Estate Administration Lawyer
Estate Planning Lawyer in Montgomery County, PA
Estate planning is about the “what if’s” in life. We can never predict what will happen tomorrow, a week, or a year from now; but, we can prepare for the future of our loved ones if we become disabled or pass away. Slutsky Elder law is an estate planning law firm that that has been serving Chester County, Montgomery County, and Delaware 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 are available to you later in life. 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 care only about making sure their spouse 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 a life insurance policy or a disability insurance plan, but it should start with questions like:
- What will happen to my partner if I die or become disabled?
- Will I have enough money to retire?
- How do I plan on having enough assets to live out my senior years?
When you plan for your future in a meaningful and managed way, your mind will be at ease, and you won’t have to worry about these matters.
We cater our estate planning services around your preferences and encourage you to make the decisions for you and your loved ones. People rarely understand the nuances of estate planning legalities, be it the rules that govern tax and creditor issues related to estates, to the general administrative processes necessary to carry out these tasks. That’s why Robert Slutsky offers his estate administration services to the Greater Philadelphia Area.
Today is Different
Thirty years ago estate planning was a completely different discussion. When Mr. Slutsky 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 million ($22 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). However, long-term care has taken over as the cost most likely to devastate your estate. A nursing home costs $11-15,000.00 per month in Southeastern Pennsylvania. That can chip away pretty quickly at even an estate over $1.0 mil., particularly if both spouses need care. As a result, a good deal of Slutsky Elder Law’s advice is focused towards 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.
There are several types of insurance that 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 can provide a lawyer that will offer estate planning fit to your goals. Contact us today to begin your estate planning process, so you can plan for the “what if’s” in life.