Law Offices of Irene S. Gold

The new playground in Justa Farm now has benches!

Avoid Huntingdon Pike at Bryn Athyn College

There are few things as intimidating as the project of estate planning. The best time to plan for your incapacity or death, though, is while you’re still healthy. With a little time, effort, and guidance from a trusted estate planning professional, you can develop a plan and obtain peace of mind. Failing to do so can place the security of your family and assets in jeopardy. What is your estate? Your estate is comprised of everything you own: your home, bank accounts, 401k, bu...siness holdings, investment accounts, etc. In addition to what you own, your estate must also consider your minor children and pets. It’s important to be thoughtful and strategic about how, when, and to whom your estate is divided and distributed. Inaction can lead to the government taking over control of the distribution of your assets after you pass. This is known as intestacy. This intestacy process leaves your loved ones with few options and places your legacy in the hands of the government. The Benefits of an Estate Plan A well-prepared estate plan can ensure the safety and security of your family long after you have passed. A financial planner can help you make important financial decisions about your estate while you’re still in good health and help ensure your trust is funded and safeguarded for the next generation. If your trust is unfunded (meaning you haven’t put anything in it) your loved ones could face a public, costly, and time-consuming probate experience upon your death. Don’t worry, funding the trust sounds complicated but working with a professional makes it fairly easy. The Trouble With Using a Will Only Many presume that a will is more than enough to convey their wishes for their estate after they pass. Unfortunately, with only a will, the plans for your assets is only effective upon your death and requires a probate court proceeding to work. If you become incapacitated, your assets will be under the control of a court-appointed conservator. Even when your distribution plans for your assets are honored, it is easy for loved ones to see an inheritance as a windfall. Too often, a person’s legacy is frittered away by poor decisions made by grieving family members. That’s why most inheritances are gone within a mere five years of receipt. A failure to consider the long-term implications of their financial choices often results in one’s inheritance disappearing practically overnight. With proper estate planning, you can ensure your beneficiaries are taken care of and that the assets are distributed in a way that will be the most beneficial to all involved. We can help you make the most informed decisions possible. Give us a call today to discuss how we can help preserve your legacy while planning for your future goals. Sincerely,

Myths We Tell Ourselves About Estate Planning Estate planning can be a very difficult process. While it’s not brain surgery, making the decision to move forward with the planning requires us to face the fact that we will not live forever. This thought can stop many people right in their tracks. Others talk themselves out of seeing a qualified attorney to put together an estate plan based on some of the following common myths: Myth #1: Only the Rich Need Estate Planning...Continue reading

Financial Literacy Month: Are All of Your Financial Ducks in a Row? In March 2004, the Senate passed Resolution 316, which officially recognized April as National Financial Literacy Month. Both Houses of Congress have passed similar resolutions since then designed to encourage financial literacy so that individuals are better prepared to manage their money, credit, and debt. Nevertheless, in the fourth quarter of 2019, U.S. household debt, which includes student debt, credit ...Continue reading

5 Common Questions About Estate Planning 1. What is the difference between a will or trust? A will is a written instrument that outlines how your assets are to be distributed at your death. On the other hand, a trust is a written instrument that describes how your assets are to be managed once they have been funded into the trust. This covers what will happen while you are alive, if you become incapacitated, and ultimately upon your death....Continue reading

Millennials, You Need an Estate Plan Too As millennials (born 1981 to 1996), you are well known for your distinctiveness as a group. Your generation has followed paths and set goals that are decidedly different from those chosen by previous generations. You are highly diverse, better educated, more socially conscious, and wait longer to have families than your parents and grandparents. But one thing you have in common with other generational groups is the need for estate plan...Continue reading

Millennials, You Need an Estate Plan Too! As millennials (born 1981 to 1996), you are well known for your distinctiveness as a group. Your generation has followed paths and set goals that are decidedly different from those chosen by previous generations. You are highly diverse, better educated, more socially conscious, and wait longer to have families than your parents and grandparents. But one thing you have in common with other generational groups is the need for estate pla...Continue reading

3 Estate Planning Secrets the Wealthy Use That You Can Too! Strategies to Enhance Your Success Estate planning is complex and continually evolving. Often, affluent families are early adopters of the newest and best estate planning strategies. Luckily, by working with us, you can benefit from the same estate planning strategies that affluent families do. Here are a few techniques we should discuss soon....Continue reading