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July 2015 Archives

Protecting pets within estate planning

All across Pennsylvania, there are families that include beloved pets. Pet care has become a huge industry within the United States, and virtually every large city or town has a range of retail stores dedicated to providing pet supplies and services. While many people have a great deal of love for their pets, very few consider how to include these family members within the estate planning process.

Facebook releases new estate planning tool

When a loved one passes away, those who are left behind are often thrown into a tumultuous and difficult period of time. It is necessary to make the final arrangements that will allow friends and family to say goodbye, and there are often other immediate needs to be attended to, such as securing care for children and pets or addressing immediate financial concerns. After a period of time, many Philadelphia families move on to consider less urgent estate planning matters, such as how to access and preserve digital assets.

Trusts can play a role in nursing care planning

When considering various estate planning options, most Pennsylvania families focus on how to pass assets to loved ones in a smooth and seamless manner. Many families fail to give proper consideration to the chance that a surviving spouse could end up requiring residential medical care, which can complicate matters of inheritance. In some cases, the cost of such care can completely deplete an inheritance, leaving little or nothing for children or grandchildren. When considering this estate planning matter, families should look into whether trusts can be a good fit for their planning needs.

This valuable estate planning tool could be lost

When a Philadelphia family has amassed a certain level of wealth, a great deal of effort is focused on trying to shield that wealth from excessive taxation, thereby preserving a greater share for future generations. One tool that meets both of those goals lies in limited family partnerships. According to recent comments made by government tax authorities, this estate planning approach could soon be eliminated, leaving many families scrambling for an alternative.

Why wealthy people neglect estate planning needs

Many Pennsylvania residents falsely believe that estate planning is only for the wealthy, and that families with moderate levels of income and assets have little need for such measures. According to a recent survey conducted by a major media outlet, even the wealthy among us fail to properly address estate planning needs. When it comes to the reasons behind this trend, some of the logic makes perfect sense, even if the outcome is flawed.

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Larmore Scarlett LLP

Larmore Scarlett, LLP
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