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A New Year’s Resolution: Estate Planning
Estate planning, despite the growing number of available resources designed to educate and assist the general public with this important process, can still be a very difficult topic to tackle.  Whether the resistance is due to the fear of loss of control, the uncertainty of tax consequences, the reluctance to face one’s own mortality, or any other reason or combination of the above, many people do not plan for the distribution of their assets following...
October 17, 2022 – October 23, 2022 is National Estate Planning Awareness Week
HARRISBURG, PENNSYLVANIA – More than half of Americans, an estimated 56%, do not have an estate plan in place, making estate planning a critically overlooked component of financial wellness. This creates hardship, financial or otherwise, that can be diminished by advanced planning. National Estate Planning Awareness Week (H. Res. 1499) was adopted on September 27, 2008, to help consumers understand estate planning and its need, along with how best to create a qualified team of...
Have You Properly Planned for Your Digital Assets?
The social distancing, telework, and like effects of the Covid-19 pandemic have only increased our use and reliance on electronic communications and assets.  In fact, I think you would be hard-pressed to find an individual who does not own, or at least has not utilized, an iPhone, computer or on-line account since the beginning of the pandemic.  Every time you use your iPhone to take a picture or send an email, you create a digital...
Year-End Tax Planning Considerations
As we begin wrapping up the year, it is time to think about year-end financial considerations. For many of us, charitable giving is one of them. When thinking about how much your contribution should be for this year, there are number of issues that sometimes come into play. In general the amount that you are able to make in charitable contributions is a fraction of your adjusted gross income on your income tax return. That...
The Effect of the DOMA Decision on Estate Planning in Pennsylvania
Recently, the United States Supreme Court declared that the federal government must honor a state’s decision giving same-sex couples the right to marry and that not recognizing such marriages was a violation of basic due process and equal protection principles of the married same-sex couples. In the case of United States v. Windsor, the Court declared unconstitutional key provisions of the Defense of Marriage Act (DOMA). Enacted in 1996, DOMA defines “marriage” for purposes of...
The Perils of Joint Bank Accounts
by Timothy A. Hoy Many people set up joint bank accounts with a friend or child for “convenience,” so that the other person on the account can easily write checks, pay bills, and otherwise assist with daily financial chores. Other times, joint bank accounts are used as a rudimentary form of estate planning – to provide for the automatic ownership of the funds by the surviving owner. However, there are several risks involved when adding...