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ARE YOU PLANNING TO PROTECT YOUR ESTATE FOR YOUR FAMILY?

HKQ Estate Planning Lawyer, Terrence Herron

Estate planning is strategy and documentation for management and transfer of a person's assets during that person's life and at and after death. An estate includes real estate, stocks and other securities, bank accounts, personal property (e.g., automobiles and jewelry) and intangible property (e.g., trademarks.) Insurance policies are also important in estate planning.

The goals of estate planning are to ensure that your assets are transferred to those you wish to receive them in a timely fashion, while minimizing the amount of taxes that need to be paid on the transferred property, and avoiding or reducing the time and costs associated with the probate process.

The attorneys at HKQ Law help you achieve those goals by using a number of methods, including:

  • Wills
  • Trusts
  • Gift planning
  • Financial Powers of Attorney
  • Health-care Powers of Attorney
  • Living wills
  • Long-term health care and Medicaid planning

A Power of Attorney is a legal instrument that is enables a person (the “principal”) to grant legal authority to another person (the “agent”) to make property, financial and other legal decisions for the principal.

A Health Care Power of Attorney is a document that gives an agent the authority to make health care decisions for you if you are unable to communicate such decisions. A living will (also known as an advance health care directive) is a document that provides specific instructions about what medical treatments should or should not be performed for end of life situations.

In Pennsylvania, the cost of long term care can easily exceed $100,000 per year. The expenses can be covered by Medicare, long-term care insurance, private payment, Veteran’s benefits or Medicaid. HKQ Law can help you and your family determine your best options. With Medicaid planning, you may be able to qualify for Medicaid more quickly.

Gift planning can help eliminate or reduce gift taxes as you make gifts to assist family members while you are alive. (Pennsylvania does not tax gifts)

Trusts facilitate the transfer of legal ownership of property to a person or an institution to manage the property for the benefit of another person. A trust can replace or supplement wills, or assist in the management of property during a person’s life. HKQ Law can help you set up revocable or irrevocable trusts so that your assets are placed in a trust for tax-reduction purposes, asset protection according to your intentions, not only during your life, but also after you pass away.

A will is, quite possibly, the most important component of an estate plan. It is a legal document by which you designate the people who will receive your assets after you pass away. HKQ Law can help you prepare your will so that all of your wishes are upheld, including the appointment of legal guardians for your minor children. (If a guardian is not named in a will, a court may appoint someone.) The absence of a will leaves an estate "intestate," in which case probate court must divide up the estate among surviving relatives according to the law, rather than your wishes. If you have no relatives or they can’t be located, your estate will ultimately go to the government. If you have a will, it is also important to review it periodically to make sure it’s accurate and up to date.

You have worked hard – make sure your assets are protected for yourself, your family and future generations. Make plans to talk with the attorneys at HKQ Law.

About Hourigan, Kluger & Quinn, PC

Hourigan, Kluger & Quinn is considered one of the top civil litigation and commercial law firms in Northeastern Pennsylvania. The firm’s Personal Injury Team, led by Attorney Joe Quinn, has won some of the largest verdicts and settlements in the region's history, totaling over a half billion dollars on behalf of injured clients. HKQ Law was recently recognized for one of the top 20 Verdicts in Pennsylvania, 2015.

The Personal Injury Team focuses on a wide array of personal injury claims and civil litigation, including medical malpractice, auto and truck accidents, aviation accidents, unsafe vehicles, dangerous or defective products, workplace injuries (worker's compensation), construction site accidents, claim denials by insurance companies, dangerous drugs, defective children's products, nursing home abuse and neglect, and falls due to unsafe conditions (slip and fall).

Attorney Joseph A Quinn is one of only 100 attorneys in the United States (and one of only three in Pennsylvania)
honored with membership in the Inner Circle of Trial Advocates, and one of only 500 attorneys worldwide chosen to be a Fellow of the International Academy of Trial Lawyers. He has been a Pennsylvania Super Lawyer every year since the program began and has been listed in The Best Lawyers in America every year since the publication was established in 1987. Best Lawyers also named him top personal injury attorney for Northeastern Pennsylvania and the Lehigh Valley. In addition, Best Lawyers, in conjunction with U.S. News & World Report, has designated HKQ a Tier 1 Best Law Firm for personal injury and medical malpractice litigation in Northeastern Pennsylvania and the Lehigh Valley.

Since the inception of the firm, the Commercial / Corporate Team led by Attorney Allan Kluger has provided comprehensive, integrated legal services to many of Northeastern and Eastern Pennsylvania's largest corporations, businesses, banks, non-profits and institutions, handling matters involving labor and employment, wills, trusts and estate planning, estate administration, elder law, commercial transactions, residential and commercial real estate, zoning, land use and development, telecommunications, mediations and arbitrations, commercial litigation, title insurance, business planning and business succession, corporate/business structuring, employment discrimination law for employers, banking, creditor’s rights, finance, lender liability defense, covenants not to compete, construction law, mergers and acquisitions and other business matters.

				

 

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