Today, 16 percent of children in the United States live in “blended” families, according to U.S. Census data. Blended families are households that have a stepparent, stepsibling, or half-sibling. In Pennsylvania, stepchildren do not receive the same treatment as full biological children or adopted children in the case of inheritance, except as regards Pennsylvania Inheritance Tax. Stepchildren
More than 50 million Americans receive Social Security retirement benefits. Most of these recipients are retirees who worked and paid Social Security taxes. But millions of dependents and survivors of retired workers, including spouses and ex-spouses, also receive a monthly benefit from Social Security. Spouses can collect Social Security benefits based on their fellow spouse’s
At first glance, life insurance may not seem related to the distribution of money and property in your estate plan. However, it can be an integral and important part of a well-drafted estate plan. In addition to providing a sizable sum of money to your heirs, a life insurance policy offers other benefits. These include
Regrettably, many people fail to incorporate measures in their estate and retirement planning to deal with possible incapacity. For most, doing so can be as simple as having comprehensive financial and health care powers of attorney. For others, a trust may be more appropriate. Once incapacitated, it may be too late to implement these measures.
A “Living Will” is a legally-enforceable written statement that indicates your preferences regarding end-of-life treatment. It applies if you are unable to communicate those preferences. Living Wills are not just for the elderly. People of any age can lose capacity. They may have an accident, suffer a serious injury, or develop a disability at any
Buying or selling a home can be one of the most important financial transactions in one’s life. Sale or other disposition of one’s home after death is often the most significant financial transaction in the distribution of a decedent’s estate. Tax consequences play an important role. The biggest concern when selling property is usually capital
Two or more persons can co-own a bank account. There are pros and cons to this arrangement -- some of which most people are unaware. George Vasiliadis, an attorney with the law firm of Vasiliadis Pappas Associates, notes that "as with so many other estate planning tools, joint bank accounts are sometimes used when better
Wills and trusts are foundational estate planning tools. While each is used to distribute assets to beneficiaries, they do so in different ways. Each also has its own distinct uses and advantages. They’re often used together to close gaps in an estate plan and prepare for multiple scenarios that might otherwise cause unexpected burdens for
Approximately 6 percent of adult Americans experience an activity-limiting injury every three months, according to the Centers for Disease Control and Prevention (CDC). Injuries can happen because of carelessness, such as distracted driving or a slippery floor at a restaurant or store. In fact, accidental injuries are also the fourth-leading cause of death. Many people
The story below illustrates the importance of including long-term care considerations as part of your retirement and estate planning. What happened to this unfortunate couple has sadly happened to many others and could happen to you and your loved ones also absent proper planning. Clarence and Elsie were the envy of all who knew them.
