A well designed and executed estate plan can preserve assets and minimize or eliminate the burdens placed on surviving family members and loved ones.

Estate Planning is the process by which individuals ensure that their property passes on at death according to their wishes and in a way that generates tax savings and avoids probate costs. It requires an analysis of your current and future financial situations, and particular expertise in the selecting and drafting of estate planning documents, such as Wills and Trust agreements.  More importantly we ensure you will have the necessary documents to deal with incapacity and end of life issues by providing a full range of power of attorneys and advanced healthcare directives.  What ever you do please protect yourself and loved ones.

Probate

Probate is the process where a deceased person's assets and affairs are dealt with by the deceased person's personal representative. The Probate process can be complex and time consuming. Our Firm can help relieve you of the burdens associated with this process. Whether you require advice or need someone to handle the estate from start to finish, our Firm can provide you with the necessary legal services. Please contact us so we can assist you.

We represent:

• Beneficiaries
• Creditors
• Executor's and Administrator's
• Loved one's

In Pennsylvania there currently is no statutory rate for compensation for attorneys or personal representatives.  Fees are determined on a case by case basis. Initial half hour consultation is free.

Some basic concepts that are usually part of any estate plan are described below.

• Power of Attorney
  • Purpose of a Power of Attorney - Give another person the ability to make decisions as if they were you.
  • Principal - is the person who gives the power.
  • Agent - person who accepts duty to make decisions for the Principal.
  • Decision making power typically given - business interests, stocks, mutual funds, IRA's, gifting, taxes, hospital authorization, medical records and medical decision maker, emergency guardian of children and all other financial and medical decision making.
  • Incapacity- Our POA's can survive the incapacity of the Principal so the Agent can make all Medical and Financial decisions necessary.
  • Durability:  In PA, POA's are durable by law, which means the POA will last until you pass away or you revoke the POA or if you set forth a specific termination date in the Original POA.
• Living Will or Advanced Healthcare Directive 
  • It is a written statement regarding your future end of life healthcare decision making.  You get to make advance healthcare decisions and communicate your wishes now for a time when you will not be able to.  Additionally, you can appoint a decision maker who can speak for you.
  • Enforceability - It is only enforceable if you are incapacitated and in a permanent vegetative state or you are terminally ill.  (Two separate medical opinions are required that you are in one of these states before the document becomes enforceable).  If you are pregnant the living will may not apply.
• Will or a Trust
  • Asset distribution and protection are generally why people have these documents drafted.  Typically they deal with who gets your assets after you pass away and how your estate is to be administered.
  • Beneficiaries:  you get to pick who gets your assets not the state.
  • Establishing trusts for minor Children or Grandchildren may be advantageous if you believe they will not be responsible until a certain age.
  • Depending on your created estate plan you may be able to avoid taxes or at least minimize them with proper planning.
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  • Living Trusts there is a lot of talk about these to avoid probate.  The truth is probate is inexpensive compared to a living trust.  The only time I believe living trusts are worth anything is if you have property in more than one state or if you know you or a loved one has or is going to have a mental or physical disability.  Many new requirements have been passed by the Pennsylvania legislature that creates burdens on the trustee in regards to notice and disclosure to potential beneficiaries. Living Trusts do not offer the protections they once had in Pennsylvania.  It is important to consult with an attorney to see if this type of trust is appropriate.
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  • Special need trusts or supplemental needs trust helps you protect your assets for future generations and maximize government benefits.  They are appropriate if you have more than a million dollars in liquid assets.  The government is creating new rules everyday regarding these type of trusts.  If you need a special trust it will be very specific to your needs and desires and requires individual consultation over a period of time.
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  • Safety Trusts and Dynasty Trusts - If you have several million in assets one of these trusts may be the correct vehicle to maximize the benefits to your beneficiaries and charities
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  • Gifting 

• Amounts to give to avoid taxes:  You may give away $23,000.00 a year plus an inflation adjustment (in 2010 and beyond) to each person you want to and it will be tax exempt, but only $26,000 per couple plus an inflation adjustment (in 2010 and beyond). It is best to consult with us regarding apropriate tracking and reporting of gifting. If you can gift it is a generous and rewarding experience, and you will see the person enjoy the funds.
• To meet financial eligibility limits, by giving early in life you may help your self qualify for governmental services and have your liquid assets not consumed by nursing home costs.  There are limitations and exceptions, including a look back period.
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• Transfer of Real Estate/Home/Business
  • Keep nursing homes or medical assistance from taking your real estate property.  Ways to do it:
  • Give a Life Estate to someone
  • Deed Transfer of your property to a loved one
  • Transfer family business so the asset is not counted against you for governmental benefits.
• Irrevocable Burial Reserve and Funeral Arrangements
  • Purpose of Irrevocable Burial Reserve.  I recommend a $8,000 to $12,000.00 reserve to cover funeral costs etc.  It is a good idea to buy now or set aside funds to pay for your passing (it most likely will occur).
  • Funeral Arrangement's are not part of an estate plan per se, therefore write down what you want done at your funeral and let someone besides your spouse know what you want done. Whether it is traditional, cremation, funeral pyre, bagpipes, or that the ceremony be conducted in Klingon, you should prepare a letter as to what you want and place it in an easily accessible location.   If you want an obituary you can write it and put money aside to pay for it.

Whatever your Estate Planning/Estate Administration needs are, Stone, Duncan, & Associates can provide expert assistance and advice. We will work with you to create the perfect plan that fits your personality and situation.  Please contact us to set up an appointment to discuss your needs.