Life Insurance You Can Borrow From

Have you ever heard horror stories about families fighting over Grandma's jewelry or getting stuck in a never-ending legal battle after someone passes away? Or about how long it can take to sell a house tied up in the court process? What about family members being denied their inheritance completely? Unfortunately, these situations happen every day. Not even the rich and famous are immune! A simple Google search will pull up dozens of celebrity stories about all the conflict that ensues after they die.But most people dont realize these things are avoidable - if you understand the process. So, if youve thought about creating a will or trust to avoid these outcomes, lets ensure youre fully aware of whats at stake first. Well use a food analogy throughout this article, so our apologies if we make you hungry.Lasagna as an Example of the Difference Between a Will or Trust and an Estate PlanLets start by getting really clear on what were talking about. Youve probably heard the term estate planning numerous times, but do you really know what it is? Contrary to what you may have heard or read about, estate planning and the documents involved - such as a will or trust - are not quite the same thing. Think of your favorite recipe. Well use lasagna as an example. A lasagna recipe includes a few different components: the ingredients needed to make the dish, how much of each ingredient you need, and the steps you have to take to transform the ingredients into a dish. Without the steps, the ingredients are just ingredientsthey dont create anything. Estate planning is similar. Your estate plan is the recipe, and the documents are the ingredients. A will or trust may be the pasta or the sauce, but they are not the lasagna. Sure, theyre necessary components of the lasagna, but without the other ingredients and steps, theyre just pasta and sauce. Same with estate planning. If you just create a will or trust, you have documents that are just documents. They dont do anything by themselves.That most people think the documents ARE the estate plan is a common misconception based on a lack of knowledge. Too many people are focused on the documents, even many lawyers, and so think all they need to do is create those documents, sign them, and call it a day. Even so-called financial experts will tell you this. And theres a whole new tech industry based on this premise, with do-it-yourself programs like LegalZoom. AI has even joined the fold.Every single one of these people and companies is talking about the documents, or the ingredients. They are not telling you about the recipe. They are not showing you how to make the lasagna, but rather, theyre telling you about some (not even all) of the ingredients you need. What results are the big messes mentioned above: families in court and conflict, fights over sentimental items, long wait times to sell a house or distribute any of the assets, and even big, unnecessary tax bills. To truly protect your loved ones and ensure your wishes are carried out the way you want, as easily as possible for the people you love, you need a comprehensive estate plan, not just the documents. The plan lays out not only the ingredients you need, but also in what amounts, and what actions must be taken to make the lasagna.If you havent created a comprehensive plan of your own, or your current plan fails for any reason, know that theres a plan already made for you. Its a plan laid out in your States law, and it may be very different from what you want. Your States Recipe for Lasagna May Be GrossTo illustrate the difference between the States plan for you and one you can create for yourself, lets get back to our lasagna example.Lets say the States recipe for lasagna includes spicy sausage, but you cant tolerate spicy foods. The states plan may contain meat, but youre a vegetarian. Or, it could be that the States recipe includes mushrooms, but your child is allergic to mushrooms. Some ingredients may be missing altogether, and the recipe will probably tell you that you cant even cook the lasagna for months, or even years (goodness, your family will be hungry!). Whatever the situation, its possible that the States plan includes some component that you dont like, or even one that could be disastrous to your family. In reality, your states plan says how your assets will be distributed, who will get them and in what amounts. It requires a court process, which can be lengthy and expensive, and sometimes assets are frozen until the court process is over. Its also set up for conflict, as your family members - even if youre estranged - are required to get notice of the court proceeding, what assets you have, and are invited to make a claim for your assets. You may not like any of this.If not, heres the good news. The law also says you can create your own plan and decide on your own who you want to inherit your assets and how. If you create your own plan, you get to decide to give money to charitable causes that matter to you, which the States plan does not allow for. And if you create your own plan, you can also decide whether you want your loved ones to go through the court process. Yes, the court process can be optional. What Recipe Do You Want to Use?By creating your estate plan, you get to choose your lasagna recipe. You get to choose whether you want meat or veggie, mild or spicy sausage. You get to exclude ingredients your family members may be allergic to. You even get to decide if you want to share your lasagna with someone else. And you get to decide when to cook the lasagna, whether you want it to be eaten tonight or assembled, frozen and saved for another day. Its entirely possible that you dont think the States recipe is gross and you wouldnt change a thing. But you wont know that until you know the details of the States plan and how those details pertain to you, your assets, and your family. Or it could be that you think the States recipe is completely gross and you want to pick one that you and your family like. Either way, know what you want to create and be clear on how to do it, and do it correctly. Luckily, we can help. How We Help You Get it RightWeve seen too many families suffer negative, yet unnecessary, consequences after a loved one dies. And if you havent experienced it yourself, chances are you probably will. But with the proper education, beginning with correcting the misconception that estate planning and the documents involved are one and the same, we believe we can break the cycle of strife. As an Estate Planning Law Firm, we start with education so you are clear on what the States plan is for you, and what you can do to create your own plan that aligns with your values, your goals, your family, and most importantly, that it works when you need it to. We call it Life & Legacy Planning, and once youve created your Life & Legacy Plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. Book a call with us today to learn more.Contact Entrusted Legacy Law at 412-347-1731 or click here to schedule a complimentary 15-Minute call.

