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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...
Many Pennsylvania residents have worked hard to amass their current level of wealth. The prospect of losing a sizable portion of that wealth to estate tax requirements can be distressing. A number of solutions are to be found for reducing estate tax obligations,...
Our posts recently have been focused on the estates of deceased celebrities. It is worth noting that when celebrity estate planning makes news headlines, it is never because their estate plans were air-tight and that nothing was disputed. Rather, these are cautionary...
We are talking about Marvin Gaye's estate and the sad condition his finances were in when he passed away more than 25 years ago. Like Michael Jackson, Gaye left enormous debts behind. Unlike Jackson, Gaye left no will.Gaye's situation was bad enough that the court...
When Michael Jackson died in 2009, he was just about broke. His reputation was trashed among allegations of child abuse, and his beloved Neverland estate was in disrepair and deeply in debt. The tour that Jackson was preparing for was going to be his ticket back to...
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...
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...
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...
In a recent article from Think Progress, an independent non-profit organization, climate scientists urge museums to refuse donations from fossil fuel companies and "funders of climate science obfuscation." In particular, the scientists advise that money from David...
We are wrapping up our review of Pennsylvania's revised power of attorney law. All of these changes were effective Jan. 1, 2015. Some of them are a little confusing, and those of us who have recently drafted or executed a power of attorney document may want to consult...
