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Blog Category | Estate planning & taxation
Does Medicare Cover the Cost of Long-Term Care?
Many people have concerns about how they will afford long-term care if they need it and about whether or not Medicare is an option. Neither Medicare nor Medicare Supplement Insurance covers long-term care, and the same is true of the vast majority of health insurance providers out there. For long-term...
Read moreWhat Is a Special Needs Trust?
A special needs trust is a trust document – or a right of property that is held by one party for the benefit of another – that is designed to provide a person with disabilities who is under the age of 65 with additional resources when they need them. Often,...
Read moreWhat is a Medicaid Lien?
When an individual receives benefits through Medicaid, a Medicaid lien may be placed on their home at some point if they still own a primary residence. While the home is exempt when it comes to their ability to qualify, it can be subject to a lien upon their death. Medicaid...
Read moreDifferences between SSI and SSDI
Both Supplemental Security Income (SSI) and Social Security Disability Income (SSDI) can help those with disabilities support themselves and their families, cover the cost of living and the necessities of life, and pay medical expenses, but they are distinct government programs. Understanding how SSI and SSDI differ from one another...
Read moreHow Do I Avoid Estate Taxes?
We all hope to be able to provide our children with a nest egg when we die. While building wealth is at the forefront of many people’s minds, it does come at a cost. While the Commonwealth does not have a separate estate tax for residents, estates of decedents with...
Read moreA 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...
Read moreOctober 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)...
Read moreHave 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...
Read moreYear-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...
Read moreThe 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...
Read moreThe Perils of Joint Bank Accounts
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 –...
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