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November 2017 Archives

Talking to elderly parents about their long-term care planning

When most people think about estate planning and covering costs for long-term care, they probably think just about themselves. But, the reality is that many people will need to have these discussions with their parents as well, particularly when those parents are getting older. Unfortunately, some people may shy away from these discussions because they find the topics uncomfortable.

The three most important parts of estate planning

Readers who are familiar with previous posts know that there are a lot of factors to consider when it comes to estate planning in Pennsylvania. They know that it is crucial for everyone to have an estate plan in place, regardless of the perceived size or value of their estate. But, what are the most important parts of estate planning? A recent article pointed to three specific parts of the process.

Plan ahead for long-term care costs

When it comes to estate planning, many people think of the process as a way to designate beneficiaries for the distribution of their assets upon death - and that's all. But, the reality is that estate planning can be about much more. An estate plan can address ways to transfer assets during life, thereby avoiding potential tax implications. Estate planning can also include the preparation of documents that address who will step in to make important decisions in the event of disability or incapacity. Another important aspect of an estate plan is planning how to handle long-term care costs.

Paying for long term care will be unique to your situation

Long term care planning may be important for you and your family. Many Pennsylvania residents make the smart move of planning for the future, which, in most cases, means serious financial planning and estate planning. However, there may be one aspect of retirement or growing older about which some people have not thought -- the potential need for long term care.

Remember who your Will helps - your beneficiaries

Why don't many people engage in estate planning? They think that they don't have enough assets to even need a Will or an estate plan. Another common mistake, for those who do have estate plans in place, is to think that once the documents are signed that they can be set aside and never reviewed. Both mistakes, as a recent article pointed out, can cause all kinds of headaches for your beneficiaries.

What are the basics of probate?

Many people know that estate planning involves crafting a set of priorities for assets and determining who will become the guardian of minor children. But, there are certain terms involved in the estate planning process that some people may be unfamiliar with, like "probate." So, what is probate and what is the role of a probate court in estate administration?

Appoint the right people for important roles in an estate plan

When Pennsylvania residents are having a comprehensive estate plan drafted, they are, out of necessity, determining who they can depend on in crucial moments of their life. First and foremost, choosing the right attorney to help craft your estate plan is a big decision. But, who will you appoint to play key roles when your estate plan is put into effect?

Estate Planning For One

As society changes, more people are living alone. Some are marrying later in life, if at all, and having fewer children. Many will reach the end of life with few if any close living relatives nearby. While people who are living alone are in many cases "making their own families" out of their other social connections, this trend has social and financial consequences, one of which is figuring out estate plan.

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