Family is a priority for me and all the attorneys and staff I work with. As the children of aging parents, brothers, sisters, and parents ourselves, we know what it is like to be concerned for those we care about. As experienced attorneys we also know the legal issues that can devastate family finances and cause family conflict long after a crisis has occurred. That is why we are passionate about protecting families and preserving their property through proper estate planning.
Following a tradition of concern for families
As the son of a WWII-Korea era veteran, and family lawyer, Jesse learned elder law by representing many of the Greatest Generation. Volunteering for Meals on Wheels, pro bono work for the American Legion, and VFW, and many other organizations, serving as Associate Legal Counsel to a NYS legislator Jesse learned more than just the law. Following in his father’s footsteps was not easy. But it was not without rewards. “I got to know many WWII vets, and community leaders. They were great! But more than that, I really learned what people were concerned about with their families and how a proper estate plan could protect their family.”
People Over 65 Who Will Need Nursing Home Care
People Without Even A Last Will
People Over 65 Who Say They Want to Age In Place
Jesse Bifulco grew up in a family with eight kids. He is married to his wife Kristen, and they have three children. “Estate Planning should be approached from the perspective of how can I protect this family? How can I preserve their property, and prevent family conflict?”
Estate Planning in Maine Has Changed Over the Years
In 1995 when I began practicing, many clients could get by with a simple will. But even then, times were changing. The gift tax credit was much lower. We wrote testamentary trusts. Many WWII, and Korea War vets, people in their seventies then were dividing the property between the husband and wife, and creating credit shelter trusts. Perhaps they had a house they bought for $30,000 that was now worth six hundred thousand. With an IRA or a savings account, and then the family camp, or lake house their estate was over the top.
Today there are added complications. If the federal estate and gift credit is different than the state, than many of these credit shelter trust wills will actually cause an estate tax to be paid at the state level.
While many clients do not need tax planning, many do. Even if your estate is not subject to estate and gift taxes, your property may still be subject to capital gains income tax. Good estate planning takes into account capital gains and basis issues that could cost your heirs hundreds of thousands of dollars in taxes.
A Simple Will Can Cost You Hundreds of Thousands of Dollars
However, with nursing home costs at $14,000 per month they are concerned. If one spouse of a married couple had to go into a nursing home, it could wipe out their savings. Such a cost devastates family wealth.
Estate Planning for High Net Worth Individuals in Maine
As our clients have grown, we have had to grow as well. While many of our clients do not need gift tax planning, many do. Many of our clients are considered high net worth individuals. Estate Planning for high net worth individuals is specialized and complex. In the past, high net worth individuals would have to travel to large metropolitan areas to find a lawyer or firm knowledgeable in this area of law. But now Penbay Estate Planning Law Firm is a law firm in Camden Maine that offers high net worth estate planning services in Midcoast Maine.
Your Will or Estate Plan Should Be Reviewed Periodically
Many people come to us to review their estate plans. We have seen some examples of costly mistakes. Whether it is Medicaid asset protection planning or planning for high net worth individuals, a bad plan or no plan will cost you. But the cost is not merely money. Poor planning causes family conflict.
Estate Planning is Not for the General Practitioner or Online Forms
Simple wills can do more harm than good. General practitioners, and online legal services are not estate planning lawyers, as we define it. The estate planning lawyer you choose should concentrate in that area of law. They should earn your trust.
Come and learn how to make a plan for your estate for free
Penbay Estate Planning Law Center teaches estate planning workshops and estate planning seminars. The goal of these estate planning workshops is to give people the information they need to avoid the pitfalls. We can teach you how to protect your house against Medicaid liens and nursing home costs. Our workshops teach families how to leave their vacation home or beach house to the kids for generations to come.
More than just wills and trusts, our clients put their own family into our estate planning documents. We offer estate plans for younger families with minor children, estate planning for the parents of college-aged children, estate and gift tax savings plans for high net worth individuals, and estate plans for business owners with partners.
We will also review your existing will or trust to see if it will achieve your estate planning objectives.