Could you be doing more to manage your estate and protect your assets?





Are you doing a good job of protecting and managing your assets? Surprisingly, it appears that many high-net-worth families could use some good estate planning help. A report issued last year titled “Protecting the Family Fortune” revealed some compelling data. It seems that a majority of wealthy family business owners do not have asset protection strategies, are not updating their estate plans, and don’t have succession plans.

In addition, while some successful family businesses do have basic succession, trust and estate plans, they are often simple plans that are made and then basically forgotten. If this sounds like you, take heed: failure to take care of and actively manage these important details could leave your professional and personal interests vulnerable.

The report found that many families avoid tackling estate planning head on, as the resulting discussions can create uncomfortable issues within a family. Other families stated that updating their estate plans would be too costly or time consuming. Unfortunately for these individuals, failing to keep their estate plans up to date could result in greater losses from unnecessary attorney’s fees, avoidable taxes, and other such difficulties. Regardless of how daunting it may seem to create or update an estate plan, families and individuals in Pennsylvania should consult an estate planning law firm like Shields and Boris.

Important aspects of estate management

If you want to ensure that your estate is being properly managed, consider these important issues:

  • Living Trusts: a living trust is a way to hold on to your benefits and assets until your death, when it can be passed on to your heirs. A well designed trust can help you avoid issues with probate, minimize court involvement, save on federal estate taxes, reduce attorney’s fees, and more.
  • Estate Administration and Probate: if you are responsible for estate administration and probate after the death of a loved one, a good attorney can help you with issues like proving a will, paying and collecting debts, filing and paying estate taxes, and probate costs.
  • Asset Protection: it is important to develop a comprehensive long-term plan for your estate in the event that you require long-term care. An estate planning attorney will ensure that your assets are properly protected, shielding your family and your benefits.
  • Veterans Benefits: you might be surprised at the number of veteran’s benefits that are available for disabled and elderly veterans. An elder law attorney can help you determine if you qualify for medical benefits, nursing home care, or aid and attendance.
  • Special Needs Trusts: if you are responsible for a family member with special needs, it is important to ensure they will be cared for when you are gone. Let an experienced attorney guide you in creating a special needs trust, so you can be assured that your loved one’s future is secure.

To speak with attorneys familiar with Pennsylvania elder law and estate planning issues, please contact the Pennsylvania law offices of Shields and Boris.

Elder Law Offices of Shields and Boris

109 VIP Drive

Suite 200

Wexford, PA 15090

Toll Free: (800) 879-0984

Phone: (724) 934-5044


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