The Role Of An Attorney In Wealth Planning


Wealth planning is a commonly used term used to describe and define the various financial services that are designed or can be designed to help people keep the wealth they have accumulated, gain more wealth or use their existing wealth more effectively. There are a number of road blocks in the way of effective wealth planning which include amongst others excessive liabilities and estate taxes that become due upon death. Wealth planning and all of it constituent parts can become very complex and often involves issues that only a seasoned estate planning attorney in Pottstown, PA can help you with.

An estate planning attorney has in-depth knowledge on what is required to effectively prepare and eventually administer the estate of a client. Perhaps the most common call on an estate planning attorney is to assist a client prepare his or her last will and testament. As the will is being drafted the attorney is given an opportunity to investigate any tax effects that will impact the disposition of the client’s assets. In many cases the attorney will suggest that one or more trusts be established that will meet the expectations of the client.

A will might be thought of as a rather simple document but this is far from the truth, a well drafted will is an important tool to be used in estate planning. Depending on where the will is executed there are very specific rules that must be followed, when an individual is concerned about the disposition of his or her estate and they want their assets disposed of in a very specific manner they must employ an estate planning attorney in Pottstown, PA that is intimate with all the correct language and procedures that need to be employed, otherwise there is a chance that the individuals assets will not end up be disposed of in complete accordance with his or her wishes.

There are a number of specifics that must be adhered to in the drafting of the will; there are also specifics that apply to the tax implications of the ways assets can be disposed of. In some jurisdictions there are punishing estate taxes, to ensure that these taxes are mitigated as much as possible it will take the skill of a seasoned estate planning attorney in Pottstown, PA.

There are many cases where an individual wants to ensure for example that a grandchild will have a fully funded trust fund for college education purposes. To ensure this the client will have the attorney draw up a testamentary trust fund which becomes available once the beneficiary graduates high school. All the proceeds from the trust will be applied towards the tertiary education of the grandchild named in the trust.

An estate planning attorney in Pottstown is a very important individual when it comes to ensuring that the proceeds from your estate upon your death are distributed in accordance with your wishes.