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 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, PA can help you.

From our main office in Montgomery County, PA, 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. 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.

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Mom sharing a special moment with her children

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 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.

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.

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Estate planning attorney in montgomery county pa

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 almost 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.

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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