Estate Planning Lawyers in Delaware County, PA, Providing Peace of Mind About the Future
Estate planning is one of the most underused legal tools individuals and families could use to save time and money. Unfortunately, many people mistakenly believe that they do not need to take advantage of estate planning services unless they are very wealthy. Nevertheless, the estate planning process can provide you peace of mind knowing that you have made preparations for your family after your death.
Additionally, a well-crafted estate plan can help your family to avoid costly probate, name beneficiaries, appoint a healthcare proxy, and minimize taxes.
If you want to learn more about estate plans and how to prepare for the future, contact Peak Legal Group of Delaware County, PA, and ask to schedule a free estate planning consultation. A well-qualified legal team member can evaluate your needs and what type of estate plan is best for you.
What Should Be Included in an Estate Plan?
An estate plan consists of several legal documents that stipulate your final wishes for several issues, such as medical care and distribution of your assets. Common estate planning documents include:
- Last will and testament
- Advanced healthcare directives
- Power of attorney
Determining your needs is one of the most vital aspects of creating an estate plan. For example, if you have minor children, you must establish who would have guardianship over them if you and your spouse were to pass away. Determining significant issues such as this ahead of time can help avoid costly litigation among family members as to who should obtain custody.
An experienced estate planning lawyer from Peak Legal Group will work with you to create a comprehensive plan tailored to your unique needs and concerns. Moreover, a thoroughly prepared estate plan can help ease the tax burden on your family so they will have more resources at their disposal.
How Can an Estate Plan Protect Me As I Grow Older?
One of the most beneficial aspects of an estate plan is having advanced directives in place that can state your personal preferences for the type of care you do or do not want should you become incapacitated.
An advanced directive helps family members to know their wishes ahead of time and can help to prevent a possible dispute.
Furthermore, as you age, it may become apparent that you will need to enter a nursing home to receive the medical care you need. However, nursing homes and assisted living facilities are costly. For this reason, Medicaid is a federal program that pays for nursing home care, but only if the recipient financially qualifies.
Many individuals mistakenly try to “spend down” their assets to qualify for the program, not knowing there are legal avenues that can offer them asset protection.
Asset protection can help to protect your primary residence and life savings from being seized by Medicaid after you pass so that you may leave these assets to your heirs and other beneficiaries.
Peak Legal Group has attorneys with experience handling elder law legal issues. Our law firm can provide information about how to keep your hard-earned assets and still receive the medical care you need as you grow older.
What Are the Benefits of Establishing a Trust?
Most individuals recognize the importance of creating a will so they can leave their assets to their heirs and other beneficiaries. As most people know, a will has a named executor, or administrator, who is responsible for the administration of the estate’s assets after they are gone. However, many people need to realize the value associated with establishing trust.
A trust is a legal agreement in which a grantor, who creates the trust, allows a third party, the trustee, to manage or secure assets on behalf of beneficiaries. For example, depending on how the trust is set up, the trustee could make investments that help the value of the trust grow for your heirs. A trustee can be anyone you choose, such as a close family member.
There are several different types of trusts available in Pennsylvania. However, the most common trusts are revocable and irrevocable trusts. A revocable or living trust helps your family avoid the lengthy probate process and allows them to quickly access financial resources such as property and other needed assets.
In most cases, the assets contained in the trust are available until the grantor dies. However, suppose you have a beneficiary who has difficulty managing money. In that case, you can establish what is known as a spendthrift trust that dictates terms on how the financial resources may be used.
Finally, a trust can also help to shield your assets if you were forced to declare bankruptcy and help to minimize the amount of estate taxes your family may have to pay on their inheritance.
Peak Legal Group of Delaware Co, PA, has experienced attorneys with a great deal of experience helping clients identify the type of trust that is right for their needs. Contact our law offices and ask to schedule a free consultation to learn more.
Why is Your Law Firm the Best Choice For My Estate Planning Needs?
Peak Legal Group is a law firm dedicated to assisting individuals and families in preparing for the future. Nevertheless, we realize that it can be challenging to try and make decisions and plan for the time after your death. However, planning is vital so that your family’s needs can be considered, and a plan put in place.
Regardless of what estate matter you may need assistance with Peak Legal Group can help you reach your goals. With the help of an estate planning attorney, you can rest assured that your financial needs and those of your family will not be an issue, so you can concentrate on enjoying life.
It should be noted that parents should routinely update their estate plan to ensure it meets their objectives. Likewise, if you have created an estate plan but have subsequently gone through a divorce, your will and other documents must be updated to reflect your present circumstances.
If you are still trying to determine the benefits associated with creating an estate plan, contact Peak Legal Group of Delaware County, PA, by calling 610-989-7064 and ask to schedule a free no-obligation consultation. A qualified legal team member will happily answer any questions and explain your legal options.