If you are in the beginning stages of your estate planning, you may think that a living trust and a will are essentially the same thing. Even though each of these documents will provide the same types of benefits, they are both unique in their own ways. When you don’t fully understand the benefits or limitations of a will or living trust, you may be making estate planning decisions that will not fit for you or your family.
Beneficiaries: Understand Pennsylvania inheritance taxes
Perhaps your grandmother plans to leave you significant inheritance after she passes away. You may know that you may have to pay taxes on the estate to receive the inheritance. Yet many individuals do not know that their relationship with their deceased loved one determines how much of the inheritance you can keep in full, and how much Pennsylvania tax laws will acquire.
Ending the pain for your loved one
Pennsylvania has very specific laws when it comes to allowing a loved one to die. Whether you are helping with or preparing for these types of decisions, it's important to know your rights and the rights of the patient.
Don't take estate planning advice from celebrities
You would think that celebrities would be more mindful of their financial status than they appear to be. So many famous people engage in no estate planning or inadequate estate planning. In either case, Pennsylvania small business owners may want to avoid emulating celebrities when it comes to sound financial planning.
