Share

McClellan Legal LLC Estate Planning & Tax Assessment Blog

Thursday, April 9, 2020

Protecting Your Spouse with Estate Planning


My clients often tell me that protecting the financial well-being of their spouse is one of their most important planning objectives.  These clients are concerned with ensuring that sufficient assets go to their spouse and that their spouse has the experience to confidently manage these assets.  Proper estate planning can solve these issues and protect a surviving spouse.

Ensure Transfer of Assets to Your Surviving Spouse

In many states (including Pennsylvania), a surviving spouse may not automatically receive all the assets owned by a deceased spouse.  For assets that are jointly owned by both spouses, this is not usually an issue.
Read more . . .


Thursday, April 9, 2020

Estate Planning Is Not Only for the Wealthy


Everyone over 18 years old, despite whether they are married, have children, or have a large net worth, will benefit from preparing at least a basic estate plan.  You will want estate planning in place in case you become temporarily or permanently incapacitated, or unable to make these decisions or care for yourself due to various mental and physical issues.

There are a few basic documents that everyone needs.  A basic estate plan includes a Will, Durable Power of Attorney, Health Care Power of Attorney, and Living Will.   The Will serves to designate beneficiaries for your property and name guardians for any minor children.
Read more . . .


Thursday, March 19, 2020

Estate Planning During the Coronavirus


The Coronavirus pandemic greatly impacts our lives in ways that many of us could have never imagined. Our daily activities have changed. Families are spending more time playing board games, watching movies, and talking to each other at the dinner table. Of course, we are adversely impacted by new stresses added to our lives due to the limitations on our ability to interact with friends, go to school, earn income, and move freely. During this difficult time, it is important to remember that we are all in this together, and the team at McClellan Legal is always here to assist you.


Read more . . .


Wednesday, February 19, 2020

Naming Guardians for Minor Children


Who will care for your minor children if you cannot? For those with minor children, there is no more important estate planning decision than naming guardians for your children.  In fact, the birth of a child is one of the major life events that triggers my clients to begin estate planning.  A guardian is an adult that you designate in a Will to care for a child if both parents pass away before the child reaches the age of majority.  While it’s difficult to imagine that situation, it is important that parents designate a guardian because otherwise a court may choose your next of kin for this role, but that person may not be your first choice.

Quite often parents struggle to designate a guardian.
Read more . . .


Wednesday, February 19, 2020

Five Things to Know When Disinheriting Someone


There are situations that arise when you decide to specifically disinherit someone.  My clients have mentioned several reasons to disinherit an individual, such as: an estranged relationship with the individual, the individual is financially irresponsible, the individual is already financially better off than other potential beneficiaries, and more.

Who Is Disinherited?

Who are the usual disinheriting targets?  There is no need to disinherit someone that wouldn’t naturally receive an inheritance at your death.  Disinheriting targets are those that stand to lose out if you move forward with a new Will.  Hence, are you changing the status quo?  In most situations, your spouse and children are your natural heirs.
Read more . . .


Friday, January 17, 2020

How the SECURE Act Impacts Your Retirement Planning


In late December, 2019, The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law and became effective in early January, 2020. The SECURE Act contains both benefits and drawbacks that may lead you to reconsider your retirement planning.

Advantages

The SECURE Act increases the forced withdrawal age from 70.5 to 72 years old. This means that you can wait an extra year and a half before taking out any money from your retirement accounts, unless you have reached age 70.
Read more . . .


Friday, January 17, 2020

Top Five Triggers for Updating Your Will in 2020


Many people neglect to occasionally review their estate planning documents after its execution. However, your Will should be updated when your personal circumstances change, which could happen at any time.  The passage of time in itself is not a trigger to change your Will.  Your Will is like your home: if properly maintained, your home will last a very long time.  Likewise, if properly updated, your Will can also have a greater longevity.
Read more . . .


Friday, November 22, 2019

Isn't Estate Planning Only For The Wealthy?


Many people believe that estate planning is only for the wealthy.  The fact is that everyone over 18 years old, despite whether they are married, have children, or have a large net worth, will benefit from preparing at least a basic estate plan.  You will want an estate plan in place in case you become temporarily or permanently incapacitated, or unable to make these decisions or care for yourself due to various mental and physical issues. If estate planning is beneficial for everyone, what is estate planning?

There are a few basic documents that everyone needs.  A basic estate plan includes a Will, Durable Power of Attorney, Health Care Power of Attorney, and Living Will.
Read more . . .


Friday, November 22, 2019

Do Your Parents Have an Estate Plan?


Discussing estate planning can be difficult, or even avoided, due to the heaviness of the topic. Those who do speak with their parents regarding estate planning may get a simple answer in return, such as: "Don't worry, we took care of that years ago!"  or "It's all settled, there's no need to worry."  

However, it is important to understand children’s concern regarding their parents’ estate planning because a parent’s lack of planning will negatively impact their children. Typically, children are called upon to help their parents during their incapacity and to administer their estate.  Without proper estate planning, children will be burdened with unnecessary delays, costs, taxes, and stress.


Read more . . .


Friday, October 18, 2019

Five Essential Documents for Estate Planning


During our initial call, our new clients commonly ask us to draft only a Will. We like to explain to our clients that estate planning is more than one document. Instead, you will need a few documents that work together to best express your wishes and achieve your estate planning goals. Our basic estate planning includes a Will, Durable Power of Attorney, Health Care Power of Attorney, and a Living Will. The last essential document is the Beneficiary Designation Form, which you obtain from the bank.
Read more . . .


Friday, October 18, 2019

Are your Out-of-State Estate Planning Documents Still Valid?


People move from one state to another for a myriad of reasons: better education for their children, job relocation, retirement, etc. Moving can be stressful and all-encompassing. Once you have settled into your new home, you may believe that the moving process has been completed. However, you should consider updating your estate planning documents to reflect your move.

If your Will was properly executed in one state (e.
Read more . . .


← Newer12 3 4 5 6 7 Older →

Archived Posts

2020
2019
2018
2017
2016
2015
2014
2013
2012


McClellan Legal LLC is located in Kennett Square and serves clients throughout the areas of Avondale, Chadds Ford, Coatesville, Downingtown, Landenberg, Oxford, Phoenixville, Pottstown, West Chester, & West Grove.



© 2020 McClellan Legal LLC | Disclaimer
113 South Broad Street, Kennett Square, PA 19348
| Phone: 610-444-5552

Estate Planning | Assessment Appeals

FacebookTwitterLinked-In Personal

Law Firm Website Design by
Zola Creative