Pennsylvania & Maryland Estate Administration, Probate, and Planning Attorneys
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The attorneys of Mooney & Associates, Attorneys at Law, offer our clients a broad range of services relating to estate planning and administration, as well as guardianship proceedings, living wills, powers of attorney, Orphan’s Court litigation, and charitable giving planning, and business planning. We advise clients lifetime planning opportunities available through the use of wills, trusts and formations of various business entities.We provide knowledgeable guidance through the process of estate administration and probate.
We work closely with each client, pay particular attention to aspects that make each client’s situation unique, and customize every estate plan to fit each client’s needs. Through the use of tested, reliable techniques, we help clients achieve their planning objectives, while limiting their exposure to federal and state taxation. We strive to match each client’s needs with the appropriate planning technique, beginning with simple solutions and resorting to sophisticated techniques only when necessary. Our services include income, estate, gift and generation-skipping tax planning, and techniques we commonly employ include life insurance trusts, qualified personal residence trusts, family limited partnerships, grantor-retained trusts and charitable remainder, and charitable lead trusts. We also provide services in the areas of business succession planning.
Mooney and Associates handles all aspects of trust and estate administration. Estate administration includes probating the will, which is the legal process by which the authenticity of a will is proven, ensuring that debts are paid and distributing probate and non-probate assets in accordance with the decedent’s beneficiary designations. Our attorneys prepare accountings, federal estate tax returns, state inheritance tax returns and fiduciary income tax returns. We employ sophisticated estate administration software in order to streamline the process and add value to the client’s experience. We understand that the loss of a close relation is difficult and that the ensuing process of settling an estate can cause extreme anxiety and uncertainty. Our experience in the area of estate administration makes this time less stressful for our clients.
No one likes to contemplate death or the possibility of years of illness or disability that may lead up to it. The creation of an estate planning document such as a will and trust, with the assistance of a knowledgeable attorney, is the best way to control your own future. You gain control in all end-of-life situations, and you get to decide how and to whom your assets will pass.
You have the power to determine important decision such as, if some day you are placed on a respirator, if your children are raised by an appointed guardian of your choosing, if your organs are donated at death, if your treasured items are given to those you specifically request them to be given to, and if your investments pay for the estate taxes due at your death rather than your heirs.
All of the above issues can be resolved by preparing the appropriate documents now. Estate planning allows you to provide direction about the disposition of your assets before you die and to use after your death. Estate planning can include wills and trusts as well as powers of attorney and other documents. Both state and federal law impact estate planning, and some may find that more elaborate and creative legal means are necessary to achieve your desired outcomes. Some of the more complex techniques include family limited partnerships (FLP’s) and limited liability companies (LLC’s). That is why a competent and experienced estate planning lawyer is an essential ally in assuring that your unique estate plan goals are understood and carried out. If you have estate planning related legal questions, call Mooney & Associates, Attorneys at Law today. Asset protection planning can assure that tax liabilities are minimized for you and your family after your death. Estate and asset protection planning are designed to help people preserve their assets for future needs. There are many legal and ethical means to protect financial reserves and property for retirement or for future generations. These techniques include tax reduction strategy, financial gifts and business formations in certain types of wills and trusts. Asset protection is a complex area of estate planning, and requires specific knowledge and experience in a range of laws.
Estate planning is important for everyone, even if the estate is likely to be small. Estate planning allows people to provide direction regarding the disposition of their assets before they die and after their death. It allows a person to insure that their property will go to the people that they want, in the way the want and when they want. It permits them to save as much as possible on taxes, court costs, and attorney fees. It also means that their family will have an easier time coping with the administration and financial aspects of the loss.
All estate plans should, at a minimum, include two important estate planning instruments: a power of attorney and a will. The power of attorney helps manage property during an individual’s lifetime by giving directions to an agent who can carry out his or her wishes if he or she is unable to do so. A will distributes a person’s property after his or her death. In addition to these planning instruments, many people today are using revocable trusts to avoid probate and to manage their estates both during their lives and after they are gone. Medical directives, such as living wills, can also be a part of an estate plan. A healthcare agent (a power of attorney for healthcare) and a living will are documents to consider in assisting those loved ones around you in making difficult decisions. These documents help medical professionals make the decision that you want when you have become incapacitated and unable to express your preference.
