Share

McClellan Legal LLC Estate Planning & Tax Assessment Blog

Monday, February 25, 2019

Inheriting Retirement Assets is Tricky Business


For most people, a very large amount of their wealth is associated with their retirement accounts including traditional IRAs, Roth IRAs, 401ks, etc.  However, retirement assets are often overlooked during the estate planning process.  Do you have retirement assets that would result in a payout of over $100,000 per beneficiary?  If so, you must keep reading.  Even if you do not currently have a large retirement account, this article provides some solutions to common mistakes regarding inheriting retirement assets.  Ignoring retirement assets is the single biggest mistake that I've seen in estate planning.
Read more . . .


Thursday, February 21, 2019

Five Tips Every Executor Must Know


Probate is an administrative legal process that takes place once someone passes.  The executor has an important role of juggling this process, as he or she is responsible for protecting the decedent’s assets, obtaining the death certificate, filing probate forms, and more.  It’s the executor’s job to ensure the process is done properly and the assets are distributed to the beneficiaries.

The executor’s job usually spans over the course of year and could take longer in some circumstances.  Executors should be mindful that many administrative tasks include deadlines.


Read more . . .


Thursday, February 14, 2019

Top 5 Triggers for Updating Your Will


When should you update your Will?  A 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.  

The most common triggers for updating your Will include: changes in family, wealth, health, state residence, and tax laws.


Read more . . .


Thursday, February 14, 2019

PA Doesn't Protect Digital Assets, But You Can


Since the invention of the Internet, most people have accrued various forms of digital assets. What happens to these digital assets when you pass or become incapacitated? Now that many websites and applications require intricate passwords that are difficult to guess, many accounts remain inaccessible to loved ones. Your loved ones may not be aware of all of your digital assets, either. However, with proper estate planning, you can remedy this issue.

 What are Digital Assets?

Digital assets are anything of emotional or monetary value that you own in a digital format, such as pictures, documents, music, or cryptocurrency.
Read more . . .


Monday, January 21, 2019

Estate Tax Planning Essentials in 2019


One of the most common goals of my estate planning clients is to minimize the tax burden on their estate.  As we start 2019, we need to reevaluate our planning considering the new tax laws.  There are two potential taxing authorities that we consider when minimizing your estate tax burden: the federal government and your state government. 

Federal Estate Tax

From a federal perspective, very few estates are taxable because the taxable threshold is over $11 million per individual.  Therefore, you must leave an estate worth more than $11 million (currently $11.


Read more . . .


Monday, January 21, 2019

Trusts 101: Balancing Protection & Control


Some people are initially hesitant to discuss trusts in their estate plan.  They think that a trust is too complicated, too expensive, or simply unnecessary for their relatively modest estate.  However, everyone should understand how trusts work and then decide if trust planning should be implemented to protect their family.

Types of Trusts

Trusts come in many different varieties.  The two most common options when designing a trust include: living trust v.
Read more . . .


Monday, June 18, 2018

Do Mom & Dad Have a Will? Don't Wait to Ask.


It is often considered a little taboo to discuss estate planning with your parents.  Even if you do not consider it taboo, some find it awkward to bring up a topic with family members that focuses on incapacity, death, and money.  Some people ask their parents about estate planning and get a simple answer in return...


Read more . . .


Monday, June 18, 2018

Don't Make Estate Planning's Biggest Mistake


When developing your estate plan, I do not recommend following Ron Popeil’s catchphrase of “Set it and forget it!”  Estate planning requires a coordinated effort of drafting and reviewing various documents to ensure that your assets are distributed according to your wishes.   One of the biggest makes in estate planning is not completing/updating your beneficiary designation forms for life insurance, retirement accounts, etc. 

Beneficiary Designations for Non-Probate Assets

Most people are aware of the importance of executing a will to distribute their assets to their loved ones.  Assets that pass via your will are distributed via a court supervised process known as probate.  These probate assets include all property individually owned by the deceased that do not include a designated survivorship interest.


Read more . . .


Tuesday, May 15, 2018

Four Planning Musts for Parents of Minor Children


Estate planning for minor children is critical for young families.  However, must people don’t know where to start to ensure that their family is protected.  There are four major issues that need to be addressed: 1.) select a guardian, 2.) select a trustee to manage the child’s inheritance, 3.
Read more . . .


Tuesday, May 15, 2018

Living Will: How is it Different from a Will?


Many people ask me to explain the difference between a Living Will and a Will. They are two completely different documents and address different issues. A Will is only implemented when you pass away and allows you to select the beneficiaries of your estate, the executor of your estate, and name guardians for any minor children. A Will also allows you to describe how and when your beneficiaries will receive their inheritance.

A Living Will is a health care document that allows you to retain control over whether you want your life to be prolonged using artificial means when you are incapacitated and have a terminal condition or are permanently unconscious.
Read more . . .


Sunday, April 15, 2018

How to Minimize the Tax Burden on Your Estate

One of the most common goals of my estate planning clients is to minimize the tax burden on their estate.  There are two potential taxing authorities that we consider when minimizing your estate tax burden: the federal government and your state government.  To minimize the tax burden, it’s important to understand how your estate is taxed.


Read more . . .


← Newer12 3 4 Older →

Archived Posts

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.



© 2019 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