People that live in Pennsylvania should know that PA is one of five states that tax individuals on death. The tax rates start out at zero between husband and wife, 4.5% for lineal descendants (your children), 12% for consanguinity (which are cousins, nieces and...
Choose a trustee that will mitigate issues
After learning the benefits of using a trust, many Pennsylvania residents are eager to use this tool in their estate plans. Implementing this planning option can help create a more comprehensive plan and better ensure that a person’s wishes are followed. Of course, in...
Choosing an executor is an important part of estate planning
It can take a lot of work to decide how someone wants his or her final affairs handled. Estate planning can be a beneficial process that gives Pennsylvania residents the opportunity to assess their affairs and consider how they want their personal matters handled...
Estate planning can start with a few simple steps
People feel the need to get their final affairs in order at different times in life. Some people may do a little estate planning after having a baby because they want to name a guardian, and over the years, it may become apparent that more planning is needed. For some...
4 ways to improve your estate plan
We’ve all seen the news stories of financial disasters for celebrities who died without a proper estate plan in place. Entertainment icons, such as Prince and Aretha Franklin, are some of the most recent examples, but even Abraham Lincoln died without a will in place....
Debunking the most common estate planning myths
There are many misconceptions when it comes to estate planning. Some people believe they’re too young to even think about putting a will in place, while others believe they are too old or their assets are too insignificant. However, estate planning is essential for...
Avoid these mistakes as an executor
Executors generally mean well when it comes to managing estates in Pennsylvania. Even so, they are not immune to making costly mistakes that could reduce the value of the estate or make them financially liable for certain actions taken. This is why it is so important...
Establishing an estate plan that works
Estate planning is always a good idea, even if people think they are too young for one to be necessary. Individuals in Pennsylvania who prioritize planning for their future have a much better chance of seeing their end-of-life desires become a reality than those who...
The responsibility for debts after a parent dies
When parents in Pennsylvania have a lot of debt, they may worry about whether or not this will pass on to their children. The short answer is that it depends, but on what? It depends on whether or not the child or anyone else cosigned on the debt. If so, the living...
Is gifting a good alternative to probate?
Some people in Westmoreland County will try various means to avoid sending their estate through probate. One way is to simply give your beneficiaries the assets and property you want them to have before you die. It seems simple enough, but like any legal matter...
