If you have questions regarding Elder Law and/or Estate Planning and the options available to you in the state of Pennsylvania, call Slutsky Elder Law at (610) 940-0650 to schedule a consultation today.
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 with the assistance of estate lawyers, 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, 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 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 spouses 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. An estate attorney or asset protection lawyer in Montgomery County, PA can assist you with planning for all these eventualities and more.
Plan for the Future With Estate Planning
Estate planning should begin at a relatively young age. It can begin with something as simple as executing a power of attorney in 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. An estate planning attorney serving Delaware County and Montgomery County, PA, can help you.
From our main office in Montgomery County, PA, our estate planners 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. We also have two other offices in the area for your convenience as well as offer zoom consultations for your convenience, so get in touch with us for all your estate planning needs no matter where you live in the area.
Do you have questions about Elder Law or Estate Planning?
If you have questions regarding Elder Law and/or Estate Planning and the options available to you in the state of Pennsylvania, call Slutsky Elder Law at (610) 940-0650 to schedule a consultation today.
Today is Different
Thirty years ago, estate planning was a completely different discussion. When Rob 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 $12.1 million ($24 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).
While taxation is not as much of a concern as it was in the past, long-term care has taken over as the cost is most likely to devastate your estate. Nursing homes cost $12-17,000.00 per month in Southeastern Pennsylvania communities like Radnor, PA. Expenses like that have the potential to wipe out even a larger estate. Even if your estate is over $1 million, that amount can quickly be erased by long-term care expenses, particularly if both spouses need care. As a result, a good deal of Slutsky Elder Law’s advice is focused on 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 as it did in the past, Estate Planning considerations are vastly different than they were 30 years ago. Our estate planning lawyer in the Delaware County, PA area can help you navigate this new estate planning landscape and develop the best plan to account for anything that may come up in the future. As a PA elder and estate planning attorney, Robert can help you find a plan that meets all your needs whether you live in Media, Lansdale, or West Chester, PA. Contact Robert to learn more about estate planning from our estate lawyers today.
Insurance Planning
There are several types of insurance you can invest in to cover a range of risks that occur naturally throughout life and an estate planning lawyer can help you prepare for them. 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. Don’t go through this process without the advice of an estate attorney. Contact us today to begin your planning process, so you can plan for the “what ifs” in life.
Estate Planning Attorney Serving Chester County & Delaware County, PA
People rarely understand the nuances of estate administration. Whether you live in Chester County, PA, or anywhere else, it’s important to put yourself in a position to make informed decisions about estate planning topics. There are so many issues that people do not ever confront until a loved one dies or needs long-term care and they are required to make sure that person’s estate is transferred to the rightful heirs or managed to protect the spouse/partner and heirs. Some rules 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 are the general administrative processes necessary to carry out the administration and distribution of the estate. If you want this process to go smoothly, you need the advice of estate planning lawyers serving Delaware County, PA, and nearby communities. Elder Care Lawyer Robert Slutsky offers his vast knowledge and experience in estate administration services to the residents of communities like Radnor, PA by offering a customized plan to meet your needs.
Experienced Estate Lawyer in Montgomery County, PA
How can you prepare for estate planning in communities like Pottstown, PA, and Plymouth Meeting, PA? The first step is finding the best elder and estate planning attorneys. Here are a few more ways you can get ready to prepare a plan for your future:
- Hire an estate-planning attorney and a financial advisor
- Determine your net worth by comparing your assets and debts
- Work with a tax professional to comply with tax requirements
- Prepare and execute a will or trust to specify the distribution of your assets upon death
While an estate planning lawyer cannot help you with every one of these steps, your estate attorney will be one of the most valuable members of your planning team. An estate planning lawyer can help you draw up a will, make important decisions about life insurance and long-term care insurance, designate the people who will hold your power of attorney if you should become incapacitated, and perform other critical tasks to ensure you have a sound plan. Don’t wait until it is too late; get in touch with a PA estate planning lawyer today.
