When Pennsylvania residents pass away without a will the state decides how to distribute their assets. For single people, this may mean distant family members come forward to claim the property. But on the other hand, it can also mean the state receives the assets. An...
Estate Planning
Consider including a trust in your estate plan
Wills and trusts are two components of an estate planning strategy. While many Pennsylvania residents have straightforward wills that leave everything to their surviving spouse or children, trusts take more effort to create and perhaps manage. Estate planning The...
What should you tell your family about your estate plans?
Talking about estate planning with your Pennsylvania family may involve difficult discussions about death and end-of-life plans. You may be reluctant to have those conversations with your loved ones, but they will benefit the most from having those tough...
What do married couples need to consider during estate planning?
Although discussing death with your spouse may make you uncomfortable, one of you will likely live longer than the other. Choosing a proper estate plan in Pennsylvania protects the surviving spouse financially. Children may also enjoy financial protection when you...
The vital role of estate planning in Pennsylvania
Estate planning is an agreement in which a person decides what will happen to their belongings after death. It is not only for wealthy individuals in Pennsylvania; just about anyone can use it. It offers more benefits like distributing assets, peace of mind, avoiding...
What to think about when creating a beneficiary designation
If assets remain inside of your Pennsylvania estate when you die, they will likely be subject to probate. In most cases, assets that have beneficiary designations attached to them will avoid this process. However, if a designation is not made properly, an item may...
Using a pour-over will for estate planning
A pour-over will is a specific type of will and testament designed to work with a trust-based estate plan. Pour-over wills can come in handy with the individual who created the trust does not transfer all of their assets into the trust and doesn't have a will to...
Estate planning tips to take advantage of
Regardless of how large your Pennsylvania estate is, it is a good idea to have an estate plan. At a minimum, you'll want to have a will that dictates who gets your property after you pass away. It may also be a good idea to have a trust to ensure that you retain some...
Pennsylvania estate taxes
When coming up with an estate plan in Pennsylvania, one of the main issues to tackle is taxes. You need to know how much the state or federal government will take when your beneficiaries receive your estate. Here's a look at estate taxes that may apply in your estate...
When should you review your estate plan?
Once you have completed your estate planning, that does not mean you never have to think about it again. Oftentimes, there are circumstances that call for you to make modifications. Taking the time to review your estate plan can prevent complications down the road....