Why Estate Planning Is the Best Use of Your Tax Refund
Entrusted Legacy Law
For more information about the author, click to view their website: www.entrustedlegacy.law
Sep 12, 2024
Pennsylvania - Greater Pittsburgh Area
When that extra bit of money from your tax refund lands in
your bank account, (kinda feels like Christmas, doesn’t it?) it's easy to
start dreaming about all the ways you can use it. Financial experts may tell
you that it's a chance to pay off debts, tuck away savings for an emergency, or
add to your retirement savings. You, on the other hand, may want to splurge on
something special. However, there's an often-overlooked option that not only
provides immediate satisfaction but ensures long-term benefits for both you and
your loved ones: estate planning.
Estate planning might sound like a complex and daunting
chore reserved for the wealthy, but it's actually a straightforward and crucial
process for everyone. In its most basic terms, estate planning involves making
a plan for what happens to your belongings and finances after you're gone, or
if you become incapacitated. Think of it as creating a roadmap for your loved
ones to follow, ensuring they're taken care of and know exactly how to handle
your estate according to your wishes. After all, someone will have to do
something with your stuff after you’re gone, and if you’re the one
who takes care of it while you can, you can save your loved ones a lot of pain.
And, make sure you are cared for in the way you want, by the people you want,
if you become incapacitated.
And by the way, proper estate planning covers much more than
just money and personal belongings, but we’ll delve into that in just a bit.
Why You Need an Estate Plan
Not only do you need a plan for what happens with your
finances and personal items after you’re gone or become incapacitated, but you
also need an estate plan if any of the following are true:
You care about the people in your life who will handle
things for you, if you cannot. First and foremost, estate planning isn’t
something you just do for yourself, it’s truly an investment you make for the
people you love. If it feels daunting to you, imagine how they will feel left
with a big confusing mess when something happens to you. And, it’s one of those
things that you must get handled before you need it because by the time you
need it, it’s too late, and you’ve just left the people you love the most with
a big mess.
That’s why we say that estate planning is about protecting
your family. It's about protecting their time, energy and attention, and
leaving them with a gift of love. It’s a way of saying "I love you"
that goes beyond words, providing them with security and guidance during a
difficult time. By making your wishes clear, you can keep them out of court,
prevent potential conflicts and ensure your loved ones are supported exactly as
you intend.
You want your wishes to be honored. With an estate
plan, you have the power to dictate exactly how you want to be cared for if you
are incapacitated, or who makes decisions for you if you cannot. If you would
not want to linger in a hospital bed for years like Terry Schiavo did before
her death, you must create a plan. Otherwise, the people you love could get
stuck in a court process fighting over your care.
You also get to say who inherits your assets, from your home
and savings to sentimental items. Planning ensures there isn’t any confusion
and guarantees that your possessions end up in the right hands. Planning also
makes it clear who should handle things after you are gone, and it makes it as
easy as possible for the people you choose.
You want to save money and time (for yourself and your
family). Dealing with the court if you become incapacitated or when you die
is time-consuming, can be expensive and is totally public. Without a clear plan
in place, you or your family may face costly legal battles and time-consuming
administrative hurdles. Your careful planning now can save them from this
stress and financial strain, making the process as smooth as possible. In
addition, careful planning ensures that you save yourself money by avoiding
unnecessary costs if you are unable to care for yourself.
You have minor children. If you have minor children,
consider who is home with them when you aren’t. Would that person know what to
do if you didn’t make it home? Or would the authorities show up at your house
and have to take your children into the care of protective custody/strangers
while they figured it out? If the idea of this terrifies you like it
does most parents, you need an estate plan.
Most parents of minor kids are overwhelmed with the demands
of everyday life and don’t stop to think that estate planning applies to them.
A common misconception is that planning is only for older folks who know their
mortality is staring them in the face, and young parents think that’s too far
off to warrant any consideration. That’s a mistake. Death happens to everyone
and incapacity can happen before it, no matter how old you are right now. Don’t
leave your kids at risk.
So now you know you need an estate plan but aren’t sure what
to do next. If you feel like the process seems daunting, don’t worry. Taking
that first step is easier than you might think.
Put Your Tax Refund To Work
You might consider using your tax refund to do your estate
plan on your own or opt for a cheap online service. While these options can
seem cost-effective at first glance, they don’t offer the comprehensive
coverage and personalized advice that your unique situation requires.
