How Long is Probate?

Clients often want to know should they set up a trust to avoid probate in Pennsylvania.  Though in some states, you want to avoid probate due to cost and the length of time involved, Pennsylvania does not fall into that category.  However, you still want to understand what the time period for probate might be. 

In Pennsylvania, the inheritance tax is due within 9 months of death.  Of course, you can file earliers.  Upon filing the return with the Register of Wills, you want to generally allow 4-6 months for processing by the Department of Revenue.  The Register of Wills serves as agent for the Department of Revenue.

Generally speaking the overall estate administration for most Pennsylvania estates with any complexity is 12 to 18 months if handled properly.  The clock starts to ticking upon the appointment of the estate administrator/executor.  Sometime that process may cause a delay if there is no Will or a challenge to a named Executor in the Will. 

The final step is a formal or informal accounting of the estate.  If done formally, it could take an additional 2-3 months to get a Hearing on the formal accounting.  If done informally, distribution would occur once all beneficiaries are in agreement with the settlement. 

You want the guidance of an expert attorney in this area.  Contact us at http://www.ythlaw.com/ for all your probate needs.

It Takes A Village

We often say that it takes a village to raise a child.  This African proverb, popularized in recent times by Hilliary Clinton's book of the same name, is very true.  There are many people who have no children of their own but have taken on siginificant roles in the lives of children.  That person could be a caring neighbor who is there for before and after school help and more; a special Aunt whose home is always available to a neice or nephew; a teacher who steps out beyond the classroom; or, a recent widow with time to give. 

Estate planning is an important part of the lives of people who nurture, give, and love in the way of the village.  Their stories, wishes and desires form an important part of my practice.  If you want to make sure those you have nurtured and loved during your lifetime recieve a share of your assets, then a Will is an important document for you to have. 

Contact our offices at  www.ythlaw.com for your probate, estate planning and elder law needs.

Have you moved to another state recently?

Peopele often ask me when should they update their estate planning documents. First, I do congratulate them for having done a Will and other estate planning. Just as important as making a Will, is to make sure to keep that Will up to date.

So, one trigger to remind you to update your documents is when you move to another state. Your Will is governed by the state where you live. Each state will recognize a Will made in another state,. However, it is important that it is reviewed by a lawyer when you move. You want to make sure there are no ambiguities that could be problematic upon death. There may be other important documents to consider in your new state. Should you have a Trust, Powers of Attorney or iving Will. What may not have been important in one state, like the need to have a Trust, may be very important in your new state.

Contact us at http://www.ythlaw.com/ for your probate, estate planning and elder law needs.

Tax Tip Mid-Year

It's summertime, the beach, vacations, sun and fun. So, have you thought about how to save on your taxes. I guess not!! But someone else has. Therefore, I thought I would share this recent article I read with you. It has some essential tips for you to consider for your 2011 taxes.

10 Midyear Tax Moves To Make Now
By Kay Bell • Bankrate.com


Contact us at http://www.ythlaw.com/ for all your probate and estate planning needs.

To Be or Not To Be, That is Your Decision!!

You can dictate whether you want to be on life support. If your condition is terminal without any hope of recovery because you are in a permenant state of unconsciousness or in a vegetative state, your Living Will can speak for you. The Living Will is the fourth important document of your estate plan. It is also referred to has your Advance Healthcare Directive. You can let your family as well as medical professionals know your preference for life-sustaining treatment. Plan for those important decisions in your life. Contact our offices at http://www.ythlaw.com/ We can help you with Probate, Estate Planning and Elder Law.

Geraldine Ferraro - A Legacy of Politics

My undergraduate degree was in Political Science. I have had an interest in politics since 7th grade when I ran for Treasurer of our Student Government Association. Though I was not successful in my very first bid, I did win the next year when I ran for President of our Student Government Association. So I watch with real interest when women bid for the highest offices in our country. Geraldine Ferraro's selection as Walter Mondale's Democratic running mate in the 1984 presidential election is part of her tremendous legacy, despite an unsuccessful campaign. Her vice presidential bid, the first for a woman on a major party ticket, emboldened women across the country to seek public office and helped lay the groundwork for Hillary Rodham Clinton's presidential candidacy in 2008 and John McCain's choice of his running mate, Sarah Palin, that year. You have created a legacy in your life's story. Let us help you preserve that legacy. Contact us at http://www.ythlaw.com/ for expert estate planning, estate administration and probate needs.

Elizabeth Taylor - A Film Legend - Dies At 79

Elizabeth Taylor was truly a household name for generations. My mother was so moved by Elizabeth Taylor's stardom, she named her first born child, Yvette Elizabeth Taylor. Yes, that would be me. So, I guess hearing about the death of this particular legend moved me personally and otherwise.

