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Estate Planning Archives

Do-it-yourself estate planning documents may cause issues

Estate planning offers several wealth protection and asset distribution options to Pennsylvania residents. That's why many people download estate planning documents from do-it-yourself websites. Although DIY legal websites cost less money, oversights can cause problems. Many individuals do not even know if their estate plans contain errors. Plus, people who take advantage of using online services need to pay more money to consult with an attorney.

All about revival trusts

Some Pennsylvanians may have heard of cryonics -- the freezing of a person after they die in the hopes that someday their body will be revived. Though it may sound like science fiction, there are around 400 people currently being preserved in a frozen state, and some 1,500 living individuals plan to be frozen when they die. But if someone leaves all their money to heirs after they die, what happens if they are frozen and then one day revived? Anyone who is even thinking about the possibility of being cryonically preserved might want to learn about revival trusts.

How to update an estate plan to include digital assets

As technology evolves, it is likely that individuals in Pennsylvania and throughout the country have digital assets. These assets could be anything from credit card reward points to a social media account. There are many reasons why they need to be accounted for in an estate plan. One reason is that accounts left open could be used by others to commit identity theft. Thieves may gather information from dormant or unprotected accounts to open credit cards or take other actions in another person's name.

Having the Tough Conversations

Although it is extremely important to have a conversation about Estate Planning, many people are hesitant to raise the subject with their parents. Children may not think it's their place to raise the issue or may be waiting for Mom or Dad to bring it up. They might be uncomfortable discussing it or simply don't want to think about the losing their parents. They may not believe it's their place to raise the issue

Holiday Presents

Every year we think of gifts to give our children or grandchildren during the holiday season. Your children or grandchildren may already have many of today's coolest gifts, ear buds, beats, iWatch, sunglasses or even a Canada Goose jacket. What to do, what to do???

"Giving Tuesday" and Charitable Donations

donations.pngHoliday time 2018 is upon us and, in addition to the gifts we'll give to family and friends, it's also a time to think about charitable giving. A 'Charitable Donation' is a gift made by an individual or an organization to a nonprofit organization, charity or private foundation. Charitable donations are usually in the form of cash, but can also be real estate, motor vehicles, appreciated securities, clothing and other assets or services.

Don't Make This Mistake!

As you probably know, the "Queen of Soul" Aretha Franklin passed away on August 16 after a long bout with pancreatic cancer. The singer, a mother of four, never made an estate plan, leaving her "intestate," which means died without a will. Now her four children, including a son with special needs, will have to go to court to have her estate probated and these matters will no longer be kept private. Additionally, according to her state's law, when a person dies without a Last Will and Testament the assets of an unmarried mother are divided equally among her children.

ENSURING YOUR PET'S CONTINUED CARE

Every day, you do your best to ensure that your pet is well-cared for and loved. You feed your dog nutritious food, give her an occasional treat, take him on long walks and cuddle with your fur-baby at night. Your cat also eats the best food and gets treats. You may even dance string in front of her. But have you ever taken the time to consider what will happen to your pet if something should happen to you?

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