Yardley Estate Planning, LLC is a law firm dedicated exclusively to Estate Planning. Our services include planning for and addressing legacy, inheritance and tax issues; and drafting Wills, Trusts, Living Wills, Powers of Attorney, and other Estate Planning tools and documents.
It is simply preparing for the management and distribution of a persons assets at their death. Estate Planning involves weighing various personal and financial decisions and creating legal arrangements to carry them out. It is generally done through the use of Wills, Trusts, insurance policies, beneficiary designations, and other arrangements like that.
More and more people are turning to the Revocable Trust as the basic document in their estate plan. As its name implies, a Revocable Trust can be revoked at any time by the grantor, the one who establishes the Trust, so holding property in the Trust is very much like owning it outright. Furthermore, the grantor typically acts as a trustee so that he or she maintains complete control over the management of the property placed in the Trust.
Federal Estate and Gift Tax
Much has been said and written about “death” taxes, but in my conversations, I find that most people really don’t know what they are or how they will affect them. This is an overview of the Federal Estate and Gift Tax, and the death taxes and rates applicable in Pennsylvania and New Jersey.
Advanced Directives and Living Wills
A Living Will is the popular name for a document spelling out the general kinds of medical care you would want – or not want – in the event you become unable to communicate with your health care providers. Other names for a Living Will are a “medical directive” or “medical declaration.” A Living Will does NOT impact who gets your property or who is your Personal Representative or Guardian of your minor children – those items are included in your regular Will.
Durable Power of Attorney
A Durable Power of Attorney is a legal document by which someone designates another as his or her agent. The authority conferred is called “durable” because it is exercisable even if the principal subsequently becomes disabled or incapacitated. A principal may provide in the Power of Attorney that the power shall become effective at a specified future time or upon the occurrence of a specified contingency, including the disability or incapacity of the principal