Sikov and Love, P.A.Elder Law Pittsburgh Lawyer | Pennsylvania Power of Attorney Lawyer | Bethel Park Monroeville PA Wills & Trusts Attorney2024-03-04T22:55:55Zhttps://www.sikovandlove.com/feed/atom/WordPress/wp-content/uploads/sites/1103333/2023/07/cropped-SK-fav-icon-32x32.pngOn Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=520272024-01-31T16:39:55Z2024-01-31T16:39:55ZAdjustments in Lifetime Estate Exemption
The lifetime estate exemption amount has undergone an increase in 2024 to a maximum of $12,920,000 per individual or $25,840,000 for couples. This exemption determines the amount one can pass on to heirs without incurring federal estate taxes. This change provides an opportunity to revisit and potentially revise their strategies.
This increase allows for more efficient wealth transfer. It impacts wealthy and middle-class families by providing more flexibility in how they manage and distribute their assets. This change in the exemption amount emphasizes the importance of regular reviews of estate plans to ensure they align with current laws and personal circumstances.
Evolving Trends in Annual Gifting Limits
In addition to the lifetime exemption, the annual gifting limits have also seen adjustments. These limits dictate how much money or property one can give to another person in a single year without it counting against the lifetime exemption.
The increase to $17,000 per person per recipient of these limits for 2024 reflects an adaptation to economic conditions, such as inflation. This increase means a couple can gift $17,000 each to the same person for a total of $34,000 going to that person. It's a significant trend for those looking to reduce the size of their taxable estate through gifting.
This change encourages a more proactive approach to estate planning, with individuals considering yearly gifts as a strategic opportunity. It's particularly beneficial for those wishing to support family members, such as contributing to a grandchild's education fund or assisting a child with a down payment on a home.
By understanding and utilizing these updated gifting limits, those creating an estate plan can more effectively manage their wealth while providing for their loved ones. But, ultimately, due to the personalized concerns inherent in estate planning, working with someone familiar with these matters may be beneficial for anyone trying to plan their estate.]]>0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=518092023-08-08T16:13:00Z2023-08-08T16:13:00ZDetermine life-sustaining treatments
You have the option to specify which life-sustaining treatments you want or do not want if you become incapacitated. These treatments could include cardiopulmonary resuscitation, mechanical ventilation, tube feeding, dialysis and more. You make the decisions about your care and your medical team will honor these.
Address pain management
In your living will, outline your wishes for pain management. You have the right to request or refuse any type of pain relief, including strong painkillers or palliative care.
Define end-of-life wishes
Your living will should clearly state your preferences for end-of-life care, such as hospice enrollment, organ donation or preference for dying at home.
Designate a healthcare power of attorney
While not a part of the living will itself, a related document you should consider is a healthcare power of attorney. This allows you to appoint someone to make medical decisions on your behalf should you become unable to do so.
Review and update regularly
A living will is not a static document. Remember to review it regularly, especially after major life events, to ensure it still reflects your current wishes.
Crafting a thorough living will gives you control over your future medical treatment and brings peace of mind, knowing your loved ones will honor your wishes. By clearly expressing your preferences, you can ensure that your medical care aligns with your personal values and beliefs, no matter what the future holds.]]>0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=504222023-07-27T21:05:15Z2023-07-28T07:12:11ZLong-term care insurance
Long-term care insurance is a policy designed to cover the costs of nursing homes, assisted living facilities and home health care. If you are in good health and relatively young, the premiums for these policies may be affordable and can provide significant benefits if you need long-term care in the future.
Medicaid planning
Medicaid is a state and federal program that can cover nursing home costs for those with limited income and assets. However, qualifying for Medicaid can be complex due to the strict financial eligibility requirements. Timely planning can help you qualify for Medicaid while preserving assets for your heirs.
Annuities
An annuity is a financial product that you purchase from an insurance company. In exchange for a lump sum payment, the company will make regular payments to you for a certain period or for the rest of your life. Certain types of annuities can be useful in Medicaid planning.
