Estate Planning Archives

Estate Planning for Horse Owners

July 26, 2016 By WKCLawBlog

woman-with-horse-300x199 You’ve done it. You’ve completed your estate planning, including the creation of your Will. Your final wishes are cared for. But are they?

If you’re a horse owner, you know that their lifespan is 25-30 years. Did you remember to include instructions for ongoing care of the horse in the event you pass away first?

This article from Karen L. Perch, Ph.D., JD, outlines the items to consider when including your horse in your estate planning. This situation applies to any pet owner or person with animals under their care. From dogs who live 10-15 years to species of parrots who can live 50+ years, ensuring a plan is in place for their care should they survive you is key.

If you’d like to talk about this or any other aspect of your estate planning needs, we’re glad to help. Contact us or call us at 215-257-5114 today.

mikefrisbie-240x300 Mike Frisbie provides individuals and businesses with top level legal services for their everyday situations and problems. Together, they plan and prepare solutions with a litigator’s eye toward avoiding litigation. He takes pride and pleasure in helping people and businesses solve their problems.

This article is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

I Don’t Need a Will. I’m Married.

April 28, 2016 By WKCLawBlog

will-woman-signing Many people avoid preparing a Will because they think, “If I die without a Will, my spouse will get everything anyway, right?” This is a misconception can lead to unexpected – and likely, expensive – consequences. Dying without a Will triggers what is known as “Intestate Succession.” When you die intestate, the disposition of most of your property is controlled by the Pennsylvania Law of Intestate Succession set forth in 20 Pa.C.S.A. § 2101 et seq. Simply stated, if you have not prepared a Will dictating where you want your property to go after your death, then the Commonwealth of Pennsylvania has already decided for you.

The statute lays out a pecking order of who receives your property based upon their relationship with you. A few possible scenarios include:

• If the deceased has no surviving children, grandchildren (otherwise known as “issue”) or parents, then the surviving spouse gets everything.

• If there is a surviving spouse and issue who are issue of both surviving spouse and the deceased (same parents), then the surviving spouse gets the first $30,000, and one-half of the remaining assets. The other one-half is divided between the issue.

• If there is a surviving spouse and issue, but at least one of the issue is not issue of the surviving spouse (not the same parents), then the surviving spouse gets one-half and the other one-half goes to the issue.

• If there is a surviving spouse, no issue, and the deceased’s mother or father survives, then the surviving spouse gets the first $30,000, and one-half of the remaining assets. The other one-half is divided between the surviving parents.

This does not apply to property which has a beneficiary designation, in which case how the property is titled controls where the it goes. For example, if you have a life insurance policy or a retirement plan, then the beneficiaries that you designated control where the property goes. If you have a joint bank account, then the other titled owner will receive it. If you own your house with your spouse as tenants by the entirety, then the deed controls the disposition of that property. A life insurance policy and a retirement plan with beneficiary designations will pass directly to those beneficiary designations.

As people’s circumstances often change, simply updating your Will does not conclude the job of estate planning; beneficiary clauses and title to assets need to be reviewed and possibly changed to ensure a disposition of your property as you intend.

Please give yourself some piece of mind and have a Will properly prepared and executed so that your wishes and desires are memorialized, and your property goes where you want it to go.

Mike Frisbie provides individuals and businesses with top level legal services for their everyday situations and problems. Together, they plan and prepare solutions with a litigator’s eye toward avoiding litigation. He takes pride and pleasure in helping people and businesses solve their problems.

This article is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

General Power of Attorney, a Financial Power of Attorney, or a Durable Power of Attorney. What’s the Difference?

December 1, 2015 By WKCLawBlog

People refer to Powers of Attorney as “General,” “Financial” or “Durable” Powers of Attorney, and in most cases, people are referring to the same document. “General” usually refers to the Principal granting the Agent all types of powers in the event the Principal does not act. Others refer to the Power as a “Financial” Power because for many, the real focus is to assist the Principal with financial actions. The “Durable” portion provides that the “Power” remains unaffected by the principal’s subsequent disability. Pennsylvania law now provides that all Powers are durable. 20 Pa.C.S.A. § 5601.1.

A Power of Attorney (often called a “POA”) is a notarized document that allows you to appoint a person (an agent) to manage your affairs if you become unable to do so. You are the “Principal” which means the person who is giving the “power” to another person. The “Agent” is the person designated by a principal to act on their behalf. For example, if you sign a Power of Attorney for your daughter, Joan, to help you write checks to pay your bills, you are the “Principal” and your daughter Joan is the “Agent.” When you grant someone a power of attorney, they are required to act in good faith and in accordance with your reasonable expectations.

