Pennsylvania Estate Planning Lessons from Elvis Presley

People choose to meet with an estate planning attorney for a variety of reasons.  Among the most important is a desire to protect their families and friends.  The consequences of failing to set up a proper estate plan can be dire for your loved ones.  Unfortunately, this is a common problem I see among my clients left to handle the administration of a Pennsylvania estate.  The consequences stemming from a lack of proper estate planning are particularly stinging because often, the problems become evident only after it’s too late to make any corrections.

Estate planning refers to a process by which an individual or family arranges for the transfer of property at death, as well as a variety of other personal matters.  A sound estate plan serves as legal assurance that your wishes will be honored after your death.

Without an estate plan, you cannot ensure that the proper individuals will be left in control of your estate and your legacy.  When someone in Pennsylvania dies without a valid Will, for example, his or her assets are distributed according to the PA intestacy law.  Often, when a person dies without a good plan in place, surviving family members finds themselves bitterly divided over property they believe to be rightfully theirs, and the result is years of expensive litigation in probate court.

The consequences of failing to adequately plan for the administration of your estate are well illustrated by the notorious case of the estate of legendary rock star Elvis Presley.  When Elvis Presley died in 1977, his estate was worth approximately $10 million.  Unfortunately for his heirs, however, Elvis did not employ proper estate planning techniques.  After probate, legal fees and estate taxes, his estate was slashed by over 70%, leaving his family with only $3 million.  This tremendous financial loss could have been avoided easily with some simple estate planning.

For Pennsylvanians, the individuals involved may be less famous and the numbers may be less grandiose, but the lesson is the same:  a lack of proper preparation can cause severe financial loss and unexpected hardship for surviving family members.  This is true regardless of your income level.  Some Pennsylvania families feel that they simply do not have sufficient assets to warrant the creation of an estate plan, but they fail to consider life insurance, retirement accounts, stocks and bonds, and real estate.  The benefits of a well thought out and well-drafted Pennsylvania estate plan are numerous and include:

• the ability to implement tax planning/tax saving strategies
• ensuring the transfer of wealth and specific personal property
• appointing guardians for minor children
• setting up trusts for minor children
• naming trustees
• naming a personal representative to administer your estate
• the ability to plan for disability or incapacity
• arranging for charitable donations

Through proper estate planning education and connecting to experienced Pennsylvania estate planning attorneys, you can easily spare your loved ones from unnecessary controversy and economic hardship.  Are you concerned about your own estate plan?  A PA estate planning attorney from the Martin Law Firm would be happy to review your situation.  Please call the office at (215) 646-3980 to set up an appointment.

Jason Martin, Esq. is an experienced PA estate planning attorney serving residents of Norristown, Lansdale, Blue Bell, King of Prussia and the rest of Montgomery County.  The Martin Law Firm, located in Blue Bell, PA, also regularly assists personal representatives and executors with the Pennsylvania probate process and other estate administration matters.  Contact The Martin Law Firm today for a free consultation.