It is one of the great ironies of life that by the time a person needs help, they may be too far gone to ask for it. Such is the case for one of the most vulnerable groups of people in Philadelphia, and indeed in the country. The elderly are at high risk for financial fraud, but granting durable powers of attorney may be the solution.
The internet is truly a wonderful thing, and it has had an enormous impact on the ability to share, access and challenge information. In fact, for many Philadelphia residents who seek answers on virtually any topic, the internet is the first place that they turn. It should be noted, however, that there are many areas in which the best solution requires a personalized touch that is simply unavailable online. Estate planning is a perfect example.
When structuring one's estate, it is important to address each and every asset type differently. For example, cash held in a savings account will be handled differently from an investment account. A treasured stamp collection will need a different approach than shares in a business venture. Real estate offers yet another type of asset, and Philadelphia residents should understand how to incorporate real property into the larger estate planning picture.
Not everyone in the Philadelphia area looks forward to discussions regarding personal mortality. In fact, some people try to avoid the estate planning topic at all costs. However, in the past year, there have been some very high-profile situations that appear to be evidence that not having a set plan in place may prove problematic for family members down the line.