If you’ve worked your whole life to build assets, create a business, set aside property or savings, you want to ensure all your assets and property is distributed according to your wishes. Especially if you have a considerable estate, estate planning requires more than a simple will. Also, if anything about your estate is non-traditional, you may need a few legal instruments to protect yourself and your loved ones.
Signs You Need an Advanced Estate Planning Attorney in Berks County or Your PA Community
If you have a sizable estate, state tax authorities and the IRS may demand considerable taxes from your beneficiaries, reducing the size of your bequeathed property and preventing you from passing on your hard-earned estate as you wish.
You want your assets to go to your loved ones, not the IRS. Advanced estate planning can help you develop strategies right now to help limit the tax burden your beneficiaries will have to face, ensuring more of your property will be distributed how you want it to be.
You might also want to contact an advanced estate planning attorney in Reading, PA or the surrounding area if there is any risk your family may struggle with the size of your estate or with probate. If you expect there may be disagreements over how your estate will be distributed — even if you clearly state your wishes in a will, if your family members or beneficiaries have struggled with bankruptcy or if they may not be able to manage a larger estate, an estate planning attorney can develop a trust or other instruments to protect your family in ways that outright distribution cannot.
You may also need advanced estate planning in the following situations:
- One of your beneficiaries is disabled. In these cases, it’s important to preserve your loved ones’ ability to secure government funding and benefits while also having access to the assets you wish to leave them.
- You have unusual assets. Any non-traditional assets need to be reviewed by an estate planning attorney to ensure your beneficiaries can secure the assets without undue probate or tax issues.
- You have a business to pass on, so succession is an issue. An estate planning attorney can ensure the company you have spent years building will not close its doors simply because you cannot remain at the helm.
- You have unique requests as part of your will or estate planning. If you want to provide for a pet or if you have any special requests or requirements, it’s best to get legal help to ensure your wishes are carried out.
In all of these cases, an estate planning attorney can listen to you and help you create a customized plan for your investments, property and other assets.
Estate Planning in Pennsylvania
Pennsylvania law offers a number of options for people who want to protect their assets and their families. Depending on your situation, a simple will may prove to be enough. However, you may be able to protect your estate even further with:
- Asset Protection
- Qualified Personal Residence Trusts
- Family Limited Partnerships
- Special Needs Trusts
- Irrevocable Life Insurance Trusts
There may be other legal instruments to help you as well. To determine which options provide the best peace of mind for you, contact an estate planning attorney in your Pennsylvania community to review all your options. An attorney can look at your assets, discuss any likely undesirable situations that may arise and help you create a personalized estate plan designed to protect your family and your family’s future.
Start Preparing for the Future Today
If you need an advanced estate planning attorney near Reading, PA, contact Miller Law Group. Our law firm is pleased to serve Berks County and the Reading area. Contact us for a consultation today.
Our caring attorneys have worked with many families and business leaders in our community who have sensitive concerns. Our goal in every case is to provide the highest standard of legal care and support for you. We understand estate planning can be a difficult time, and our staff can provide you with the legal representation you need so your hard-earned assets are distributed according to your wishes.