Long-Term Care Planning

Answering Some of the Most Frequently Asked Questions About Estate Planning [Video]

Watch/Read More

Answering Some of the Most Frequently Asked Questions About Estate Planning

This video is a recording of a virtual presentation given to the Adult Children of Aging Parents organization (ACAP) in May 2021 by Attorney Jenna Franks and Long-Term Planner Kristin Daugherty. They discuss topics such as legal and financial documents that everyone needs such as wills and Powers of Attorney, trusts, special needs planning, government benefits, long-term care, gifting and dementia.

For more information on ACAP, visit

Presented by Steinbacher, Goodall & Yurchak
We prepare handcrafted estate plans that guide you on your path.

Long-Term Care Planning
Crisis Planning
Estate Planning
Business Succession Planning
Wealth Protection Planning
Gas Lease Planning
Special Needs Planning
Retirement Planning
Estate Administration & Probate

Steinbacher, Goodall & Yurchak
Phone 570-322-2077
Fax 570-322-2119
413 Washington Blvd. Williamsport PA 17701

Long-Term Care Planning

Estate Planning Mistakes | Putting Your House In Childs Name [Video]

Today we'll be covering some estate planning mistakes way too many people make; putting your house in your child's name. Yes, it will avoid probate, but will open them up to a big world of taxation. When you add your child to the deed of the house, they take on the same cost-basis you have. A cost-basis is defined as, "the original value of an asset for tax purposes, usually the purchase price". So, if you paid $70K for your house 25 years ago, and now it's worth $800K in this wild market we have currently; your child will assume the property upon your death with the cost-basis of $70K. So if they wanted to sell the property at today's value, the $800K, they'd be on the hook to pay tax on $770K. This is an oversimplification, but hopefully you get the drift. On the contrary, if you set things up so they properly inherited the house, their cost-basis would be whatever the house was worth on the date of your death. So if it was worth $800K the day you pass away and your child sold it a little later for $800K; they would owe nothing in taxes.Unfortunately, I can not tell you what the "proper" way of planning your estate is in this video due to everyone having a different set of circumstances. Every state has different laws and you would need to consult with a tax or legal professional on the best way to setup your estate. Estate planning trustsEstate planning willsEstate planning tipsEstate planning basicsEquipment I used for this video:Camera: for Mac: for Windows: Davinci ResolveCheaper Alternatives:Camera: Cell phoneTripod: Balance on a book 🤷🏽‍♂️Editing Software: iMovie or Video Editor for Windows or use your phone.Lighting: The sun 😎

Long-Term Care Planning

It feels good having someone on your side. It sounds good, too, in our newest song featuring Jill Scott.As Jill returns to the studio for a new take on Nationwide’s iconic jingle, we’re reminded that it’s the little moments where we show how much we care.Nationwide offers an array of solutions and products from personal insurance, to business insurance, to taxes, to protecting your future investments and retirement. Whatever the need, you can rely on Nationwide to help protect the things you love and cherish.Nationwide is On Your Side#nationwide #insurance # investment #retirementSubscribe to the Nationwide YouTube channel: Nationwide on Facebook: Nationwide on Twitter: Mutual Insurance Company and affiliates. Columbus, Ohio