Larmore Scarlett, LLP
Find Solutions To Your Legal Problems 610-444-3737

Advance estate planning is the wisest approach

In the age of the Internet, it should not surprise readers to learn that several websites are available to help individuals with end-of-life planning. According to one reviewer, the approach taken by such sites is analogous to how one might plan for other big events, complete with sample to-do lists, reviews of various companies and service providers, and correspondence templates.

Such online sites may be a good starting point to help individuals begin thinking in general terms about how they might administer their estates. However, an attorney knows that the nuances of estate tax, inheritances and long-term financial planning cannot be captured by a one-size-fits-all approach on an Internet site. 

Although a do-it-yourself will or other estate planning document may appeal to the independent minded, the process of probate can be lengthy, confusing and needlessly expensive. In fact, there might even be options for avoiding probate or reducing an estate’s potential tax liability. For example, trusts are remarkably flexible, used for purposes ranging from the protection of a child with disabilities to asset preservation. Intervivos transfers, made during an individual’s lifetime, are also exempted from federal gift taxes up to a certain amount each year, and per recipient. In 2014, the annual exclusion is $14,000.

An attorney’s expertise may be needed to attend to fiduciary accounting issues and oversee the preparation of federal estate tax and state inheritance tax returns. Of course, a comprehensive estate plan should also prepare for the possibility of a grantor incurring unexpected costs during his or her lifetime. Such costs may include nursing home and Medicaid planning. An attorney can provide valuable insight and assistance in these areas of estate planning.

Source: New York Times, “Navigating the Logistics of Death Ahead of Time,” Tara Siegel Bernard, March 28, 2014

No Comments

Leave a comment
Comment Information

Providing strong legal representation to residents and businesses throughout southeast Pennsylvania for more than 70 years.

Contact Our Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Firm Location:

123 E. Linden Street
P.O. Box 384
Kennett Square, PA 19348

Phone: 610-444-3737
Fax: 610-444-9532
Kennett Square Law Office Map

Larmore Scarlett, LLP

Firm Numbers: