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April 2015 Archives

What does being named an executor mean?

When putting together a will, it is considered good practice to include the name of an executor. This named person is the one who will be in charge of carrying out key functions, such as distributing assets to beneficiaries and taking care of any financial obligations, such as paying taxes or bills tied to the estate.

Is it possible to refuse a bequest or inheritance? p2

We are circling back to our March 31 post and the discussion of turning down gifts, bequests or inheritances. As we said, it is possible. There is no law that says you must accept a gift, that you must accept your deceased uncle's bequest of a painting you suspect was looted by the Nazis or the trust fund set up by your robber baron great-grandfather.

Ensuring adequate liquidity an important task in estate planning

A bill currently under consideration in the Pennsylvania Senate seeks to protect family farms from having to pay state inheritance taxes under a measure that would ensure the Department of Revenue consistently applies a specific tax exemption to families who use family trusts or family corporations to manage their estate planning and ownership interests.

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Larmore Scarlett LLP

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