Estate Planning Attorney Lock Haven, PA
Estate planning is a critical part of preparing for the future, from outlining what should happen in the event that you become incapacitated to deciding what happens to your property after you pass. Given the high stakes involved in such matters, it’s critical to approach the estate planning process with the support and guidance of an experienced attorney serving Lock Haven. Contact Kreisher Marshall & Associates, LLC, for an initial case evaluation with a knowledgeable estate planning attorney.
Understanding Estate Planning Strategies
A comprehensive estate plan can involve a wide range of legal instruments working in concert to meet specific needs. At Kreisher Marshall & Associates, LLC, we can identify and incorporate the appropriate ones to accomplish your specific task. These tools might include the following.
Wills
Any estate plan should include a last will and testament. In a will, a person can appoint an individual or multiple individuals to serve as executor or co-executors of the person’s estate after their death, which allows them to determine who will manage their estate. People can also identify how they want to distribute their estate after death, including leaving specific assets to certain beneficiaries or splitting their remaining estate among one or more beneficiaries. Parents of minor children can also nominate a guardian for their children should both parents pass away.
Trusts
Many individuals and families incorporate trusts into their estate plans. A trust is a legal relationship in which a party called a trustee holds and manages assets on behalf of one or more beneficiaries. A person can use a trust to accomplish various financial or legal objectives, such as:
- Managing or mitigating tax liabilities
- Protecting assets from creditors or financial mismanagement
- Empowering third parties to manage individual or family wealth
- Facilitating charitable giving
- Distributing inheritances while avoiding the time and expense of probate
- Qualifying for Medicaid or other means-tested government benefits
- Providing financial support to loved ones with special needs
A person creating an estate plan can choose from various types of trusts, such as living, testamentary, charitable, special needs, Medicaid, and spendthrift trusts.
Powers of Attorney
A power of attorney allows an individual, called a principal, to authorize someone, called an agent or attorney in fact, to act on their behalf to manage the individual’s legal, financial, or medical affairs. In an estate plan, a person may create one or more durable powers of attorney to empower trusted loved ones or advisors to handle their affairs if they become incapacitated and unable to make or communicate decisions. Powers of attorney can help individuals and their families avoid the need for guardianship or conservatorship if an individual becomes unable to manage their affairs.
Advance Directives
An advance directive allows individuals to make decisions about their medical care to ensure that healthcare providers follow their wishes should they become incapacitated and unable to communicate those decisions. An advance directive may include:
- A healthcare power of attorney to authorize someone else to act as an individual’s healthcare proxy
- A living will that provides a description of an individual’s wishes, preferences, and sensibilities regarding medical treatment and end-of-life care
- Specific documents instructing medical professionals not to render life-saving care or to withdraw life-sustaining treatment under certain circumstances
Beneficiary Designations
Financial or retirement accounts and life insurance policies may allow account/policyholders to make beneficiary or pay/transfer-on-death designations. These designations allow individuals to pass control of their accounts or distribute the assets or benefits from an account or insurance policy to one or more beneficiaries. By doing this rather than passing the account, assets, or benefits through the individual’s estate, beneficiaries avoid the delay and expense of probating those funds or assets.
Do You Need an Estate Plan?
Many people wonder if estate planning is worth the effort, particularly those who have relatively few assets. However, it’s important to understand that estate planning can help you accomplish more than just asset protection. An estate plan allows you to determine the distribution of your assets after your death, ensuring they go to whomever you want to inherit them. An estate plan also allows you to prepare for potential illness or incapacity by empowering loved ones to handle your affairs if you cannot, or ensuring you qualify for financial assistance for long-term care. An experienced estate planning lawyer can help you understand the benefits of having an estate plan based on your specific financial and family circumstances.
Updating Your Estate Planning
Estate planning is not a one-time task. Instead, it’s something you should return to throughout your life, reviewing and updating it to reflect your current needs and goals. Your circumstances and preferences can change over time, potentially making provisions of your estate plan out of date. Best practices suggest reviewing your estate plan every few years or after significant life events, such as:
- Birth of children or grandchildren
- Marriage
- Divorce
- The death of an executor, trustee, or beneficiary named in your estate plan
- Substantial increases in income/earnings
- Acquiring significant assets, such as real estate or an inheritance
- Moving to a new state
- Developing a severe injury, illness, or disability
The legal team at Kreisher Marshall & Associates, LLC, builds long-term relationships with our clients to help with their estate planning needs throughout the years. We can assist you with changing your estate plan to reflect your current needs or goals or to take advantage of changes in tax and estate laws.
Why Choose an Estate Planning Lawyer from Kreisher Marshall & Associates, LLC?
A seasoned estate planning lawyer serving Lock Haven can help you develop a tailored, comprehensive, and effective legal and financial plan to manage your wealth and affairs. Let the legal team at Kreisher Marshall & Associates, LLC guide you through this process because:
- Our attorneys take the time to listen to your story and understand your concerns and objectives. That way, we can provide tailored solutions and advise you as you make informed decisions about managing your affairs.
- Our firm has a proven track record of serving the needs of residents of Lock Haven and the surrounding region. We are proud to support our community.
- Our lawyers utilize a team approach to estate planning. This allows us to leverage our entire legal team’s collective knowledge and experience to develop the innovative strategies and solutions you need.
How Can an Estate Planning Attorney Help You?
An estate planning lawyer from Kreisher Marshall & Associates, LLC, can help you prepare for the future by:
- Sitting down to discuss your needs, concerns, and goals to understand your estate planning objectives
- Identifying suitable legal strategies and walking you through your options to help you make informed decisions
- Drafting paperwork and structuring legal tools for your estate plan
- Helping you complete other steps necessary to carry out your estate plan, such as moving assets into trusts
- Working with you throughout the years to help you review and update your estate plan as needed
Contact Our Firm Today for Experienced Advice and Support
It’s never a bad time to talk to the knowledgeable team at Kreisher Marshall & Associates, LLC, about your legal options. Contact our firm today for an initial consultation with an estate planning lawyer serving Lock Haven, Pennsylvania, and let’s discuss your goals and concerns together.
