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January 2016 Archives

Beware: Estate planning can benefit a former spouse

No matter how kind or generous, benevolent and forgiving, there are few Philadelphia residents who wish to provide an inheritance for their ex husband or wife. Without the proper estate planning measures, however, that is exactly what could take place. Many people are unaware that the provisions laid out within their will are not sufficient to prevent a former spouse from receiving wealth from a beneficiary designation.

No Kids? There are still plenty of estate planning needs to cover

When most Philadelphia residents think about estate planning, they focus on the transfer of wealth from one generation to another. This is the primary estate planning goal for many families, but it is not the only area of focus that exists. For couples who do not have children, a different approach needs to be taken, one that focuses more on the projected and potential needs of the couple.

Creating equality in estate planning outcomes

From the time children are small, parents strive to assure each child that he or she is loved just as much as the other children in the household. Philadelphia parents will address issues of equality throughout the time that children grow from toddlers into adulthood and often even beyond that threshold. When it comes to estate planning, equality often remains a priority. The reality, however, is that achieving complete equality is never really a possibility.

Estate planning for Pennsylvania farm families

Farmers often have a unique set of needs when it comes to planning their estates. For many, keeping their farms in their families are top priorities. At the same time, children are not always interested in continuing the family farming tradition. This can make it challenging to divide wealth equally, while also ensuring that the farms can continue to operate. Pennsylvania families have a number of estate planning options when addressing this issue.

Should gifts be made to heirs in advance of an inheritance?

Many Philadelphia families are aware that they are able to pass down $5.43 million in wealth without incurring federal estate tax. Beyond that amount, additional wealth is subject to taxation. As many wealthy people age, they begin to consider if gifting is a wise strategy to pass on wealth to heirs while avoiding estate taxes. Not all gifts are equal, however, and it is important to understand how the current rules apply.

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Larmore Scarlett LLP

Larmore Scarlett, LLP
123 E. Linden Street,
P.O. Box 384

Kennett Square, PA 19348

Phone: 610-444-3737
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