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Shields and Boris Blog on Elder Care, Health Care, and Caring in General





Blog Category:

Asset Protection

12/11/2009
Frank Jackson
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Avoid Pitfalls of Medicaid

You’ve worked hard and saved all your life; you’re expecting your wealth – your legacy, to pass on to your family without much trouble, right? Think again, estate planning is no longer just protecting your legacy from probate expenses. Today you have to protect your assets from income taxes, estate taxes, market loss, probate fees, Pennsylvania inheritance taxes not to mention long term medical and nursing home expenses.

General

9/11/2009
Frank Jackson
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What's So Bad About Probate?


Probate is a court proceeding.
 

Nobody (except attorneys who do so for a fee) likes going to court.


It takes time. 

When we have to probate an estate, we usually tell clients to expect the process to take about a year. 

You have no privacy. 

All the details of your will, your beneficiaries, your assets and expenses are public record for anyone, even a nebby neighbor, to do what they want.

It is expensive. 

In Pennsylvania, attorneys can charge a "reasonable fee" to go through probate.  On a typical estate this "reasonable fee" is usually 3 to 7% of your gross (not net) estate.

AAPR did a study about probate and called it a "cash cow" for attorneys.  The old attorney joke is how do you make a lot of money as an estate planning attorney?  You write a lot of wills and outlive your clients.  Why make an attorney a beneficiary" of your estate?  Learn how you can avoid probate, and preserve your assets for your loved ones. 



9/10/2009
Frank Jackson
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Long Term Care or Estate Planning? - Find an Elder Law Attorney




Ace Attorneys


One of the myths that I find often believed is that any lawyer can write a trust, a will, power of attorney, or living will.  If this were true, I guess any family doctor could also perform brain surgery.  I have seen so many attorneys who try to be everything to everyone, and make some egregious mistake because they do not practice in a particular area DAY IN and DAY OUT.  They DON'T understand changes in law or potential minefields for the client.  Such an attorney will defend a criminal on Monday, handle a divorce on Tuesday, a bankruptcy on Wednesday and ask you why you are there Thursday - "Oh, yeah, your estate plan."  The idea that a lawyer is a lawyer is a lawyer is not in your best interests.  Find yourself the right lawyer that specializes according to your need.


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