Recently, the Superior Court of Pennsylvania upheld a Philadelphia County Court of Common Pleas judge’s decision not to enforce an arbitration agreement in a nursing home contract that was signed by a resident’s wife without his knowledge. Despite that decision, numerous courts in Pennsylvania and around the country have enforced compulsory arbitration clauses, which are often unknowingly signed by consumers, the elderly and others, which force people to give up their right to a jury trial.
Many people don’t want to think about their end-of-life affairs, but if they don’t plan carefully, they may leave their families out in the cold—or with a dilemma on how to handle their estate. Hiring the right estate planning attorney can help you decide how to transfer your assets while minimizing complications and simplifying or eliminating the payment of death taxes for your loved ones and surviving family members. A well designed estate plan benefits everyone, not just “the wealthy.” Meeting with an attorney and establishing an estate plan makes the process easier, especially if you anticipate health issues or you have a lot of valuable possessions and assets.
To successfully map out your estate plan, you should find an experienced estate planning attorney who can educate you on all the options, while also helping you avoid legal pitfalls. We’ll briefly outline some different estate planning options below so you can familiarize yourself with avenues you may want to consider. Continue reading “Estate Planning: What You Need to Know”
Nightmare #1: You’re happily remarried and have established a fine life with your new spouse, then die unexpectedly and your life insurance policy pays out—to your ex-wife.
Nightmare #2: Your grandchild develops a debilitating illness and now has to rely on disability payments and Medicaid to supply his needs. Upon your death, one of your life insurance policies is paid to him—and he loses all government assistance.
Nightmare #3: Most of your assets are in a sizeable IRA, which you are counting on to support your spouse should you pass away. Upon your death, the IRA is paid out to your estate and is not only divided up among all the residuary beneficiaries in your will, but must also be paid out—and taxed—within five years of your death instead of providing for your spouse for the rest of her life.