Category: Estates / Wills
Pennsylvania’s New Rules on “Unclaimed Property” and Retirement Accounts
As of September 10, 2016, Pennsylvania’s rules on when a retirement account is viewed as unclaimed property that “escheats” to the Commonwealth underwent significant change. Escheatment is the process by which “abandoned” property falls under the custody and control of the Commonwealth. Upon such transfer… Continue reading
Who Gets What in Intestacy?
We frequently advise clients about the importance of having a will to avoid the effects of the “intestacy” laws, which determine how a decedent’s estate is distributed when there is no will. But what exactly does the Pennsylvania intestacy law provide and is its application… Continue reading
Who Gets What in Intestacy?
We frequently advise clients about the importance of having a will to avoid the effects of the “intestacy” laws, which determine how a decedent’s estate is distributed when there is no will. But what exactly does the Pennsylvania intestacy law provide and is its application… Continue reading
Planning for Out-Of-State Real Estate on Death
Most people’s estates are probated in the state (and county) where the decedent resided. For decedent’s who owned real estate in a state where the decedent does not reside, the situation can be more involved. Typically, such out-of-state holdings will result in probating of the… Continue reading
Misbehaving Agents Under a Power of Attorney
Individuals often question the actions of agents acting under another family member’s power of attorney. Complaints can arise during the course of the family member’s life, but more often the questions seem to arise after a parent passes, when the heirs wonder where the estate… Continue reading
Fiduciary Duties and Retirement Planning
In a recent issue we dealt with a case where an insurance salesman who held himself out as giving investment advice was found to have violated a “fiduciary standard” which he owed a customer. This decision may be part of a growing trend that the… Continue reading
Planning for Your Digital Estate
In the current environment, more and more of our financial and even personal activities are carried on on-line, and more and more data about ourselves is located (sometimes exclusively) on-line. This can prove difficult when a person dies or becomes incapacitated. Activities as varied as… Continue reading
Does a Will Need to be Witnessed?
Not normally, at least in Pennsylvania. This question comes up surprisingly often and usually in the case where there is a “homemade” will (that is, one prepared without a lawyer). In Pennsylvania the generally applicable signing requirement is that “(e)very will shall be in writing… Continue reading
The Estate Tax and “Permanency”
Since January 1, 2013, estate planners have been able to advise clients on estate and tax planning issues with greater certainty because certain key aspects of the inter-related gift, estate and generation skipping taxes were viewed as “permanent”. As of that date, the $5,000,000 exemption… Continue reading
What is a Unitrust and Why is it Used?
The typical trust arrangement provides for a beneficiary who receives all the income, usually in the form of interest and dividend during a set period (often his or her life). Thereafter the assets in the trust are paid over to a “remainderman.” As a fairly generic… Continue reading