Laura M. Tobey, Esq.
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Locality: Wayne, Pennsylvania
Address: 229 W. Wayne Avenue 19087 Wayne, PA, US
Website: www.reidenbachlaw.com
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Estate planning is not just for the ultra-wealthy. When you work with an estate planner, you make decisions that will impact where your assets and belonging will go, as well as who will handle them. Estate planning also includes the nomination of a Guardian for your child(ren), someone to handle your finances if you are unable, and to make medical decisions for you if you are incapacitated. Without a proper estate plan, these decisions can ultimately be put in the hands of the court.
More people purchased life insurance and drafted Wills and Trusts last year than in recent years, presumably due to the pandemic. All too often we put off estate planning as an uncomfortable topic, but planning ahead could prevent headaches later. As the new year begins, review your estate plan and get all of your documents in order.
One of the most important changes to make when you are getting a divorce is to your estate plan. Often overlooked during this emotional time period, without revisions to your Will, Power of Attorney, Health Care Power of Attorney and beneficiary designations, your ex-spouse could ultimately receive from your estate or have the authority to act on your behalf. https://www.thebalance.com/estate-planning-documents-to-upd
You aren't the only one without an estate plan. Tony Hsieh, the former CEO of Zappos, died without a Will, leaving the beneficiaries of his $840 million dollars to be decided by state law. Make sure that your legacy is left to those you choose. ... https://www.cnbc.com//former-zappos-ceo-died-without-will-
Life insurance can be a way to help loved ones pay for estate taxes and provide estate liquidity. Read more about utilizing life insurance to assist with estate tax planning.
We are so pleased to announce that Laura Tobey has returned to the firm. Welcome back, Laura!
As an estate planner, my plans highlight the coordination of your Will and your beneficiary designated assets. https://www.kiplinger.com//t021-c032-s014-beneficiary-desi.
Currently, in 2020, individuals are able to gift up to $11.58 million per person in 2020 without having to pay a federal estate tax. However, this amount is also scheduled to automatically revert to $5 million per person (adjusted for inflation) in 2026, and potentially even sooner. As such, if you had thought about gifting, now may be a good time to look into it further. https://www.kiplinger.com//should-i-start-gifting-money-or
Happy Halloween! As of November 18, 2019, I will be joining KMS Law Offices, LLC in Berwyn, Pennsylvania. Karen Stockmal, the founder of KMS Law Offices, has been providing sophisticated estate planning and administration services at below market rates to the Main Line community for 11 years. This move will allow me to spend more time with clients, and I will continue to offer flat fees for most estate planning matters. I will also be expanding my practice to include counsel...ing for closely held businesses and trustees. My new contact information will be: Laura M. Tobey, Esquire KMS Law Offices, LLC 1055 Westlakes Drive, Suite 160 Berwyn, PA 19312 [email protected] (610) 524 7865 (office) (484) 328 4641 (direct) (215) 859 2551 (cell)
Clarification on the difference between inheritance tax and the estate tax.
As of November 9, 2020, I have rejoined Reidenbach & Associates, LLC in my hometown of Wayne, Pennsylvania. I will continue to offer flat fees for most estate planning matters as well as hourly assistance for estate administration, guardianship, prenuptial/postnuptial and real estate matters. My new contact information will be: ... Laura M. Tobey, Esquire Reidenbach & Associates, LLC 229 W. Wayne Avenue Wayne, PA 19087 [email protected] 215.859.2551 (cell) 610.572.7075 (office) See more
Did you know that less than half of most people have a Will? If you have a friend, family member, or loved one who needs a Will, but doesn't know where to start, we can help.
One of the most common questions I have received lately is "what happens if I don't have an estate plan?" Often this question is asked because the person believes that they do not have enough to justify having an estate plan, or he or she simply does not want to spend the money. The simplest answer is that without an estate plan, it may cost significantly more money to handle your affairs than if you had prepared properly. Not only do estate plans deal with tax issues, but t...hey also address: - Custody of minor children upon the death of their parents, as well as custody of their assets; - Charitable goals and objectives; - How assets will be administered for the benefit of a surviving spouse; - Determination of which heirs will receive estate assets after the second death of married couples; - Structuring of asset distributions to these heirs, whether outright or in trust; - Addressing complex family structures, including second marriages, stepchildren, etc.; - Addressing special needs or financially irresponsible family members; - Drafting of a power of attorney; - Drafting of a health care power of attorney and living will; and - Review of beneficiary designations on life insurance policies and retirement accounts. Without a document to clearly specify your wishes on the above, both your loved one's time and money would need to be spent to resolve these issues, and in the end, it may not be the result you wanted. I always advise that taking the time now to draft your estate plan will save headaches in the future.
While Pennsylvania intestacy laws provide for property to pass without a Will, complications may arise down the line. How to avoid this? Ensure that your property passes to your family as you desire, and draft a Last Will and Testament.
Estate planning does not have to be time consuming or difficult, but dealing with the aftermath of not having a plan usually is. Time after time I have assisted clients remotely, on their timeline, per their schedule, with the use of email and telephone conferences, only needing to meet to sign the documents. Everyone is busy, and no one wants to think about estate planning, but I can make the process easy and simple, and your family will thank you for it.
Another issue that I address with my clients is the care of their pets. In some cases, a pet trust may be the answer.