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Estate planning can be a sensitive topic. Considering the distribution of your assets after you pass is of course the central concern, but family conflicts over inheritances are unfortunately common. However, there are steps you could consider to minimize the risk of...
A business or successful professional practice can be a strong incentive to draft an estate plan. It can also be a major complicating factor during the planning process. Frequently, business owners need to make appropriate arrangements to ensure that the right people...
Managing a terminal illness is very challenging, both emotionally and practically. One of the most important steps you can take is to get your affairs in order, providing peace of mind for you and your loved ones. Proper estate planning can help you manage your...
Business owners often worry about the legacy they may leave when they die. Often, their goal is to preserve the company long after they cease working there. Estate planning is therefore incredibly important for business owners who intend to leave a meaningful legacy....
When estate planning, you will use your health care power of attorney/health care proxy (proxy) to name an agent who will make medical decisions on your behalf if you become incapacitated, for example, if you become unconscious or mentally incompetent. This agent is...
Have you ever thought about what happens to your things after you are gone? It might seem far off, but planning now can make a significant difference later. Why is it important to have a clear estate plan in place to make your wishes known? Do you have to have an...
Discussions of estate planning often center on the impact that an estate plan has – or can potentially have – on those left behind when someone dies. Proper estate planning helps preserve resources for someone's family members or allocate assets for charitable causes....
Blended families, where there are children or spouses from previous relationships, have special challenges when planning for the future. Without a solid estate plan, there might be misunderstandings and disagreements over who gets what. How can you make sure...
Children with special needs rely on their parents for their well-being. Balancing the child’s medical, social, emotional, and financial needs is not an easy task. Government assistance programs like Medicaid are helpful, but they come with eligibility requirements....
Pennsylvania is among the few states that have an inheritance tax. This is a tax paid by beneficiaries on inherited assets. Even if a beneficiary doesn’t live in Pennsylvania, if the person who left the inheritance did live in the state (and the property is or was...