Elderly Estate Administration
(610) 940-0650

Elderly Estate Administration

Estate planning is about the “what ifs” in life. We can never predict what will happen tomorrow, a week, or a year from now; but, we can prepare for our future and the future of our loved ones if we become cognitively or physically impaired, disabled or pass away. Slutsky Elder Law is an estate planning, elder law and Medicaid asset protection law firm which has been serving Chester County, Montgomery County, Delaware County, Bucks County and Philadelphia County, PA, since 1992.

While the word “Estate” suggests we are dealing with just the accumulation and preservation of wealth, Estate Planning is really a much more comprehensive process. It’s about saving, managing and growing assets (with your financial advisor which we are not) throughout your life so those assets are available to you later in life or as a legacy to your loved ones. Younger families focus on ensuring the financial security of their spouse and children in the event of their untimely death.  As people age and accumulate assets, the focus shifts. For some, the focus is to make sure they can leave a legacy to their children or a charity dear to them. For others, they focus on ensuring their spouse, partner or disabled child is cared for. Some focus on travel or ensuring proper care in the location of their choice when they need assistance.

Planning for the Future

Estate planning should begin at a relatively young age. It can begin with something as simple as executing a power of attorney at adulthood or getting a life insurance or disability insurance policy, but it should start with questions like:

  • What will happen to my loved ones if I die or become disabled?
  • Will I have enough money to provide (me, them) with the necessities of life? Go to college? Retire comfortably? Get the care they need if they need it?
  • How do I plan on having enough assets to live out my life in a comfortable fashion?

When you plan for your future in a meaningful and managed way, your mind will be at ease, and you will not have to worry about these matters.

We cater our estate and asset protection planning services around your priorities and provide you with the necessary tools and education to help you make the right decisions for you and your family.

Elderly Estate Administration
Elderly Estate Administration

Today is Different

Thirty years ago estate planning was a completely different discussion. When Rob started practicing law in 1992, federal estate tax applied to estates of $600,000.00 or more and most of his clients never spent much time in a nursing home. Back then the focus was on tax planning. Taxation was important to people considered upper middle class.

Today the focus has shifted away from taxes. The federal estate tax only applies to estates exceeding $11.5 million ($23 million if you are married) so for the family of even fairly substantial net worth, tax planning is less important (and PA inheritance tax is relatively modest at 4.5% for transfers to children).

Long-term care, however, has taken over as the cost most likely to devastate your estate. A nursing home costs $12-15,000.00 per month in Southeastern Pennsylvania. That can devastate even a larger estate, even an estate over $1.0 mil., quickly, particularly if both spouses need care. As a result, a good deal of Slutsky Elder Law’s advice is focused toward understanding the risks of long-term care costs and planning around those risks. Planning includes not only the possible financial cost of care but the preferences for the type of care, the location of care, the family dynamic and resources (other than financial) for providing care. It also includes the willingness to work with others and give up some control to gain more overall control of the process and outcomes. So today while the term “estate” means the same thing, Estate Planning considerations are vastly different than they were 30 years ago.

Insurance Planning

There are several types of insurance you can invest in to cover a range of risks that occur naturally throughout life. Today’s estate planning must consider life insurance, disability insurance, long-term care insurance, and other insurance products. While Slutsky Elder Law does not sell these products, we have experience with them and advise clients on which insurances can help them meet their goals.

Whether you live in Montgomery County, Chester County, or Delaware County, PA, Slutsky Elder Law provides estate planning, elder law, asset protection services, and experience to fit your goals. Contact us today to begin your planning process, so you can plan for the “what ifs” in life.

Estate Administration Lawyer

People rarely understand the nuances of estate administration. There are so many issues that people do not ever confront until a loved one dies and they are required to make sure that person’s estate is transferred to the rightful heirs. There are rules that govern taxes (income and inheritance), creditor issues related to estates, creating and administering, accounting to the beneficiaries, interpretation of the provisions of wills or trusts, or if there is no will or trust, of the laws of intestacy. Then there is the general administrative processes necessary to carry out administration and distribution of the estate. Elder Care Lawyer, Robert Slutsky offers his vast knowledge and experience in estate administration services by offering a customized plan to meet your needs.

Elderly Estate Administration

Do you have questions about Elder Law or Elderly Estate Administration?

If you have questions regarding Elder Law and/or Elderly Estate Administration and the options available to you in the state of Pennsylvania, call Slutsky Elder Law at (610) 940-0650 to schedule a consultation today.

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