Wills
A will is a written or oral communication by a person stating how they want their property to be disposed of at death. A written will is a cornerstone of many estate plans. A written will, prepared by an experienced attorney allows you to select the person responsible for carrying out the wishes you set forth in the will (known as the executor or personal representative), direct the payment of debts and taxes, make specific bequests or gifts of tangible property, like family heirlooms and sentimental items, control the distribution of the remainder of your property, name the guardian or guardians for your minor children and their property and/or specify your preferred burial arrangements.
A will tells a person’s family or heirs and the courts how that person wanted to distribute his or her money and property. A will is the most basic estate planning tool. A valid will is the best way to make sure that your goals are met and that your family is taken care of after you are gone. A court will consider a document to be a valid will if, looking only at the document itself, it finds that it was to be the final expression of the person’s wishes. Additionally, the person creating the will must be of sound mind. While each state varies in its specific requirements, a sound mind is usually established in a court through showing that the person making the will was legally old enough to understand what they were doing, knew what assets they owned, directed the disposition of those assets to persons and institutions expected to receive them, and understood that by signing it, the will made a final disposition of the property. This requirement means that the person understood the contents of the will at the time of signing. Therefore, a person who has “good days” can make a will during one of those lucid periods, as long as the person understands what they are signing at that time. Usually a letter stating one’s desires or a list of property is not sufficient to pass this test. A will must have witnesses in order to be valid. There are specific requirements involving different types of wills that the attorneys at Mooney & Associates, Attorneys at Law, can explain to you.
When you die intestate, or without a will, the laws of the state where you reside will control the distribution of your assets. The state may appoint an attorney to oversee the distribution of your estate and that attorney will be paid out of your estate assets. The state may claim your property if you have no apparent heirs. If you do have heirs, they may be forced to pay sizable taxes in order to retain the property you had left for them. The state will also decide on a suitable guardian for your children without any input from you.
Trusts
Along with a will, a trust is a legal arrangement that allows one person to hold some kind of legal interest or right for the benefit of another person. Trusts are not only for the wealthy; they are for anyone who wants to look after themselves, their children, and their property. There are a wide variety of different kinds of trusts available. The attorneys at Mooney & Associates, Attorneys at Law are experienced in wills and trusts and can help you choose the specific combinations of instruments which will let you plan best for your situation.
A trust is a legal property interest held by one person (the trustee) for the benefit of another person (the beneficiary). The person establishing the trust is called the grantor. Revocable trusts may be changed or terminated by the grantor at any time and for any reason. An irrevocable trust, once established, cannot be terminated for any reason. A trust designed to go into effect upon your death is called a testamentary trust. Experienced estate planning attorneys often use living trusts, created while you are alive, as a way of avoiding probate and its associated costs.
Trusts allow a trustee to direct or control the property held in the trust. Trustees have a legal duty to make decisions regarding the trust property in the best interest of the beneficiary.
Power of Attorney
Before physical and mental disabilities arise, sound planning allows you to make decisions about your future financial matters, even if you are unable to communicate at the time the decisions need to be made. A power of attorney gives someone you trust the ability to make decisions for you when you are incapacitated. That person does not have to be an attorney, although he or she will be known as your “attorney-in-fact.” A power of attorney can address broad issues or can be narrowly defined to such items as a single purchase or sale of a parcel of land. Attorneys experienced in drafting powers of attorney can advise you with regard to your particular situation. The attorneys at Mooney & Associates, Attorneys at Law, have assisted many clients in drafting such documents for future use.
Living Wills
A living will, or an advanced medical directive, allows you to make choices regarding medical care in specific situations before you become incapacitated. A living will is generally relative to situations in which death is imminent. States recognize a patient’s right to make fundamental choices as to their care and treatment and, therefore, will honor the terms of your living will or advanced medical directive. In a thoroughly drafted document you may communicate with your agent to determine the extent of medical procedures of life-sustaining techniques that you wish to be performed in the future. These powers will direct your agent to make sound decisions according to your wishes, even if you are unable to communicate at that time.
Sudden trauma or illness often brings family members together for the first time in years. There may be a natural decision-maker in some families, but in others, many conflicting views often cause friction. Although most people envision a peaceful death at home surrounded by loved ones, 80% of us will die in long term care facilities or hospitals. Many modern healthcare treatment options are readily available, but when a patient no longer can weigh the options themselves, it is difficult for a healthcare professional to work with many distraught family members. Statistics show that 60% to 70% of all seriously ill patients reach a point where they are unable to speak for themselves. These patients can control their medical care through a living will. Living wills provide written documentation to guide loved ones and doctors as they make difficult healthcare and end-of-life decisions.
