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February 2017 Archives

Protecting a Son or Daughter with an Inheritance

A goal of estate planning for many parents is to leave assets to adult children and other heirs. In some cases, however, parents may worry about the possible negative consequences of doing so. Consider these statistics: According to a recent report issued by U.S. Surgeon General Vivek H. Murthy, in 2015, more than 20 million Americans struggled with substance abuse disorders. In addition to addiction, the National Institute of Mental Health reports that tens of millions of Americans struggle with other mental health disorders that negatively and often severely impact their lives.

Trusts can be effective tools in estate planning

Estate planning is important to protect your family. Much has been said about the consequences of dying without a Will. Estate planning can help to prevent will contests and allow the assets of the decedent to be divided in the manner that the decedent has provided for in the Will. However, many Pittsburgh residents may not be aware that, in addition to preparing a Will, trusts can also be created as part of estate planning.

Estate planning is essential for single parents

Estate planning is essential if you are a single parent. Raising a child alone is difficult, as many Pittsburgh parents may already be aware. Single parents have a lot of responsibility on their shoulders, and their days are spent running from work to children's activities, ensuring that their children are taken care of in every way possible. However, what happens if a day comes when you are unable to take care of your child? Have you taken the necessary steps to ensure that your children and their needs are met even after you are unable to do so?

Helping you with your Long Term Care Planning needs

Long Term Care planning usually involves the review of how one could pay for long term care in the event of disability and/or incapacity. This review may involve an elder law attorney, an accountant, a financial planner and/or a long term care insurance broker. One way that long term care can be paid for is by using your income and retirement funds as well as your savings. However, since the average cost of nursing home care is now between $9,000 and $10,000 per month, a lifetime of savings can be depleted quickly.

Using Legal & Financial Professionals for Long Term Care Planning

Long term care and nursing home planning are important matters for families to consider. As Americans tend to live longer and longer, finances become a bigger and bigger issue. As we age, it can start to become difficult to do the things that we once could and it may become difficult to take care of our own health needs. Although these matters may be difficult to face, many aging residents in Pennsylvania and in other states need long term care and may need to make the decision to enter a nursing home. While these facilities have many benefits in providing care, these facilities also come with a hefty price tag.

What does the executor of a will do?

Often times, people agree to certain responsibilities without understanding the burden that comes along with it. Becoming an executor of someone's estate is often one of those things-honored that someone, a family member, a friend, considers you so responsible and trustworthy, you may end up agreeing without clearly understanding what your responsibilities will be. However, there is a lot of work involved in becoming an executor and it is important to know that tasks need to be completed, as failure to do so may leave you vulnerable to legal risk.

What is the Probate and Estate Administration process?

Probate and estate administration after a loved one passes away may not be fun for Pittsburgh residents; however, for those who take the time to make an estate plan and have a Will prepared, it will be easier for the people left behind. When a person dies with Will and assets in his or her name, the Will is offered for probate at the Register of Wills office. The Will should name an Executor, who is the person that will handle probate and estate administration. Although you have named someone to handle this important job, you may not fully understand what is involved.

Understanding Long Term Care Planning

Planning for long term care can be an important matter for Pittsburgh families to consider when reviewing finances for the New Year. By planning for long term care right now, it may be possible to put aside funds and study options to determine how to receive the best care rather than being overwhelmed at a time of crisis. Some experts estimate that at least 60 percent of all individuals will need some form of extended help over the course of their lives, so why not plan for it accordingly?

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