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 […]
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 […]
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 […]
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. […]
Do All of My Assets Pass through My Will?
A Last Will and Testament is an important document to have in place. Two of the most important purposes of a Will are to name who you want to receive your assets when you pass away (your beneficiaries) and who you want to administer your estate when you die (your Executor). However, a common misconception […]
Disinheriting your Spouse – Can it be Done in Pennsylvania?
A question that comes up more frequently than one may expect in our practice is: can I disinherit my spouse. The simple answer to that question is No, you cannot just disinherit your spouse but you can sure try… Although technically you cannot disinherit your spouse under Pennsylvania law, you can always try to leave […]
This New Year: Plan to Protect Your Future
As the New Year begins, many people resolve to do some things they know they should do, but have put off. In various years past I have vowed to lose weight, get organized, save more, spend more time with my family, eat healthier foods, and get more exercise. In truth, these are pretty much continuing […]