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May 2016 Archives

A shared goal within estate planning and prenuptial agreements

When a Philadelphia resident has amassed a considerable amount of wealth, handing those assets down to children and grandchildren is a source of pride. No one wants to envision a scenario in which an heir loses access to a chunk of his or her inheritance, but that is a risk that must be mitigated with proper planning. Fortunately, there is an estate planning approach that can help make sure that wealth passes down to the intended recipient.

Baby Boomers and durable powers of attorney

As the Baby Boomer generation enters retirement, these Americans will have a unique set of needs when it comes to estate planning. Many Boomers in Philadelphia have already set up their estate planning packages, but they may not be reviewing and revising those documents as their circumstances change. This is especially true in regard to durable powers of attorney.

Estate planning for both an inheritance and long-term care

No one knows exactly what the future might hold, which makes it difficult to plan ahead for every conceivable outcome. That said, everyone is aware that many people will require some type of long-term care as they age. Despite understanding the high probability that such a need might arise, many Philadelphia residents fail to plan for that outcome. Fortunately, there is an estate planning option that can address both the need for long term care coverage, as well as the desire to provide an inheritance for loved ones.

Estate planning law change could prompt review of plan

Many Philadelphia residents have worked hard to create plans for their estates that meet their specific financial goals. That is a major accomplishment and should bring about a sense of comfort in knowing that these important matters have been taken care of. Over time, estate planning rules and regulations will shift. That makes it crucial for individuals and families to make a periodic review of their existing plans to determine whether updates are needed.

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Larmore Scarlett LLP

Larmore Scarlett, LLP
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