Anyone with valuable property may need to create an estate plan. Both real estate holdings and small businesses give people an incentive to draft wills and other estate planning documents. Farmers have assets that may fall into both categories simultaneously. Farmland...
Estate Planning
Ways people can pay for their parent’s nursing home care
Paying for a parent's nursing home care in Pennsylvania can be a significant financial challenge for many families. As long-term care costs continue to rise, it's essential to understand the various options available to help manage these expenses. Planning ahead and...
What are the essential elements of an estate plan?
It is never the wrong time to get your affairs in order. Whether you have recently moved to a new state, or you have experienced a similar significant change in circumstances, you may need a new estate plan to cover you. It is important to know what are the essential...
What issues require special attention in a farmer’s estate plan?
Estate planning is very critical for farmers. After all, farmers often don’t look at retirement the same way that other business owners do. They live on the farm, it’s been in the family for generations, and their plan is simply to transfer it down to their children....
How do you pay for the nursing home care a parent requires?
Nursing homes exist for a reason. Many people simply do not have the time or physical ability to provide all of the care an aging loved one requires. As your parents grow older, you may try to help them age in place. Eventually, many families recognize that they need...
Including charitable gifts in an estate plan
When people in Pennsylvania think about planning for the future, they may wonder about how they can include their plans for charitable gifts into their broader estate plans. While many people want to focus on passing on their assets to their family, others want to...
Estate planning errors to avoid when donating to charity
People in Pennsylvania who are creating an estate plan might want to donate a portion of the estate to charity. However, it is important that they do so in a way that is tax advantageous. Failing to do so is a common mistake. As an example, a person might have three...
Estate planning on a micro level
In addition to addressing inheritance issues, an estate plan can also be used to plan for the possibility of becoming incapacitated and to appoint a guardian for minor children. However, Pennsylvania parents may also want to think about making plans for the immediate...
Estate planning can help prevent family feuds
When people in Pennsylvania pass away, family fights over inheritance can squander the value of the estates they leave behind. Planning to deal with hurt feelings and family drama can be an important part of preparing an estate plan on par with the writing of the...
The benefits of a special needs trust
Pennsylvania residents can think of a trust as a relationship between three entities. There's the donor, who puts the funds into the trust; the trustee, who looks after the assets in the trust; and the beneficiary, who benefits from the assets in the trust. With that...