Those in Pittsburgh who want to set up a trust to leave behind for their loved ones after they pass may have heard about irrevocable trusts. Learning more about this type of trust can help when planning an estate.
While everyone knows that they will not live forever, it can still be uncomfortable to discuss and plan for the end. Death and long-term care can be difficult to fathom, but if a person wants to take control of their situation, they will take estate planning and end-of-life planning seriously. Here are a few estate planning mistakes Pennsylvania residents should avoid.
Going through a divorce in Pennsylvania can be stressful. It can put a strain on a person's mental, emotional and financial state. Some of the stress of divorce is unavoidable as it is a process that impacts nearly every area of a person's life. It is possible, though, to mitigate some of the stresses, especially those that are related to finances. People who are considering or going through a divorce might reduce the financial burden by using life insurance.
Those who have recently lost a loved one in Cranberry Township may be preparing themselves for the process that most assume to automatically follow: probate. Many hear investment and estate planning experts extol the wisdom of planning to avoid probate (as its costs are paid for from the estate's assets). Yet even with this advice in place, most of those party to an estate likely resign themselves to the idea that the local probate court will be involved in their cases in some way.
Few in Cranberry Township may realize the enormity of the request they are making when they ask someone to serve as the personal representative or executor of their estates. In many cases, such a responsibility may only be temporary, with one only having to manage the proper dispersal of a decedent's assets. Yet in others, one may be left to deal with intellectual or artistic works whose authorized use must be monitored for years (or even decades). In such cases, the duties assigned to an executor might even outlast their lifetime, requiring future generations to assume the task of protecting one's creative properties.
When people in Cranberry Township start putting their estate plans together, the first topic they may believe needs to be addressed is allocating funds to pay estate taxes. This is wise thinking, as their certainly is the possibility that one’s estate may be taxed (and those taxes must be paid from the estate’s assets). Yet federal regulations have been modified in recent years to help ease the burden of taxes from many hoping to leave assets for their beneficiaries. Indeed, according to information shared by the Internal Revenue Service, federal estate tax filings have decreased from 38,354 in 2008 to only 12,711 in 2017.
Ask any estate planning expert in Cranberry Township, and they will tell you that it is best that you see to your estate planning early on in your adult life. This is due to the fact that you never know what tomorrow will bring, and it is best to be prepared for anything. Yet many events can transpire after creating your will (such as a divorce). Many have come to us here at the Sweeney Law Offices, LLC when preparing for a divorce asking what to steps to take after their marriages have officially ended. Many often forget to address their estate planning in these scenarios.
A last will and testament is a legal document detailing your final wishes. It addresses the distribution of your Pennsylvania property, appoints guardians of your minor children and a variety of other considerations. You may believe that is the only document you need. However, a living will serves another purpose. At Sweeney Law Offices, LLC, we often assist clients in creating a comprehensive estate plan that includes end-of-life decisions.
There is not a more satisfying feeling than knowing you have adequately planned for your future. Preparation from early on can provide you with the resources you need and desire, to live comfortably later on in life. At Sweeney Law Offices, LLC, we have been able to assist many families in Pittsburgh as they plan their estate.
While most adults in Cranberry Township likely understand that they should start considering their estate planning, few have actually completed the process. Indeed, according to information shared by the American Association of Retired Persons, as many as 60 percent of Americans do not have a will. There may be many reasons why people put off estate planning: they may fear the prospect of facing their own mortality, or they may simply believe that they will always have time later to do it. Yet one of the primary reasons is likely misunderstanding.