Elizabeth Rosemond Taylor was born in London on Feb. 27, 1932, the daughter of Francis Taylor, an art dealer, and the former Sara Sothern, an American stage actress. At age 3, with extensive ballet training already behind her, Taylor danced for British princesses Elizabeth (the future queen) and Margaret Rose at London's Hippodrome. At age 4, she was given a wild field horse that she learned to ride expertly.

Her family moved to the United States where she begin her movie career at age 10. The rest is Hollywood legend. Clearly, Elizabeth Taylor has a significant estate which we will follow its administration. Her children include her daughters Maria Burton-Carson and Liza Todd-Tivey; and, sons Christopher and Michael Wilding, and several grandchildren.

Stay posted for updates. Contact us at http://www.ythlaw.com/ for all your probate, estate planning and elder law needs.

When Probate Matters

This morning I received a call from a son who just loss his mother to cancer. I expressed my condolences and we proceeded to discuss the reason for his call. His mother, who was very meticulous and maintained very good records of her finances, died without a Will. As you can imagine the drama unfolds from this point.

There are 3 children and they have at least agreed that the son who made the call to me could serve as the Administrator of the Estate. If that had not been agreed upon, the administration of the estate could be significantly delayed. Of course there are other issues that could have been avoided with a Will.

(1) The mother wanted her eldest son to have her extensive art collection - NOT - (they do not agree)
(2) The homestead still has a mortgage on it and one daughter wants to stay in the home - NOT - (they do not agree)
(3) The mother wanted everything to be equally distributed upon her death - NOT - (she only had one of her children on her insurance policy and on her bank account)

AND THE LIST goes on. Plan now and let us help you by contacting us at http://www.ythlaw.com/

When Your Family Lets You Down

One thing, among many, my practice has taught me is all that you have control over is yourself. You really do not control, try as we might, your spouse, your children, your other family members or your friends. You only get frustrated and stressed out the more that you try.

On a daily basis, I talk with my clients about those they want to pick to serve in roles like agent, executor or even guardian. I encourage them to take those that they intend to select as they are NOW. Do not think that they might change over time to become what you want. For example, if they are not at a place NOW where you would want them to be to serve as guardian of your children, then do not select them. We can not predict the future, good or bad. All of the selections made during the estate planning process are addressed as of today. We can always make changes in the future as circumstances change. Your plan is not a static document, it evolves.

Let us help you plan correctly. Contact us at http://www.ythlaw.com/ for all your probate and estate planning needs.

Signature By Mark

I have had situations where a client may be of sound mind and body but has a physical handicap that affects his or her ability to sign documents. A signature by Mark is permissible. The Mark has to be witnessed by 2 individuals and notarized. This allows the person to continue to take care of their own business as long as they are mentally able. They do not have to give that authority to another if they want to continue to manage their own affairs.

What else do you want to know about your affairs? Contact us at http://www.ythlaw.com/ for expert estate planning and probate.

Powers of Attorney and Wills for the "What ifs" and "When"

I am on the way to a Nursing Home. The reason for this visit happens all to often but could be avoided with planning. Why do we wait? What do we procrastinate?

Today, when I meet with this client and their family (generally a son or daughter), I have to first determine whether the client still has the capacity to execute specific documents like a will or power of attorney. If that huddle can not be met, then the son or daughter will have to initiate guardianship procedures to address financial matters and certain healthcare matters. The window for creating a will is now closed if the client no longers has capacity.

Unfortunately for many, when we are healthy and able bodied, we do not focus on the "what ifs" (I become incapacitated, etc.) or the "when" (death happens). However, this is the time to take care of our "business". It will save you time and money in the long run. Though I do make more when you procrastinate, that is not why I do what I do. I want families to have their documents in place for the "what ifs" and the "when". If you do, then you do not have to be addressing legal matters when your focus should be on the emotional aspects of the "what ifs" and the "when".

Contact us today at http://www.ythlaw.com/ for all your probate and estate planning needs.

Estate Planning Mistakes - Number Twenty-Seven

If you own a business that is set up at an S Corp, you want to make sure the S Corp status is not lost upon death. If stock in an S Corp passes at death into an ineligible trust the S Election may be lost. Only certain trusts, specifically "qualified sub-chapter S trusts" and "Electing Small Business Trusts" qualify as S Corp shareholders. In order to prevent the loss of the S Election, you want to make sure your estate planning document provides the appropriate language.

Contact our offices at http://www.ythlaw.com/ to get the expert legal advice that you need for all your probate and estate planning needs.

Estate Planning Mistakes - Number Twenty

Do not fail to plan for "non-probate" assets. Most people do not understand what is a probate asset or what is a non-probate asset. Probate assets are those assets that pass under a person's Will because the asset is only in the name of that person.