Trusts
Trusts can be an effective tool for managing your assets and planning for long-term care costs. For instance, a properly structured irrevocable trust can help protect your assets from depletion by nursing home costs while allowing you to qualify for Medicaid.
Income and asset protection
Proper income and asset protection planning can help protect your estate from nursing home costs. Strategies might include creating irrevocable trusts, obtaining long-term care insurance while you are healthy or purchasing an ownership interest in your child’s home.
Planning for long-term care costs in your Pennsylvania estate plan can be complex, but it is essential for protecting your assets while ensuring you receive the care you need.]]>0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=504092023-07-17T11:50:43Z2023-07-21T11:50:06Zto be your guardian. If you ever need one, your guardian will have considerable power over your life. You need someone with the judgment, commitment and morality to use this power to serve your best interests when you are vulnerable and unable to protect yourself.
Does the person have a reputation for honesty and integrity?
Has the person managed their personal affairs in a way you approve of?
Does the person have professional and business experience that suggests they can handle your affairs properly?
Does the candidate have time to devote to your needs?
How is the candidate's current health?
Does the candidate have a criminal record?
You get the idea. Your potential future guardian needs to be someone you can trust to take care of your finances, work with your doctors and keep you as safe, healthy and comfortable as possible. While the most common choice of guardian is a spouse, child or other family member, not everybody has a relative who would make an appropriate candidate. Therefore, a conversation with your estate planning attorney can help you decide how to proceed.]]>0by csikovgrosshttps://www.sikovandlove.com/?p=497402023-07-12T20:38:04Z2023-07-12T20:38:04Z0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=503472023-07-09T16:46:11Z2023-07-12T04:56:02ZTake inventory of your assets
The assets included in your estate plan could vary from financial accounts to real estate holdings. You may also have personal belongings that hold sentimental value to your family. Make a thorough list of the assets you have, including life insurance, retirement plans, savings bonds, etc. Determine who you want to inherit everything. Keep in mind that you will most likely add assets to your plan or modify them throughout the remainder of your life as people come into your life or leave it.
Consider distribution strategies
Asset distribution is something you can do in many ways, during your lifetime or after your death. Some assets will pass by joint ownership. Others by beneficiary designations, such as with life insurance or retirement accounts. According to CNBC, many Americans cite the lack of worth of their assets as a reason to defer estate planning. However, a plan of any kind can give your family the gift of carrying on a legacy and knowing that you considered their futures. If articulated correctly, your plan can facilitate the growth and continuation of wealth for your loved ones. You may want to leave assets in trust for minor or special needs children. You may want to leave specific bequests for a sibling or to take care of a pet or for your favorite charity.
An estate plan will mean more and function better when you make it your own through close work with your estate planning counsel. As your life changes and significant events happen, you will want to update your plan to make sure it continues to meet your expectations. Your family will appreciate the time you take to protect them and your legacy.]]>0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=503422023-06-26T19:54:04Z2023-06-28T05:52:29Z1. Understand and acknowledge coercion
The first step to handling coercion is recognizing it. Loved ones may attempt to pressure you in subtle ways, using emotional manipulation or guilt-tripping tactics. If you find yourself feeling uncomfortable, guilty or anxious about your estate planning decisions because of a family member's or friend's influence, this may be a sign of coercion. Acknowledge this coercion and remember that your estate plan should reflect your desires, not someone else's.
2. Communicate assertively
Open and assertive communication is key in managing situations of coercion. Convey your feelings honestly to the person exerting pressure. Let them know that you understand their concerns, but that this is your decision to make. Use 'I' statements to express your feelings, for example, "I feel uncomfortable when you insist on this. I need space to make my own decisions about my estate plan."
3. Seek support from trusted individuals
Find support from trusted individuals who can help you cope with this pressure. This could be a trusted friend, a family member or a mentor. It can also be your estate planning attorney! Having someone who can listen and provide unbiased advice can be incredibly helpful in such situations.
