When it comes to estate planning, most of us think about the golden years. Many families don’t consider the importance of creating an estate plan now, including the significant potential tax benefits, to protect them in the future. You can do more than you’d think with a tailored estate plan, but it takes help from the dedicated team at Mette Law.

Western Pennsylvania Business and Family Succession Planning

Most estate planning involves eventualities, such as retirement, death, or sudden medical incapacitation. Our experienced wills and trusts attorneys can help business owners, individuals, and couples create and finalize the following essential estate planning tools:

Wills

Your last will controls the distribution of your property and debts upon death. Without a will, your real and personal property passes via Pennsylvania’s complicated intestate succession laws (20 Pa. C.S.A. §§ 2101, et seq.). These laws can force your spouse to split your estate with estranged parents or children, regardless of your relationship.

Wills are legal documents that override the Commonwealth’s default inheritance laws, but they must be executed and drafted in accordance with specific legal requirements. Discuss the benefits of implementing a Pennsylvania will at any age with our experienced wills lawyers.

Trusts

Trusts are a valuable but often underused legal tool that allows grantors to bypass specific probate (orphans’ court) and even tax laws. They are a great way to plan for your business’s future. By placing certain assets into a trust fund, you remove them from your estate while giving you the right to retain control. Examples of common Pennsylvania trust accounts include the following:

• Revocable trusts (living wills)
• Irrevocable trusts
• Spendthrift trust accounts (limit spending ability)
• Charitable trusts
• Marital trusts
• Life insurance trusts
• Special needs trusts
• Testamentary trusts (arise under the will)

Many trusts have tax benefits, especially for high-asset estates and business owners. Adult children can also benefit from planning for their parents’ long-term care by placing their assets in trust.

Estate Planning for Minors and Adult Dependents in Pittsburgh

Many clients don’t know that estate planning also includes essential protections for minor children, adult children with disabilities, and families during medical emergencies. Our estate planning lawyers can help you prepare guardianship paperwork, powers of attorney (complete or limited), and healthcare proxies to ensure your family is protected in emergencies.

These revocable documents grant another adult authority to make business, healthcare, or child-rearing decisions on your behalf. We especially recommend developing a contingency plan if you’re in the military, have a complex family or child custody situation, or need to provide for the care of adult dependents as you age.

Pittsburgh Estate Planning Attorneys

Don’t leave your future to chance. Protect your business and family the right way with help from the experienced elder law and estate planning lawyers at Mette Law.

For clients navigating long-term planning after an accident or loss, our Pittsburgh personal injury lawyers can also help you understand additional legal protections available to your family. Call (717) 232-5000 or connect with our Pittsburgh legal team online to discuss how estate planning now can benefit your future.