Choosing an estate planning attorney is one of the most important decisions you can make for yourself and your family. The attorney you work with will help you put your wishes into clear legal documents, protect your assets, and reduce stress for loved ones down the road. With so many options, knowing...
GRATs and QPRTs: Advanced Estate Planning for Appreciating Assets
If you have high-value assets that are likely to grow in worth, such as real estate, a business, or investments, you may be concerned about the tax impact when passing them to the next generation. In Pittsburgh, we help clients use Grantor Retained Annuity Trusts (GRATs) and Qualified Personal Residence Trusts (QPRTs)...
Avoiding Probate for Digital Assets and Cryptocurrency
We live more of our lives online than ever before, and our assets reflect that. From cryptocurrency wallets to cloud storage accounts and digital photo libraries, the average person has valuable digital property. But what happens to these assets when you pass away?
Many people overlook digital and virtual...
Funding Education Through 529 Plans vs. Education Trusts
The rising cost of college and private education has made early financial planning more important than ever. For many Pennsylvania families, setting aside money for a child or grandchild’s education is one of the biggest priorities. Two of the most common tools used for this purpose are 529 plans and education trusts.
Estate Planning for Pet Owners: Creating a Pet Trust
For many of us, pets are part of the family. But unlike other family members, they can’t speak up for themselves or make arrangements if something happens to us. That’s why it’s important to plan ahead. A pet trust allows you to provide instructions and financial support for your animal’s care if...
What Happens to Your Loved One’s Estate Immediately After They Pass Away?
There are few things more emotionally traumatic than losing a loved one. Our close relatives are such a major part of our lives, and when they pass away we are faced with having that absence in our lives. Nevertheless, there are things you are going to have to attend to when your...
What are the Rules for Inheritance in Pennsylvania?
Many people here in Pennsylvania have taken steps to address their estate planning. These folks have drafted wills or created trusts that will ensure that their assets go to their assigned heirs or beneficiaries upon their death. But a surprising number of people haven’t done this, trusting the future of their loved...
Factors to Consider When Designating Powers of Attorney
Have you ever wondered what would happen if you became incapacitated, unable to make decisions about your financial and medical affairs? This frightening scenario is why you should consider designating a power of attorney. Under Pennsylvania law, you have the ability to choose to appoint someone to run your affairs if you...
What is the Difference Between a Will and Estate Planning?
This is one of the most common questions that is asked of estate planning attorneys here in Pennsylvania. Many people think that they can cover everything they need for their heirs with a basic will, foregoing the complexities that are addressed in comprehensive estate planning. However, unless you are someone who has...
Understanding the Responsibilities of an Estate Executor
There are few things that demonstrate trust and respect quite like being named the estate executor for a close friend or relative. This person is placing his or her faith in you to make sure that their final wishes are fulfilled, especially with respect to the distribution of estate funds to their...