An estate plan is a great way to help get all of your assets in order, hash out your future financial goals, and better ensure your estate is distributed in line with your wishes. When put together wisely, it can also provide better protection from creditors and...
Estate Planning
Differences between obtaining custody and guardianship of a child
Pennsylvania courts are very concerned about the welfare of children whenever they are part of any legal situation, and this especially applies when a custody issue hangs in the balance. The courts take their role as child advocates very seriously. Judges weigh all...
What is a step-up in basis for tax purposes?
Many people become confused over the meaning of cost basis, as it is a term that accountants and tax specialists use to determine the worth of certain assets and how much tax must be paid. Understanding what cost basis is and how using a step-up in basis can make a...
Pros and cons of irrevocable trusts
Trusts allow the grantor in Pottstown, Pennsylvania, or trust creator, to hold assets legally for a beneficiary. One type of trust is an irrevocable trust, which means the grantor cannot change it without the beneficiary's permission. Irrevocable trusts can be used in...
Guardianship matters in Pennsylvania
Guardianship is the legal process in which a court appoints a person or an institution to be the legal guardian of a person who is unable to manage their own personal, legal, medical and/or financial affairs. The guardian then has the legal right and ability to act on...
How does the step-up basis work?
There are several goals when creating an estate plan. One is to provide for your old age, but the other is to transfer assets to your family in the most efficient way possible. The step-up basis relates to the transfer of assets from one generation to the next. When...
How do I protect assets from nursing home expenses?
When your health starts to decline as you get older, you may need support to stay safe and well. Moving in to a nursing home can allow those with cognitive issues or limited mobility to enjoy their golden years without the risks that come from living alone....
Reasons a Millennial Should Do Estate Planning
Estate planning is not just for those who are nearing retirement age. People often assume that grandparents create estate plans later in life to decide where to leave their assets -- and how to do it -- and that they don’t need to worry about estate planning until...
What is a Financial Power of Attorney (or General Power of Attorney/Durable Power of Attorney)?
When it comes to estate planning there are two especially important types of Power of Attorneys (POA) used in Pennsylvania Estate Planning. One is known as a Healthcare Power of Attorney (HPOA) which allows an individual to appoint someone to make healthcare...
How to retain special needs guardianship once your child turns 18
As the parent of a minor with special needs, you have been able to protect them. However, after their 18th birthday, you will no longer automatically have that ability. If you do not take legal steps to preserve it, the law will assume your child can take care of...