Pennsylvania Wills and Trusts Attorneys
Despite the profusion of estate planning software, the truth is that estate planning is not a one-size-fits-all proposition. You will find that your needs change over time as your family changes through children, divorce or remarriage, as you grow your estate, and as you experience health changes. Even your thoughts and preferences regarding end-of-life care may change over time.
Our lawyers have a sophisticated understanding of the dynamics of families, the issues to consider at different times in life, and what kind of estate planning and asset protection products are available to meet each unique need. It may take several documents, working together, to achieve your goal.
You can count on skillful and caring legal guidance from the Pennsylvania wills and trusts attorneys at Max L. Lieberman & Associates, P.C., in Blue Bell.
What Estate Planning Tools Will Best Meet Your Needs?
The following information is a brief overview of some common estate planning documents. It is not an in-depth or exhaustive description and does not take into account your particular situation. Before you decide on what you need for an estate plan, talk with a lawyer.
Will: A simple will is the most basic estate planning document. It details the distribution of your assets after your death. It can be as detailed as you need it to be, giving all assets to one person or identifying specific things to go to specific people. A number of criteria are needed for a will to be valid. If done incorrectly, your will could be contested and your directions ignored. That is why it's wise to work with a Pennsylvania wills and trusts attorney.
Trust: While a trust is more complicated and expensive than a simple will, it allows you to retain a great deal more control over the conditions of your estate. For example, you can put an age restriction on a gift, or your gift may extend over a longer period. A trust is also an excellent way to protect your assets from estate tax. Talk with a Pennsylvania wills and trusts attorney at our office to learn more.
There are a wide variety of trusts to meet a wide range of needs and goals. Here are just a few:
- Special needs trusts: To provide for medical and non-medical needs of disabled people while still enabling them to remain eligible for Medicare or Medicaid
- Revocable trusts: This trust is created during your lifetime and allows you to retain greater control over the management of the trust assets
- Life insurance trusts: This trust is funded by the proceeds of a life insurance policy
- Charitable trusts: To provide continued support to your favorite charities
Power of Attorney: A power of attorney allows someone to make decisions and manage your affairs. A financial power of attorney can be used to manage the financial affairs of an individual or a small business. A medical power of attorney enables someone to make medical decisions for you if you are incapacitated. A power of attorney can be temporary (revocable) or permanent (irrevocable).
Guardianship: Establishing guardianship over another person can be complicated and costly. It is essential to work with an experienced lawyer. For people suffering from degenerative diseases, establishing a power of attorney while they are still competent to do so may be a more cost-effective option. But if a person is not competent or capable of making decisions on his or her own behalf, then a guardianship is necessary to allow someone else to handle all of that person's affairs.
Living Will/Health Care Directive: If you are unable to communicate your wishes, a living will or healthcare directive communicates to your loved ones and your doctors the medical care you want to receive. You may wish to combine this document with a medical power of attorney naming someone to make decisions on your behalf.
Contact Us To Speak With A Seasoned Southeastern Pennsylvania Lawyer
If you neglect to draft a simple will or healthcare directive, decisions regarding your medical care and your estate will be made by the state, without regard to your personal wishes. Advance planning allows you to retain the greatest degree of control over your life and your assets. We can help. Contact a Blue Bell trusts lawyer at Max L. Lieberman & Associates, P.C., today.
