LUONGO BELLWOAR LLP helps clients in the West Chester area plan for the future with our estate planning services. With our background and experience, we can handle any estate and assist with distribution of assets upon death.
Planning for the future of your loved ones today reduces future confusion and financial uncertainties. An estate planning lawyer ensures that you complete all the necessary documentation to leave your loved ones with protection. Attorneys from LUONGO BELLWOAR will guide you through the process with ease and help you tackle difficult decision making.
Protect Your Family with an Estate Plan
Creating a concrete estate plan is important for keeping your family out of financial hardship and ensuring that you have full control of your assets. Make the difficult decisions today and don’t let your family lose money to estate taxes. Stop by our West Chester office to discuss preparing a will, setting up trusts and living trusts, or ask any questions about your estate that you may have. This way, you can rest assured knowing that your loved ones are protected in any event.
Attorneys at LUONGO BELLWOAR create each estate plan based on your individual situation. Our experienced estate planning lawyers stay up-to-date on the latest laws and regulations, protecting your plan from any changes. Once you meet for a consultation, you’ll have peace of mind knowing that your family will be cared for no matter the circumstances.
Estate Planning Services
Our estate planning services include:
- Setting up wills
- Setting up trusts
- Creating living wills
- Planning for retirement
- Planning for children’s and grandchildren’s education
- Minimizing probate costs
- Creating medical power of attorney
- Creating general power of attorney
When an individual dies, it may be necessary to follow formal procedures to settle the estate. The process, known as estate administration, can be a long and difficult process. A legal guide is often the best way to work through estate administration.
Who Administers an Estate?
An individual who files a will before death may appoint an individual to take charge of his/her estate. This personal representative is called the executor.
In most cases, the executor must handle the following steps.
Probate : The executor must “probate” the will. This involves the process of validating the will within the Pennsylvania court. The process officially appoints the administrator, thus giving them the authority to deal with the IRS on behalf of the estate.
Pay the Debts: All of the estate’s creditors and administration expenses must be paid.
Manage the Estate : All assets of the estate must be found. In some cases, the executor may have to manage a securities profile and run or liquidate a business. The executor must also obtain tax waivers, stock power, etc.
Take Care of Tax Matters: The executor is legally responsible for filing all tax return, which includes paying all death taxes.
Distribute the Assets: Once the above steps are handled and debt is paid, the executor of the estate must distribute the assets. The process takes time to complete, especially for a large estate.
Handling an estate can be a daunting process, especially for those without experience in estate law. Working with a legal representative is often necessary for ensuring that administration goes smoothly. The estate attorneys at LUONGO BELLWOAR have experience managing estates and take the time to understand each unique situation.
If you are planning an estate or have been appointed as an executor, it may help to speak to one of our estate planning lawyers today.