Living wills may be referred to as advanced care directives or healthcare directives. The purpose of these documents is to: 1) outline a persons goals and wishes regarding life-sustaining medical care, 2) designate a healthcare decision-maker who will speak on the patients behalf when he or she is no longer able to participate in his or her healthcare treatment decisions, and 3) provide instruction regarding treatments that may be offered to prolong life.
Medical treatment and terminology may be confusing. It is important to understand the ramifications of your decisions. You must appreciate the difference between life-saving and life-sustaining treatment in order to leave appropriate instructions for your decision-maker. Some of the therapies that must be considered are: CPR, cardiopulmonary resuscitation, mechanical ventilation (breathing tube into trachea) nutrition and hydration (feeding tube or IV), kidney dialysis, and antibiotics or pain medication therapy.
Decisions must be made if and when to receive these treatments and for how long. Some treatments an individual may consider unethical or may threaten your personal dignity. It is never too soon to draft a living will that expresses your wishes regarding these highly personal decisions. Written directives are the best tools available to guide families when struggling to make healthcare decisions for a loved one. The attorneys at Mooney & Associates, Attorneys at Law, are experienced in writing living wills and can answer your questions regarding living will requirements.
Guardianships and Conservatorships
Guardianships and conservatorships can aide an elder family member manage his or her personal and financial affairs. When symptoms of Alzheimer’s disease, senility, dementia or physical disabilities arise, our loved ones will often find it difficult to care for themselves. Common tasks, such as dressing, feeding and bathing, can become obstacles. One may become confused and disillusioned as they age. Since their judgment may become impaired, their ability to make sound financial decisions may come into question. Guardianships or conservatorships can help you care for your loved ones. Through a guardianship you can become the court-ordered guardian of your loved ones personal effects or financial matters. Vested with control over various aspects of your loved ones life, you can maximize their quality of life through a support network of qualified professionals, friends and family. Attorneys at Mooney & Associates, Attorneys at Law, can assist you in establishing a guardianship if needed.
Long Care Planning
While financial and medical decisions are extremely important, so is long term care. In the event that you develop a serious mental or physical disability, requiring sustained health care as part of your daily life, you will want to have implemented a proper long care plan. Long term care plans are very expensive, and proper planning is necessary now in order to avoid exhausting your life’s savings. Our skilled elder law attorneys at Mooney & Associates, Attorneys at Law, can counsel you on the available long term care insurance, Medicare assistance and Medicaid eligibility.
Estate planning is part of the elder law field, but elder law lawyers also help with preparing long term health care needs, applying for government programs, addressing financial fraud and combating physical abuse of the elderly. A competent and experienced estate planning attorney should be consulted on all of these issues.
Caring for an elder loved one can be a difficult chore. It is time-consuming, expensive, and physically and mentally exhausting. When added to your own commitments, family life, and social relationships, your role as care-giver for the elderly can be overwhelming. An experienced elder law attorney who has counseled others in your position can draw on his experience to provide you with guidance, support, and encouragement to meet your new challenges.
If you feel the need to take control of the future financial or personal decisions for yourself or the protection of a loved one, act quickly, and contact us now. Taking the necessary steps to establish a guardianship, powers of attorney, and other necessary documents can eliminate financial waste, personal turmoil, and family burdens for you and your loved ones in the years to come. Planning can help insure the best available medical and long term care for yourself and your family.
Conclusion
No matter the size of a person’s estate, every adult should protect themselves and the interests of their loved ones by developing some type of estate plan. For some people this will be a will, a power of attorney, and a living will. For others, a combination of a will, a trust, business formations and other estate planning devices will be in their best interest. If you have questions about estate planning or need to have estate planning documents drafted, contact Mooney & Associates, experienced estate planning attorneys, to insure that your unique estate planning needs are met.
Estate Administration and Probate
Administration of a decedent’s estate involves, among other things, probating the estate, collection of the decedent’s assets, calculations and payment of estate taxes, and the distribution of the remaining assets. An attorney who is competent and experienced in probate and estate administration can facilitate this often difficult process in a timely and effective manner. The attorneys at Mooney & Associates, Attorneys at Law, can assist you in all aspects of estate administration and probate.
