Pennsylvania has now eliminated state inheritance tax on transfers from a parent to or for the use of a child age 21 or younger upon the death of the parent. This includes transfers from a natural parent, adoptive parent or stepparent. Pennsylvania inheritance tax is imposed as a percentage of the value of most property […]
THE ROLE STUDENT LOAN DEBT PLAYS IN YOUR ESTATE PLAN
Unfortunately, as the cost of higher education rises, the number of individuals with student load debt is increasing exponentially. As these debts increase, many individuals are forced to factor them in to their estate plan. According to the Consumer Finance Protection Bureau, between 2012 and 2017, the number of individuals, over the age of 60, […]
A Family Meeting as Part of Effective Estate Planning
Effective estate planning takes time and evolves over the various seasons of life. Often, a family meeting is one of the final steps in the estate planning process. There seems to be a trend among baby boomers to want to make sure there is transparency and understanding regarding their decisions so that when they pass […]
Estate Planning for Snowbirds
It’s that time of year when thoughts of living in a warm climate appeal to those of us stuck in the frigid northeast. Those who are blessed with the opportunity to spend part of their year in Florida or another warm climate, may be interested in some of the estate planning issues that arise when you […]
What is a Will?
A Will is commonly defined as a document which disposes of a person’s property after their death. But it can be much more than that, or sometimes less. A Will is also known as a “Last Will and Testament”. It is helpful to think of a Will as being a document that gives your instructions […]
Financial Power of Attorney and Trust – Understanding the Differences
Someday you may want or need to have someone help you manage your assets and financial life. Two common methods of authorizing someone to step in are the financial power of attorney and the trust. While both of these tools are used to authorize someone to handle financial matters for you they have some significant […]
Aretha Franklin the Legend…. Don’t be like Aretha
As many of you know Aretha Franklin passed away on August 16, 2018 after a battle with pancreatic cancer. Ms. Franklin will be known as a legend and the “Queen of Soul” for years to come, but she will also be known as one of the celebrities who never set up a will or trust. […]