Estate planning is an ongoing process, which involves the evaluation, building, preservation, and distribution of financial wealth in a manner that accomplishes a client’s personal goals. Although tax considerations can play an important role in estate planning, sound estate planning always begins with a careful analysis of these questions: “When, how, and to whom do I want to transfer my financial wealth?” The primary focus of estate planning for the elderly is the management of financial assets in case of incapacity, protection of assets from depletion due to illness, planned transfer of assets to heirs, and authorization to withhold medical treatments in the event of terminal illness. On the other hand, younger people may be equally or more concerned with designating guardians and providing adequately, both from the standpoint of asset protection and overall supervision, for young children. At a minimum, a sound estate plan should include a properly drafted Will, Durable Power of Attorney, and an Advance Medical Care Directive. It may also involve Living Trusts or gifts for minors.

In the event of a loss of a loved one, a family needs assistance in arranging for the distribution of assets and, possibly, advice as to how to maximize tax savings with respect to Pennsylvania inheritance tax or, if applicable, Federal estate tax.

If you wish to discuss an estate planning or estate administration matter, please call Mark H. Scoblionko.