Instead, investing your refund in working with a heart
centered, holistic attorney with a process in place for ensuring that your plan
works throughout your lifetime is a much wiser choice. We will get to know you,
your family dynamics, and your assets, and then help you choose the right plan
for you both now, and into the future. Creating a will or a trust isn’t a one
and done thing you do, and then put it on a shelf or in a drawer and never look
at it again. When you do that, your plan is almost guaranteed to fail when the
people you love need it. In that case, it’s almost better to do nothing because
then at least you have it on your to-do list. False security is one of the
greatest risks of estate planning.
We will help you navigate the law, and also help you tailor
your estate plan to fit your specific needs, as well as provide peace of mind
knowing that your estate plan is thorough and legally sound. Remember, when it
comes to safeguarding your family's future and ensuring your wishes are
accurately reflected, the value of expert guidance is well worth the
investment.
At the very least, your attorney should help you create the
relevant documents, including:
Creating a Will: A will is a document in which
you detail the distribution of your assets and designate guardians for any
minor children. It serves as your voice, ensuring your assets are allocated as
you desire.
Setting Up a Trust: For greater control over the
distribution of your assets, a trust is invaluable. It not only allows for
precise management of how and when your assets are distributed but can also
offer tax advantages and circumvent the lengthy and public probate process. In
addition, and maybe more importantly, a trust will help your loved ones avoid a
lengthy, expensive, and totally public court process, which can cost your
family significant amounts of time, energy and attention.
Selecting Guardians and Executors: A key component of
estate planning is choosing individuals who will execute your wishes and look
after your children if you are unable to do so. These crucial choices help
safeguard your family's future. And if you want to go beyond merely choosing
people to raise your kids, you need a thorough Kids Protection Plan, which
takes into account anything that could happen (i.e., you’re in a car
accident and they’re with a babysitter at home). A Kids Protection Plan also
ensures your kids are raised by the people you want in the way you want, that
someone you’d never want to raise your kids is able to, and that the right
people are able to get emergency care for them if you’re traveling without
them.
Managing Taxes and Expenses: Effective estate
planning can significantly lessen the tax load on your beneficiaries, allowing
a larger portion of your assets to benefit them directly instead of going
towards tax settlements.
These are all undoubtedly important, and what most estate planning attorneys will do for you. However, a Estate Planning Lawyer will go a few steps further, ensuring that investing your tax refund in an estate plan is the very best investment you’ll make all year. In fact, every Estate Planning Lawyer promises to deliver a plan to clients that works throughout your lifetime. They do this by:
- Empowering
you to choose the right plan that fits your unique family situation,
values, and budget (most lawyers will tell you what you need);
- Ensuring
your assets are inventoried and don’t end up lost (most lawyers won’t tell
you that this happens - a lot - to the tune of billions of dollars every
year);
- Creating
a Kids Protection Plan, a comprehensive plan outside of your will for what
happens to your kids if something happened to you (most lawyers don’t even
think to do this);
- Being
a trusted advisor for your family, so they have someone to turn to for
help when something happens to you (most lawyers don’t ever make contact
with your family after you’ve completed your estate plan);
- Capturing
your memories, stories, values and family traditions so they are passed
down to the next generations (most lawyers don’t think to do this either);
and
- A
system for updating your plan at least every three years to make sure your
plan stays up to date so as your life changes and the law changes, your
plan works when you need it to (most lawyers treat their clients as a “one
and done” transaction, never checking in again and letting your plan go
stale).
What If I Didn’t Get a Refund This Year?
Now you may be thinking, bummer, I didn’t get a refund this
year. Know these two things: 1) Estate planning is always a wise investment
whether you get a refund or not; and 2) A Estate Planning Lawyer, using a
unique process called Life & Legacy Planning, can help you organize your
finances so you are more likely to get a refund next year, or at least not have
a big unexpected tax bill, if that’s what happened this year.. A Estate
Planning Lawyer will also help you get more financially organized than you’ve
ever been before, so that you make the very best decisions about the allocation
of your resources for yourself and the people you love.
Estate Planning: The Ultimate Expression of Love
Among all the ways to use your tax refund, estate planning
with a Estate Planning Lawyer ensures that your love and care for your family
endure long after you're gone. It's an act of foresight that not only secures
your family's financial future but also leaves a legacy.
Contact Entrusted Legacy Law at 412-547-9855 or click here to schedule a complimentary 15-Minute call.
This article is a service of Entrusted Legacy Law. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge. Please note this is educational content only and is not intended to act as legal advice.
- To view the original version of this article visit www.entrustedlegacy.law/post/why-estate-planning-is-the-best-use-of-your-tax-refund
- Seniors Blue Book was not involved in the creation of this content.
