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June 2015 Archives

Advance health care directives for single people

When considering estate planning, many Philadelphia residents focus on how to best transfer wealth to their children and grandchildren. For single people, the focus is often on incapacitation planning. While everyone should center their estate plan on a properly drafted will, there are a wide range of other documents that can round out one's planning package. For singles, a medical power of attorney and advance health care directives should play a central role within the estate planning process.

What are the grounds for challenging a will?

There are a couple of things to initially know about wills. The first is that they are absolutely vital documents that any adult needs to have. It doesn't matter if you are a young adult and you may not have the assets that someone older than you may have -- it is still important to have a will. The other thing to note about wills is that they are usually uncontested, and even if they are, most of the time the will remains intact and is administered as the deceased individual wanted.

Why trusts are a good option for many women

Estate planning is always a highly personal venture. Individuals have a unique set of needs when it comes to creating a comprehensive estate plan, and no two outcomes are ever exactly alike. That said, women often have a different set of needs than men, and trusts can play an important role in the estate planning approach of many Pennsylvania women.

Consider how basis factors into estate planning

With the passage of the 2012 American Taxpayer Relief Act, most Americans no longer have to center their estate plan around avoiding the estate tax, which can be as high as 47 percent of taxable assets. Currently, only those individuals in Pennsylvania who have an estate worth more than $5.43 million have to be concerned about the estate tax. For the rest of us, estate planning often focuses on how assets can be passed in such a way as to avoid income taxation.

Understanding beneficiaries within estate planning

One of the most detrimental mistakes that a Pennsylvania resident can make is misunderstanding how beneficiary designations fit into an estate plan. There are a number of misconceptions that people hold in regard to their estate planning documents, but the power of naming a beneficiary is one of the most common areas of confusion. Failing to properly incorporate these documents into one's overall estate plan can yield disastrous consequences.

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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
Fax: 610-444-9532
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