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At Marks Elder Law we remain committed to serving you and meeting your legal needs promptly – more than ever in these demanding times. Our office is again open for any work that can’t be effectively done remotely, including meeting with clients (though we still use videoconferencing, phone and email as well)

Having up-to-date estate planning arrangements in the form of Powers of Attorney and Wills, at least, is crucial to peace of mind as well as actual preparedness. You may benefit from taking your planning a step further with a Revocable Trust, and some families absolutely need Special Needs Trust type planning  for any family member with a disability.

If you are headed toward expensive long-term care such as in a nursing home, you must seek expert advice to protect yourself, your assets and your family.  With the right advice, long-term care patients and their families get a much, much better bottom line result. We can help you protect your assets.

Finally,  if a loved one has died, we also provide expert assistance to help you wind up their affairs  and administer their estate. These are some ways in which we  at MARKS ELDER LAW  may be able to help you.  Please keep reading, and call or email today.

 

I have a solid estate plan in place. Why revise it?

| Nov 25, 2019 | Firm News

Most Pennsylvanians agree that an estate plan is important, but not everyone has one in place. If you are a part of the proactive group who got this off your to-do list from early on, you may wonder, what is the point of changing it now? The truth is that you may not need to update your estate plan at all.

However, if you have experienced certain life changes, no matter how solid your original estate plan is, you may need to revise and update it. Life changes that affect your family makeup, living arrangements and income status may all create the need for an update. Here are a few of the most common reasons that Forbes identified.

Your marital status changed

If you marry or re-marry, this may create some complications, especially if you have children from a former marriage. Joint accounts with the current spouse may cause you to accidentally disinherit your children. If you get divorced, you may wish to remove your ex-spouse as a beneficiary.

You become a parent

Whether you have a biological child or adopt one, becoming a parent may give rise to some necessary changes in your estate plan. You may wish to ensure that your child becomes a beneficiary. Some parents also appoint a legal guardian and put a trust in place to protect the children’s inheritance should something ever happen to the parents.

You buy or sell a business

This can have a significant impact on your assets. If you sold the business, some of the assets listed in the original estate plan may no longer exist. You may also now have more cash to dispose of. If you buy a business, you may need to decide who gets what in the event of your passing.

There are many reasons you may need to review your old estate plan. This may seem like a hassle at first, but it gives you the opportunity to account for new priorities.