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You need to understand how your current estate plan (or lack thereof) will impact your family so you can make informed decisions about whether it truly aligns with your wishes.How Entrusted Legacy Law Helps You With Estate PlanningWe offer customized estate planning solutions designed to protect your family, preserve your wealth, and ensure your wishes are honored. Through our Life and Legacy Planning Session, we take the time to educate you on the legal, financial, and personal implications of your estate choices.Step 1: The Life and Legacy Inventory & AssessmentBefore your Life and Legacy Planning Session, you will complete a comprehensive estate inventory that outlines your financial assets, real estate holdings, retirement accounts, life insurance policies, and other valuable property. This step ensures that we have a full picture of your estate and can identify potential gaps in your asset protection strategy.Step 2: Creating a Personalized Estate PlanIf you decide that your current estate plan is inadequateor if you dont have one at allwe will work together to design a legally sound and strategically structured estate plan that meets your familys unique needs. The foundation of your estate plan will often include a revocable living trust, which allows you to transfer your assets into the trust while maintaining control during your lifetime.Benefits of a Revocable Living Trust: Avoid Probate Prevents the time-consuming and expensive court process that could otherwise delay asset distribution. Minimize Estate Taxes Helps reduce tax liabilities and protect your wealth for future generations. Ensure Privacy Unlike a will, which becomes public record, a trust ensures your estate remains private. Maintain Control Dictate how and when your assets are distributed to your heirs.For families with complex financial portfolios, business ownership, or special circumstances (such as blended families or special needs children), we offer advanced estate planning strategies tailored to your specific goals.Can You DIY Your Estate Plan?Many people wonder if they can create an estate plan using online templates or generic legal services. Unfortunately, most DIY estate plans fail when families need them the most. What often passes for "estate planning" is nothing more than basic document generation, where you answer a few questions and receive a generic template that may not fully protect your assets or your loved ones. No Personalization A generic template cannot address your unique family dynamics, financial situation, or specific legal concerns. Legal Loopholes Improperly structured wills or trusts may be contested in court, leaving your family in legal disputes. No Ongoing Maintenance Estate laws change, and without updates, your plan may become outdated and ineffective.At Entrusted Legacy Law, we dont just draft documentswe provide comprehensive estate planning services that ensure your estate plan actually works when it matters most. We take the time to understand your familys needs, educate you on your options, and create a legally enforceable, tax-efficient, and conflict-free estate plan that gives you peace of mind.Protecting Families & Minor Children Through Estate PlanningIf you are a parent with young children, your estate plan should begin with a solid foundation that ensures your children will always be taken care of, no matter what happens. Without the proper legal protections in place, your children could end up in the custody of someone you wouldnt have chosenor worse, under state guardianship.At Entrusted Legacy Law, we specialize in estate planning for families with minor children. We help parents:Name Legal Guardians Ensure your children are raised by trusted individuals of your choosing.Set Up Trusts for Minor Children Prevent financial mismanagement by appointing a responsible trustee to oversee assets.Establish Emergency Plans Provide clear instructions for immediate care in case of sudden incapacity or death.Whether youre planning for minor children, adult dependents, elderly parents, or a complex estate, we can guide you through the estate planning process with personalized strategies to protect your familys future.Secure Your Legacy With Entrusted Legacy LawEstate planning isnt just about who gets whatits about ensuring that your loved ones are financially secure, legally protected, and prepared for the future.If you want to create a comprehensive estate plan that reflects your wishes, avoids probate, minimizes taxes, and keeps your loved ones out of court and out of conflict, then now is the time to take action Contact Entrusted Legacy Law today to schedule your Life and Legacy Planning Session and take the first step in protecting your family, your assets, and your future.
