Probate is the legal process where a court oversees the distribution of a deceased person’s assets. While it ensures proper administration, probate can be time-consuming, costly, and invasive. Thankfully, proper estate planning allows you to bypass probate, ensuring a smoother transfer of assets to your beneficiaries. Here’s how you can achieve that. 1. Create a […]
Choosing the right executor for your estate is one of the most important decisions you’ll make during the estate planning process. This person will ensure your wishes are carried out, debts are settled, and assets are distributed to beneficiaries. It’s a big job, so here’s how to choose the best person for the role. 1. […]
Creating a will is a vital step to ensure your wishes are carried out after you pass away. It decides how your assets are distributed, who will care for your children, and who will manage your estate. However, life changes such as marriage, divorce, having children, or acquiring new assets can significantly impact your estate. […]
In a previous article, we discussed the Pennsylvania Uniform Transfers to Minors Act (PUTMA), which offers a straightforward way to gift or transfer property to minors without the complexities of establishing a formal trust or extensive court oversight. Additionally, there are mechanisms to address both custody and financial issues related to minors upon a parent’s […]
Estate planning might not be the most exciting topic, but it’s one of the most important steps you can take to protect your assets and provide for your loved ones. Unfortunately, many people make avoidable mistakes that can lead to unnecessary stress, legal disputes, or financial losses. Whether you’re just starting or revisiting your plan, […]
1. Updating Beneficiary Designations Divorce attorneys play a crucial role in guiding clients through the dissolution of marriage, focusing on dividing assets, alimony, custody, and more. However, while handling the many legal and financial challenges in a divorce, attorneys may miss or overlook critical estate planning concerns that could significantly impact clients’ futures. Effective estate […]
Estate planning is often overlooked, but it’s an essential aspect of financial and personal security. Whether you have significant wealth or modest assets, estate planning ensures that your wishes are honored and your loved ones are protected after you pass away. Here’s why estate planning is so important: 1. Protection of Your Loved Ones The […]
Estate planning is a critical aspect of financial management, ensuring that your assets are distributed according to your wishes after you pass away. While many people attempt to handle estate matters on their own, the complexities involved often necessitate the expertise of a skilled estate lawyer. Here are five compelling reasons why hiring a good […]
As financial landscapes evolve, so do tax laws, and the sunset of the estate tax (AKA the “Death tax” or “Wealth Tax”) exemption is no exception.
There are many financial decisions you can control to maximize your estate for your heirs after you pass. Now more than ever, it is crucial to make sure your affairs are in order. Pennsylvania is one of several states that still has an inheritance tax. The tax rate for Pennsylvania Inheritance Tax is 4.5% for […]
Last Wills and Testaments are the last people think of when they talk to their families, friends or spouses. Most people find talking about creating what we call an “Estate Plan” is morbid. That couldn’t be farther from the truth. It is a wonderful gift you can give your family and friends. It not on […]
You have probably heard the adage “a man who is his own lawyer has a fool for a client” and it appears that statement couldn’t be truer when it comes to lawyers who drafted their own last will and testament. In the annals of history, many prominent attorneys have surprisingly died either without a will […]
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