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Legacy Planning

Wednesday, May 6, 2020

Medicaid Update & Medicaid Trusts


Even before the Coronavirus hit this winter, every client I spoke with was adamant about not going into a nursing home. Ever. Surely, the daily headlines of nursing homes being unprepared for this pandemic, resulting in thousands of deaths, isolation from loved ones and other problems will only make the idea of a nursing home even less popular.

A nursing home (skilled, 24-hour care) is not optional for some folks who have health issues in which staying at home would be a danger. If only we all had crystal balls that worked, and could tell us how long we’ll live and what our ailments will be, it would take the guesswork out of planning.

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Tuesday, February 11, 2020

The State of Estate Planning

This year, estate planners around the country are dealing with the new SECURE Act that Congress passed and the President signed into law late last year. The SECURE Act went into effect on January 1 and makes several changes to retirement plans.

For clients hoping their children or loved ones would be able to “stretch” an inherited IRA out over his or her lifetime, the new law restricts the payout time to 10 years. Those who’ve added an extra layer of protection using an IRA Trust will have to consider modifying such a trust, while also considering new planning opportunities.

As I tell clients, estate planning laws change every few years.


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Tuesday, December 17, 2019

Common Excuses for Estate Planning Procrastination

Procrastination with estate planning is common, but nonetheless unfortunate. Without a proper estate plan, you risk family conflict, placing a burden on loved ones during a difficult time, and ultimately leaving less money for the people you want to provide for. Having an estate plan is like having an insurance policy—you hope you never need it, but when you do, it’s there for you.  I have heard many excuses for failure to plan during my years of practice and describe a few of my ‘favorites’ below.


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Tuesday, December 3, 2019

The Essential Estate Plan

Let’s take a step back this edition and make sure you’re up to date on the essential estate planning components (for Pennsylvania residents). Think of estate planning like building a house. Every house needs a solid foundation, and that’s what I discuss below. However, you may require features such as a home office, an in-law suite, a two-car garage, etc. Just like building a house, each estate plan will vary. 

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Tuesday, October 22, 2019

Five Estate Planning Myths


There are lots of misconceptions about estate planning, and any one of them can result in costly mistakes. Understanding who needs an estate plan and what it should cover is key to creating a plan that is right for you and your family.

We have touched upon this previously, but it bears repeating.  A properly crafted estate plan allows you, while you are still living, to ensure that your property will go to the people you want, in the way you want, and when you want. It offers the comfort that your loved ones can mourn your loss without being simultaneously burdened with unnecessary red tape and financial confusion.


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Tuesday, June 18, 2019

Prepare for the SECURE Act


This has been under the radar for most folks, but be prepared. Last month, the U.S. House of Representatives passed the SECURE Act, a bill to change the laws on retirement savings. The U.
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Tuesday, November 28, 2017

Does A Medicaid Trust Make Sense?


Ensuring your loved ones inherit part of your estate even if you need long-term care (nursing home, round-the-clock home care, etc.) is important to many of my clients. But how are you able to preserve assets in the face of nursing homes and Medicaid spenddown regulations? You might consider adding a Medicaid Trust to your estate plan.

You may be reading and thinking to yourself, “What’s the difference between Medicare and Medicaid?” It can be confusing to a lot of us, so you’re not alone. But they are two completely different programs, and the one most folks know more about—Medicare—does not cover long-term care costs beyond a couple of months.

Read more . . .


Tuesday, May 16, 2017

Five Things To Know About Legacy Planning


We did a lunch & learn last week on IRA Trusts, something you newsletter readers have read about, courtesy of me, all too often. IRAs are potentially great assets to pass on, but only if structured properly. Unfortunately, there are many pitfalls with IRAs and inheritances.

One issue that comes up a lot, at these events and in meetings with my clients, is the desire to pass things along to heirs and beneficiaries, but the worry that comes along with that that the recipient will squander that gift.  Not too many people trust an heir, especially a young one, with a significant sum of money.


Read more . . .


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The Law Offices of Jeremy A. Wechsler assist clients with Estate Planning matters in Willow Grove, PA as well as Abington, Hatboro, Dresher, Horsham, Bryn Athyn, Huntingdon Valley, Fort Washington, Jenkintown, Glenside, Oreland, Warminister, Wyncote, Ambler, Elkins Park, Flourtown, Philadelphia, Warrington, Cheltenham, Gwynedd Valley, Jamison, Feasterville Trevose, Richboro, North Wales, Blue Bell, Lafayette Hill, King of Prussia, Collegeville, Oaks, Phoenixville, Oxford Valley, Langhorne, Penndel, Bristol, Fairless Hills, Bensalem, Plymouth Meeting, Furlong, Philadelphia County, Bucks County and Montgomery County.

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