Do you believe that estate planning is a poor use of your time? Many others share your opinion. They either never create a plan at all, or they never revisit it once it is complete. The truth is that estate planning is never complete. As your life changes and evolves,...
Estate Planning
Estate Planning
2 important estate planning considerations as you divorce
If you’re planning to divorce, you’ll also want to think about the necessary modifications to your estate plan. You likely don’t want to wait until the final divorce decree is signed to begin putting these in place. However, you don’t want to jump the gun either. ...
Who can make decisions when you can’t make them yourself?
Most adults assume that they’ll always be able to make decisions for themselves, but there may come a time when you’re incapacitated. Planning for this possibility is part of having a comprehensive estate plan. You can give someone your powers of attorney to take...
2 reasons to add a no-contest clause to your estate plan
However much effort you put into creating your estate plan, your personal investment may end up wasted if family members challenge it. Will contests are one of the most expensive and frustrating types of probate litigation. They involve family members or prospective...
How to deal with creditors during estate administration
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...
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...