Essential Estate Planning Documents in Pennsylvania
What estate planning documents are available?
Estate planning documents declare your choices about your assets and care.
Estate planning documents include wills, powers of attorney, advance health care directives, and trusts.
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A will allows you to control how your assets are distributed.A will allows you to name a guardian to care for your children if you die before they reach adulthood.
HOW A WILL HELPS YOU
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A will helps you plan for Pennsylvania’s inheritance tax.A will allows you to choose the person (executor) to carry out the instructions in your will.
HOW A WILL HELPS YOU
What is a power of attorney?
Power of Attorney
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A power of attorney document designates someone as your agent and gives them the power to make decisions on your behalf.
General powers of attorney give the person you choose the authority to buy or sell property and handle other financial transactions on your behalf.
General powers of attorney
A healthcare power of attorney lets you name someone else who will make decisions about your health care in case you are unable to.
Health care powers of attorney
What is a trust?
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A trust is an entity you create that holds assets for the benefit of the trust beneficiaries.
UNDERSTANDING TRUSTS
What are the advantages of a trust?
Preserve Your Estate
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Placing property in a trust allows you to safeguard those assets for the benefit of children or other beneficiaries.
Tax Planning
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Funds in an irrevocable trust are not legally yours. Giving up control allows you to minimize or eliminate inheritance or estate tax liability.
Nursing Home Planning
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Since you as the trustor have surrendered ownership of the assets, they would not be counted by Medicaid as resources toward limits.
Funds in a special needs trust provide for loved ones with disabilities while preserving their eligibility for public benefits.
Special Needs Trusts
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Medical services not covered by MedicaidCaregivingTravelEducationEntertainment and other supplemental expenses
FUNDS IN A SPECIAL NEEDS TRUSTS CAN COVER:
How do I designate beneficiaries?
Retirement accounts such as IRAs and 401(k)s, and other qualified, tax-advantaged accounts, allow the owner to designate a beneficiary.
Beneficiary Designations
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Accounts with a designated beneficiary typically do not pass through your will or estate, but go directly to the beneficiary.
BENEFICIARY DESIGNATIONS
In preparing these essential documents, the advice of an experienced estate planning attorney is of vital importance.
Preparing Planning Documents
Talk to an attorney to learn more about how proper estate planning can help you.
We give families the peace of mind of knowing the best possible planning is in place.