4. Keep your estate plan confidential
To protect yourself from further coercion, it might be best to keep the details of your estate plan confidential, between you and your attorney. By doing this, you are reducing opportunities for manipulation and maintaining control over your decisions.
Dealing with coercion while creating your estate plan is difficult but remember, this is your plan, and it should align with your wishes, values and needs. By using these steps, you can ensure your estate plan accurately reflects your wishes without undue influence from others.]]>0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=503172023-06-12T16:33:12Z2023-06-16T08:30:13ZRanking classes
In Pennsylvania, certain individuals have higher priority when it comes to making medical decisions for an incapacitated loved one as a "healthcare representative." In descending order, these individuals include the following:
Your spouse
Your adult children who are not of your spouse
Other adult children
Your parents
Your adult siblings
Your adult grandchildren
Other adults who know what you want
Your comfort with leaving your medical decisions to the above individuals might depend on the relationships you have with each of them. Nevertheless, you might prefer to have someone make your health care decisions who is either lower on the list or not on the list at all.
Health care proxies
According to Penn State Health, you can use your estate plan to designate the adult you want to help make medical decisions. Doctors and other health care providers do not have to go through the ranked list, but will should listen to the person you choose to be your health care proxy.
Ultimately, regardless of your current health, it is better to plan ahead and name a health care proxy you trust.]]>0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=503082023-05-23T13:56:00Z2023-05-29T21:20:57ZUnderstanding aging in place
Aging in place refers to the desire and ability to live independently and comfortably in one's own home as one ages. It may involve making modifications to the living environment, ensuring access to necessary care and support services and planning for potential healthcare needs.
Preserving independence
Including aging-in-place provisions in your estate plan allows you to express your desire to maintain as much independence and autonomy as possible. It emphasizes your preference to remain in your home rather than relocate to a nursing home or assisted living facility.
Tailoring care and support services
You can outline specific care and support services you may require as you age. This can include home healthcare services to assist with daily activities and to help provide access to medical and social resources.
Financial considerations
The financial aspects of long-term care may involve allocating funds for home modifications, budgeting for ongoing care expenses and exploring long-term care insurance options now to help cover in-home care services.
Healthcare Surrogate and Financial Power of Attorney
You should designate trusted individuals as your healthcare surrogate and financial power of attorney. These individuals can make healthcare and financial decisions on your behalf if you become unable to do so yourself. It is crucial to select someone who understands and respects your desire to age in place.
Reviewing and updating your plan
As your circumstances and needs may change over time, it is important to review and update your estate plan regularly. This includes evaluating and revising your aging-in-place provision to reflect any changes in your health, lifestyle or long-term care preferences.
Consulting with a professional experienced in estate planning can help ensure that your aging-in-place provisions align with your specific needs and goals, providing you with peace of mind for the future.]]>0On Behalf of Sikov and Love, P.A.https://www.sikovandlove.com/?p=503052023-05-20T15:22:12Z2023-05-25T06:55:33ZA keen financial perspective
Most tasks related to the administration of your estate involve finances. For example, collecting and protecting assets, settling debts, filing and paying taxes, selling real estate and distributing assets are just some of the responsibilities. You will want to select an individual who has a proven, keen financial perspective.
Flexibility with personal obligations
Administering an estate takes time and could require the person you name to take time away from personal obligations. According to CNBC, the average time it takes to close an estate is 16 months, although it could stretch longer than that. Finding someone whose career and personal life allow flexibility to tend to other obligations would be an ideal fit.
Empathy and a friendly demeanor
Your executor will deal closely with your surviving family members. Considering they will most likely experience grief at the time of your death, you will want someone who can show empathy. Choosing someone who is friendly and understanding of others may reduce the likelihood of disputes and encourage unity.
An executor plays a critical role in the success of your estate administration. Your diligence in choosing the right person now could make all the difference in how effectively your estate is administered later.]]>0