WILKES-BARRE, PA – August 12, 2024 – Distasio, Kowalski &Yelen LLC (DKY Law) is pleased to announce that Attorney Jeffrey Yelen has been recognized among the 2024 Lawyers of Distinction. With over 25 years of experience in the general practice of law, Attorney Yelen has built a reputation of his exceptional legal expertise and dedication to clients.
Lawyers of Distinction recognizes excellence in the practice of law in approximately 30 areas of practice, including Elder Law, Estate Planning and Trust law, General Practice Law, Criminal Law, Medical Malpractice Law, Personal Injury Law, and more. Lawyers of Distinction members are selected based upon a review and vetting process by a selection committee, which factor in achievements and peer recognition.
About DKY Law
Distasio, Kowalski & Yelen LLC is located at 15 Public Square in Wilkes-Barre. The law firm specializes in Personal Injury, Auto & Truck Accidents, Medical Malpractice, Birth Injury, Wrongful Death, Criminal Law, Business Law, Real Estate, Workers’ Compensation, Estates & Wills, Family Law, and Elder Law.
To contact Jeffrey Yelen or for more information on Distasio, Kowalski & Yelen LLC, please visit dky.law or call 570-970-5400.
Few things are as essential as securing your legacy in the grand tapestry of life. Your legacy encompasses not just your material possessions but also your values, beliefs, and the impact you leave behind. At the heart of this legacy lies your last will and testament – a document that ensures your wishes are carried out after you’re gone. While the concept of drafting a will might seem straightforward, the reality is far more intricate. This is where the indispensable role of an estate lawyer comes into play.
The Vital Role of Estate Lawyers in Drafting Wills
Why is it crucial to have an estate planning lawyer assist you in drafting your will? The answer lies in the complexity and importance of the task at hand. A will is not merely a list of who gets what; it’s a legal document that must adhere to specific formalities and regulations to be considered valid. Without the expertise of a qualified estate attorney or will lawyer, you run the risk of errors, ambiguities, or even challenges to the validity of your will.
One of the primary benefits of working with an estate planning lawyer for a will is their in-depth knowledge of the law. Estate planning laws vary by state and are subject to frequent changes. An experienced lawyer stays abreast of these legal nuances and ensures your will complies with all relevant statutes and regulations. This knowledge extends beyond the drafting stage. Moreover, estate planning lawyers can also provide valuable guidance on strategies to minimize estate taxes and maximize the efficiency of your estate distribution.
Why do I need a will?
Everyone needs a will. Wills and estate planning are often thought of as something only the wealthy or elderly need to worry about. However, the truth is that everyone, regardless of age or financial status, should have a will. Without a will, state laws dictate your estate’s division, potentially leaving your loved ones in limbo and your wishes unrecognized. Don’t assume that the law will leave your estate to the “obvious” choices. For example, in Pennsylvania, if you are married without a will, your assets will not automatically all go to your spouse. Crafting a will ensures clarity and direction during a time of grief and uncertainty. Whether you’re a young professional, a growing family, or enjoying retirement, having a will safeguards your hard-earned assets and ensures your wishes are followed.
A will also helps streamline the probate process, minimizing administrative burdens and legal fees for your beneficiaries. It’s a proactive step towards protecting your loved ones’ financial security and emotional well-being. Moreover, a will allows you to appoint trusted individuals to carry out your wishes as executors, guardians for minor children, and even caretakers for beloved pets. Simply put, a will is not just a document; it’s a cornerstone of responsible estate planning that everyone should prioritize.
Estate Planning Attorneys Help Safeguard Your Legacy
Estate lawyers possess the expertise to address complex family dynamics and unique circumstances. From blended families to business interests, a cookie-cutter approach to will drafting won’t suffice. A wills and trust attorney can tailor your will to reflect your specific wishes and mitigate potential conflicts among heirs. By anticipating and addressing potential challenges proactively, estate lawyers help safeguard the integrity of your legacy.
