Making Estate Planning Easy In Columbia County

Last updated on July 8, 2024

Estate planning can be a difficult subject to approach or talk about. Many people do not enjoy entertaining the thought that they will not be around to spend time with and help their loved ones. When drawing up an estate plan, you’re essentially arranging for your own care and for the eventual distribution of your assets to your loved ones. You get to decide who receives the authority to carry out your financial and health care wishes if you’re unable to do so.

Preparing for the future and protecting your family’s well-being can seem overwhelming, but with the help of an experienced Bloomsburg certified elder law attorney at Kreisher Marshall & Associates, LLC, you can settle these affairs without stress or confusion – and at an affordable flat rate. We help all kinds of people – single and married, rich and modest alike – create customized estate plans that meet their needs and leave no stone unturned.

Why Is Estate Planning So Important?

Because you never know what might occur, and it’s always a good idea to have your wishes made clear on paper just in case. Because you want to maintain control of the things dearest to you, even when you’re not around. Because you want to reduce the amount of taxes your heirs will have to pay. Because you don’t want someone else to determine what happens to you, your family and your assets.

Wills: A Blueprint For Your Wishes

The most basic estate planning document is a “last will and testament.” A will outlines your wishes for how certain things should be handled after your death. Here are some key reasons why having a will is essential:

• Asset distribution: A will lets you specifically direct how your assets, including real estate, financial accounts and personal belongings, will be divided after your death. Without a will, state laws (intestacy laws) will determine the distribution, leading to outcomes that may not match up with your wishes.
• Guardianship for minors: If you are a parent with minor children, a will provides the opportunity to designate a preferred guardian should you die before your children are grown. This gives the court critical guidance.
• Appointment of an executor: Your executor is the person responsible for managing your estate’s distribution. Your will allows you to select someone you trust for the role.

Wills are a starting point upon which your estate plan can be built.

Trusts: A Protective Framework For Your Legacy

Trusts have become increasingly popular for estates of all sizes, and they can complement the estate planning process by offering benefits that a will does not have, such as:

• Probate avoidance: One of the primary benefits of trusts is that they can help bypass probate altogether. Probate can be costly and time-consuming for your beneficiaries, and trusts enable a more efficient transfer of assets.
• Privacy: Unlike wills, which become public documents during probate, trusts allow for a more private transfer of assets. This can be appealing to those who prefer to keep their family’s financials confidential.
• Incapacity planning: Trusts can be structured to provide for the management of assets in the event of the grantor’s incapacity. If you are incapacitated before your death, this can negate the need for court intervention.
• Flexibility in asset management: Trusts offer greater flexibility in the way assets are handled. They can be customized to address specific needs, such as staggered distributions for beneficiaries or the creation of charitable foundations.

In short, trusts can help you achieve a broad variety of goals and protect your family’s generational wealth.

The Top 3 Things To Consider For Your First Estate Planning Meeting

Your first meeting with an estate planning attorney helps lay a strong foundation for your plan. It allows you to address immediate concerns like implementing a will. It also opens the door for more long-term estate planning options.

We understand how overwhelming your first meeting can be, but preparing in advance can ease your mind. Asking yourself some strategic questions prior to your first consultation can help you focus on your current needs and long-term goals.

Do I know where my money is?

Assets take various forms, from real estate holdings to savings accounts to investment portfolios. Take stock of all assets before your first estate planning session.

Know the details – for instance, many people understand they have a retirement plan but lack a clear idea of its value, how it is allocated or its tax implications. Gather all relevant documents and bring them to your first appointment.

What do I want to happen upon illness or incapacitation?

Estate planning addresses more than financial matters. It allows you to plan for your future healthcare and end-of-life preferences. With advance medical directives (living will, health care power of attorney) you can leave detailed instructions for healthcare and designate an agent to make your medical decisions upon incapacitation.

Medicare planning is also a critical consideration. It involves evaluating and arranging your assets (in a trust, for example) to allow for Medicare coverage while safeguarding them from nursing homes and other long-term care costs.

Do I know what I want to happen with my estate?

Consider the big picture before your first estate planning consultation by asking yourself other questions.

• What are my goals for asset distribution, including the family business and home?
• Do I want to leave part of my assets to charity?
• What should happen to my pets and treasured family heirlooms?

You will get the most out of your first estate planning meeting when you have already considered some of the issues that matter most to you in life.

Customize Your Estate Plan To Fit Your Life

Proper estate planning is a complex process that should never be accomplished with fill-in-the-blank templates. When drawing up an estate plan, you have the power to plan who gets your property. If you do not, the Pennsylvania laws of intestacy will dictate how to handle your affairs. Through estate planning, you can also control the type of medical care you receive and choose someone you trust to act as your power of attorney. Through our custom estate plans, you can pass your assets to your family or friends, avoid taxes and save your surviving loved ones from stress. Interested in learning more? See our frequently asked questions.

Plan Your Future Today With An Estate Planning Lawyer

Let us empower you to make the best choices for you and your family by providing you with exceptional quality, personal legal services. To discuss your estate plan with one of our experienced Pennsylvania estate planning attorneys, call us today at 570-798-1084 or send us an email.