Can an Adult Child be Held Responsible for a Parent’s Nursing Home Costs? On May 7, 2012 the Pennsylvania Superior Court issued an opinion in the case of Healthcare Retirement Corporation of America v. Pittas. The court found a son liable for his mother’s $93,000 nursing home bill under Pennsylvania’s Filial Responsibility Law. This high-profile… Read More
“For every human problem, there is a neat, simple solution and it is always wrong.” H. L. Mencken “I want a simple will.” Estate planning attorneys often hear this from clients. What do they mean? Simple to them means short and inexpensive. Short is not always better. If you need open heart surgery do you… Read More
Maggie Kuhn started the Gray Panthers in 1970 as a response to her forced retirement at age 65. The mission of the Gray Panthers was to speak out against age discrimination, the Viet Nam war, and other political oppressions. There is no doubt that stereotyping due to age exists in contemporary society. The Gray Panthers call… 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
Roth IRAs do not have minimum distribution requirements during the account owner’s lifetime. Age 70½ can come and go and no distributions are required. This allows more wealth to accumulate tax-free as the assets stay in the Roth IRA and earnings are reinvested tax-free. Roth IRAs are a great tool to consider in estate planning.… Read More
Don’t miss the PBI seminar on How to Prepare Fiduciary Accounts and Avoid Common Traps next Thursday May 1, 2014 at the CLE Conference Center, Wanamaker Building, Philadelphia.
In anticipation of a government shutdown, the Treasury Department announced on September 27 procedures for the IRS and other agencies under its jurisdiction in the event of a government shutdown after the end of fiscal year (FY) 2013. Only 9 percent of the IRS’s personnel are allowed to work. The IRS website states: “Due to… Read More
Strategic solutions for solo to mid-size firms. Omni Bedford Springs Resort. I will be presenting on “Tax Aspects of the Healthcare Act” and “Probate and Estate Administration for the Solo / Small Practitioner.” Check out the brochure: Solo-Small-Firm-Conference-2013-final.pdf. Hope to see you there!
Thank you to Peterson Hastings for posting this article by Jim Parker, Vice President, DFA Australia Limited: “Human beings have an astounding facility for self-deception when it comes to our own money. We tend to rationalize our own fears. So instead of just recognizing how we feel and reflecting on the thoughts that creates, we cut… Read More