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Estate Planning Essentials for Unmarried Couples in Bucks County, PA

Estate planning helps ensure your financial and personal assets are distributed according to your wishes if you are incapacitated or after your passing. While it’s an important task for everyone, estate planning carries special significance for unmarried couples. In this article, we’ll explain why estate planning in Bucks County, PA is particularly critical for unmarried couples and provide a step-by-step roadmap to ensure peace of mind.

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What Is Estate Planning and Why Do I Need It?

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What is Estate Planning?

Estate planning is the process of getting your personal and financial affairs in order in the event you become mentally incapacitated or die.  The basic documents of your estate plan will include a last will and testament, a power of attorney and a living will. Continue Reading What Is Estate Planning and Why Do I Need It?

Estate Planning and Retirement Considerations for Late-in-Life Parents

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People are having children later and later in life. Janet Jackson gave birth to a son at 50, while Steve Martin discovered the joys of parenthood at 67 (decades after starring in the movie Parenthood).

But becoming a parent later-in-life has its challenges, including certain estate planning and retirement considerations.

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The Gifting Season is Here: What to Know Before You Give

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We’re thinking a lot these days about gifting, and not just because the holiday shopping season is upon us.

Gift giving is an act of kindness, a way to demonstrate our love and affection for people, but it’s also an essential tool in the world of estate planning.

What do we mean? Well, you might want to give away assets while you’re still alive so that they aren’t included in your estate and open to taxation after your death.

We understand this impulse. It not only makes financial sense, but you’ll get to see your loved ones enjoy your gifts. However, it’s important to think about the tax implications that might apply before you act.

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What is an Elder Law Attorney?

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What is an elder law attorney?

The dictionary definition of an “elder law attorney” is simple: an advocate for older people, and their loved ones.

But talk to Garrett Gummer, a longtime Bucks County elder law expert, and you’ll get a much more nuanced answer. It’s a role that covers everything from estate planning to will preparation to powers of attorney and healthcare powers of attorney to setting up trusts.

“If your parent or grandparent has to go into a nursing home, we help protect their nest egg,” he says. “There are ways to do that if you properly plan for it.

“If a loved one dies, we help you administer their estate if you’re appointed as the executor. Or if they haven’t done a proper power of attorney, sometimes it’s necessary for us to petition the court to have you or another family member appointed guardian.”

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How Will the New Tax Law Affect You?

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Signed into law late in 2017, the Tax Cuts and Jobs Act slashed the corporate tax rate from 35 percent to 21 percent.

Proponents of the law say it will stimulate the economy and create jobs, but how does it actually affect you? We should also note that everything we describe below will end after 2025, assuming legislators don’t vote to extend the cuts.

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The Duties of the Executor of a Will

wills in Bucks CountySo, you’ve been named the executor of a will. It’s not a job to take lightly. Dealing with wills in Bucks County – or anywhere else – means managing the administration of a person’s estate after they die.

And while the amount of time you need to commit to this role can vary, administering even a small estate comes with important responsibilities.

Here are a few of the things you’ll be expected to do as the executor of a will.

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Why You Need to Update Your Estate Planning Documents

Estate Planning Attorney in Bucks County

Wills and trusts are binding legal documents, but that doesn’t mean they’re written in stone. They can be altered as the circumstances in your life change. In this blog post, we will review  why you may need to update your will, living will or trust.

1. Marriage or divorce

If you’ve just gotten married, you’ll want to determine what portion of your assets should go to your spouse following your death.

If this is a second marriage or you have children from a previous relationship, you may need to consult with an estate planning attorney on how to provide for all your loved ones.

And although getting divorced usually cuts your spouse out of your will, you’ll still need to determine other matters, especially if your will had called for them to serve as your executor or guardian of your children.

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