Posts Tagged ‘estate planning documents’

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. In today’s world, good estate planners have increasingly complex and powerful tools that they can use in your documents to provide protection for your loved ones and your resources in a variety of situations.  Trusts themselves have become increasingly complex, and sometimes trust provisions come into conflict with new changes in law or practice.  This is where a “trust protector” can become a useful tool to make your documents work well, even in new and challenging situations.    1.        What is a “Trust Protector”?  A trust… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. As we step into a new year, it is not just about setting personal goals but also ensuring the long-term security of our loved ones, particularly our minor children. Estate planning, often overlooked during annual resolutions, is a vital aspect of securing our children’s future. Raising and providing for our children is perhaps the most important thing that we do in our lives. Therefore, it is only sensible that we take great care in making provisions for our minor children in our estate documents. 1.        The… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. If your beneficiary is a person with a disability (“PWD”), creating a special needs trust for their benefit can be one of the most important things you ever do. Our goal in estate planning is to ensure that our assets will provide our loved ones with benefits for their health, safety, and well-being.  In some circumstances, such a beneficiary may already be receiving state or federal benefits such as Medicaid, SSI, or SNAP benefits, which are “means-tested”; that is, a beneficiary with too many assets in… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. A good estate plan for a farm family needs to recognize and take advantage of the various tools available for protecting the farm operation and aiding farm family succession.  Our Commonwealth has recognized the importance of farming to our communities, and has created a number of beneficial programs that can aid family farmers to continue the farming operation into the next generation.  This article describes only a few of those beneficial programs.  1.        Clean and Green.  Pennsylvania’s “Clean and Green” program is a wonderful benefit for… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. Farming is Pennsylvania’s number-one industry, producing significant benefits for the Commonwealth. It not only sustains the livelihood and well-being of those who make their living in farming but also serves as an economic engine, driving sectors such as agricultural technology, food processing, and transportation. This ensures that our citizens have access to food and other farm products.  However, our changing world continues to create tension between the farm activities of farming and non-farming residents who reside within farming communities, who love and benefit from the country’s… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. In this biweekly column, Attorney Tim Bupp shares with you lessons and perspectives from his twenty-five years as an estate planner with CGA Law Firm. Farm owners and farm families face unique challenges related to their estate planning.  The focus is often on ensuring that the next-generation farmer or farmers can stay in farming and that the non-farming family members are treated fairly and equitably while the parents ensure that their future holds a safe and secure retirement.  These often competing goals can create tension in… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. In this biweekly column, Attorney Tim Bupp shares with you lessons and perspectives from his twenty-five years as an estate planner with CGA Law Firm. Is a prepaid funeral the right thing? I do not sell funeral plans, but I recognize them as an important issue related to estate plans. Funerals are complicated, expensive, and deserve our attention. Who makes funeral decisions? By time-honored caselaw in Pennsylvania, the responsibility of planning a funeral falls to your next of kin. While you could appoint someone in your Will to… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. In this biweekly column, Attorney Tim Bupp shares with you lessons and perspectives from his twenty-five years as an estate planner with CGA Law Firm. Everyone has heard of a Last Will and Testament and knows that a Will is an important piece of an estate plan. But is it the most important piece? Let’s discuss the power of attorney – an underappreciated but vital part of an estate plan. A power of attorney is a document where you appoint some trusted individual to take any… read more »

From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law section. In this biweekly column, Attorney Tim Bupp shares with you lessons and perspectives from his twenty-five years as an estate planner with CGA Law Firm. I am asked about the potential benefits of living trusts nearly every day. My answer: in specific situations, a living trust can provide clarity and benefit to your estate plan. However, as with nearly every other estate planning tool, one size does not fit all; not everyone will benefit from the extra effort and expense that go into creating and maintaining such… read more »

With the holiday season in full swing, it’s likely you’ll see your parents, grandparents, siblings, and other family members in the next few weeks. In addition to food, songs, and other merrymaking, this is also the perfect time to speak with your family about more serious topics, such as their estate plan. How To Bring Up The Topic: Let your family member/s know you’d like to discuss their estate plan during a less-hectic part of the holidays. During your conversation, ask how up-to-date their documents are, and if changes or updates need to be made. These could include new additions… read more »