Entrusted Legacy Law
Probate 100 Pinewood Lane Suite #303, Warrendale, Pennsylvania, 15086Pennsylvania Probate: What You Need to Know After the Passing of a Loved OneIf you are here to learn about Pennsylvania probate laws after the passing of a loved one, we first want to extend our sincere condolences. We understand that this is a difficult time, and we hope the information on this page provides clarity and helps minimize the legal and administrative challenges you may otherwise face.What Is Probate in Pennsylvania?Probate in Pennsylvania is a court-supervised legal process that ensures the transfer of assets from a deceased individual to their rightful heirs or beneficiaries. This process is essential for: Proving the validity of a will Appointing an executor (if there is a will) or an administrator (if there is no will) Inventorying and appraising estate property Paying outstanding debts, estate taxes, and creditors Distributing assets as directed by the willor by Pennsylvania intestacy laws if no will existsIn Pennsylvania, if a deceased person owned real estate or assets solely in their name, their estate must go through probate before assets can be legally distributed.The Downsides of Pennsylvania Probateand What You Can Do NextMany residents in Allegheny County, Butler County, Beaver County, Washington County, and Westmoreland County have heard that probate is a lengthy, expensive, and public process. Unfortunately, this is truewithout proper estate planning, probate can be costly and time-consuming.The best way to avoid probate in Pennsylvania is to plan ahead using strategies such as revocable living trusts, beneficiary designations, and joint ownership structures. However, if you are already in a position where probate is required, the best thing you can do is educate yourself and seek experienced probate legal assistance to complete the process as efficiently and cost-effectively as possible.How Is a Probate Case Started in Pennsylvania?Probate can be initiated by any beneficiary or creditor, but most often, the process begins when the Executor named in the will files the original will and a petition with the Pennsylvania probate court.If there is no will, a close relative of the deceased (such as a spouse, child, or sibling) typically files the petition to become the Administrator of the Estate.Choosing the Executor for a Pennsylvania EstateIf a valid will exists, the individual named as Executor will handle the probate processif they are eligible and willingIf no Executor is available or no will exists, any interested party (such as a family member) can petition the Pennsylvania Orphans' Court to be appointed as the Administrator of the Estate.Executor Compensation in PennsylvaniaUnder Pennsylvania probate law, Executors and Administrators receive compensation based on a percentage of the total probate estate value. This is designed to fairly compensate them for their time and effort in managing estate matters.However, Executors can be held personally liable for any mistakes made during the process. Given the complexity of Pennsylvania probate rules, its critical to work with a skilled probate attorney to avoid legal pitfalls.Do You Need to Go Through Probate If a Trust Exists?In most cases, no. If the deceaseds assets were properly titled in the name of a trust, probate is not required. Instead, the successor trustee will work with an estate planning lawyer to administer the trust and distribute assets.However, many families are surprised to learn that simply having a trust does not guarantee that probate will be avoided. Common mistakes include: The trust was not updated over time to reflect new assets. The decedents assets were never properly transferred into the trust.To ensure your estate plan works as intended, its important to work with an estate planning attorney who provides ongoing trust maintenance and reviews.Which Assets Are Subject to Probate in Pennsylvania?Assets that must go through probate include: Real estate, bank accounts, or investments owned solely in the deceaseds name Personal property and valuable assets without a beneficiary designationAssets that bypass probate include: Jointly owned property with Right of Survivorship Bank accounts or investment accounts with Transfer on Death (TOD) or Payable on Death (POD) designations Life insurance policies and retirement accounts with named beneficiariesHowever, some assets that normally bypass probate can still become subject to the process under certain circumstances. Consult with a Pennsylvania probate attorney to determine if probate applies to your specific situation.How Pennsylvania Intestacy Laws Distribute an Estate When There Is No WillIf no valid will exists, Pennsylvania intestacy laws dictate how the estate will be distributed:1 Spouse (If married, a portion or all of the estate goes to the spouse)2 Children (If the deceased had children, they inherit next)3 Parents (If there are no children, parents inherit)4 Siblings (If no spouse, children, or parents, siblings inherit)This highlights the importance of estate planningwithout a will or trust, the state determines who receives your assets.How Long Does Pennsylvania Probate Take?The timeline for Pennsylvania probate varies depending on the estates complexity. On average: Minimum of 12 months for simple cases Up to 2+ years for complex estates, disputes, or tax-related mattersWhat Are the Costs of Probate in Pennsylvania?Probate costs in Pennsylvania include: Attorneys fees (Based on estate size and complexity) Court filing fees Executor fees (set by Pennsylvania law) Appraisal and valuation fees Publication and administrative costsIn more complex estates, additional fees may apply, increasing probate expenses and delays.How to Choose the Right Pennsylvania Probate AttorneySelecting the right probate lawyer in Pennsylvania is crucial. Many general practice lawyers dabble in probate law, but only experienced probate attorneys have the knowledge to navigate complex estate matters efficiently. You do NOT have to use the attorney who prepared the will. You have the right to choose a specialized probate lawyer who understands the nuances of Pennsylvania estate law and can expedite the process. Avoid costly mistakes. Working with an experienced probate attorney prevents errors that could increase costs, cause delays, or result in legal disputes.Contact Entrusted Legacy Law for a Complimentary Pennsylvania Probate ConsultationIf youre ready to begin the probate process in Pennsylvania, our Allegheny County and Butler County probate attorneys are here to guide you.Call us at 412-347-1731 to schedule a complimentary 15-minute consultation to determine your next best steps.During your consultation, we will: Answer your probate-related questions Provide guidance on estate administration Help you navigate the Pennsylvania probate process efficientlyWe are here to relieve the legal and administrative burden during this difficult time and ensure that your loved ones estate is handled with care.