Comprehensive Elder Law Services Addressing a Full Range of Legal Issues
Long term care planning is always a good idea, since it can help a family protect itself from the expense of long term care. On Mothers' Day, it can be even more relevant. Why? Most mothers want to take care of their families, even when it is hard on them...
When dealing with probate and estate administration, be aware that Pennsylvania imposes inheritance taxes on the decedent's assets. The tax rate is determined by the relationship of the decedent to the person inheriting the property (the beneficiary). The tax rate...
Many people want to avoid Probate but are not sure what that term means. Here is a simple way to understand Probate. When a person dies owning assets in his or her name alone, an estate must be "opened" by a personal representative to handle the assets and to settle...
Trusts of various types have been described in the last several blogs - Revocable, Irrevocable, Testamentary and Special Needs. There are other types of trusts as well, such as those for charities, pets, or education. Whether or not Trusts are right for your...
Special Needs Trusts are funded with the assets of a special needs or disabled beneficiary and are intended to preserve eligibility for Medicaid (Medical Assistance), Supplemental Security Income (SSI) and other government benefits. The beneficiary may have obtained...
Testamentary Trusts are trusts that are in a Last Will and Testament. These Trusts have Settlors (who set up the Trusts by writing them in their Wills), Trustees (who manage the Trusts after the Testator passes away and the estate has been administered) and...
Irrevocable Trusts may be used for estate planning or long term care planning purposes to protect assets. Irrevocable Trusts, like Revocable Living Trusts, have Settlors (who set up the trust), Trustees (who manage it) and beneficiaries (who receive benefits from...
Revocable Living Trusts may hold assets during your lifetime so that you or someone else can manage them. Revocable Living Trusts have Settlors (who set up the trust), Trustees (who manage it) and beneficiaries (who receive benefits from it). These Trusts are often...
Trusts are separate legal entities set up to handle one's affairs and to hold assets. Trusts may be prepared as part of estate planning. Every trust has a Settlor or Grantor (the person or person setting up the trust), a Trustee (the person or persons managing and...
As part of long term care planning prior to retirement, consider Social Security and other retirement benefits. It is important to know what your income, or maybe both you and your spouse's incomes, will be as you get older. What will you need to live on? What will...