TEN STEPS TO ESTATE PLANNING

RESOURCES

Welcome to our probate resource center for the Commonwealth of Pennsylvania. Our firm can assist with all of your probate needs during this difficult time of transition. In fact, we’ve put together several resources below to help you get started with probate. We always recommend that you seek a qualified attorney to assist with your probate matters. Our firm represents Executors and Administrators of Estates in Montgomery County, Bucks County, Philadelphia County, Chester County and Delaware County.

When people hear the word ‘probate’, they often get scared at the thought of having to go through this process when a loved one passes. However, probate is a process that does not have to be burdensome, and is in fact much easier in Pennsylvania when compared to other states. At The Law Offices of Jeremy A. Wechsler, we regularly handle many types of probate matters successfully.

If we may be of assistance to you, please do not hesitate to contact our firm at your convenience. We offer an initial telephone consultation to determine if we can be of assistance to you.

If you want to learn more about the probate process, please use the resources below to help you do so. We look forward to hearing from you soon.

Pennsylvania Probate Resources:

Find a qualified estate planning attorney who is an expert in estate planning who will know the right questions to ask to draft your plan. For instance, ask if your attorney is a member of WealthCounsel, the premier national estate planning organization (Hint: Jeremy is!).

Determine the value of your estate – tally up all of your assets and liabilities for estate tax purposes. The federal exemption is currently high, and very few estates will be taxed at the federal level.

Talk to your attorney about how to reduce Pennsylvania Inheritance Tax for your heirs, and how to effectively “disinherit the IRS” from some of your estate.

Gather important documents, such as life insurance policies, annuities, pensions, retirement accounts, IRA’s, 401(k)’s, bank accounts, savings accounts, securities, real property deeds, mortgages and loans. Organizing these items is key.

Consider who you will appoint as Executor, Power of Attorney and Trustee. These are all important roles, your attorney can help explore the best options for your circumstances.

With the onset of COVID-19, advanced directives and living wills have become more important. Begin to think about end-of-life wishes, and who will make medical decisions for you if you cannot speak for yourself. Also, don’t forget a Durable Financial Power of Attorney–this is key to ensuring someone can help you if you cannot do things for yourself (i.e., pay bills, and much more).

Sometimes, a trust may make sense for your estate, whether to avoid probate, protect assets, or strategize to minimize federal estate taxes. Work with your attorney to determine whether a trust is appropriate for your circumstances.

Make sure you have funeral arrangements and instructions regarding burial or cremation. MyWonderfulLife provides a free service online to help you plan for your funeral, so that loved ones can quickly find out your wishes for the funeral proceedings.

Make sure you have a long-term care plan. Look at life insurance with long-term care benefits attached to the policies. Consider a Medicaid Trust. Our office can help you explore these solutions and more.

Make sure you communicate your plan with your family. Remember, your living trust or will and powers of attorney are one of the greatest gifts you can leave your loved ones. But you must be sure that they are aware of your plan, know where to find it upon your passing, and agree on it now.

Can our office help you with your estate plan? Please contact us today for a complimentary consultation.

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