Wills and Trusts Lancaster, PA
Bellomo & Associates, LLC
LANCASTER WILLS AND TRUSTS
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Wills and trusts are integral components of a well-planned estate. If you want to ensure your family’s financial safety, it’s essential to create wills and trusts that dictate your wishes. At Bellomo & Associates, we have extensive experience creating wills and trusts for residents in Lancaster, PA.
While both wills and trusts are used for estate planning, they have slightly different purposes. Wills can provide an overall distribution of your assets, while trusts offer tax benefits and other advantages. By using these two legal arrangements to outline your wishes, you can ensure that the financial health of your family and loved ones is protected.
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Wills in Lancaster, PA
A will provides you with a tool to outline your posthumous wishes. If you want to allocate your assets according to a specific structure, it’s critical to have a will. If you have properties, cash, investments, heirlooms, or any other types of assets, it’s essential to include those in your will.
If you want to protect your will against malevolent interference, it’s critical to choose an experienced attorney who can help you secure your family’s future. We start our will creation services by meeting with our clients and discussing their goals. We’ll make sure that your will reflects your wishes.
Check out the advantages associated with having a will:
- Outline the asset allocation of your estate.
- Provide money and other assets to individuals and organizations.
- Update your wishes if your circumstances change.
- Help secure your family’s future.
To learn more about how wills can work for you and your heirs, please contact us at Bellomo & Associates to speak with one of our attorneys.
Trusts in Lancaster, PA
If you’re searching for an estate planning tool that can help your heirs reduce their estate tax liabilities, a trust is an excellent solution. While a trust is very similar to a will, a trust will allow you to pass assets to family members without as much exposure to taxes. While the tax benefits will vary depending on the type of trust that you form, there’s no doubt a trust allows you to retain more of your assets across generations.
Many people also use trusts to specify wishes. For example, if you want your money used only for education costs, you can stipulate this in your trust. This means that the beneficiary of the trust will be able to withdraw funds only to pay for education.
While trusts provide you with more control and help to reduce tax exposure, they’re also less flexible than traditional wills. This means that the beneficiaries have less control over the assets than with a traditional will. Still, many people use trusts and wills together to form comprehensive estate management plans.
Check out the advantages associated with trusts:
- Help your heirs reduce estate tax obligations.
- Allow you to designate assets for specific uses.
- Help you secure the financial health of your family and loved ones.
If you’d like to learn more about how trusts can reduce your heirs’ exposure to estate tax, please contact us at Bellomo & Associates to speak with one of our attorneys.
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