer to family, for professional purposes, for leisure, or as an investment. Whatever the circumstances, owning more than […]

Having the ‘Estate Planning’ Talk Over the Holidays

The holiday season is a time for families to come together, sharing meals, memories, and laughs. While the urge to keep things light-hearted is understandably strong, for many families, this is the only time of year where everyone can be together under the same roof and taking some time to discuss some ‘heavier’ issues can […]

The Importance of an Advance Healthcare Directive

As a part of your Estate & Life Care Planning, it is important to understand the documentation you need to grant your loved ones the ability to speak for you. An advance healthcare directive is one such document we stress to our clients’ of all ages is important to create now. Perhaps you go to […]

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.

- Creating an Estate Plan On Your Own: Think Twice