Handling the debts someone has when they die is a big part of your responsibility as the executor of their estate. In fact, this obligation is a source of one of the biggest risks of being an executor. If you don't properly repay creditors, they can sometimes hold you...
Estate Planning
Estate Planning
Most Americans have yet to make an estate plan
Making an estate plan feels like something that everyone is going to need to do. Whether you're leaving a million dollars or $100 to your heirs, it can be helpful to have a plan in place. Additionally, estate planning is about more than money. You may need to pick...
Who is in the best position to look after your children?
As a parent to young children, your life is probably already filled with positive memories as well as ambitions to build many more. There is nothing wrong with this, and in all likelihood, you have many fantastic years ahead of you. However, there is always a chance...
Is it time to revise your estate plan?
A common mistake many make is setting up an estate plan and forgetting all about it, thinking that they have taken care of that bit of business. However, recent developments in your life may need you to revise an estate plan to incorporate the new changes. Have you...
Consider these tips when choosing the executor of your will
When you are gone, you want your estate to be distributed to your beneficiaries as you had planned. Having a will in place is half the job done. The rest lies in choosing the right person to execute your wishes. No matter the size of your estate, settling on the right...
Understanding the inheritance tax as you draft your estate plan
Pennsylvania is one of just six states that require people to pay taxes on money or property they’ve inherited. An inheritance tax is different than an estate tax, which is levied on the estate itself. If you’re preparing to develop your estate plan, you likely want...
Avoid these costly mistakes when planning your estate in Pennsylvania
Estate planning can provide peace of mind, ensuring that your interests, loved ones and assets will be protected while you are no longer around. Unfortunately, estate planning can also be a fertile ground for some very costly mistakes. Making sure you are aware of the...
Are executors responsible for unpaid taxes from an estate?
Even though someone creating a last will may set aside assets to compensate the executor, it is a largely underpaid and unappreciated position. Handling an estate comes with a lot of work and stress that will likely dwarf whatever payment someone offers for that...
What steps can you take when estate planning to avoid a contested will down the road?
There are many reasons why individuals sit down to engage in estate planning. They do so to ensure that the wealth or assets that they amass during their life remain in the hands of those they care about most once they're gone. One of the biggest fears that testators...
What are a Pennsylvania executor’s fiduciary responsibilities?
Individuals who are in a position of managing someone else's money are called fiduciaries. An executor of an estate is an example of someone who fulfills such a role. An executor has two primary obligations. Their first one is to uphold a testator's final wishes, as...