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November 2015 Archives

The role of life insurance in estate planning

When creating their estate plan, many Philadelphia residents fail to understand the impact that life insurance can have on the loved ones that are left behind. In some cases, the lack of life insurance can leave surviving family members in serious financial straits. For others, carefully considered insurance planning can make the grieving process far easier to weather, as loved ones will have the assurance that their financial needs will be taken care of in the years ahead. The following tips are offered to help individuals and families make informed decisions when it comes to this essential estate planning tool.

Reducing the risk of probate litigation over business matters

For many Pennsylvania business owners, addressing the issue of how to pass on their business to the intended heirs is a top priority. There are a number of options for transferring business interests, all of which share the risk of probate litigation. Finding a solution that minimizes that risk is essential to preserving wealth for one's heirs. As with so many estate planning matters, having a clearly outlined plan in place is the best way to begin.

Wills can guide the distribution of real estate

Many Philadelphia residents have worked long and hard to pay off their home, and plan to pass that asset down to loved ones when the time comes. The manner in which real estate is handled within estate planning can be complicated, however, when the proper steps are not taken. For many families, wills are a good starting point in the estate planning process.

Estate planning can help avoid negative outcomes

Many Philadelphia residents provide full-time care for elderly family members. Doing so is truly a labor of love and an act of selflessness that is admirable. It is important for family members to understand the full ramifications of caring for a loved one and the dangers of doing so without adequate estate planning.

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Larmore Scarlett LLP

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