(Part One of Three) Barring fill-in-the-blank type wills, no two are alike. The family situations of our first three presidents, the value of their estates, and their insistence on writing their own wills produced three quite diverse estate plans. In Washington’s case, Martha entered the marriage a widow with two children and a large inheritance… Read More
Many people hesitate to make estate plans. Some are overwhelmed by the process and do not know where to begin. Others do not want to think about death and avoid the task. Once people do manage to complete their estate plans, many believe that they can cross it off their “To Do” lists and never… Read More
(Part Two of Two) Your patience has paid off — this week you get to learn what documentation should be kept indefinitely or permanently. Should you have further questions about what to keep or purge, don’t hesitate to continue the conversation @PattiSpencer via Twitter. Keep Indefinitely Documents that establish income tax basis for assets should… Read More
(Part One of Two) Have you ever seen the A&E TV show called “Hoarders”? Or perhaps “American Pickers”? It’s a fascinating (OK, frightening) look inside the lives of people whose inability to part with their belongings is so out of control that they are either on the verge of a personal crisis or are living… Read More
Pennsylvania has made broad changes to the law governing powers of attorney. The bill in which these changes were proposed, H.B. 1429, was unanimously passed by the Pennsylvania House and Senate and signed by the Governor on July 2, becoming Act 95 of 2014. Most of the new law’s provisions are effective January 1, 2015.… Read More
The American Dream since WWII has been home ownership, with visions of backyards and white picket fences. As you look around today, though, you will see more and more families renting, still seeing foreclosures in ample supply since the recession. Is it really a good idea to buy? In the 1930’s a typical down payment… Read More
“All money is a matter of belief.” – Adam Smith We have lived through the rise of the personal computer, e-mail, smart phones, tablets, Tesla’s, GoogleGlass, and the like. What’s next? How about a digital currency? Odds are you’ve heard about it. It’s called Bitcoin. For those of you who aren’t quite certain about what… Read More
If you are in business, whether self-employed or running a company, you must send a 1099 form (with copies to the IRS) to anyone that you pay money to, unless they meet one or more of the following exceptions: The recipient is a corporation You included the payment in a W-2 form (to an employee)… Read More
Is a Divorce Agreement That Promises an Inheritance to Kids Enforceable? Let’s say you got a divorce. As part of the divorce agreement your ex agreed to leave half of his estate to your kids. He dies. He leaves a will that doesn’t comply with the agreement – leaving 90% of his estate to his… Read More
Suppose you inherit the family home from your parents. They took out a mortgage on it to pay for some wheelchair access ramps and stair lifts. Do you have to pay the mortgage? It depends. Mom has left a widow and when she passes away she leaves a will with a section devising the house… Read More