Articles

The executor’s first duty is to gather and secure the estate’s assets.  Finding all of the assets may not be easy. 

We often hear that “Probate” is something we want to avoid.  But what is “probate”?

When an individual dies, there are four taxing systems that come into play:  the Pennsylvania Inheritance Tax; the Federal Estate Tax; the Decedent’s final income tax returns (Pennsylvania and Federal and local earned income tax); and the income tax returns for the Estate (Pennsylvania and Federal).

If you’re gun owner, you’ve likely heard the term “gun trust,” but you may not understand what a gun trust is, how it works or how it can be of use in an estate plan. A gun trust is the generic that can describe many types of revocable or irrevocable management trusts that are created to take title to firearms. Revocable trusts are more common and often preferred, as they can be amended and changed during the lifetime of the grantor.

Often a child or family member of an individual who has recently passed away will consider tackling the estate administration process without hiring an estate attorney. Whether it is the cost of retaining counsel, or the “do-it-yourself” personality, some individuals believe that hiring a lawyer is an unnecessary expense which can easily be avoided. The truth is that there is no legal requirement to hire a lawyer, and there are many individuals who have successfully navigated the probate process without counsel. All too often, however, an executor will find themselves stuck, or worse yet, trying to correct a mistake that could leave them personally financially liable.

Only the very wealthy and those in high-risk professions need asset protection planning, right? That’s a myth. In reality, we all need asset protection. Why? Because we all can be sued and lose everything we have. A car accident, business failure, foreclosure, medical crisis, or injured tenant can result in a monetary judgment that will decimate your client’s finances.