Estate Planning Process

Estate planning is determining how and when your property and wealth are distributed to your beneficiaries, protecting your assets from creditors, and maximizing the tax advantages.  The tax issue has to be carefully considered in Pennsylvania because children pay a 4.5% inheritance tax on the inheritance they receive from their parents through an estate (brothers and sisters pay 12%, and everyone else 15%).  Pennsylvania Department of Revenue taxes estate assets that pass by “will, heirs by intestacy” and “by operation of law.”

  • Initial informational and planning meeting. During the meeting, we will discuss your personal objectives, family composition and financial affairs, as well as income, gift and estate taxes, step-up costs basis of property, and capital gains taxes on sales of property.  The discussion of the financial affairs includes real property (both personal and investment), bank accounts, stocks and investments, retirement plans, and other assets.
  • Developing the Estate Plan. After the initial meeting, we will begin preparing the estate planning documents, which may include a Will, one or more trusts, powers of attorney and health care directives.
  • Follow ups. We will follow up with you if we have questions or issues that come up during the development of your personalized estate plan.
  • Review meeting. Once the estate planning documents are prepared, we will review all of the documents with you to ensure they adequately reflect all of your goals.  This may take a significant amount of time because appropriate estate planning is a complicated and involved process.  This is when we will address all of your questions with respect to the estate planning documents.
  • Signing of the Estate Planning documents. Once all of the issues are addressed, your estate planning documents will be properly executed under the supervision of an attorney.

The Law Offices of Leo Mikityanskiy, P.C. represents clients in Bucks County and Northeast Philadelphia, PA. If you are looking for a professional estate planning and asset protection lawyer, please contact attorney Leonid Mikityanskiy today at our Feasterville, PA office at (215) 357-1400.

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