Winter 2003

Estate Planning Update

Text Box: Estate Planning The section on Estate Planning raises the essential issues that a good estate plan should address, including how to protect one’s property and provide for healthcare decision-making in the event of lifetime incapacity, and how to minimize estate taxes at the time of death. The unique ability of the revocable lifetime trust to resolve both lifetime and death-time concerns is also presented. For anyone who has not reviewed his or her estate plan recently, particularly in light of the tax changes effective as of 2002, this section will help you get started in the process. Estate Administration Many people are unclear on what the term “probate” means, and are not sure about what serving as an executor of an estate may entail. This section of our website presents in outline form all the steps that are typically involved in winding up a deceased person’s affairs, from initially qualifying as the executor to making a final distribution of assets to the beneficiaries. If you expect to be named as executor of a family member’s estate, or are trying to decide who to name as executor in your own will, this section can serve as a guide as to what is involved in administering an estate. Elder Law and Affording Long-Term Care Affording long-term care is increasingly a major concern of older clients and their families. This part of our website discusses the basic rules governing Medicaid eligibility in Pennsylvania, including how the transfer of assets prior to applying for Medicaid will affect eligibility, and how the Medicaid estate recovery program may impact the heirs at death. The section also lays out the rules covering married couples, and how assets and income can be protected for the at-home spouse if the other spouse enters a nursing home. The alternative of long-term care insurance is also presented, with a focus on the important features that you should look for when reviewing a proposed policy. We encourage any feedback on how the website can be improved, including other items that you would like to see discussed.

DISCLAIMER

Martin J. Hagan is licensed to practice law in the Commonwealth of Pennsylvania. This website is intended solely for informational use and is not intended to solicit clients. Likewise, any information contained in or obtained from this web site is for informational purposes only and is not intended to be used as legal advice.

IRS CIRCULAR 230 DISCLAIMER: Pursuant to Treasury guidelines, any tax advice contained in this website (or any link from it) does not constitute a formal opinion. Accordingly, any tax advice contained in this website (or any link from it) is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be asserted by the Internal Revenue Service. You should seek advice based on your particular circumstances from an independent tax advisor.

Send mail to mhagan@haganlaw.net with questions or comments about this web site.

Copyright © 2007 Martin J. Hagan, One Gateway Center - 8 South; Pittsburgh, PA 15222-1435

Last Updated: 06/29/07