McClellan Legal LLC Estate Planning & Tax Assessment Blog

Monday, May 6, 2019

Disinheriting Someone: Proceed with Caution

There are situations that arise when your estate plan may include specifically disinheriting someone.  My clients have mentioned several reasons to disinherit an individual, including: an estranged relationship with the individual, the individual is financially irresponsible, or the individual is already financially better off than other potential beneficiaries.  Of course, there are many other reasons that a person may be disinherited. 

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.
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Monday, May 6, 2019

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.

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Thursday, April 11, 2019

Consider Appealing Your Assessment Again in 2019

Based on recent changes in the Common Level Ratio (CLR), 2019 is the perfect time to consider appealing again.  The Common Level Ratio reflects an average property value appreciation for the county as compared to a base year assessment (e.g., 1998).    

Understanding Common Level Ratio

The CLR for Chester County has been trending up over the last several years:

     2011: 1.
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Thursday, April 11, 2019

Have You Protected Your Spouse Via Planning?

My clients tell me that protecting the financial well-being of their spouse is one of their most important planning objectives.  Clients are often concerned with ensuring that enough assets go to their spouse and ensuring that their spouse has the experience to confidently manage the assets.  Estate planning can solve these issues to 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.
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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.
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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.

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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.
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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.

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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.
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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...

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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.

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113 South Broad Street, Kennett Square, PA 19348
| Phone: 610-444-5552

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