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Estate Planning Archives

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.

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.

Marriage may require new estate planning

Pennsylvania residents who are contemplating marriage in the near future know that planning is essential and helps to make the experience seamless. While that is true for a wedding, it is also true for financial planning after the ceremony is over. There are issues that require attention to enable future security for the couple and their family.

The importance of proper estate planning in Pennsylvania

When it comes to estate planning, a little foresight can go a long way. This is because what the law says about passing down assets may contradict with the wishes of someone who has passed away. For instance, it may not be possible to pass down assets from a grandparent to a grandchild without specifically including the grandchild in a will or trust.

Planning for disability care expenses

Many families do not plan adequately for the care required for older individuals. When an aged adult acquires a disability that demands additional services, Medicare and other plans are often not sufficient to meet these needs. It may be important for Pennsylvania families to have an estate plan put in place to handle possible disability expenses.

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