Losing a loved one is always challenging, and handling their affairs can add to the emotional toll. If the deceased was a Pittsburgh Steelers season ticket holder, you might need to transfer their seat license. This guide will walk you through the process, ensuring you understand what needs to be done and how to do it smoothly.A Pittsburgh Steelers Seat License, also known as a Personal Seat License (PSL), gives the holder the right to purchase season tickets for specific seats at Acurisure Stadium (Heinz Field). This license can be transferred to another person, including after the death of the original holder.Step-by-Step Guide to Transferring a Seat LicenseStep 1: Locate the Necessary DocumentsBefore you begin the transfer process, gather the following documents:Death Certificate: An official copy of the death certificate of the deceased.Proof of Relationship: Documentation proving your relationship to the deceased, such as a birth certificate, marriage certificate, or will.PSL Certificate: The original PSL certificate, if available.Legal Authorization: If you are the executor or administrator of the estate, obtain the necessary legal documents, such as Letters Testamentary or Letters of Administration.Step 2: Contact the Pittsburgh Steelers Ticket OfficeReach out to the Pittsburgh Steelers Ticket Office to inform them of the death and your intention to transfer the seat license. The contact details are:Phone: 412-323-1200Email: ticket.office@steelers.comAddress: Pittsburgh Steelers Ticket Office, Heinz Field, 100 Art Rooney Avenue, Pittsburgh, PA 15212The ticket office will provide you with the necessary forms and instructions for the transfer process.Step 3: Complete the Transfer FormsThe Steelers Ticket Office will provide specific transfer forms that need to be completed. These forms typically include:Transfer Request Form: This form requires details about the deceased, the current seat license holder, and the person to whom the license is being transferred.Affidavit of Survivorship: If the transfer is to a surviving spouse or close relative, an affidavit may be required to confirm the relationship.Estate Documentation: If you are the executor or administrator, you may need to provide a copy of the will, Letters Testamentary, or Letters of Administration.Step 4: Submit the DocumentsSubmit the completed forms along with the necessary documents to the Steelers Ticket Office. This can usually be done via mail, email, or in person. Ensure all documents are complete and accurate to avoid delays.Step 5: Pay Any Applicable FeesThere may be fees associated with the transfer of a seat license. The Steelers Ticket Office will inform you of any charges that need to be paid. These fees can typically be paid by check, credit card, or money order.Step 6: Confirm the TransferOnce the forms and documents have been submitted and processed, the Steelers Ticket Office will confirm the transfer. They will provide you with a new PSL certificate in the name of the new license holder. This process can take several weeks, so be patient.Special ConsiderationsLegal and Financial ImplicationsEstate Planning: Its a good idea to include PSLs in estate planning. Clearly stating in the will who should inherit the seat licenses can simplify the transfer process.Tax Implications: Transferring a seat license may have tax implications. Consult with a tax advisor to understand any potential liabilities.Disputes: In case of disputes among heirs, it may be necessary to seek legal advice to resolve the issues amicably and according to the deceaseds wishes.Keeping the Seat License ActiveWhile the transfer process is underway, its important to keep the seat license active. Ensure that any outstanding payments or renewal fees are paid promptly to avoid losing the license.Selling the Seat LicenseIf the heirs decide not to keep the seat license, they may choose to sell it. The Pittsburgh Steelers provide a marketplace for buying and selling PSLs. Contact the ticket office for more information on how to list the seat license for sale.Tips for a Smooth TransferStay Organized: Keep all documents and forms organized and easily accessible. This will help streamline the transfer process.Communicate Clearly: Maintain clear communication with the Steelers Ticket Office and any involved parties. Promptly provide any additional information or documentation requested.Seek Professional Advice: If you are unsure about any part of the process, seek advice from legal or financial professionals who specialize in estate planning and administration. Transferring a Pittsburgh Steelers seat license after someones death involves several steps, but it can be managed smoothly with the right information and preparation. By following this guide, you can ensure that the transfer process is handled correctly, honoring your loved ones legacy and preserving their cherished seats at Heinz Field.Understanding the requirements, staying organized, and seeking professional advice when necessary, can make the process much easier. Whether you choose to keep the seat license within the family or sell it, knowing how to navigate the transfer process will help you make informed decisions and carry out your loved ones wishes effectively.Contact Entrusted Legacy Law at 412-294-9498 or click here to schedule a complimentary 15-Minute call.

