Wills & Estate Planning
Transferring Pennsylvania Car Title and Beneficiary Accounts After Death of a Loved One
January 15, 2025
Arbitration in Family Law Matters: How to Avoid Court & Why It Matters
November 5, 2024Unlike arbitration, courtrooms are typically where individuals turn when they face issues that cannot be resolved through other means. However, court proceedings can be time-consuming and costly, and they may not always adequately address your specific needs, intentions, or concerns. Fortunately, there are several alternatives to the court system known as Alternative Dispute Resolution (ADR) processes. The two primary options within ADR are mediation and arbitration.
BEQUESTS TO CHARITIES AND ENDOWMENTS
October 11, 2024Are you a non-profit seeking advice on an endowment you have been gifted? Or are you a person looking to give a portion or even all your assets to a charity once you pass? These prospects can lead to some questions. This article will outline how to handle receiving and leaving a bequest and/or endowment to continue your legacy.
Why Naming a Minor Child a Life Insurance Beneficiary is a Bad Idea
November 2, 2023Understanding Life Insurance Beneficiary Provisions
Life insurance companies cannot pay funds directly to a minor beneficiary. If your life insurance beneficiary is a minor when you die and you have not made any type of provisions for a custodian or guardian of the funds, the distribution of funds will be delayed because your County Court will be required to become involved in selecting and appointing a corporate or adult custodian or guardian to manage the funds on behalf of the minor.
WHAT IS INCLUDED IN ESTATE PLANNING?
August 15, 2023
COMMON LAW MARRIAGE IN PENNSYLVANIA
July 18, 2023Common Law Benefits
Pennsylvania stopped recognizing Common Law Marriages as of January 1, 2005; however, if you had established a Common Law Marriage in Pennsylvania prior to that date, Pennsylvania Law preserves the validity of such marriages. An established Common Law Marriage may provide you with certain benefits such as spousal death benefits, Social Security surviving spouse benefits, or zero percent inheritance tax (as opposed to 15% for unrelated persons).
DIVORCE AND ESTATE PLANNING
March 14, 2023What You Need to Know During a Divorce
Many legal issues surround divorce, such as the determination of custody, support, and equitable distribution of marital property. In addition to all of this, there are often emotional issues. Updating an estate plan is generally at the bottom of your list, if it even makes the list, when you are going through a divorce. However, updating estate planning documents, such as a Will, Power of Attorney, Health Care Power of Attorney, Advanced Medical Directive (Living Will), and Revocable Trusts should be a top priority.
The Importance Of Reviewing & Updating Your Estate Plan
December 2, 2022ESTATE PLAN UPDATES & REVIEWS
There are three main documents that encompass an estate plan:
- A Will
- A Power Of Attorney
- A Health Care Directive or Living Will
In addition, certain situations merit creating a Trust or retitling real estate. Estate planning documents should be reviewed every few years and revised as life changes require. Some examples of life events that may prompt a review of your estate plan include marriage, separation or divorce, birth of a child, death of a family member, acquisition or sale of significant assets, receiving an inheritance, moving into Pennsylvania from another State or Country, retirement from employment, eldercare parent or spouse situations, and changes to existing tax laws.
WHY YOU NEED A POWER OF ATTORNEY
August 22, 2022When we prepare an estate plan for our clients, we strongly recommend that it include a will, a power of attorney, and often an advanced health directive. A power of attorney often referred to as a POA is a legal document that allows you as the principle to appoint another person to act as your agent or attorney-in-fact. The agent has the authority to act on your behalf and handle financial and personal affairs.
A power of attorney is important because a will has absolutely no effect until after the death of the person who wrote it. A POA allows a person (or persons) that you name as your agent (or agents) to act on your behalf while you are incapacitated or are unable or unavailable to act on your own behalf. You may also include a provision which allows your agent to receive medical information and give instructions to medical providers.
ESTATE PLANNING:
August 5, 2022
TRUSTS FOR ANIMALS/PETS
Section 7738 of the Decedents, Estates and Fiduciaries Code of Pennsylvania provides for the creation of an Animal Trust to provide for the care of pets upon the owner’s death or disability. Learn about Estate Planning, Trusts for Animals/Pets.
It is not generally recommended that a formal trust be established for the care of a pet. A better approach may be to discuss this issue with a family member or friend and obtain their agreement to care for the pet upon your death or disability. In this scenario, a specific sum of funds is set aside in your Will to provide for the expenses related to your pet’s ongoing care. This eliminates the need to establish a formal trust account which would require additional, unnecessary expenses. The informal animal care approach is certainly is the more cost effective approach.