Preserving your money and other assets for loved ones, future generations, and institutions you value takes hard work. Details matter when it comes to wills, trusts, and estates. The slightest mistake could have serious financial implications for generations to come. You’ve taken the right step by considering Mazzoni Karam Petorak & Valvano for your estate planning needs. It’s important to have an experienced attorney working for you who thoroughly understands Pennsylvania’s estate laws, as well as federal rules and regulations governing wills, trusts, and estates. Our Scranton estate planning lawyers have decades of experience handling complicated legal issues. Serving Northeastern Pennsylvania since 1962, our law firm has a well-earned reputation throughout the region for helping families plan responsibly for the future.
How we help clients with will, trust, and estate cases.
If you want to ensure your family is taken care of and your wishes accounted for regarding your medical care and assets are followed, you need to do some estate planning. Our NEPA estate planning lawyers can help you determine what you need and prepare all the documents to your specifications. We help our clients meet their goals, in a broad spectrum of estate planning areas, including:
- Drafting wills
- Establishing trusts
- Living trusts
- Durable powers of attorney
- Irrevocable life insurance trusts (ILITs)
- Revocable living trusts
- Charitable remainders
- Charitable trusts
- Trusts for minor children
- Personal residence trusts
- Advanced healthcare directives
- Living wills
- Elder law
- Long-term care planning
- Medicare and Medicaid planning
- Estate tax planning
- Probate and estate administration
- Probate litigation
“Why should I plan now?”
Studies have shown that nearly 68% of Americans do not have a will. When you consider the legal and emotional ramifications this leaves on family members, it makes you wonder why more people aren’t creating estate plans.
But it’s important to start now. Many people think they have to wait to accumulate significant assets, however, once you start your first job as an adult, it’s the perfect time to begin.
Once you’ve drafted initial estate plans, you’ll need to review them after major life events–marriage, the birth of a child, death of a parent, spouse, etc.
Dying intestate (without a will) can mean that your hard-earned assets can end up in the wrong hands, your healthcare choices will be unknown, and your children’s or dependants’ futures will be uncertain.
Benefits of Estate Planning
Estate planning is more than just thinking of your own well-being–it’s being there for your family even when you physically are not. And it’s not just for the elderly, it’s for any family in Northeast Pennsylvania, including if:
- You have minor children. If you and your children’s other parent die intestate, a judge will choose the children’s guardian and who will control their property until they turn 18. This means their caregiver may not be who you would have liked it to be. And, if you are leaving significant assets to your child, they will get it all at age 18, even if they can’t handle it.
- You have adult children. By having an estate plan in place, you will minimize the risk of internal fighting amongst any heirs.
- You don’t have any children. If you do not have children but would like for your estate to go to charity, you’ll need an estate plan to ensure those assets go where they belong.
- You want to minimize taxes. PA inheritance tax can really impact the value of an estate. To minimize taxes, there are ways you can divide the assets within an estate plan.
- You own a small business. As a small business owner, you’ll want to make sure the legacy you have built ends up in the right hands.
- You want control over your own future. Life can change quickly. Be it sickness or illness, should you be unable to make your own decisions, having an estate plan in place will help you be in control over your own future.
“What legal issues do I need to consider with wills, trusts & estates?”
Many legal issues need to be considered when creating or amending an existing will, trust, or estate. In order to help our clients choose the approach they want to take with their will or trust, we often ask people to ask themselves important questions:
- What are your goals?
- Is your will complete?
- What should you include in your will?
- Do you want to create a legacy for your family?
- Do you want to financially help loved ones now?
- Or do you want to wait to pass on your inheritance?
- Do you want to financially support charitable organizations?
- How will inheritance taxes affect your loved ones?
We can help you answer all these questions and many more. We have the knowledge and expertise you need to make sure your goals and wishes are respected now and for future generations.
“Why should I hire Scranton law firm Mazzoni Karam Petorak & Valvano?”
You worked hard to acquire and build everything you value. We can help you preserve your assets and your legacy. Contact us today for a no-obligation consultation.
Call (570) 348-0776 and schedule an appointment with Mazzoni Karam Petorak & Valvano. We can walk you through, step by step, all the legal options available to you.