Timeshares can be a source of enjoyable vacations for many families. However, they can become a complicated burden after the owner passes away, particularly in Pennsylvania. This blog post will explain why timeshares are problematic after someone dies, the legal and financial issues involved, and provide guidance on how to navigate these challenges.What is a Timeshare?A timeshare is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, where multiple parties hold rights to use the property, and each owner is allotted a specific period of time in which they may use the property. Timeshares can be deeded, meaning the owner holds actual ownership of the property for the designated time, or right-to-use, which means the owner has the right to use the property for a specific time each year for a set number of years.Why Timeshares Can Be ProblematicOngoing Financial Obligations: Timeshares come with annual maintenance fees, property taxes, and special assessments. These obligations do not disappear upon the owners death. The estate or heirs may be responsible for these fees, which can be a financial burden.Complicated Ownership Transfers: Transferring ownership of a timeshare is not as straightforward as transferring other types of property. Timeshares often come with specific rules and regulations set by the resort or timeshare company, which can complicate the transfer process.Diminished Value and Marketability: Timeshares generally do not appreciate in value like traditional real estate. In fact, they often depreciate, making them difficult to sell. Heirs may find it challenging to find a buyer willing to take on the financial obligations associated with the timeshare.Legal Complexity: The process of transferring a timeshare after death involves probate in multiple states, which can be a lengthy and complicated legal procedure. Additionally, if the timeshare is located in another state or country, different laws and regulations may apply, further complicating the process.Steps to Address Timeshare Issues After DeathReview the Timeshare Agreement: The first step is to thoroughly review the timeshare agreement and any related documents. This will help you understand the specific terms and conditions, including the process for transferring ownership and any associated costs.Consult with an Attorney: Given the complexity of timeshare ownership and the probate process, its advisable to consult with an attorney who specializes in estate planning and probate law. They can provide guidance on how to handle the timeshare and ensure all legal requirements are met.Notify the Timeshare Company: Contact the timeshare company to inform them of the owners death. They will provide information on the necessary steps to transfer ownership or terminate the agreement.Assess the Financial Impact: Evaluate the financial impact of keeping or selling the timeshare. Consider the annual fees, potential resale value, and any penalties for terminating the agreement. This will help you make an informed decision about whether to keep or dispose of the timeshare.Explore Transfer Options: If you decide to keep the timeshare, work with the timeshare company to transfer ownership to the designated heir. If you wish to sell or terminate the timeshare, explore options such as selling through a reputable resale company, transferring it to another party, or negotiating a termination with the timeshare company.Alternatives to Keeping the TimeshareSelling the Timeshare: Selling a timeshare can be challenging, but its possible. List the timeshare with a reputable resale company or timeshare broker. Be prepared to sell at a loss, as the resale value of timeshares is typically lower than the original purchase price.Renting the Timeshare: If selling is not an immediate option, consider renting out the timeshare to cover the annual fees and maintenance costs. This can provide a temporary solution while you explore other options.Negotiating a Termination: Some timeshare companies offer options for terminating the agreement. This may involve paying a fee, but it can relieve the heirs of future financial obligations. Negotiate with the timeshare company to see if this is an option.Charitable Donation: In some cases, it may be possible to donate the timeshare to a charity. This can provide a tax deduction and eliminate the financial burden. However, not all charities accept timeshares, so research potential organizations thoroughly.Tips for Preventing Timeshare IssuesInclude Timeshares in Estate Planning: Proactively include timeshares in your estate planning. Specify who will inherit the timeshare and provide instructions on how to manage it. This can help prevent confusion and legal complications after your death. By having a revocable living trust you can avoid probate in multiple states to deal with timeshares.Discuss with Heirs: Have open discussions with your heirs about the timeshare. Ensure they understand the financial obligations and determine if they are willing and able to take on these responsibilities.Consider Exit Options: If you anticipate that your heirs may not want to inherit the timeshare, explore exit options while you are still alive. This can include selling, donating, or negotiating a termination with the timeshare company. Timeshares can be a source of enjoyment during ones lifetime but can become a burden for heirs after the owners death. Understanding the potential problems and taking proactive steps to address them can help ease the transition and reduce stress for your loved ones. By including timeshares in your estate planning and consulting with legal and financial professionals, you can ensure that your heirs are well-prepared to handle this aspect of your estate.Contact Entrusted Legacy Law at 412-294-9498 or click here to schedule a complimentary 15-Minute call.