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February 2015 Archives

The estate of Ernie Banks being disputed by family

As some Pennsylvania baseball fans may remember, Ernie Banks was known for his prowess with the Chicago Cubs. After a lifetime of helping others through charity work, Banks died at 83 in January. His estate is embroiled in a disagreement over changes Banks made to it three months prior to his death.

Examining the important tax exemptions in estate planning

Delaware County residents may be interested on how to avoid certain taxes through proper estate planning. Without careful planning and preparation, the estate and gift tax that must be paid when these assets are inherited can be burdensome. However, three important tax exemptions might help to minimize this tax burden.

What is an irrevocable life insurance trust?

Many people in Pennsylvania understand the importance of having a life insurance policy. One of the most commonly purchased financial products, life insurance provides loved ones with crucial funds that can help to replace the policy owner's income and ensure that burial costs and other expenses are taken care of. Despite the benefits, a life insurance policy can create some estate planning issues that an irrevocable life insurance trust can help to solve.

Blended families and estate planning

Financial planning for blended families in Pennsylvania can be more complicated than it is for other types of families. When two formerly single parents get married, there are often ex-spouses on both sides that are still in the financial picture. Parents in blended families may also have to make several changes to accommodate the needs of their new spouse and stepchildren.

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