Discerning Estate Plans For Individuals, Families And Business Owners
Estate planning is an essential part of your personal estate management. If you are an entrepreneur or existing business owner, business succession planning is a crucial element of your business plan. I am attorney Denise C. Pekelnicky, and I founded my law firm to help people just like you protect your hard-earned legacy.
I can help you tailor your estate plan to fit your unique circumstances and goals with guidelines for creating an inventory of your assets and debts and making important decisions about choosing trusted agents, personal representatives or trustees who will follow your wishes while you are alive as well as after you pass away. I will help you understand how each legal instrument works to protect your best interests and ensure that the succession plan you establish for your business seamlessly incorporates into your personal estate planning.
Wills, Trusts And Estate Planning To Protect Your Family’s Financial Stability
In today’s society, many families are combined families, which, without proper estate planning or an updated estate plan, can create undue hardships on the family in the unfortunate event of a death. Pennsylvania’s intestacy laws will not necessarily distribute your assets as you would like if you pass without a will in place. Your will and estate planning are your chance to make known your wishes upon your death. However, a will is not the only necessity of proper estate planning and health planning for your future. Other legal documents can help you prepare for your future medical care and asset care in the event that you are unable to do so yourself, such as:
- Durable health care power of attorney: Designates your choice of agent for ensuring that your wishes, as stated in your living will, are followed if you become unable to speak for yourself
- Power of attorney: Designates a trusted person to act on your behalf for your business and financial matters, including real estate transactions
- Living will: States what your wishes are concerning your end-of-life medical treatment, such as life-prolonging medical care and food and water directives, and includes instructions regarding whether you wish to have a do not resuscitate (DNR) directive and/or pain management or comfort care measures taken
While these documents, along with a will, are key documents for your estate plan, some estate plans will also incorporate a trust. Trusts can be simple and straightforward; others may have a specialized focus, such as trusts for adult children who have special needs.
Sensitive Estate Administration
When a loved one passes away, it is an emotional time for everyone involved. It can be difficult enough to deal with the loss, but you may also be facing the prospects of an estate administration. In Pennsylvania, it is necessary to conduct an estate administration. The executor, either on their own or with the help of an attorney, must collect assets, pay debts, file and pay inheritance taxes, and deal with notification of family members. Estate administration follows a series of rules established under Pennsylvania statutes, which, under certain circumstances, can be complex and confusing. The executor should seek legal assistance promptly after the death of the loved one to prevent any loss of assets and take advantage of any reductions in tax liability that may be available. I probate estates, and if there is litigation brought against the estate, I can help you handle it.