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August 2016 Archives

How to take steps to protect against probate litigation

Philadelphia residents often spent considerable time and effort creating an estate plan that reflects their sincere intentions. Having those plans altered by probate litigation is often not something that individuals or families think about, although there is a risk that many of the provisions laid out within an estate plan could change during the course of a legal challenge. There are a number of steps that individuals can take to help ensure that the stipulations laid out within their estate plan will endure a challenge in probate court.

Proposed IRS changes could impact estate planning

In early August, the Internal Revenue Service released proposed regulations that could have a major impact on the estate plans of many Philadelphia residents. The proposed changes would serve to limit the benefit of certain discounts that are made available through the transfer of interests in certain family-controlled businesses between family members. If the regulations are finalized, many families will need to take a different estate planning approach.

Estate planning may require family communication

A recent survey by an investment corporation revealed that many parents and their adult children are not communicating well when it comes to retirement and end-of-life issues. Often after parents have done careful estate planning, they may not inform their children of the decisions, even if those choices directly involve the children. Retirement advisors encourage those in Pennsylvania and across the country to begin having serious conversations about their wishes and plans before it is too late.

A minor's power of attorney is an estate planning option

When most Philadelphia residents consider making plans for their estates, they think about issues related to their own eventual death and how to provide for loved ones that will be left behind. However, there are other aspects of estate planning that also deserve consideration, some of which are highly specific to certain circumstances. An example involves a minor's power of attorney, which is a legal document that many people may have never considered at all.

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Larmore Scarlett LLP

Larmore Scarlett, LLP
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