Estate Planning
What Happens to A Deceased Relative's Debt When They Die?
A common concern of clients during the initial estate planning process is what happens to debt when you die. This is a valid concern for next of kin and estate beneficiaries, and we'll delve into it below. Who is responsible for paying off the debts of a loved one? Can the debt of the deceased […]
How to Access the Digital Assets, logins, and passwords of Someone who Has Died
Accessing the digital assets of a loved one after they have passed can be difficult. Below are some tips to make it easier for everyone. In the age of Covid-19, most of us do everything electronically. Banking, communicating, paying bills, shopping, storing important papers, photos and contacts, filing taxes, keeping a calendar and reminders, sports […]
What is an Alternate Valuation Date for Federal Estate Tax Purposes?
You may have heard about the “alternate valuation date” when valuing assets for federal estate tax purposes during estate administration. Generally, when a person dies, the personal representative is required to value the decedent’s assets as of the date of death. However, under federal estate tax law, the personal representative can do so up to […]
College-Bound Kids? Why a Power of Attorney is More Important Than Ever
With the possibility of students returning to school during a pandemic, making sure they make the right decisions regarding their health is paramount. Colleges and univerisities across the country are releasing their return-to-school plans in an effort to address the uncertainty for students and staff. Will in-class teaching be available? Will every student be able […]
What is the SECURE Act?
High Swartz estate planning attorneys down and explains the highlights and how they can affect your retirement plans. What is the SECURE Act? The SECURE Act (Setting Every Community Up for Retirement Enhancement) is a bill designed to help Americans improve their ability to save for retirement. Currently, many financial analysts say that America is […]
Ancillary Probate and How To Avoid It
Just when you thought you were done with the fine print of a dead loved one's will, you find an "ancillary" problem, in another state. In the following paragraphs we offer a brief understanding of probate, ancillary probate, and how one can avoid this sometimes tricky situation. What is ancillary probate? Ancillary probate is a […]
Is Crowdfunding Taxed?
An elderly man beaten with a brick on July 4th in Los Angeles is in critical condition. A German Shepherd is beaten and shot while protecting his young owner during a burglary. Then, there is the little girl born prematurely who needs tests, treatments, doctors and surgeries to survive. In each of these situations, the […]
How to Plan a Funeral
People love to make plans-the perfect wedding, that dream vacation, a comfortable retirement, the kitchen remodel. Making plans is one of the great joys of life- except for when it comes to making plans for the end of it. Understandably, we don’t like to think about—much less make specific plans for—our own deaths or the […]
Revocable Living Trust: Not the Magic Bullet
So what is a revocable living trust? A trust is a legal written agreement between various individuals: The individuals involved include the trustmaker, who is the person that creates the trust agreement (also commonly referred to as the grantor, trustor or settlor); the trustee, who is the person that manages the trust assets; and the […]
The Survivor Takes All… NOT ALWAYS
September 27, 2017 by Mary R. LaSota Married without a Will in Pennsylvania? Do you think your surviving spouse will inherit everything? Think Again. For those assets that are not disposed of by Will, or by a beneficiary designation (i.e., 401(k), insurance proceeds, IRA) or by survivorship rights (i.e., tenancy by the entirety, joint tenancy […]