Pennsylvania Probate laws (Title 20: Decedents, Estates and Fiduciaries) discuss everything from Intestate Succession to Elective Shares of Surviving Spouses, to inheritance taxes and the procedure for administering an estate. The average individual probably doesn’t...
Estate Planning
Differences Between Guardianship and Health Care and Financial Powers of Attorneys
Many people get confused about the difference between guardianship, health care powers of attorneys, and financial powers of attorney. Let us take a look at the three different legal tools. What is guardianship? Guardianship gives someone else the right to make...
Estate Planning vs. Estate Administration
What is the difference? Well, Estate Planning is done during your life in preparing for incapacity or death and to make sure that your wishes are carried out. Estate Administration is done after your pass away to make sure that the planning you did prior to death is...
How Should You Encourage Family Members to Create an Estate Plan
All of us experience aging family members at some time in our lives and there is no good time to speak with them about their estate plan. Estate planning is often a difficult topic for all of us to broach, as it brings the unpleasant topics of aging and death to the...
Why Your Family Needs an Estate Plan
Fifty-seven percent of adults in the United States have not prepared any estate planning documents such as a will or trust despite the fact that seventy-six percent of adults in the United States view them as important. You may wonder why that is the case, but are...
How does the SECURE Act impact your estate plan?
People who have had their estate plan in place for more than a year might need to review it now. In December 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 made some changes to some aspects of individual retirement accounts. Those changes...
Which Estate Planning Bubble Are You In? Part 2
In the follow-up to my Bubble Blog…..here’s part 2, which admittedly is not EVERY question that we would go through at a consultation for estate planning but covers some of the bigger questions. If any of this information is useful information to you, consider setting...
Which Estate Planning Bubble Are You In?
Knowledge is Power. An estate plan can provide peace of mind by ensuring your assets are protected, plans are in place in the event you become ill, and your property is passed down according to your wishes. Fifty-seven percent of adults in the US have not prepared any...
Should I set up an irrevocable life insurance trust?
An irrevocable life insurance trust (ILIT) is created to own and control a permanent or term life insurance policy while you are alive, as well as to manage and distribute the proceeds that are paid out upon your death. It is a good way to financially prepare your...
Should I Update My Estate Planning?
People often ask me how often someone must update their estate planning documents. My response is, I have some clients who update every year and others who update once every 70 years…. but surely there must be a rule? My answer: You must update it when the...