The Great Wealth Transfer:

• As baby boomers are the primary source of wealth, their death begin transferred to younger generations.

• This is one of the most substantial intergenerational transfers of wealth in history & it is expected to continue for another couple of decades.

• Some estimates put the amount of assets that will be transferred at $68+ trillion.

• Potential to reshape individual financial futures and the broader economy.

• Will provide opportunities that weren’t previously available (early retirement, investment opportunities, or funding for personal passions).

• Complexities require careful planning and decision-making.

Estate Planning and Elder Law

We have dedicated our entire practice to providing estate planning to families in West Virginia and Pennsylvania. Our purpose is to ensure people of all ages and their loved ones have financial security now and in the future.

Visit us online at: https://www.seamonlawoffices.com

Preparing for the possibility of long term care.

Estate Planning and Elder Law

We have dedicated our entire practice to providing estate planning to families in West Virginia and Pennsylvania. Our purpose is to ensure people of all ages and their loved ones have financial security now and in the future.

Visit us online at: https://www.seamonlawoffices.com

Learn more about this special program created for West Virginian's with special needs.

https://wvpacetrustfund.com

Estate Planning and Elder Law

We have dedicated our entire practice to providing estate planning to families in West Virginia and Pennsylvania. Our purpose is to ensure people of all ages and their loved ones have financial security now and in the future.

Visit us online at: https://www.seamonlawoffices.com

This multi-episode series will follow a hypothetical couple through their lives to see what role estate planning had on their family. This hypothetical story is based on having worked with over 1500 families over the past thirteen years, but it is not based on a specific client.

Estate Planning and Elder Law

We have dedicated our entire practice to providing estate planning to families in West Virginia and Pennsylvania. Our purpose is to ensure people of all ages and their loved ones have financial security now and in the future.

Visit us online at: https://www.seamonlawoffices.com

Most parents of younger children feel that nearly every day is focused on their children, but as we get older the tables begin to turn.

I’ve worked with amazing children who sacrifice quite a bit to help their parents as they age. I am often touched at how much love and care so many adult children provide to their parents sometimes at the sacrifice of their own children or grandchildren. People often express that we do not take care of our elderly anymore and while there are many examples of that, I’ve been blessed to meet some pretty amazing ‘kids’ over the years.

Make it easier for kids, have good estate planning documents that give the appropriate power/controls for them to protect your care decisions.

Estate Planning and Elder Law

We have dedicated our entire practice to providing estate planning to families in West Virginia and Pennsylvania. Our purpose is to ensure people of all ages and their loved ones have financial security now and in the future.

Visit us online at: https://www.seamonlawoffices.com

The internet is a wonderful tool to learn about a myriad of topics, we can even watch YouTube videos that demonstrate exactly how to a variety of things. We ask Google, Alexa and Siri for television schedules, the weather report, and trivia questions. It used to be the younger generation who reached for their smartphone to look up the answers to questions that came up during conversation, but nowadays, it is folks of all ages.

A common question on Facebook groups is for an estate planning attorney in the area and while some attorneys are named, there is usually at least one suggestion to use an online option. The internet is a great place to get information regarding estate and elder law issues, but I do not recommend relying on that technology for our estate planning needs.

Beware of the potential pitfalls to getting online estate planning documents.

Money, Money, Money

A lot of people just really don’t understand what types of accounts/investments they have which makes it difficult to advise them on how to set up their estate plan to achieve their goals.

April is National Financial Literacy Month. Take the time to talk to your trusted advisors (banker, insurance agent & financial advisor) to try to understand your assets. Don’t be afraid to ask for help from ‘trusted’ people. People spend a lot of time worrying about their finances, but don’t always do something about it. Get the knowledge, then take action to make sure it is how you want it.

• Recent survey by Bay Alarm Medical indicates that eight in ten Americans are very concerned that they may run out of money as they age.

• More Americans are worried that they will face financial instability than they are of their spouse’s death or even their own death.

• Fear of financial instability is a fear we can mitigate with knowledge and action.

• April is National Financial Literacy Month (per 2004 Senate resolution).

• Senate’s goal was to help raise public awareness regarding financial education and the consequences of not understanding personal finances.

• Financial literacy:

• Many Americans do not yet have the ability to understand and effectively use various financial skills such as personal financial management, budgeting, paying bills, setting financial goals and investing.

• Test financial literacy on the National Financial Educators Council (NFEC) website.

 30-question test called the National Financial Capability Test.

 NFEC reports that of the 40,000 people who have taken this test, the average score was less than 68%, with 42% actually failing the test.

• Tie into estate planning: What financial literacy has to do with estate planning, my answer would be ‘everything’.

• My clients typically want to know how to achieve two goals.

 First, how to protect their assets from the high cost of long-term care.

 Second, how to pass their estate to their heirs without incurring unnecessary expenses or hassles.

 My advice depends on what assets they have.

When The Luck of the Irish Just Isn't Good Enough

Why people either choose to not have a last will & testament or one that doesn’t properly address the probate issues and the effects of not having a last will & testament.

Background:

• Probate: The legal process a person’s estate goes through after they die. Ensures their outstanding debts and taxes are paid before their assets are distributed to their beneficiaries.

• Intestate Estate: If the decedent did not have a valid will or their will inadequately addresses the issues at hand, then the state’s laws of intestacy fill in the blanks for the probate process. Basically, intestacy laws are the ‘default’ laws for probate.

• According to the American Bar Association, 55% of Americans die without a will.

• According to AARP, 47% of Americans polled who did not yet have an estate plan in place cited just not “getting around to it” as their reason for not establishing a plan.

• When you die intestate, you leave your estate to chance with the default laws in your state.

• Instead of designating the person you wish to serve as your personal representative, whoever applies first to the courthouse may be appointed to administer your estate.

• A will is needed to prevent the need for a bond.

• Your verbal promises are worthless. The law equitably divides your assets according to degrees of relationship.

• Even if a beneficiary disclaims an inheritance that wasn’t intended for them, it still causes issues because they are considered to have predeceased.

• Unintended beneficiary may refuse to or not fix the issue in a timely way.

• Unintended beneficiary may have their own complications if they try to fix it.

• Minor or disabled beneficiaries will probably need court to manage that inheritance while they are minor/disabled, but then they immediately get it at age 18 or when disability no longer exists.

• A will is where we name guardians for our minor children.

• Probate may take longer without a will which increases the costs incurred by your estate as well.

• A poorly drafted will (especially if you do it yourself) may leave questions unanswered requiring the default laws to fill in those blanks.