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Estate Planning Archives

Using a life insurance policy and a trust in estate planning

Some people in Wilkes-Barre and Philadelphia who are creating an estate plan might want to consider using a life insurance policy or a trust as part of that plan. There are a number of advantages of using the two in combination. This would involve setting up the trust as the beneficiary of the life insurance policy.

Estate plans can see to the needs of pets as well as heirs

Incorporating the needs of dogs or other companion animals in an estate plan would have raised eyebrows just a few years ago. However, pet provisions in wills and pet trusts are commonplace in Pennsylvania and around the country today. A pet of some kind can be found in two out of three American homes, and many of their owners take great comfort in knowing that their animals will be taken care of should something happen to them. However, including pets in a will may not be the wisest way to accomplish this as the probate process is lengthy and pets could languish in a shelter for several months as it runs its course.

Do-it-yourself estate planning documents may cause issues

Estate planning offers several wealth protection and asset distribution options to Pennsylvania residents. That's why many people download estate planning documents from do-it-yourself websites. Although DIY legal websites cost less money, oversights can cause problems. Many individuals do not even know if their estate plans contain errors. Plus, people who take advantage of using online services need to pay more money to consult with an attorney.

All about revival trusts

Some Pennsylvanians may have heard of cryonics -- the freezing of a person after they die in the hopes that someday their body will be revived. Though it may sound like science fiction, there are around 400 people currently being preserved in a frozen state, and some 1,500 living individuals plan to be frozen when they die. But if someone leaves all their money to heirs after they die, what happens if they are frozen and then one day revived? Anyone who is even thinking about the possibility of being cryonically preserved might want to learn about revival trusts.

How to update an estate plan to include digital assets

As technology evolves, it is likely that individuals in Pennsylvania and throughout the country have digital assets. These assets could be anything from credit card reward points to a social media account. There are many reasons why they need to be accounted for in an estate plan. One reason is that accounts left open could be used by others to commit identity theft. Thieves may gather information from dormant or unprotected accounts to open credit cards or take other actions in another person's name.

Having the Tough Conversations

Although it is extremely important to have a conversation about Estate Planning, many people are hesitant to raise the subject with their parents. Children may not think it's their place to raise the issue or may be waiting for Mom or Dad to bring it up. They might be uncomfortable discussing it or simply don't want to think about the losing their parents. They may not believe it's their place to raise the issue

Holiday Presents

Every year we think of gifts to give our children or grandchildren during the holiday season. Your children or grandchildren may already have many of today's coolest gifts, ear buds, beats, iWatch, sunglasses or even a Canada Goose jacket. What to do, what to do???

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Vinsko & Associates, P.C.

Wilkes-Barre Office
37 North River Street
Wilkes-Barre, PA 18702

Phone: 570-550-0815
Fax: 570-970-9711
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Philadelphia, PA 19103

Phone: 215-309-8275
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