Probate refers to the process by which a deceased person’s estate is distributed. Assets pass to beneficiaries named in the decedent’s Will or, if there is no Will, to heirs as determined by the law of the State where the decedent lived. In both situations, in Pennsylvania, that process begins at the County Court House
According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms. If you own a firearm of monetary or sentimental
Individual Retirement Accounts, or “IRA”, were established under federal law as an incentive for workers to set aside savings for their retirement. You can create and fund your own IRA and defer payment of income tax on the contributions until years later, when they are withdrawn. Meanwhile, the appreciation in value of this money is
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to “sunset”, that is, terminate, on January 1, 2026. This will lead to significant changes for taxpayers. So, how
When the parent of an adult with disabilities retires or passes away, the child may qualify for federal disability benefits, even if the child has never worked. Each month in 2021, the Social Security Administration (SSA) paid an average of $2.8 billion in benefits to 4 million children with retired, deceased, or disabled parents. Social
Did you ever wonder what happens to most inheritances after they are received? An Ohio State University study determined that those who receive an inheritance spend half. One-third of those who received an inheritance spend it all within two years and end up with negative savings. Unfortunately, a typical inheritance does not provide sustained financial
Adults who cannot manage their finances and do not have requisite cognitive capacity to appoint an agent under power of attorney become subject to court supervision via appointment of a guardian. In Pennsylvania, such a person is referred to as a “Guardian of the Estate”. In cases where individuals need help with personal care decisions,
Anyone who gifted assets within five years prior to applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing
Elder law and estate planning serve two different — but equally vital — functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die. Elder law planning is concerned with ensuring that seniors live long,
While a durable general power of attorney that appoints someone to act for you if you become incapacitated is a great tool, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable general power of attorney allows you to appoint someone you trust to step in for you
