To most people, it is tough to imagine that a time will come when they will not have the capacity to make crucial decisions on their own. However, thanks to the prevalence of conditions like dementia, there is a chance this might happen to you. Fortunately, there is...
Estate Planning
Is your estate plan up to date?
Once you create an estate plan, you need to revisit it regularly to ensure it is still current. If you let it get out of date and something happens to you, you will create problems for yourself and your family. Issues that you could easily have avoided through regular...
Can a child you never acknowledged get a share of your estate?
As you’re developing your estate plan, you may be thinking about a child you fathered many years ago with a woman you never married. You’ve had no relationship with that child over the years and maybe have no idea where they are or even if they’re still alive. Either...
What exactly is a durable power of attorney?
When you are not in a mental or physical condition to make decisions surrounding your health or finances, you need someone to do it for you. It could be a relative or a friend you trust to make the right calls. Making some of these decisions, such as those surrounding...
Debt can impact your financial stability or estate without a plan
Taking on some amount of debt is often part of managing a household. You can never predict when your vehicle might break down or you will need to repair the roof in your home. Having credit available makes it easier to cover these unexpected and unpredictable...
Who should be your health care agent?
People who are trying to create an estate plan can often become so focused on what they want to happen to their assets that they neglect other aspects of their end-of-life planning. You also have to consider decisions about your health care so that you know your...
Why do all adults need an estate plan?
All adults, even those who don’t have many assets to leave behind should ensure they have an estate plan in place. Your estate plan gives your loved one instructions for your assets, but it also provides instructions for your care if you’re incapacitated. It’s...
Assure your business succession plan is free of drama
Many otherwise astute business owners drag their feet when it comes to establishing a viable business succession plan for the future when they are no longer the one in control. Whether it’s fear of facing their own mortality or otherwise, this can create many problems...
Review your estate plan when these changes happen
Estate planning in Pennsylvania is most effective when done on a periodic basis. No one can foresee all of the needs of their estates the very first time they start planning, so consider reviewing your estate every few years or when you encounter the following life...
What can you address in your advance healthcare directives?
Estate planning involves the creation of legal documents addressing matters of your estate. Examples include a will, one or more trusts and powers of attorney for financial issues. While estate planning ensures the preservation of your assets for future generations,...