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Top Five Mistakes Executors or Administrators Make

While administrating an estate is a lot of work, the process is usually straightforward. Nonetheless, executors/administrators sometimes made mistakes. The TOP FIVE common mistakes are listed below: 1. Not opening an estate right away When opening an estate, it is usually best to open an estate shortly after someone passes away. As time passes, it […]

Wills for Heroes

Wills for Heroes is a program in conjunction with the Pennsylvania Bar Association that provides free wills, living wills, and powers of attorney to first responders and their families. Appointments are required along with proof of military or public service. There is also a limit on the size of the estate to utilize this service. […]

Spousal Elective Share

It is possible for a spouse intentionally left out of the other spouse’s will to still receive a share of the estate in the event of death. Pennsylvania law provides for an “elective share” pursuant to 20 Pa. C.S. 2203(a). This law provides that if a person is still married at the time of their […]

Starting Probate

After a family member’s death, the first step should be to determine if they had a last will and testament. If so, you will want to locate the original will and make sure it has been properly signed and witnessed. The named executor will need to go to the Register of Wills with the original […]

Accounting for an Estate

An accounting is one of the final steps in administering an estate. It is the final reconciliation of all assets in the estate, all expenses of the estate, and any interim distributions. A formal accounting is filed with the court. An informal accounting may be done as well and is presented to the beneficiaries as […]

Inventory for an Estate

An inventory of probate assets will need to be filed with the court in the process of probating the will. The first step for the executor or administrator is to gather information on what assets exist. For real estate, ownership should be confirmed first via review of deed or a title search. If the home […]

Appraisals

An appraisal may be needed to ascertain an accurate value of an asset in a divorce or estate matter. Parties may elect to use one appraiser or have competing appraisers. When choosing an appraiser, it is important to make sure the appraiser is licensed or certified. A licensed appraiser has met the minimum requirements for […]

Annuities

An annuity is an investment of a resource in order to receive a fixed payment. Once the investment is annuitized, the original investment cannot be returned. At that point, the characterization of the investment is changed from an asset to income. An annuity is considered marital property and subject to division in the event of […]

Inheritance Taxes

Pennsylvania does apply a tax on assets passed through probate or intestacy. The amount of tax depends on the value of the estate as well as the relationship of the beneficiaries to the decedent. There is no tax imposed for assets passing to a surviving spouse or to a child under 21 years old. There […]

Medicaid Planning

Medicaid is a need-based health care program. It is a federal program that is administered on a state level. Elderly persons needing long-term care often try to utilize Medicaid to assist with the expenses. Appropriate estate planning can assist in this regard. Since Medicaid is for low-income individuals, there are limits on the amount of […]