Julieanne E. Steinbacher, Esq., CELA*, founding partner and shareholder of Steinbacher, Goodall & Yurchak, and Jenna L. Franks, Esq., recently published the 2021 Supplement to the Pennsylvania Trust Guide. This guide is used as a handbook for attorneys, trustees, and their advisors and was produced by George T. Bisel Company, Inc.
The supplement to the guide contains important law updates concerning trust and tax law and features an analysis of brand-new cases relating to trust creation and administration. Other highlights include an overview of the types of charitable trusts and how to incorporate them as a planning tool for clients, a discussion about the Tax Cuts and Jobs Act of 2017, drafting tips for legal practitioners in the area of trust and estate planning, sample forms and letter templates used for trust funding, an overview of supplemental needs trusts, differences between grantor/non-grantor and revocable/irrevocable trusts, case studies involving irrevocable trusts in Medicaid and long-term care planning, effective uses of trusts to achieve desired tax planning goals, and much more.
Podcast Episode 31 is a Comprehensive Presentation About Using Trusts to Protect Assets; Now Available on New Platforms
So, you're at or close to retirement, or you have recently retired. You've spent around 30-40 years working hard to build up your nest egg so you can have at least a semi-comfortable retirement at minimum so that you can enjoy the fruits of your many years of labor, spoil the grandkids, and donate either your time or money to a charity or nonprofit whose cause is near and dear to your heart. Perhaps you've worked with a qualified financial advisor for several years to help you get to these goals. While it may now seem that you're crossed the finish line, in reality, you still have some outstanding items in order to ensure you can enjoy your retirement as you wish and you don't get caught off guard by an unexpected crisis that could greatly put a dent in your retirement savings.
In the Second Half of Life Podcast episode 31, Attorney Brittany Smith and Long-Term Care Planner Tammy Zilske give a comprehensive presentation on the asset protection trust. These types of trusts are typically used to protect assets from the cost of long-term care, which in Pennsylvania in 2020 average nearly $11,000 per month. If the need unexpectedly arises for long-term care, without proper planning, it can prevent someone from using their hard-earned retirement savings for things they want to use it for, and also make for a much-lower inheritance to pass onto future generations or whatever person or organization someone wishes to pass it to - or even none at all.
Each quarter, members of the Steinbacher, Goodall & Yurchak team routinely particpate in community events. Here's a summary of the various activities that SGY representatives took part in during the third quarter of 2020 (July-September). While overall events were down from previous years due to COVID-19, the gradual reopening of the state following the spring shutdowns allowed for some limited opportunities to attend (or host) community events outdoors while the weather was nice.
On August 13, Attorney Landon Hodges graduated from Leadership Lycoming. Leadership Lycoming is a specialized training program organized by the Williamsport/Lycoming Chamber of Commerce that is designed to understand the needs of the community it serves and develop and motivate effective leaders who are committed to utilizing their skills and talents for the betterment of their community. Landon is the latest of several current SGY team members to have gone through the Leadership Lycoming program, and the firm is proud of Landon’s dedication to our community and congratulate him and the rest of the Class of 2020 for a job well done!
On September 10, the firm hosted a Williamsport/Lycoming Chamber PM Exchange networking event where attendees were able to tour the newly renovated Williamsport office and learn how estate planning can provide them peace of mind. Fine food and spirits including pulled pork sliders, nachos with all the fixings, cheeses, fruits, veggies, and dips were enjoyed by guests and washed down with specialty cocktails such as the Beaten COVID-19 Mule and When Life Hands You Lemons. Firm employees and event guests were thrilled to get away from their computer screens and socialize with colleagues – of course, while wearing masks and maintaining a safe six-foot distance! A ribbon-cutting ceremony was held prior to the start of the event to celebrate the completion of the firm’s office renovation project.