One of the most common choices that married couples make in regard to planning their estate is for each spouse to leave all assets to the other. Many couples feel that they have spent a lifetime working to build a base of assets and create financial stability, and...
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Estate planning law change could prompt review of plan
Many Philadelphia residents have worked hard to create plans for their estates that meet their specific financial goals. That is a major accomplishment and should bring about a sense of comfort in knowing that these important matters have been taken care of. Over...
Addressing estate planning after a serious injury
Most Philadelphia families think about estate planning in terms of what they would like to leave behind for their loved ones when the time comes. Few consider the fact that estate planning could be needed far in advance of old age, or that those plans might need to be...
Wills are most effective when the proper executor is chosen
Drafting a thoughtful and comprehensive will is a great way for Philadelphia residents to ensure that their wishes are carried out at the time of their death. That said, an important aspect of that process involves selecting the right executor to carry out the...
A commonly neglected estate planning addition
When a loved one is lost, the surviving family members are often thrown into a very difficult and tumultuous time. Having to handle the final arrangements for a deceased relative is difficult enough, but doing so as one is also entering the grieving process makes the...
Why wealthy people neglect estate planning needs
Many Pennsylvania residents falsely believe that estate planning is only for the wealthy, and that families with moderate levels of income and assets have little need for such measures. According to a recent survey conducted by a major media outlet, even the wealthy...
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...
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...
Pennsylvania’s revised power of attorney law took effect Jan. 1 p3
Pennsylvania's power of attorney requirements changed at the beginning of the year. In truth, some changed in 2014, but everything included in the bill passed last year is now in full force. And while change can be hard in this area of the law, the good news is that...
A bad seed indeed: There’s a fine line between slayer and heir p3
We are still talking about slayer statutes and what happens to the heir or beneficiary who is responsible for the death of the testator/grantor. As we have said, you cannot kill your father, be convicted of the crime and still inherit his millions. Pennsylvania...