For many decades, discovering that a relative or loved one had passed away and left you something was only a good thing. Due to taxes and complications with real estate, however, it has become common for people to be hesitant if you find out that you’re someone’s beneficiary. This…
The state of New Jersey recently passed the Medical Aid in Dying for the Terminally Ill (MAID) Act. This law permits physicians to assist in the suicide of terminally ill patients following three requests by the patient to do so. To achieve physician assistance, one of the requests must be…
When a family business owner has the goal of passing on ownership in the business to the following generation, it is important to include details about business succession in your estate plan. The most challenging issue presented in many family business plans relates to identifying who will control the business.…
Deciding which type of IRA works best for your estate plan can be challenging. While Roth and traditional IRAs are the most common types of retirement accounts, there are other options that you should consider as well. These lesser-known accounts can provide numerous tax advantages based on a person’s situation.…
One of the major elements of most estate plans is deciding how to handle your home. For many families, a home is among its most valuable assets. While everyone can benefit from an estate plan, it is particularly that homeowners create a plan. To make matters more complex, there…
Most of us have either seen a commercial or heard someone mention reverse mortgage. While some people have been left with the notion that this is a way that elderly individuals “lose” their homes, other people have heard that reverse mortgages can play a valuable role in estate planning. Even…
With the end of the year quickly approaching, it is a good time to make some important estate planning decisions before 2020 rolls around. This article reviews some of the often overlooked but particularly powerful estate planning strategies that you might consider putting into practice. Convert Traditional IRAs into…
The Pennsylvania Supreme Court recently issues a noteworthy decision in the case of In Re: Estate of Krasinski. The case involved the estate of Sophia Krasinski, who passed away in 2006. The primary assets of Krasinski’s estate were three real estate parcels. One of Krasinski’s four children was appointed to…
If you are a parent with a college-age child, you likely have many concerns. One often overlooked thing is estate planning. Even though some people think estate planning documents are only necessary for the elderly or wealthy individuals, in reality, these documents are helpful for people who are no longer…
Many people understand the value of having an estate plan. They also understand that not writing these documents can place their loved ones in a much more difficult situation. For some reason, however, these people hesitate to write an estate plan. For one reason, most people do not like to…