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Lancaster PA Trust, Estate and Tax Law Blog

Spousal Consent or Who Owns your Retirement Plan?

Consent.jpgIn general, property law is state law. There are a few exceptions and one of them is Spousal Consent to change a beneficiary on qualified plans.

Many employees are surprised to find out that they must name their spouse as primary beneficiary of their retirement benefits unless the spouse consents to their naming another beneficiary.

Snowbirds and Taxes

Where you live and where you are taxed. 
snowbird2.jpgMany folks like to spend the cold winter months in Florida, or some other warm state, and return to northern climates for the summer. Many of these folks think that their tax status is determined by the number of days spent in each location and claim residency in the state where they spent the most time. This is not so.

Talking About Estate Planning - Part I of 2

In many families, there is an uncomfortable silence when the subjects of death and money come up. According to Eileen and Jon Gallo, authors of Silver Spoon Kids: How Successful Parents Raise Responsible Children (McGraw-Hill, 2001), most adult children have no idea of their parents' net worth, let alone the details of their estate plan. All too often, "when kids work up the courage to ask their parents for specifics, they often get slapped down."

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
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