Estate Planning For Retirees And Seniors in Pennsylvania: Protecting What Matters Most

In this article, you can discover…

• The key steps to estate planning as an older adult.
• What to do if you’ve put off planning for a while or aren’t sure where to start.
• How an attorney can help you protect your medical and healthcare wishes.

What Are The Most Important Steps In Estate Planning For Seniors In Pennsylvania?

First, we’ll sit down and identify your assets, determine how they’re titled, and see if any assets (such as a money market account) already have named beneficiaries associated with them. Many people don’t realize that once you’ve named a beneficiary on certain types of assets, that’s who it will go to upon your death, even if your will states something different.

Next, I’ll help you identify your goals. You may wish to leave each grandchild $10,000, for example. Next, we’ll begin to talk about the best way to achieve your goals, and look at any non-probate assets to make sure they’re titled to the people you wish to leave them to.

Pennsylvania has an inheritance tax, and we’ll also review avenues that can help your family avoid heavy taxation. You may have concerns about losing your house should you have to go into a nursing home, and we’ll explore the various vehicles and tools that can help you protect those assets and ensure your concerns are addressed.

We’ll discuss revocable living trusts, what they can accomplish, and what they can’t accomplish. For example, apart from what many believe, a revocable trust in Pennsylvania won’t automatically shield your assets from inheritance taxes.

Next, we’ll discuss financial power of attorney and medical power of attorney, tools that help you select a trusted person to make monetary and medical decisions for you should you be unable to. Without the last two documents, the courts will appoint someone to make these decisions for you, so it’s always best to have responsible people who know you well in these critical roles.

Is It Ever Too Late To Begin Estate Planning?

While I advise people to plan ahead sooner rather than later, I’ve also helped adults in their late 80s tackle estate planning for the first time. I recently worked with an 89-year-old woman who had no plans in place.

During our conversations, she talked about plans for a will, but also mentioned that if she were to become a “vegetable”, she wouldn’t want to be kept alive. I let her know that medical powers of attorney and living wills can help address those concerns. We worked together and made sure that her wishes were respected and that her assets went to the beneficiaries she had in mind.

What If I Feel Nervous Or Hesitant About Starting My Estate Plans?

Many seniors express anxiety or fear over writing their will or planning ahead. It can be uncomfortable to think about the future or to think about dying, and these fears can lead many seniors to put off estate plans until it’s too late to make their wishes known.

When meeting with anxious older adults, I bring the focus back to everything they’ve worked hard for, saved up, and built. Who would you like to leave those assets to? Which people or causes matter most to you? When you plan ahead, you can be sure that you, not the state or a court, get to decide what will happen to your wealth, future healthcare, and legacy.

I also understand that budgeting can be a serious issue for seniors. When you’re on a fixed income, you don’t have thousands of dollars to spend on your estate plans. At The Law and Mediation Offices of Deborah L. Lesko, P.C., I’ll work with you to ensure your plans meet your exact needs while still being affordable.

Still Have Questions? Ready To Get Started?

For more information on estate planning for seniors in Pennsylvania, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (412) 276-4200 today.