How you complete your beneficiary forms can have an big impact on your estate plan.
An Elder Law attorney can help seniors with their complex legal concerns.
Creating a joint bank account is anything but routine. There are hidden risks.
On June 28, 2019, Governor Wolf approved HB 262, which includes the reduction of the inheritance tax rate from 4.5% to 0%. This applies to property transferred from a natural parent, adoptive parent or step-parent to or for the benefit of a child age 21 or under. The provision takes effect Monday, July 1, 2019.
It’s not uncommon for a property owner to add the name of another person — a significant other, a spouse, a child or a parent — to a deed. Just this week a client asked me about doing this – his motivation was to save on death taxes. He was correct that doing so has
The Disabled Beneficiary Someone who is unable to manage their financial affairs or who is eligible for government benefits, such as medicaid or supplemental security income (“SSI”) benefits would be someone who is a “disabled beneficiary” for purposes of this post. Gifts to disabled beneficiaries demand special attention and focus. The SSI program has strict
Naming Your Estate as Beneficiary It is almost never a good idea to name your estate as a beneficiary of life insurance policy, investment account or qualified plan (for example an IRA, 401(k), qualified annuity). There are several reasons to avoid doing this. Naming your estate as beneficiary will cause those assets to be
Bequests and Gifts to Minors If you are providing for children or grandchildren under 18 years of age, you should never leave them a gift or bequest in their own name. This rule applies not just to bequests in your will but also listing minors on beneficiary forms for life insurance, investment accounts and qualified
Failure to Understand How Your Assets Will Pass Upon Your Death Many people think that their Wills control how and to whom their assets pass upon their death. The reality these days is that many assets pass outside the scope of a Will. For example, assets titled jointly with another person often pass to the
The family I talked to today is not unusual at all — Mom and Dad owned property that they want to leave to their children. Mom and Dad are gone and the kids need to sell the property. Simple as issuing a new deed to the buyer, right? Well, not so fast — I then