Sudoku Solutions - South Central PA - Winter/Summer 2018

If I had a quarter for every time Ive been asked this question, I would be extremely wealthy!  What always bugs me about the question is that no one ever asks what the value of estate planning is.  Or, by getting it done right, how much will I save my family in the long run?  In the workshops that we host regularly, we often talk about what to be wary of when looking at costs.  Yes, there are certain costs associated with having documents drafted, but there are different models that attorneys will use in terms of cost on the back end that will often make the cost much more affordable in the long run versus in the short run.  Estate planning documents can range from $200 to several thousand dollars.  In certain circumstances, if we are doing high-end planning for individuals with more than approximately 12 million dollars for a single person or approximately 24 million dollars for a couple, the cost can be upwards of $10,000.  If an individual does not have that type of wealth, they would certainly not do that type of planning and would not need that type of plan.  However, each plan that we offer in our office is priced not only based on the document itself but also on the knowledge that goes into the planning and the software that is used to generate the planning, as well as the value to the family.  I could go on, giving at least 25 to 50 examples of people who tried to save a few dollars and ended up getting hurt to the tune of hundreds of thousands and in one case, millions of dollars, simply because they wanted to save a few dollars on the front end.   Estate planning is very reasonable and is worth every penny.  If you attend one of our estate planning workshops, you will learn the prices up front and will then be allowed to receive more education and move forward with the firm. 

As an estate planning and elder law attorney, I have seen a little bit of everything over the past 20 years. I am a big believer in having loved ones be part of the estate planning process to ensure that everybody is on the same page. Unfortunately, there are a few unscrupulous individuals whose objectives are to take advantage of their parents in one way or another. This does not change my opinion that estate planning and elder law are a team sport and that they should always include the financial advisor, the accountant, as well as the family. However, it is imperative that the professionals who are working with the individual stay vigilant and watch for signs of exploitation or abuse. Although it can often be very subtle, professionals usually have the skills and the tools to be able to see through it and bring attention to it. In an extreme case, a professional will contact the Area Agency on Aging and notify the Adult Protective Services division. They have authority under the Adult Protective Services Act to protect individuals in or around our community. However, that is definitely the exception to the rule, and in most cases, it is enough to have the family members leave the room and talk to the client alone to determine whether or not they are being unduly influenced or if they are speaking freely on their own. Most elderly individuals dont always realize what is occurring and therefore are not trying to hide it. They dont realize what is going on, so a trained professional can often ask the right questions to determine if something is not right. In the vast majority of cases, I do think that having family involvement in the elder law process is beneficial to everyone involved.

The fate of your digital assets is a query that has rapidly gained traction over the past few years and is poised to surge even further as we journey into the future. The realm of digital assets and estates, once an obscure concept, has now become a staple of modern existence. It is paramount that the Power of Attorney you employ meticulously outlines the powers bestowed upon the agent, encompassing provisions for digital assets. Furthermore, these provisions must seamlessly integrate into your Last Will and Testament, guaranteeing that explicit directives concerning your digital assets are established. This strategic approach empowers the executor with the authority to execute your desires. In the realm of estate planning, as with all matters, precision yields the best results. Presently, while its not commonplace for individuals to expressly address the management of digital assets, this is expected to evolve into the standard practice in the foreseeable future. As of now, its imperative to ensure that your legal documentation incorporates provisions that account for these assets. Additionally, one must consciously recognize these assets as integral components of the estate, and deliberate on whether they should follow the conventional trajectory to residuary beneficiaries or be assigned a distinct path.Indeed, your digital estate is a facet that warrants consideration, necessitating its inclusion in all documentation pertaining to estate planning. This proactive approach ensures that the digital realm, which has seamlessly woven itself into our lives, is seamlessly interwoven into the fabric of your comprehensive estate strategy.