Estate Planning Attorney

The Estate Planning Attorneys and staff of Rothkoff Law Group assist executors and administrators with estate planning and trust administration. Our team will guide you through the process of collecting assets, paying expenses, filing appropriate inheritance, estate tax returns, and ultimately settling the estate.

This is the process of creating an estate for the transfer of wealth from a deceased individual to his or her chosen heirs.  Each state, and sometimes each county, have differing rules on how to accomplish this step of the administration process.

Transferring assets to beneficiaries is often more complicated than it seems.  For example, recent changes to retirement accounts dramatically affected how some beneficiaries must access funds.  Navigating this properly can avoid unnecessary delay and possibly unnecessary exposure to taxes.

Distributing assets from a trust is, in some ways, just like probate.  However, in other ways, it is completely different.  Various formalities and documentation requirements must be met to avoid liability on the part of the trustee.

Often, the most complex component of estate and trust administration is preparing and filing the necessary tax returns. This particular area of law is constantly changing.  Understanding how assets are valued and taxed can avoid overpaying taxes or, more so, underpaying and unnecessarily encountering interest and penalties.

The team at Rothkoff Law Group is experienced with the nuance of estate and trust administration in both Pennsylvania and New Jersey.  We will guide you to reach a positive outcome quickly.

About Estate Planning

A common misconception is that estate planning is “simple.”  Of course, you can have a Will and Powers of Attorney prepared online.  The concern is that these documents may simply not accomplish what you intended them to, particularly in times of crisis when it could be too late.

Estate planning includes some, or maybe all, of the following:

Often considered one of the most critical documents, this gives your chosen surrogate decision-maker – the “Agent” – authority to make personal and financial decisions on your behalf if you cannot do so yourself.  This includes accessing funds to ensure your expenses are paid.  Without a Power of Attorney, a court-ordered Guardianship, through which a judge chooses your surrogate decision-maker, not you, may be needed.

Similar to the General Power of Attorney, the Healthcare Power of Attorney gives medical decision-making authority to your Agent.  This allows another to assure your healthcare needs are met if you cannot make decisions yourself, access private health information, and carry out your wishes in an end-of-life situation.

In its simplest form, the Will appoints an executor to aggregate your estate, pay your final expenses and debts, and distribute the funds to your chosen beneficiaries.  However, a Will is a critical tool in assuring that your wishes are carried out effectively.

A Will can protect the inheritance of a beneficiary.  This protection could be needed because a beneficiary is a minor child, disabled, and receiving government benefits, or simply a spendthrift who cannot manage money himself or herself.  A Will also assures that your wishes are fully documented and carried out.

Depending on your estate and asset planning goals, you may also need a trust.  There are many types of trusts, but the one many are most familiar with is the “Revocable Living Trust” or RLT.

The RLT allows you to manage funds more easily by designating a trustee to take over if you become ill or incapacitated.  The trustee assets are also distributed privately, possibly avoiding the need for probate.

Irrevocable trust planning is often used as part of an asset preservation plan.  This concept is discussed more here.

Good planning can streamline your estate, reducing the burden on your loved ones.  Asset restructuring options may exist to further expedite and ease the administration process.

The attorneys at Rothkoff Law Group will review your estate planning goals with you and develop a plan designed to accomplish those goals.  We will advise you on the documents appropriate for your circumstances and, more importantly, how to use those documents when the time comes.