570.322.2077 | Williamsport
814.237.4100 | State College

What do the following situations have in common? A beneficiary that is always chasing the next big business to start up. A family farm that you want to keep in the family. A son-in-law that you have some concerns about.

All of these situations require a Wealth Protection Plan in order for you to address these issues and have a hand in the outcome. The good news is that our office can help you formulate a solution to handle all of these concerns. We do this by creating a Wealth Protection Plan. A Wealth Protection Plan is a roadmap outlining what you want to accomplish and offering options and solutions to address each goal.

Why?

Creating a Wealth Protection Plan for you and your family is not ruling from the grave; it is padding the outcome so that all that you have worked so hard to accomplish in your life continues as a legacy for future generations. It is the responsible way to handle all that you have worked so hard for. It is similar to making a smart investment that yields dividends for years to come. You can protect your family from situations or individuals they cannot control and yet still provide them with security and peace of mind about certain assets. You didn’t invest blood, sweat, and tears into a piece of real estate or handle your money responsibly during your life just to see it all disappear because of one bad decision or one bad influence in your beneficiaries’ lives. Wealth Protection Planning is not just applicable to the Warren Buffets or Donald Trumps of the world. Your legacy may be in the form of a family farm, a hunting cabin, a family heirloom, or a specific monetary amount that is to be used to fund your grandchildren’s education. Every family that wants to preserve a legacy for future generations should create a Wealth Protection Plan.

What?

Our firm designs a Wealth Protection Plan to address your concerns and ensure your legacy passes to future generations. We address federal and Pennsylvania tax concerns and also create solutions for issues related to the personality of each child, grandchild, or other beneficiary. Do you want to provide for your grandchildren’s education? Do you want to bequeath a certain piece of real estate to a child that has worked on the farm for years, but want that child to offer the real estate to his or her siblings if he or she ever decides to sell the property? Your Wealth Protection Plan will provide you with creative solutions to do just that.

How?

Steinbacher, Goodall & Yurchak strives to help you identify your concerns and goals and to provide options for you to achieve those goals. Our job is to balance all the tax and legal concerns and create the most effective plan that is specific to you and your family. Wealth Protection Planning encompasses anything from business succession planning and gas lease planning to retirement planning and estate and long-term care planning. Sometimes a client may incorporate several of these categories into their comprehensive Wealth Protection Plan. Typically you will have multiple concerns you want to address, and your Wealth Protection Plan provides a roadmap to do just that. We use multiple tools as part of your Wealth Protection Plan, including, but not limited to, trusts, business entities, and beneficiary designations. Wealth Protection Planning can be something as simple as updating beneficiary designations and coordinating those with your Last Will and Testament, or it can be more comprehensive to address gas lease planning, business succession planning, and/or retirement planning.

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