Estate Planning Attorney Serving Nanticoke

Residents of Nanticoke and Luzerne County may worry about making arrangements to protect their interests or provide for their loved ones should the worst occur. Developing a tailored estate plan can provide peace of mind in knowing that your loved ones have the tools and guidance needed to carry out your wishes if you become incapacitated or pass away. Estate planning can also help you manage your wealth and affairs throughout your life.

Let a knowledgeable estate planning attorney from Kreisher Marshall & Associates, LLC, walk you through your legal options as you undertake the estate planning process. Contact our firm today for an initial case evaluation to discuss your goals and concerns and learn how our firm can help you craft an estate plan tailored to your interests or update your plan as your family’s needs and circumstances change.

Understanding Estate Planning

Estate planning involves developing legal strategies for managing one’s assets and affairs during their life and directing the disposition of assets after death. An estate plan can instruct representatives and loved ones regarding one’s wishes and preferences for the management or disposition of one’s assets or affairs when one becomes incapacitated or passes away. However, estate plans also allow individuals to empower trusted loved ones or advisors to manage their affairs after death or if they cannot do so due to incapacity. An estate plan can ensure your wishes get carried out and alleviate any anxiety, confusion, or conflict among family members over what you “would have wanted.”

Common Estate Planning Strategies

At Kreisher Marshall & Associates, LLC, our estate planning lawyers have extensive experience helping residents of Nanticoke develop estate plans tailored to their family’s circumstances and their wishes, preferences, and goals for managing and leaving behind their wealth. Common estate planning strategies individuals and families pursue include:

Wills – A will forms the basis of an estate plan. Wills serve several functions. First, a person can nominate someone to serve as the executor of their estate after their death. The executor assumes responsibility for estate administration, collecting a decedent’s assets, paying estate debts, and distributing the remainder to heirs and beneficiaries. Second, a person may use their will to designate people or organizations to inherit from their estate. A person may leave specific assets to a beneficiary or designate a percentage of their estate to a beneficiary. Finally, parents of minor children can nominate someone in their will to become the guardian of their children should both parents pass away.
Trusts – A trust is a legal structure that holds and manages assets provided by the person who creates the trust, called the settlor, on behalf of one or more parties, called beneficiaries. The settlor appoints themselves or another party to serve as the trustee responsible for managing the trust’s assets per the terms of the trust document, which governs the management of the trust. Trusts can serve various goals or roles depending on their structuring, including asset protection, preserving family wealth for beneficiaries, qualifying for means-tested government benefits, providing to charitable causes, or passing assets to succeeding generations without the time and expense of probate.
Advance Directives/Powers of Attorney – Estate plans can also include powers of attorney, under which a person can empower a trusted loved one or advisor to handle their financial, personal, legal, or medical affairs. In most cases, this authority goes into effect when a person becomes incapacitated and unable to manage their affairs. A medical power of attorney can also work with an advance healthcare directive, which can include other documents in which a person can make decisions about their medical care in advance (such as do-not-resuscitate orders).
Living Wills – A living will is a document in which a person can express their wishes, preferences, and moral or religious practices to guide loved ones and healthcare providers in rendering medical treatment, end-of-life care, funeral and burial preparations, or the disposition of one’s remains.
Medicaid Planning – Individuals or couples anticipating needing long-term or nursing home care may undertake Medicaid planning, which involves legal strategies designed to qualify individuals for Medicaid benefits to pay for long-term care.
Beneficiary Designations – Financial accounts, life insurance policies, and retirement accounts or annuities may allow individuals to make beneficiary or transfer/pay-on-death designations that designate individuals who will receive the assets or benefits from the account or policy upon the holder’s death.

Because each person’s estate plan will utilize different tools and strategies, leveraging experienced legal advice and guidance from an estate planning attorney at Kreisher Marshall & Associates, LLC, can ensure your estate plan serves your specific needs and goals.

Do You Need an Estate Plan?

Some assume they do not need an estate plan because they have few assets or no spouse or children to look after. However, people from all financial and personal backgrounds can benefit from a comprehensive estate plan. Estate plans can do more than direct the disposition of your assets after death. Estate planning can include protecting your legal, financial, and personal interests should unforeseen circumstances occur, such as becoming incapacitated. A conversation with an estate planning attorney can help you understand what legal strategies can help you protect the interests and people most important to you.

Reviewing and Updating Estate Plans

After you create an estate plan, you shouldn’t stick it in a drawer or safe and forget about it until your final days. Instead, you should review and revise your estate plan regularly, as your circumstances, needs, or goals may change, or changes in applicable laws may put your estate plan out of date. The estate planning lawyer from Kreisher Marshall & Associates, LLC, also assists individuals and families in Nanticoke with reviewing and updating estate plans. We can help establish a periodic review system or assist you with making changes to your estate plan after life events such as:

Marriage
Divorce
The birth or adoption of children or grandchildren
Significant gains or losses of assets or income (such as receiving inheritances, getting promotions, or losing a job or business)
Changing family dynamics (e.g., having a falling out with a family member)
Death of a nominated executor/trustee or a beneficiary of a will or trust
Moving to a new state
Changes in estate, trust, or tax laws

How Can Our Firm Help with Your Estate Planning Needs?

When you choose the legal team from Kreisher Marshall & Associates, LLC, to assist you during the estate planning process, you can expect our experienced attorneys and staff to support you by:

Sitting down with you to thoroughly discuss your estate planning goals
Evaluating your legal options to identify appropriate estate planning tools and strategies
Walking you through your options to help you make informed decisions
Drafting your estate planning documents according to your wishes and helping you execute them
Working with you to review and update your estate plan when your circumstances change

Contact Us Today for Knowledgeable Advice and Support

A tailored estate plan can ensure you have put your affairs in order and protected your and your loved ones’ rights, interests, and wealth. Contact Kreisher Marshall & Associates, LLC, today for an initial consultation with a knowledgeable estate planning attorney serving Nanticoke to discuss your legal options and determine what strategies you need to achieve your goals and wishes.