People in Abington Township might assume that they do not have complicated estate planning needs.
They may think that complicated estates only involve those who have acquired a lot of wealth over their lives.
The temptation might be to try to put together a simple estate plan themselves by, for example, using an online resource.
Even if the plan they put together is legally valid, it may turn out that the plan simply does not meet their needs. They or their loved ones may find this out after it is too late to change course.
People may have more complicated estate planning needs in any one of the following circumstances:
- As mentioned, people of means will likely need more than a simple will, even if they fall below the federal estate tax threshold.
- People may need to qualify for Medicaid in order to afford long-term care. This will require additional estate planning.
- Family dynamics can make an estate more complicated, even if there is no outright hostility. Multiple spouses, a tense marriage, and children from a prior relationship can make an estate more complicated. Even families who have children of a wide range of ages could need to create a more detailed estate plan that will provide for the younger children.
- Likewise, a person facing financial problems or who has complicated business dealings may need to take additional estate planning steps.
- A person who has a loved one with special needs or personal problems may have complicated estate planning needs.
We can tailor estate planning solutions to meet a family’s unique needs
Pennsylvanians should not assume that their estate plan will not be complicated just because they do not consider themselves wealthy.
There are many reasons why creating a trust or taking other steps might be the best option for a Montgomery County resident.
The good news is that, with enough preparation, a family can usually create an estate plan that will best serve their unique needs and circumstances.