Pennsylvania Estate Planning
For most people, the term "estate planning" means deciding who will receive their possessions after they die. It seems like something that there is plenty of time to think about later, and there is always something more pressing to do today. As a result, estate planning gets put off longer and longer—sometimes until it's too late.
The truth is that estate planning is about much more than giving away assets, and that you need an estate plan while you are alive, not just in anticipation of death. The real purpose of an estate plan is to give you control over what happens to you and your assets, and to give you peace of mind.
Benefits of Estate Planning for NEPA Residents
Estate planning is not just for the wealthy or elderly. If you are an adult, you need an estate plan if:
- You have minor children. Without an estate plan, if you and your children's other parent die, a judge will choose the children's guardian and who will control their property until they turn 18. This person may not be the person you would have chosen. And when your children turn 18, they are entitled to receive their entire inheritance—whether or not they are ready to handle it.
- You have adult children. An estate plan makes your wishes clear, prevents fighting among your heirs, and reduces stress on them from trying to discern what you would have wanted.
- You don't have any children. If you want your estate to go to a charity you care about or to people who aren't related to you, you need an estate plan. An estate plan can also name someone to manage your finances, health care, and personal business if you become unable to.
- You want to minimize taxes. Very few people are subject to the federal estate tax, but don't realize that Pennsylvania has an inheritance tax that can take a big bite out of an estate. Proper planning can minimize this.
- You own a small business. If you've devoted part of your life to nurturing a business, estate planning can help it survive to benefit the next generation, or whomever you choose.
- You want control over your own future. Life is unpredictable, and a sudden illness or accident could change things in a single moment. What will happen to your finances if you become incapacitated? Who will make your medical decisions? An estate plan containing financial and health care powers of attorney means someone that you choose can seamlessly step in to protect your interests without the delay and expense of court proceedings.
In short, estate planning provides peace of mind for you, so you know that whatever happens, your wishes will be known and honored and your family provided for. Estate planning also extends peace of mind to those you love most. They will not have to worry about what will happen to them if something happens to you, and they will be able to confidently carry out the wishes that you have made known.
Experienced Estate Planning Attorney Serving Lackawanna, Luzerne and Surrounding NEPA Counties
Now that you understand why you should have an estate plan, LaMonica Law Firm LLC is ready to help you design an estate plan based on your unique circumstances. Attorney Carlo LaMonica has devoted his entire legal career to Pennsylvania estate planning. At LaMonica Law Firm, we are committed to helping you create an estate plan customized to your needs in a responsive, comfortable environment.
We know that thinking about estate planning can be stressful. We work with you to make it a positive experience that will help you and your loved ones breathe easier.
Learn More or Contact Our Law Office
We invite you to learn more about our estate planning practice. We have two office locations conveniently located in the Minooka area of Scranton and on Market Street in Kingston. LaMonica Law Firm works with clients throughout NEPA, including Lackawanna, Luzerne, Wayne, Wyoming, and Susquehanna Counties.
Contact us today to get the conversation started. We look forward to working with you.