Estate Planning Archives Page 4 of 6

Does PA’s Filial Responsibility Law Require You Pay For Your Elderly Parents’ Nursing Care Bills?

February 22, 2022December 6, 2017

Most parents intend to leave some inheritance to their children. However, a Pennsylvania law can also cause a parent to leave their children with significant debt. The law is commonly referred to as the filial responsibility law. This law requires spouses, children, and parents of indigent persons to care for and financially assist them. Contact May Herr … Read more

What Happens to Digital Assets at Death?

August 12, 2021November 21, 2017

It’s getting harder to take your secrets to the grave.

Antonio Stradivari, Benjamin Franklin, and Nikola Tesla are all reported to have taken secrets to their graves. That would be much harder today if they stored their secrets on the cloud and accessed them through smart phones, tablets, or other devices. The Massachusetts Supreme Judicial Court recently released a first-of-its-kind decision giving executors of an estate the authority to request the release of stored electronic communications from the internet service provider storing that information on its servers. The Pennsylvania legislature currently has a Senate Bill under review that formalizes this authority by statute.

Incorrect Beneficiary Designations Will Frustrate Your Estate Plan

March 5, 2026August 3, 2017

Nightmare #1: You’re happily remarried and have established a fine life with your new spouse, then die unexpectedly and your life insurance policy pays out—to your ex-wife.

Nightmare #2: Your grandchild develops a debilitating illness and now has to rely on disability payments and Medicaid to supply his needs. Upon your death, one of your life insurance policies is paid to him—and he loses all government assistance.

Nightmare #3: Most of your assets are in a sizeable IRA, which you are counting on to support your spouse should you pass away. Upon your death, the IRA is paid out to your estate and is not only divided up among all the residuary beneficiaries in your will, but must also be paid out—and taxed—within five years of your death instead of providing for your spouse for the rest of her life.

Help for Potential Guardians of Minor Children

March 5, 2026July 8, 2016

For parents, a key component of estate planning is often selecting potential guardians for minor children should something tragic happen to one or both parents. These considerations can be double-sided emotionally and difficult to face. On the one hand, who would ever take care of your children just like you would? Facing such a decision also brings to light many fears and concerns. On the other hand, making the decision can be freeing in a way, because you know your children will be cared for if something happens.

Our firm understands the struggle that parents might face when dealing with such a decision, and we also understand the concerns that a potential guardian faces if the actual appointed time comes to pass. Many people agree to be named as legal guardians without ever really thinking the situation will occur where they will have to take charge of the children. That doesn’t mean they don’t love the kids or want this responsibility, but when the time comes, a guardian can be suddenly overwhelmed with the reality of the responsibility.

Seek Assistance When Challenging a Will

March 5, 2026June 10, 2016

Last week, we talked about what you might do if a loved one dies without a will and how various factors could impact your actions. What if your loved one did leave a will, but you don’t think that will is valid? In such cases, you might have to legally contest the will in probate. … Read more

What do You do if Your Loved One Died Without a Will?

March 5, 2026May 24, 2016

If you believe you are a legal heir to someone’s estate, but that person has died without estate planning documents such as a will, you might not know what steps to take to claim your inheritance. The requirements for receiving assets or money that are left to you in such an estate depend on the laws of the state, whether there are other potential heirs and whether any assets are linked to beneficiary designations.

When someone dies without leaving a will or other estate documents, then the person is considered to have died intestate. Basically, that’s just a term for “without a will,” and intestacy estates are probated under the general laws of the state in question. Intestacy laws usually ensure that primary heirs, such as surviving spouses or children of the deceased, receive an inheritance under the estate. Depending on the situation, other family members such as step-children, grandchildren and siblings might also inherit something from an intestate process — especially if no other closer heirs are found.

What is a Fiduciary Relationship?

March 5, 2026May 12, 2016

A fiduciary relationship exists when one person in a relationship has a legal obligation associated with the management of another person’s assets or money. An accountant, for example, has a fiduciary responsibility to his or her clients. The law expects that an accountant will not purposely make poor decisions regarding a client’s assets and will … Read more

Are Your Estate Plans Good for Your Family?

March 5, 2026April 29, 2016

May 15 is listed as International Day of Families, so we think there’s no better time than this month to talk about how your estate plans — or lack thereof — can impact your loved ones. This May is a great time to ask yourself if your estate plans are good for your family, and … Read more

Understanding Irrevocable and Revocable Trusts

March 5, 2026April 15, 2016

Revocable and irrevocable trusts are two type of legal estate vehicles that are often used to protect, manage and pass on assets. The reasons you might use a trust include protecting assets against creditors or ensuring your wishes are maintained with regard to use of assets even when you are no longer able to make … Read more

When Will Validity is Questionable

March 5, 2026April 1, 2016

A will is an important document. In most cases, someone probably took a lot of time to think about his or her future and the future of those he or she loves. A will is the document that records the results of those thoughts. It is what communicates someone’s last wishes regarding themselves, their assets and other issues important to each person. But what happens if you don’t think a will is valid?

There are several reasons someone might contest a will. First, if you think that the will that is being presented could be fraudulent, you’ll want to contest it. You’ll especially want to contest such a will if you have a will or copy of a will that you believe is actually the document your loved one prepared.

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