Estate Planning is the process of arranging for the disposal or transfer of an individual’s property, financial wealth or other assets after their death.
The key to effective Estate Planning is creating a personalized plan that meets the goals and needs of the specific client. No two clients are ever in the same life situation. An Estate Plan must be carefully tailored to suit the needs and meet the goals of the particular client. There simply is no “cookie cutter” Estate Plan that is right for everyone.
A simple Will stating, “I leave everything to my spouse and if my spouse is not living, then I leave everything to my children” may be insufficient to protect you and your family’s assets.
The Clark Law Firm, PC, offers a variety of personalized Estate Planning services to help clients meet their specific goals and preserve and direct wealth for future generations. These powerful Estate Planning vehicles include the drafting of specialized Wills, Powers of Attorney, Revocable Trusts, Irrevocable Trusts, Living Trusts, Special Needs Trusts, Family Limited Partnerships (FLP), Limited Liability Companies (LLC) and more. We also can address immediate issues by providing vehicles such as a Durable Power of Attorney, Health Care Power of Attorney, Living Wills and Health Care Directives.
Other often overlooked Estate Planning and succession tools include “Gifting” or otherwise transferring oil, gas and mineral rights during an individual’s lifetime. Certain Landowners may find that transferring oil and gas royalty rights or other assets during their lifetime works for them as part of a comprehensive Estate Plan. However, gas royalties, property, or other asset transfers during your lifetime are not right for everyone and these decisions must only be made after thoughtful consideration and discussion with an accountant and experienced legal counsel.
Many Pennsylvania Landowners now face the welcomed but intimidating task of passing natural gas royalty profits to future generations while seeking to minimize federal estate taxes and Pennsylvania inheritance taxes. Without a carefully crafted royalty management and succession plan, wealth gained through royalty payments may be lost to government taxes, creditors, or even divorce.
Remember, timing is critical and all Landowners should have an updated Estate plan in place. Proactive Estate Planning is essential to meet your personal goals and reduce your family’s exposure to potentially costly taxes and other pitfalls.
Attorney Doug Clark is Pennsylvania’s Landowner Lawyer and will work with you to tailor a personalized Estate Plan to direct and preserve your wealth for the present and future generations. Contact us today!