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January 2015 Archives

Tips to potentially avoid probate in Pennsylvania

The probate process can often be costly and time consuming. It is also a public process that allows anyone to discover details about what property a decedent owned and who it was intended to be distributed to. However, if real estate is the only property in an estate, the probate process may be avoided altogether. There are someoptions available to those who would like to avoid probate if possible when passing a home or other property to heirs.

Understanding the benefits of creating a living will

Locals of Pennsylvania may not understand how important it is to create a living will, even if an individual is only 18 years old. This process could ensure that family members would not have to face making difficult decisions about a person's possessions in the event of their death. Many young people do not take advantage of a living will because they feel their life is just beginning and are not thinking about the possibility of death. However, an unforeseen accident or terminal illness could arise without warning.

Updating estate plans after having children

New parents in Pennsylvania may be wondering how to adjust their estate plans. Parents can set up a revocable trust to protect a child's inheritance and appoint a trustee to administer it. If a child has special needs, parents can establish a special needs trust to ensure that the child will have the resources that he or she requires. A special needs trust will not necessarily disqualify the child from receiving government benefits.

Estate tax and the year of 2015

Many residents of Pennsylvania may benefit from knowing that the Internal Revenue Service has set new rules that guide how estate taxes work and how estate holders will need to file any exemptions. Since the year of 2011, the federal estate tax exemption has increased steadily with the signaling of inflation.

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