In a typical POA, you provide your Agent powers to assist you with financial transactions (writing checks), entering into contracts, or selling real estate. However, Pennsylvania law provides a long list of powers that can be delegated to an agent. More recently, there have been several significant changes to the Power of Attorney law in Pennsylvania. There were significant abuses by Agents which caused the Legislature to make changes to the law which were effective January 1, 2015. Older Powers of Attorney, assuming they were properly prepared and executed, remain valid. However, it is wise to take another look at this as people and businesses (a bank) that may rely upon a power of attorney may be unfamiliar with old Powers and may only accept newer Powers.

A guardianship for an incapacitated person will be necessary where there is no advance planning (i.e., Power of Attorney). This means that if you do not have certain documents in place such as a Power of Attorney, guardianship procedures may be necessary to protect someone against his or her own incapacity. Guardianship procedures can be expensive, cumbersome, and the outcome is uncertain.

Preparing a POA is a common estate planning tool to assist you in the event of possible future incapacity and simply to assist you with certain transactions. It is a better alternative in most cases than placing assets in joint names. Please contact us so that we can discuss your plans with you in more detail. I look forward to hearing from you.

This blog is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

What is a Living Will or Advance Directive and How Does it Relate to a Health Care Power of Attorney?

November 16, 2015 By WKCLawBlog

When people refer to a Living Will or an Advance Directive in Pennsylvania, they are referring to the same thing. In Pennsylvania, adults — with a few exceptions — have a right to decide whether to reject, accept, limit or discontinue medical care/treatment. You have the right to make your own health care decisions as long as you have the capacity to do so. If someday you are unable to make those decisions, then the Living Will is your written expression of your intentions about the medical care you would like to receive. The Living Will allows you to retain control over your life — whether it should be controlled by the use of artificial means in the event you are incompetent, in a terminal condition or are permanently unconscious.

This Living Will law permits you to name someone as your surrogate to make those same decisions. However, your chosen surrogate may only make the decisions regarding your care governed specifically by the Living Will, not all health care related decisions. The law in Pennsylvania also permits you to make decisions about treatment such as cardiac resuscitation, mechanical respiration, feeding tubes, blood products, surgery, dialysis, and antibiotics. Some religious faiths distribute their own preferred forms.

When I speak with clients about Living Wills, I often speak with them about preparing a Health Care Power of Attorney as well. A Health Care Power of Attorney (Healthcare POA) is also a written document where you authorize someone (your Agent) to make health care decisions for you in the event you are cannot make those decisions yourself. The Healthcare POA has broader application than the end of life circumstances of a Living Will. You grant your Agent the power to act as your Agent in all health care related decisions in the event you cannot.

One of the biggest advantages of a Healthcare POA is that it permits a health care provider to speak with your Agent. Many clients tell me that the reason for their wanting a Healthcare POA stems from personal experiences where doctors were not permitted to speak with them about their parents’ health due to the privacy concerns controlled by HIPAA (The Health Insurance Portability and Accountability Act of 1996). A Healthcare POA can overcome this possibility.

These documents need to be prepared and executed prior to the time you might need them. The preparation and signing of both documents, along with a Will and a General Power of Attorney, are a good foundation for your Estate Planning. I am happy to discuss these with you. Contact me here or call our office at 215-257-5114.

This blog is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Do I Really Need a Will?

April 28, 2015 By WKCLawBlog

So, you may be asking yourself, “Do I really need a will if I have little property or money?”

Many people think that their “children will handle everything” or that they “don’t have much” so they don’t need a will.

However, the answer is a clear “Yes. You need a will.”

A will is simply a legal declaration of a person’s intentions of what they would like performed after their death. If you have a will properly prepared and executed in place prior to your death, then you can determine how you would like your assets divided. It provides you the opportunity to name an Executor who will carry out your intentions after your death. If you have minor children, you can express your intentions on selecting a guardian for your children.

At an initial Estate Planning Consultation, we sit with you and discuss what you would like to happen to your home, property, and any other assets. We work with you to prepare a will that expresses what you want to happen, and make sure that the will is properly executed under Pennsylvania law so that it will be followed.

Alternatively, without a will, your money and possessions will be distributed by a pre-determined formula fixed by Pennsylvania law. This means that your spouse may have to share assets with other family members not of your choosing. Without a will in place, there can be delays in the final distribution of assets. And, importantly, it could result in your minor children being placed in the care of a court-appointed guardian rather than with the people you would prefer to care for them.

You should take the time to plan and prepare a will, and we can discuss other helpful estate planning documents, including a Power of Attorney and an Advanced Care Directive. Please give us a call.

This blog is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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Estate Planning for Horse Owners

I Don’t Need a Will. I’m Married.

General Power of Attorney, a Financial Power of Attorney, or a Durable Power of Attorney. What’s the Difference?

What is a Living Will or Advance Directive and How Does it Relate to a Health Care Power of Attorney?

Do I Really Need a Will?

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