Blog & Resources

According to a recent national survey on pet ownership, there are more than 71 million households in the United States that own at least one pet. Many pets are an integral part of the family that owns them, but how many of these owners have considered what will happen to their pets after their death?

Governor Tom Corbett’s announcement in May of 2014 that he will not pursue an appeal of U.S. District Judge John Jones’ decision in Whitewood v. Wolf means that same-sex marriage is legal and here to stay in Pennsylvania. What does this mean for the estate planning same sex couples who choose to marry?

Parents are often tempted to place property in Joint Tenancy with children. Because the child becomes a co-owner of the asset, the child is able to have easy access to the account to help the parent pay bills and manage the asset. Further, at the parent’s death the asset automatically passes outright to the child. While this type of ownership might first appear convenient, it is important to realize the potential pitfalls that come with joint ownership. Sometimes convenience comes at a high price.

When most Philadelphians think about a will, they imagine a document that spells out how they wish their assets to be divided. While this is true, wills can do so much more.

A well-drafted Philadelphia will can appoint a responsible executor to manage your estate, name a responsible guardian to care for your underage children and ensure that your assets are divided as you wish at your death. While the will can address many of your goals, there are certain things that it cannot do, which is the principal reason why developing an estate plan must include more planning than simply drafting a will.

It was not long ago when the definition of a family, and to whom a court would allow visitation to minor children, was simple; biological mother and biological father. Then times changed.

If you are reading this article, it is possible that by the time your issue appears before a magistrate or judge the rules in your county will have changed from what they are today. The rules, like the definition of family, are changing.

Reading the facts and the decision in Arrington v. Thrash , from the Mississippi Court of Appeals allow you to see the law change before your eyes. The court ruled that the facts and circumstances in that case justified an award of grandparent visitation comparable to that which would have been given to a noncustodial parent. The court reasoned that this decision was in the best interest of the minor child.

In estate planning, “my estate” can mean different things. Your probate estate includes all your assets that will pass through your will at your death, while your taxable estate includes all your assets that will be taxed at your death. Many assets are included in your taxable estate, but not your probate estate, such as assets in your revocable living trust, your IRAs, assets held jointly with a right of survivorship and all of your payable on death accounts.

The Montgomery County Register of Wills cannot hold or file your Will until after you have died. Your executor will go to the Register’s office in Norristown with the original Will, an original death certificate, an ID and a check. After verifying all is in order, the Register will then file the Will. There is no Pennsylvania procedure to hold Wills of the living.

If you are like most Philadelphians, you are provided the option of participating in a qualified plan program, such as a 401k, 503(b) or TIAA-CREF program. Otherwise, you may have an Individual Retirement Account (IRA) or a Roth-IRA that you have formed and funded yourself. These plans are designed to hold assets tax deferred and earmarked for retirement but, with the exception of a ROTH-IRA, when the funds are removed, the deferred income taxes come due.

Most states require that at the time you sign your will you have two witnesses who sign under your name. These are known as “Subscribing Witnesses”. Pennsylvania is an exception to this common practice. In Pennsylvania, you need no Subscribing Witness when you sign your will.