Tag: estate planning attorney

Why estate planning is the most important gift you can give to your family.

The holidays are a great time to make a list of what you’re grateful for. More than likely, family is at the top of the list. It can be frightening to consider how your loved ones will fare after you’re gone, but a sound estate plan can provide a sense of security your family deserves.

“Estate planning reduces the costs associated with Guardianship and probate, preserving available tax exemptions. When appropriate, it provides an umbrella of wealth protection for your surviving spouse, children and grandchildren. It is an ongoing process that allows you to change, add, and cancel details at will.” says Anne Desormier Cartwright of Elder and Estate Planning Attorneys, PA..

When you’re exchanging gifts with family this holiday season, start thinking about how to plan your estate. It could be the most important gift your family will ever get from you.

Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

Why you should make estate planning a New Year’s resolution

At the end of the calendar year, many of us reflect, think of ways we can improve our lives, and make resolutions to be better in the new year. If we do this with our own lives, why can’t we do the same for our loved ones?

An estate plan ensures your family is taken care of after you’re gone. Regardless of whether you have one in place, a new year is a great time to make a plan or review your existing one.

“No matter what your age, Estate Planning is essential to distributing assets according to your wishes and not that of the government’s laws and statutes. Estate Planning is very complicated where myths abound and they can be harmful to you and your loved ones.” says Anne Desormier Cartwright of Elder and Estate Planning Attorneys PA.

There will come a time when you’re not able to think clearly and make your own decisions, so it’s best to put together a plan now.

Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

The importance of a business succession agreement… And how it can protect you.

An important part of any estate plan is the consideration of what will happen to your business. A business succession agreement can protect the interests of the business owners, as well as help facilitate the continuation of the business. Before deciding on a business succession plan, you must ask yourself a few questions first. Will succession management be willing and able to operate the business? Will your family receive a satisfactory return on investment? Does your family wish to continue to be involved? You’ve worked hard to build your legacy. The time to protect it after you are gone, is now. Elder and Estate Planning Attorneys, PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

Special Needs Trusts

Individuals with special needs often face much greater challenges compared to those without special needs. Quality of life can be compromised and added expenses may come into play. These individuals frequently rely on public benefits to help them to meet these costs. But the benefits often fail to meet all the needs of the disabled person. A special needs trust can help bridge the gap between public benefits and what the person really needs. The trust is specifically identified to meet certain supplemental needs and the enhance the quality of life for the beneficiary. The special needs person. Most importantly, the special needs trust is created so as not to disqualify the beneficiary for public benefits being received. Says Anne Desormier-Cartwright, of Elder and Estate Planning Attorneys, PA. A special needs attorney is essential for determining the right type of trust and how to construct it so a special needs person gets every benefit they’re entitled to. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

Dynasty Trusts

A dynasty trust is a long term trust created to pass wealth from generation to generation without incurring transfer taxes such as estate and gift tax. The dynasty trust defining characteristic is it’s term. The trust can survive for 21 years after the death of the last beneficiary who was alive when the trust was set up and it can theoretically last for more that one hundred years. The trust’s operation is controlled by the trustee who is appointed by the grantor. The dynasty trust is irrevocable, which means that once it is funded, the grantor will not have any control over the assets or be permitted to amend the trust terms says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA. The beneficiaries of a dynasty trust are usually the grantor’s children and after the death of the last child, the grantor’s grandchildren or great-grandchildren, generally become the beneficiaries. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

The most important elements of your estate plan

If you have assets, you should have a plan for what will happen to them in the event of your death, regardless of your age or health. This concept is known as an estate plan. The plan includes who will receive your assets after you pass, as well as directions for your loved ones to follow if you become incapacitated. “Developing an estate plan that clearly states your wishes for your assets’ distribution and your last wishes can make the probate process much less stressful for your family in the future.” says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys, PA. These plans have several elements, the most important of which include your last will and testament, your advance medical directive, beneficiary designations for your assets, power of attorney designations and a trust. Not every estate plan will include all of these elements so it’s important for you to discuss your specific needs with your lawyer to develop your ideal plan. Elder and Estate Planning Attorneys, PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.