What would we do without our smartphones, tablets, and computers? These internet-connected devices allow us to connect instantly with friends and family, order food, hail rides, pay our credit card bills, and so much more. Our devices offer so many benefits and have become such an integral part of our lives that we often forget
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
After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) has issued final regulations relating to the 10-year required minimum distribution (RMD) rule for people who inherit individual retirement account (IRA) assets. The newly published guidelines generally reflect what the IRS proposed in 2022, but they bring clarity to several key questions about the rule,
A trustee is the person or institution appointed to manage a trust on behalf of beneficiaries of the trust. Being a trustee is a significant responsibility. Those serving in this role must always act in the best interests of beneficiaries when carrying out their trust management duties, which include locating and protecting trust assets, investing
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
Success in business requires planning, commitment, and a strategic approach. Many new businesses take at least two or three years to turn a profit and twice as long to truly hit their stride. If you’ve created a business, you know that success doesn’t happen overnight. But do you know what will happen to your business
Receiving an inheritance can be a mixed blessing. Along with welcome financial gain come responsibilities that if not properly handled can give rise to many unanticipated problems. Here are some mistakes and how to avoid them. 1. Not Considering Potential Taxes You do NOT pay income tax on an inheritance. Instead, there are death taxes,
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
