Contact Us
McMorrow Law, LLC
Speak With One Of Our Attorneys Today.
412-407-2816 | 724-940-0100

Estate planning changes require new focus

When it comes to estate planning in Pennsylvania, there are a number of things people should keep in mind besides having a will and one or more trusts in place. The creation of new asset categories and the passage of new regulations in recent years have changed the estate planning landscape. It has become necessary for estate planners and people doing their own estate planning to broaden the scope of their knowledge and consider issues that were not so important before.

Among the things to keep an eye on are funding for a living trust, the estate tax and account passwords. Once a living trust is established, it still must be funded with assets in order for those assets to avoid probate. With a revocable living trust, the settlor is able to make changes to beneficiaries and trust terms. In order to fund the trust, the title for the assets must be put into the name of the trust.

Many people believe the estate tax is not important to them because it has an exemption of $11.4 million. That exemption is due to drop to $5.5 million in 2025, though, and it could drop further depending on the makeup of Congress. Additionally, digital assets are increasingly important, and people are likely to have a number of different passwords for things like online banking and important devices. It's generally a good idea to keep passwords in hard-copy form in a book and let heirs know where they're located.

An attorney who practices estate planning law might be able to help interested parties develop their estate plans or update existing estate documents. He or she might help the client identify and categorize their assets and develop a comprehensive Pennsylvania estate plan to meet the client's needs and goals. Pittsburg, Pennsylvania, estate planning attorneys may then draft a will or trust to effect the transfer of assets.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Our Firm for Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Wexford Office
10475 Perry Highway
Suite 204
Wexford, PA 15090

Phone: 412-407-2816
Fax: 724-940-0102
Wexford Law Office Map

Pittsburgh Office
301 Grant Street
Pittsburgh, PA 15219

Phone: 412-407-2816
Fax: 724-940-0102
Map & Directions