Don’t Risk Drafting a Will Without an Estate Lawyer
What can go wrong if you try to draft a will without the help of an estate planning attorney? Quite a lot, actually. In particular, without a legal expert to guide you, you may inadvertently overlook critical elements or fail to comply with the formal requirements of will execution. This can lead to ambiguities, disputes, or even the invalidation of your will. Additionally, DIY will templates or online services may not account for your unique circumstances or the latest changes in estate planning laws. As a result, your intentions may not be accurately reflected in your will, leaving your loved ones vulnerable to unnecessary legal battles or financial hardship.
How do you find the right estate lawyer for your needs? Here are five tips when searching for experienced “estate lawyer near me”:
Seek Recommendations: Ask friends, family members, or colleagues for recommendations. Personal referrals are often the most reliable way to find a reputable estate lawyer who has provided excellent service to others.
Research Online: Utilize online resources to research estate lawyers in your area. Look for reputable law firms with positive reviews and testimonials from satisfied clients. Pay attention to any specializations or areas of expertise that align with your needs. For example, Attorney Jeffrey A. Yelen of the Distasio, Kowalski & Yelen Law Firm in Wilkes-Barre has been drafting wills and providing estate planning guidance for more than 25 years. Attorney Yelen leads the firm’s Wills, Estates & Trusts Division. That’s the type of experience you look for when seeking out a lawyer for something as important as a will.
Check Credentials: Verify the qualifications of any prospective estate lawyer. Certify they are licensed to practice law in your state and are in good standing with the bar association. Additionally, consider whether they belong to any professional organizations or have received specialized training in estate planning.
Schedule a Consultation: Once you’ve narrowed your list of potential candidates, schedule a consultation to discuss your estate planning goals and assess their suitability. Before drafting a will, be sure to schedule a consultation with Attorney Yelen. Use this opportunity to ask questions about experience, approach to will drafting, and fee structure.
Trust Your Instincts: Trust is paramount in any attorney-client relationship. Choose an “estate planning attorney near me” who possesses the requisite expertise and makes you feel comfortable and confident in their abilities to safeguard your legacy.
Contact a Wills & Trust Attorney
Entrusting the drafting of your will to estate lawyers who focus on wills is a decision of profound importance. By leveraging their expertise, you can navigate the complexities of estate planning with confidence and peace of mind. Your legacy deserves nothing less than meticulous care and attention to detail. An experienced estate lawyer is your trusted ally in securing it for generations to come.
Jeffrey A. Yelen, a partner with DKY Law Firm, is an Elder Law Attorney who brings 25 years of estate planning, probate and estate litigation experience to the clients he serves. He is head of the firm’s Elder Law and Estate Services division and is highly experienced in Wills, Estates, and Trusts. When you are searching for an Elder Law Lawyer, Attorney Yelen can provide the skilled legal representation you and your family need. Contact Attorney Yelen.
As our parents age, many of us are faced with the question of what to do with their assets. Should we encourage them to gift their house or other assets to us, their children? Should we make bank accounts joint with our parents? These are important questions to consider. It’s essential to seek the opinion of an estate planning attorney or elder law attorney before making any decisions. In this blog, we’ll explore the pros and cons of gifting assets and making bank accounts joint with children and explain why seeking professional advice from an experienced probate lawyer is crucial.
The Importance of Estate Planning and Elder Law
Elder law and estate planning are essential for ensuring your assets are protected and allocated in accordance with your wishes. Estate planning involves designing a plan to distribute your assets after your death, while elder law addresses the legal and financial issues that arise as we age. Estate attorneys and elder care lawyers can guide you in creating an in-depth plan that concentrates on your precise needs and goals. Furthermore, they can also advise you on the most effective ways to protect your assets and fulfill your wishes.