An estate is the total property owned by a deceased individual (the decedent) prior to the distribution of the property in accordance with the terms of a will, or if there is no will, by the laws of inheritance in the state where the decedent lived. Probate is the court procedure by which the following occur: 1) the decedent’s will is proved to be valid or invalid, 2) the property covered by the will is proven to be owned by the decedent, 3) if there is not will, it is determined how the property is to be distributed in accordance with the inheritance laws of the state where the decedent lived, 4) unpaid creditors of the decedent are given the opportunity to file claims against the estate through publication of the estate, 5) fees for the administration of the estate are approved and paid, and 6) the probate assets of the estate are then distributed. Before the estate property can be distributed, it is generally necessary to go through probate, or in the case of smaller estates, a less formal procedure under the general supervision of the probate court.
It is important in administrating an estate to look for opportunities to preserve assets for distribution. Reducing estate taxes is one way that an estate can retain more of its wealth for the decedent’s heirs. Some of the ways to accomplish this are: 1) whether the administration expenses and casualty losses should be reported on the estate tax return or on the estate’s income tax return, 2) whether there are income tax savings opportunities on the decedent’s final return, such as whether or not a joint income tax return should be filed with the surviving spouse, 3) whether assets should be valued at the date of the decedent’s death or six months later (if assets have been distributed prior to six months after the decedent’s death, the date of the disposition of the assets controls).
Many people associate probate with large costs and even bigger hassles and think that the smart thing to do is to avoid it altogether. Contrary to this belief, the probate of most estates runs smoothly. The court supervision insures that your outstanding debts, taxes and claims against you are paid, and that your remaining assets are divided among your heirs. When you die testate (with a will), the court makes its decisions using your will as a guide. When you die intestate (without a will), the court and the state make those decisions for you.
The probate process serves the vital purpose of insuring that the assets of an individual’s estate are properly distributed to creditors, heirs and beneficiaries. However, the probate process can be slow and often tie up property for several months. It can be costly (attorney fees, executor fees, and court fees) and therefore, reduces the amount left for distribution. For these reasons, many people arrange their affairs so that their loved ones do not have to go through the probate process and can receive the assets from the estate more efficiently. There are several methods that can be used in order to avoid the probate process and distribute assets immediately at the time of the decedent’s death. Among these methods are: 1) joint ownership with right of survivorship, 2) beneficiary designation,and 3) revocable living trusts. If you are interested in any of these techniques, you should consult with Mooney & Associates, Attorneys at Law, to determine the options available in your particular situation.
Assets disposed of outside of the probate process are part of the non-probate estate. Since a probate proceeding is not required, those assets are distributed more quickly to the appropriate beneficiaries. Many people seek out these assets and ownership models in order to save their loved ones from the difficulties associated with going through the probate courts. Certain types of assets, because of their contractual nature, are always part of the non-probate estate.
Guiding an estate through the probate process and effectively administering the estate so that every opportunity for preserving the value for distribution requires a strong understanding of the probate and tax laws. If you need help in administering an estate, contact the attorneys at Mooney & Associates, experienced in probate and estate administration, to insure the most effective administration of the estate.
Executor Responsibilities
An executor is the person named by the person who made the will (the testator) to carry out the terms and provisions of his or her will. In addition to locating documents left by the testator (wills, trusts, deeds, etc.) and notifying social security, pension providers, annuity providers and other entities of the death, the executor has numerous other legal responsibilities, including initiating the probate of the will, collecting and inventorying the testator’s assets, collecting debts owed to the estate, distributing assets to the beneficiaries of the will and closing the estate.
These responsibilities can be daunting and time-consuming, so many executors hire an attorney to assist them. The attorney and the executor are generally compensated out of the estate itself. If you have been named as the executor of an estate, contact Mooney & Associates, probate and estate administration attorneys, to discuss your role as executor and the estate administration process.
Contesting the Will
The fact that a person (the decedent) leaves a will does not guarantee that the decedent’s property will be distributed according to the terms of the will. A court generally must provide an opportunity for others to object to the will. A challenge may be brought by anyone who feels that the will is inaccurate or invalid in some way. A will contest is an action challenging the validity of the will or its terms, and is commonly governed by the state statues or the Uniform Probate Code. If you believe that a will is inaccurate or invalid or if someone is challenging a will that you are administering or benefiting from, you should contact Mooney & Associates, attorneys who have experience in will contest cases. These types of cases are difficult and emotionally challenging. Therefore, it is very important for you to consult with an attorney as soon as possible.