Insights
The Estate Planning Meeting - What to Expect
In this episode, estate planning attorneys Mary Beth Melso, Sierra Weinkam, and Christina Miller (https://www.commonslaw.com/lawyers) demystify the estate planning process. They cover essential documents, what to expect in a meeting, and how clients can prepare effectively. Keywords Estate Planning, Wills, Power of Attorney, Healthcare Directive, Probate, Fiduciary Roles, Estate Meeting Preparation Topic areas Key estate planning documents: will, healthcare directive, power of attorney What to expect during an estate planning meeting How to prepare and what to bring to your estate planning session Differences between probate and non-probate assets Roles of executor, trustee, and guardian Takeaways Most estate plans include a will, healthcare directive, and power of attorney. Preparation involves reviewing assets, liabilities, and thinking about beneficiaries. Clients can bring documents or contact info, but it's not necessary as notes are taken. Estate planning meetings are designed to be informative and supportive.
All About DONOR ADVISED FUNDS
Charitable giving is something many people think about when establishing or updating their estate plan. One tool that has become increasingly popular is a Donor Advised Fund, commonly known as a DAF. Despite their growing use, many people are unfamiliar with how they work or whether a DAF might make sense for them for lifetime charitable giving and as part of their estate plan.
How to Organize Information and Documentation for Estate Administration in Pennsylvania: A Timeline for Personal Representatives
For those serving as the personal representative of an estate, determining what documentation and information to keep and organize can be confusing. Based on our experience working with Executors and Administrators in Philadelphia and the surrounding counties, we put together a list of documents and information that we recommend you gather and keep.
Making Gifts to Children and Other Family Members
In this video, Attorneys Katie Commons and Mary Beth Melso discuss some of the issues that come up when making gifts of cash or other assets to children or other family members. They touch on: annual gift tax considerations, timing of gifts, gifts in excess of the gift tax exclusion, gifting to minors, the “Med-Ed” exclusion, special considerations related to Pennsylvania inheritance tax laws, and questions of basis for capital assets.
Should Probate be Avoided?
Attorneys Katie Commons and Mary Beth Melso discuss the pros and cons of going through the probate process. They talk about what probate is, why state laws matter, issues that won’t be solved by avoiding probate, the potential benefits of the probate process; the role of trusts, and how to find the best solution for you.
Will Substitutes to Avoid Probate
Attorney Mary Beth Melso details some of the methods available for the purpose of avoiding probate, and offers guidance on what to consider before employing any of them.
Why Beneficiary Designations are Important
Beneficiaries and traditional, non-ROTH retirement accounts.
Trusts in an Estate Plan
Learn about common situations that benefit from the use of Trusts