Because there are so many ways that your wealth and assets can be passed on to your surviving family members and other heirs, it is easy to ruin even carefully thought-out estate plans. Your last will and testament may not be the final word on how assets are distributed to others, although many people mistakenly believe this is the case. Beneficiary designations on financial products, for instance, can override your will, and many common estate planning pitfalls may cause heartache and infighting among family members. Protect yourself by getting to know the major “land mines” that can potentially blow up your estate plan.
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7 Common Mistakes Executors Make During Probate
Few people feel fully prepared when they are named an executor or executrix in a relative’s will. They are often worried about knowing how to probate an estate, what to do, and when. They may also be concerned about making mistakes. These are typical worries that are entirely understandable. Legal processes are daunting to most … Read more
Acknowledging Charitable Donations and the $250 Receipt Rule
While the phrase “the devil is in the details” is commonly used, its origins are unknown. However, it is pretty easy to imagine someone inventing it while dealing with the Internal Revenue Service. Sometimes even the simplest and seemingly minor mistakes will cause the IRS to cry foul and, in some instances, those mistakes can … Read more
IRS Sets 2018 Mileage Reimbursement Rate for Travel
Every year the IRS issues its Standard Mileage Reimbursement Rate, which determines the amount that can be used as a tax deduction for business travel. It also serves as a guideline for employers who reimburse their employees for miles driven. Standard Mileage Reimbursement Rate for 2018 As of January 1, 2018, the rate has been … Read more
Estate Planning: What You Need to Know
Many people don’t want to think about their end-of-life affairs, but if they don’t plan carefully, they may leave their families out in the cold—or with a dilemma on how to handle their estate. Hiring the right estate planning attorney can help you decide how to transfer your assets while minimizing complications and simplifying or eliminating the payment of death taxes for your loved ones and surviving family members. A well designed estate plan benefits everyone, not just “the wealthy.” Meeting with an attorney and establishing an estate plan makes the process easier, especially if you anticipate health issues or you have a lot of valuable possessions and assets.
To successfully map out your estate plan, you should find an experienced estate planning attorney who can educate you on all the options, while also helping you avoid legal pitfalls. We’ll briefly outline some different estate planning options below so you can familiarize yourself with avenues you may want to consider.
Does PA’s Filial Responsibility Law Require You Pay For Your Elderly Parents’ Nursing Care Bills?
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?
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.
Knee Injuries Greatly Increase the Development of Arthritis
Herr & Low has represented injured people for over 30 years and that long view informs what we do. We know, from clients who have kept in touch or returned to see us later, that an injury to a joint will cause problems down the road. A report in the New York Times now gives … Read more
Incorrect Beneficiary Designations Will Frustrate Your Estate Plan
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.
Challenge to “In Loco Parentis Standing” – Use it or Lose It!
Sued for custody of your child by someone other than the your child’s other parent? Beware! Under Pennsylvania Law a person other than a parent has standing to sue for custody in very limited circumstances. Standing is a legal concept. Standing refers to the right of a particular person to file a case in court. If you don’t challenge standing in time you forfeit the right to challenge standing forever!
