Why create an estate plan?
There are inevitably times during life when we need assistance from others, whether suffering from illness, needing someone to care for things at home while traveling or planning for the end stages of life. An estate plan will set forth all of your instructions for your loved ones, providing a comprehensive guide to follow, so that they are relieved of the burden of making these difficult decisions on your behalf. An estate plan answers questions like:
- Who should speak on my behalf if I am unable?
- Who should control my finances if I cannot?
- Who will raise my child? How will they pay for my child’s basic needs?
- Who will make medical decisions if I am not able?
- What should happen to my legacy after my passing?
In the event that you become unable to care for yourself, an estate plan will set forth a personalized plan for handling your medical care, finances and estate distribution. In the absence of a Last Will and Testament, the Commonwealth of Pennsylvania or State of New Jersey will direct how your legacy is divided and can result in the maximum tax to your estate.
You may be able to dramatically reduce the amount of taxes taken from your loved one’s inheritance after your passing by applying some proper planning.
If you have minor children, you may direct the person you want to raise them in the event that you are unable and avoid a court appointing a guardian for your child that you would not have chosen if given the opportunity.
The Charleston Firm can assist you by drafting all key estate planning documents that you may need including the basic Last Will and Testament, Power of Attorney and Living Will Declaration (Health Care Proxy) as well as Revocable Trusts, Irrevocable Trusts and Special Needs Trusts. Our attorneys will meet with you to get a complete overview of your financial situation, future needs and goals as well as those of your family or beneficiaries. We will apply all applicable tax saving and planning strategies to present a comprehensive plan customized for your individual needs.
Our estate plans often include business succession plans for our clients who own businesses and assist our clients with exit strategies and legacy planning. During our meetings we will discuss long term care and Medicaid needs when applicable. We assist clients with gifting of assets and
contributing to educational plans for children and grandchildren including the preparation and filing of gift tax returns when necessary.
If you would like to consult with an attorney about creating an estate plan, we are pleased to provide an initial consultation at no charge. Call to make an appointment today.
60 W. BOOT RD Suite 201
WEST CHESTER, PA 19380