Estate Law Attorney in Pittsburgh, Pennsylvania
As a Pittsburgh Estate Law Firm, I work with clients throughout the 15219 area and help them to prepare for their future. Regardless of how sizeable your assets are, it is important to create wills and trusts that document how those assets will be distributed. When you die, your estate includes everything that you own including homes, cars, personal belongings, bank accounts, retirement funds, investments, life insurance policies, and more. If you don’t plan for where you want your assets to go, an administrator who may or may not know you may be left to make those decisions on your behalf in probate court. Avoid this situation by calling and scheduling an appointment with Kim A. Bodnar to ensure that your wishes are carried out both now and in the future.
Creating a Will
With Kim A. Bodnar, Attorney at Law, I can draft a will that is created after gaining an understanding of what goals you have for your family. When representing clients throughout Pennsylvania and Florida I always ask if my clients have any minor children, and if they do then the will is drafted to designate an appropriate guardian. This is one provision that must not be left to chance, as their entire future depends upon it. Even if you have trust, you may need to have a Will as well, in order to protect your children.
The main advantage of creating a will is that it can be done fairly quickly and is affordable. Those that don’t have the funds to invest in a trust now can start with a will and create a trust at a later date. When you pass away, creditors will have a set amount of time to file a claim against your estate. Probate is required to transfer the assets identified in your will, so the process will go smoothly when working with an estate law firm. To create your will call.
Advantages of a Trust
When you leave someone an inheritance, it will impact their entire future, so it is important to create a document that does more than simply transfer assets. If you are looking for a more comprehensive estate planning solution, ask Kim A. Bodnar to create a trust for you and your family. There are many reasons that people throughout Pittsburgh, PA have a trust created. It provides the ability to plan for the future beyond what is available when creating a will. For example, if you are giving assets or money to certain heirs, you can control when the funds pass to them. This is particularly relevant if you want children or grandchildren to have reached a certain age and passed milestones prior to giving them any money. By exercising more control, you can set them up for a successful future where the funds are, hopefully, used wisely.
For people that lived in one state and moved to another for retirement, a trust can be particularly helpful. You can own property in PA and other states, put all of those assets into the trust and avoid needing to go through probate in order for those assets to be distributed. Kim A. Bodnar can help by setting up the trust and transferring the property into it.
When establishing your trust, you can name an attorney to manage the distribution of assets. This will provide you with additional peace of mind knowing that someone you have a relationship with will be handling your estate. Another benefit of a trust is that it remains private after you die so that no one will know how assets were distributed. By creating one, you may also prevent the need to go through probate which can be time-consuming and costly.
Transferring Assets
Remember that both real and personal property needs to be transferred into the trust in order for it to accomplish anything. Kim A. Bodnar can establish your trust but unless you move assets into it, they will remain unprotected and the benefits of a trust will not apply to them. Once your trust is established, real property can be transferred to it by changing the title. With Kim A. Bodnar, Attorney at Law, I will provide you with instructions on how the property should be titled and I will draft the appropriate deed and assist in the transfer and filing at the appropriate office. It is important that everything is titled correctly so if you have any doubts it is better to have me handle the transfer.
Your personal property can be transferred by changing the account ownership. For example, if you have a large savings account that you want to transfer to the trust you just need to speak with your banker and provide them with the instructions. By placing all of your properties into the trust, it will be protected and transfer to your heirs without going through the probate process in Pennsylvania and Florida.
Planning for Estate Taxes
People living in Pennsylvania have to live by the tax laws at both the state and federal levels. When you die, your estate may be exempt depending on your status of your heirs at your death from paying taxes up to a certain amount. This can change on an annual basis based on what the legislature does. For new developments call and speak with Kim A. Bodnar. If it looks like your estate will be over the current federal limit, I can discuss various strategies for minimizing your tax exposure. If your heirs live outside of PA, I will also explore how receiving an inheritance can impact them from a tax perspective. I can provide you with solutions and engage the expertise of a CPA or tax attorney if necessary.
Probate
I get a lot of calls from people who anticipate having to pay inheritance tax to the inheritance tax office located in zipcode 15219 and want to avoid probate. The best way to do so is to create a trust and transfer your assets into it. The majority of your assets can be held by the trust so that when you die, there is no need to go through probate. If you only have a will, probate is still typically required in order to complete the distributions and settlement of the estate. How long this takes is dependent and how quickly your executor or administrator can collect your assets and debt and determine your net estate and tax liability. If attorney Bodnar can help your estate to avoid probate costs and time expended are eliminated can prevent the time and money that your heirs will spend.
Kim A. Bodnar, Attorney at Law has a physical location in downtown Pittsburgh, but I am available to clients throughout Western Pennsylvania and Florida. To learn more call Kim A. Bodnar, Attorney at Law, and schedule a consultation.