The Risks of Gifting Assets to Children
Many people consider gifting assets, such as their homes, to their children to avoid probate and reduce estate taxes. However, this strategy has significant risks. First, gifting assets to children means you no longer have control over those assets. Once the gift is made, it belongs to your children, who can do whatever they want. This can be problematic if your children are not financially responsible, get divorced, or face other legal issues. Additionally, gifting assets can have significant tax implications. If the value of the gift exceeds the annual gift tax exclusion, you may be subject to gift taxes. Consequently, if your children sell the gifted assets, they may be subject to capital gains taxes.
The Risks of Joint Bank Accounts
Another common strategy for avoiding probate is to make bank accounts joint with children. While this may seem simple and convenient, it can also have significant risks. First, making a bank account joint with your children means they have equal access to the funds in that account. This can be problematic if your children are not financially responsible or face legal issues.
Additionally, making a bank account joint with your children can have tax implications. If the account earns interest, your children may be responsible for paying taxes on that interest, even if they do not withdraw the funds. In Pennsylvania, joint bank accounts are presumed to be right of survivorship, meaning that only those listed on the bank account with you will inherit the account. In other words, they will not pass according to your will.
The Benefits of Seeking Professional Advice from an Estate Planning Attorney
Given the risks associated with gifting assets and making bank accounts joint with children, seeking professional advice from an estate planning attorney is essential. An experienced estate lawyer can help you better grasp the potential consequences of gifting assets and making bank accounts joint with children. Moreover, they can provide guidance on alternative strategies for safeguarding your assets and ensuring that your wishes are carried out.
Alternative Strategies for Protecting Assets
There are several alternative strategies for protecting your assets that do not involve gifting assets or making bank accounts joint with children. These include:
Trusts: A trust is a legal arrangement in which a trustee holds and manages assets on behalf of a beneficiary. Trusts can be revocable or irrevocable. They can protect assets from creditors, avoid probate, and reduce estate taxes. A trust attorney can provide guidance.
Life Estate Deeds: A life estate deed is a legal document that permits you to transfer ownership of your property to your children while retaining the right to live in the property for the rest of your life. This approach can help you avoid probate and reduce estate taxes.
Long-Term Care Insurance: Long-term care insurance can help preserve your assets if you require long-term care. This type of insurance may cover the expenses of nursing home care, assisted living, and in-home care.
The Role of Estate Lawyers and Elder Law Attorneys
Estate planning lawyers and elder law attorneys play a vital role in assisting individuals and families interested in protecting their assets and ensure that their wishes are carried out. In particular, they can provide guidance on the best strategies for protecting assets, reducing inheritance and estate taxes, and accomplishing your estate goals.
Estate planning and elder law lawyers can also help you create a comprehensive plan that addresses your specific needs and goals. They can provide counsel on the best ways to protect your assets and ensure that your wishes are carried out.
Conclusion
As our parents age, it’s natural to want to safeguard their assets and ensure that their wishes are carried out. However, gifting assets and making bank accounts joint with children can have significant risks and tax implications. It’s essential to seek skillful advice from an estate planning attorney before making any decisions. To clarify, an elder care lawyer can help you understand the potential outcome of gifting assets and making bank accounts joint with children and provide guidance on alternative strategies for protecting your assets.
By working with an experienced trust attorney or elder lawyer, you can create a comprehensive plan that addresses your specific wishes. One that ensures that your assets are protected and distributed according to your wishes.
Jeffrey A. Yelen, a partner with DKY Law Firm, is an Elder Law Attorney who brings 25 years of estate planning, probate and estate litigation experience to the clients he serves. He is head of the firm’s Elder Law and Estate Services division and is highly experienced in Wills, Estates, and Trusts. When you are searching for an Elder Law Lawyer, Attorney Yelen can provide the skilled legal representation you and your family need. Contact Attorney Yelen.
WILKES-BARRE, PA – August 12, 2024 – Distasio, Kowalski &Yelen LLC (DKY Law) is pleased to announce that Attorney Jeffrey Yelen has been recognized among the 2024 Lawyers of Distinction. With over 25 years of experience in the general practice of law, Attorney Yelen has built a reputation of his exceptional legal expertise and dedication to clients.