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 a power of attorney might not be the right tool. In these cases, a revocable trust, also referred to as a “living trust”, can help. Why have a power of
Statistics available over the last few years indicate that only one in three Americans have an estate plan and fewer still have a trust. The primary reasons people typically give for not having an estate plan are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is
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
What is Medicaid? Nursing homes in Pennsylvania typically cost $150,000 – $180,000 a year. Medicare and health insurance don’t pay. Medicaid does, without any dollar caps or time limits. But you must first go broke in order to qualify and, if you’re married, your spouse could forfeit a substantial part of his or her estate
For all but the very wealthy, prudent retirement and estate planning includes legal measures to protect against the cost of financially ruinous long-term care. Nursing homes in Pennsylvania cost $150,000 – $180,00 a year. Medicare and private health insurance don’t pay for this. Medicaid does, without any dollar caps or time limits. But poverty is
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, has breathed some new life into a little-used estate planning measure for high income taxpayers. Beginning in 2025 incomplete non-grantor (ING) trusts provide new opportunities to reduce income taxes by shifting income to one or multiple trusts. This can be especially
Did you know that a properly drafted “irrevocable trust” can be modified or terminated with or without court permission? The settlor (creator and funder) of an irrevocable trust cannot simply “revoke” a trust. But there are other legal means to modify or terminate it. Why, you may ask, would a someone who creates and funds
For many Pennsylvanians, a rental property is more than an investment. It’s a source of income, a family asset, and a cornerstone of long‑term financial security. Yet few owners realize how vulnerable rental real estate can be — not only to lawsuits and creditor claims, but also to the devastating cost of nursing home care.
EDITOR’S NOTE: This article appeared one year ago in our February 2025 issue of Elder Law Alert. Subsequently, on July 4, OBBBA, the new federal tax law, came into existence. We chose to run this article again to offer an opportunity for our readers, as well as for ourselves, to see if the new tax
Takeaways The generation-skipping transfer (GST) tax applies primarily to very large estates that transfer wealth to grandchildren (or unrelated individuals 37.5+ years younger), ensuring at least one layer of transfer tax is paid. The new One Big Beautiful Bill Act permanently increases the GST exemption to $15 million per person starting in 2026 (up from
