Provided here is a general statement of Pennsylvania law, it does not constitute legal advice. Consult an attorney directly for advice on your legal matter.
Estate Planning & Trusts
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You have worked hard for your money and were a conscientious saver. Naturally, you want control over what happens to it. Even if you feel you are a person of modest means, you have an estate—and several strategies exist to ensure your assets are distributed according to your wishes, and in a fiscally prudent and timely fashion: Your estate plan.
The framework of any estate plan can include any or all of the following: a Last Will and Testament, health care advance directive (living will), power of attorney, family asset protection planning, trusts, annuities, corporations/partnerships, insurance, long-term care planning, and other lesser known elements.
Reasons to Create a Trust
- You may avoid significant and unnecessary probate fees and delay.
- This amounts to 1-6% of the value of the estate.
- Estate tax on the transfer of a business ranges from 35%-50% of the company’s value.
- You can protect yourself in the event you become disabled.
- You can ensure your property will be well-managed in the event of a temporary or permanent disability.
- You can take care of your family in case you become disabled or worse.
- You can allocate funds for a child’s health, education and support.
- 67% of Americans worry about their family’s long-term financial well-being.
- Without your estate plan, who will pay to raise your minor or disabled children.
- You can ensure that generations beyond your offspring will inherit.
- 70% of all inheritances are spent by the next generation.
- You can keep all information about your assets private.
- In Probate, it all becomes a matter of public record.
- You can control who inherits what and when.
- You can name the persons best-suited to serve as your health care representative, financial representative and guardians for your children.
- You can analyze your assets, implement strategies to grow the assets and ensure a comfortable future.
Peace of Mind Included
Placing Assets in an irrevocable trust is the most common tool used to ensure the longevity of the asset. These assets can be used by the trust creator during his or her lifetime. Upon passing, ownership of the trust assets transfers to the trust beneficiaries by operation of the trust document. There will be no probate of property in this type of trust. The assets do not become a matter of public record, there is no delay in transferring ownership, there are no attorneys’ fees associated with the transfer, no estate administration
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