Non-probate assets are those assets that pass outside of a person's Will because the distribution is NOT govern by the Will but is governed by another document. As a result of someone's death, money can be distributed from a life insurance policy, from a jointly held bank account or from assets held under a Trust.

Everyone should review their beneficiary designation forms under a life insurance policy or a retirement account to make sure you have "appropriately" named someone. For example, if you name your children and something happens to a child do you want your grandchildren to get that child's share? Your beneficiary designation form should be reviewed to make sure your intent is clear.

Contact us at http://www.ythlaw.com/ for expert estate planning advice.

Estate Planning Mistakes - Number Six

As with the description of personal property to be given, you want to clearly describe the person to whom a gift is given. You want to name the person and if there is possible confusion make sure your Will indicates their relationship to you.

For example, I leave my gold watch to my best friend, Jane Doe. You do not want to just say to your best friend or to your favorite cousin. Let it be clear even if you have to also express where the person lives, at least at the time of making the Will.

Contact us for expert assistance in matters of Probate, Estate Planning and Elder Law.

Estate Planning Mistakes - Number Four

The 4th mistake that could occur with estate planning pertains to the distribution of "personal effects". Sometimes the biggest conflict among family members pertains to those items with little economic value but significant sentimental value. It is not the money or real estate because those distributions are generally made clear.

It is the family armoire, jewelry, china or art. Make sure you have a clear way of making the distribution. You might want to consider a lottery system or a memorandum listing who gets what. The memorandum could be placed with the Will and updated from time to time.

A little planning goes a long way to avoid conflict and bad feelings. Contact us for estate planning, probate and elder law needs at http://www.ythlaw.com/

Why Do We Wait?

Many people come to my office and apologize for not getting their estate planning done sooner. Something has motivated them to get done what should have already been done. Why Do They Wait?

They wait for a child to be born; they wait for someone to die; they wait to have money; they wait for something bad to happen; they wait for something good to happen; they wait because that's what people do. We wait. So over the next few weeks, I will look at things to motivate you to action. To move us from reaction to action.

What will those things be? Wait, and see.

Contact our offices at http://www.ythlaw.com/ for all your estate planning, probate and estate administration needs.

Where Do You Think This Stock Market Is Going?

Marianna Goldenberg of Penn Wealth Planning has answered this question in her weekly commentary which I always find to be informative and insightful. She stated:

"If history is any indication: The fourth quarter of mid-term election years is almost always favorable for stocks. The market’s reaction to mid-term elections, as uncertainty fades, has almost always been positive, with fourth quarter gains as measured by the S&P 500 index averaging 8% in mid-term election years. The only two exceptions to the gains in the fourth quarter of every mid-term election year since 1950 were 1978 and 1994, when the Fed was hiking rates aggressively, a critical factor that is highly unlikely to take place this quarter. So far, stock market performance in 2010 has tracked the typical pattern for U.S. stocks in mid-term election years, albeit with a bit more than the usual volatility."

For those who wanted to know the answer to our question, this explaination might be as good as it gets. Contact us for your estate planning, probate and elder law needs at www.ythlaw.com

Who's Talking To The Doctor?

What if your doctor is unable to communicate with you regarding a healthcare matter. You could have had an accident. You could be in surgery and require another procedure.

Your Healthcare Power of Attorney allows you to appoint an individual to make healthcare decisions on your behalf. This agent or personal representative is authorized by you to review your private medical information.

This is the THIRD most important document in your estate plan. Contact our offices at http://www.ythlaw.com/ to address your probate, estate planning and elder law needs.

Protect The Future

Did you know that accourding to a recent survey, nearly 2/3 of Americans do not have a will. This means that a judge and the laws of the state will determine the distribution of their assets and belongings if they should pass away, unexpectedly or not.

Avoiding important estate planning decisions could eventually mean that someone else has to make them for you. The results are often not in the best interest of your family and could event fail to meet their future needs. A thoughtful estate plan takes your priorities into account, protects your heirs, and establishes your legacy.

Contact our offices for all your Probate, Estate Planning and Elder Law needs at www.ythlaw.com

The Issue with Probate

Probate is the means by which state courts validate a will and clear the executor to pay debts and taxes, sell property, distribute funds and perform other tasks necessary to settle an estate. It can be a lengthy and expensive process in many jurisdictions. Probate costs can consume 3 to 7% of an estat's value. It can be even more if there is a dispute that runs up additional legal fees.

You can help make sure your estate avoids many of the pitfalls of probate by planning now for the future distribution of your estate.

Contact us at www.ythlaw.com for expert estate planning legal advice.