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By now, many homes across the nation are decked out with holiday decorations. String lights are strung around trees, houses, and even apartment windows. Almost all retail shops contain some form of holiday decorations, from simple Christmas trees to menorahs, to elaborate Christmas towns. While for many people the end…
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…
It is very tempting to turn 62 and claim Social Security benefits. Generating instant guaranteed income for the rest of your life is a seductive proposition. However, if you have very little saved or worse, no retirement savings, claiming Social Security benefits early can be devastating. There are instances where…
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…
“There is a time for many words, and there is also a time for sleep.” — Homer Sleep, like food and water, is essential for humans to survive. Sleep affects almost every type of tissue and system in the human body. The brain, heart and lungs perform functions while…
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…