Pennsylvania couples who are getting divorced sometimes overlook a key item on the separation to-do list: updating their estate plans. Spouses are often named as beneficiaries of life insurance policies and in wills. These documents should be updated to reflect that...
Estate Planning
The importance of reviewing beneficiary designations
When a Pennsylvania resident gets divorced, they should consider changing the beneficiary on their life insurance policy. If an ex-spouse is still listed as the beneficiary, they may be entitled to any death benefit associated with that policy. However, this may not...
Protecting the future with estate planning documents
A survey conducted by Wells Fargo found that many Americans do not have critical estate planning documents put in place. In fact, the data shows that as many as 40 percent of older people in Pennsylvania may not have the documents they need to protect themselves and...
Passing on valuable collectibles in your estate plan
Traditionally families build net worth through the accumulation of currency and property, but many individuals, whether they're aware of it or not, also own rare collectibles that can be worth a lot of money. Passing on these items to heirs doesn't cross the mind of...
Mistakes to avoid in Pennsylvania estate planning
Estate planning is a subject that many choose to avoid because it brings up topics people don't like to discuss: death or disability. However, refusing to develop an estate plan can make life more difficult to those left behind.The most common mistake people make is...
Planning for the future can help avoid conflict
Many people in Hollidaysburg want to make sure that their family members are cared for after they pass away. Unfortunately, battles over the assets and estate left behind can consume money, time and emotional energy, and rivalries and conflicts can come to the...
Estate planning for people with digital assets
Pennsylvania residents who are looking to create an estate plan should include their digital assets as well. These assets could be anything from a Facebook account to the password to get into a computer or flash drive. As with physical items, an individual will want...
Reasons an estate plan may be incomplete
Pennsylvania residents and others who haven't updated their estate plans recently may find that they don't necessarily meet their needs anymore. For instance, a plan may be missing key documents such as an advanced medical directive and a financial power of attorney....
Pitfalls to avoid when creating a living trust
Pennsylvania residents who are creating an estate plan might want to use a living trust to keep the estate plan more private and avoid probate. A living trust can be a powerful tool in an estate plan, but there are some common mistakes that can mean beneficiaries are...
Higher exemptions with federal tax reform law
Pennsylvania residents should be aware of how the Tax Cuts and Jobs Act will affect their estate plans. The legislation allows individuals a short-term opportunity to reallocate a substantial amount of money without being assessed federal estate, generation-skipping...