INDUSTRY INSIGHT
ELDER CARE
SPONSORED CONTENT
LET’S TALK ABOUT DEATH…
10 REASONS TO CREATE AN
ESTATE PLAN NOW
M
any people think that estate plans are for someone else,
not them. They may rationalize that they are too young
or don’t have enough money to reap the tax benefits
of a plan. But as the following list makes clear, estate
planning is for everyone, regardless of age or net worth.
1. Loss of capacity. What if you become incompetent and unable
to manage your own affairs? Without a plan, the courts will select the
person (a Guardian) to manage your affairs. With a plan, you are able
to choose that person (an Agent) through a power of attorney.
2. Minor children. Who will raise your children if you die? Without
a plan, a court will make that decision. With a plan, you are able to
nominate the guardian of your choice.
3. Dying without a will. Who will inherit your assets? Without a
plan, your assets pass to your heirs according to your state’s laws of
intestacy (dying without a will). Your family members (and perhaps
not the ones you would choose) will receive your assets without
benefit of your direction or of trust protection. With a plan, you
decide who gets your assets, and when and how they receive them.
YOUR SYMBOL OF PROTECTION
Are you worried about losing your home
or life savings to the cost of long term care?
Are you a veteran or spouse of a veteran?
If the answer is yes, we can help.
What's at risk?
Only everything you own
Protecting People, Property, & Life Savings
724-942-6200
PittsburghElderLaw.com
4. Blended families. What if your family is the result of multiple
marriages? Without a plan, children from different marriages may not
be treated as you would wish. With a plan, you determine what goes
to your current spouse and to the children from a prior marriage or
marriages.
5. Children with special needs. Without a plan, a child with special
needs risks being disqualified from receiving Medicaid or SSI benefits,
and may have to use his or her inheritance to pay for care. With a plan,
you can set up a supplemental needs trust that will allow the child to
remain eligible for government benefits while using the trust assets
to pay for non-covered expenses.
6. Keeping assets in the family. Would you prefer that your assets
stay in your own family? Without a plan, your child’s spouse may wind
up with your money if your child passes away prematurely. If your
child divorces his or her current spouse, half of your assets could go
to the spouse. With a plan, you can set up a trust that ensures that
your assets will stay in your family and, for example, pass to your
grandchildren.
7. Financial security. Will your spouse and children be able to
survive financially? Without a plan and the income replacement
provided by life insurance, your family may be unable to maintain its
current living standard. With a plan, life insurance can mean that your
family will enjoy financial security.
8. Retirement accounts. Do you have an IRA or similar retirement
account? Without a plan, your designated beneficiary for the
retirement account funds may not reflect your current wishes and
may result in burdensome tax consequences for your heirs. With a
plan, you can choose the optimal beneficiary.
9. Business ownership. Do you own a business? Without a plan,
you don’t name a successor, thus risking that your family could lose
control of the business. With a plan, you choose who will own and
control the business after you are gone.
10. Avoiding probate. Without a plan, your estate may be subject
to delays and excess fees (depending on the state), and your assets
will be a matter of public record. With a plan, you can structure
things so that probate can be avoided entirely.
Want to start planning now? Please contact the Elder Law
attorneys at Zacharia Brown to ensure that your wishes are carried
out and your loved ones are protected.
Carrie Conboy is an attorney with the elder law firm of
Zacharia Brown P.C.
Zacharia Brown assists individuals and their families with
Medicaid eligibility, Veterans Benefits planning, estate
administration, and estate planning including wills, powers
of attorney, living wills, and trusts. Pittsburgh-area office
locations include McMurray, McKeesport and Wexford.
Contact information: Phone: 724.942.6200.
Website: www.PittsburghElderLaw.com.
E-mail: [email protected].
NORTH ALLEGHENY
❘
FALL 2019
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