If you are currently searching for professional estate lawyers, Slutsky Elder Law should be at the top of your list. As an estate planning law firm for over 30 years, we have the experience and knowledge it takes to give you the best advice about your estate plan in West Chester, PA, or Media, PA. In addition to our Montco office, we have offices in Delaware County, PA, and Chester County, PA for your convenience. We also will be happy to meet with you over Zoom. When you are developing your estate plan, choose an estate attorney who has worked for decades in your area and who understands the specific needs of older Americans.
Looking for elder law services that go beyond estate planning? Ask us how our guardianship lawyer in Delaware County, PA can help you today!
What is estate planning? Estate planning is not merely about a set of dry, legal documents. The real focus is on people – you, your family, and other loved ones. It helps to understand why we put together comprehensive estate plans.
We plan to:
- Make sure our needs are met if we need help,
- Make our loved ones’ lives are a little easier,
- Avoid expensive and intrusive guardianships,
- Maximize financial resources and minimize taxes, and
- Address the expense of long-term care.
Each plan is different because it’s based on your individual needs and goals. However, your estate plan might have one or more of the following components.
Analysis of Tax-Qualified Plans
Many people have contributed to retirement plans on a tax-deferred basis. But what do retirement plans have to do with an overall estate plan?
- First, retirement plans will not be controlled by your Will if beneficiaries have been named.
- Also, income tax is usually due when the money is withdrawn or distributed after death. This could affect your estate so planning for the tax costs of withdrawals is necessary.
Because of their unique nature and potential tax consequences, retirement plans must be considered when preparing an estate plan.
Analysis of Non-Probate Assets
When preparing a comprehensive estate plan, it’s crucial to take into account all your property. This includes both probate and non-probate assets.
Life insurance policies, retirement plans, and other financial accounts are often non-probate assets. If you designated beneficiaries to receive the accounts after you are gone, your Will does not control the funds.Non-probate assets may still be taxable even if they are not part of your probate estate, depending on the nature of the asset.
Without careful planning and coordinating your probate and non-probate transfers, you could unintentionally exclude an intended beneficiary from inheriting.
Last Will and Testament
This well-known estate planning document names an executor and controls the disposition of your property through probate. However, some of your property passes outside the control of your Will. Typically, life insurance policies, annuities, and financial accounts use beneficiary designations and do not become part of your probate estate.
Durable Power of Attorney
This legal document allows one person (the “principal”) to appoint another person (the “agent”) to make decisions for them.
- A valid power of attorney can help avoid the need for a court-appointed guardian.
- A durable power of attorney (DPOA) can be broad or restrictive (limited in scope).
- “Durable” means that the document remains valid if you become cognitively impaired.
You can have one DPOA for financial decisions and another for medical decisions.
Advance Health Care Directive
Often known as a living will, your advance health care directive names someone to make health care decisions for you. Typically, this document is used when you’re in an end-stage medical condition with no realistic hope of recovery.
The medical power of attorney described in the previous paragraph names an agent to make general medical decisions. An Advance Directive focuses on end-of-life decisions, including whether to withhold or withdraw life-sustaining treatment.
Trust
A trust is a legal entity that can be used for several purposes, including:
- Avoiding probate,
- Protecting assets from creditors, and
- Reducing your tax burden.
Trusts can be created and funded while you are alive or through your Will. Generally, revocable trusts can be changed, while irrevocable trusts cannot. We often use irrevocable trusts in the elder law/asset protection context to protect financial resources.
Special Needs Plan
Does one of your loved ones have a disability or special need? Your estate plan can plan the best future possible for them while addressing several common issues:
- Benefit recipients sometimes must demonstrate a financial need to qualify for benefits like Medicaid or SSI. Leaving a large inheritance could jeopardize their eligibility.
- Your loved one might need help efficiently managing their finances.
With thoughtful planning, you can help special needs loved ones maintain their benefits and enjoy the inheritance you left for them.
Someone to Put the Plan Together
Good estate planning involves more than just inserting your name into a software program.
When you plan with us, we first ask questions that will help you clarify your goals. Then, we’ll work with you to design a thorough estate plan that best fits your needs and objectives.
At Slutsky Elder Law, we often help clients protect their futures through powers of attorney, estate planning, and guardianship proceedings.