What a beautiful hope we get to celebrate this Easter season, especially in these times were many people are struggling and feel a sense of hopelessness. Christ died for our sins and rose again from the grave, conquering death and giving us the hope and assurance of eternal salvation for all who believe in Him!
Child support is a financial obligation that a noncustodial parent pays to the custodial parent to cover a portion of child-rearing costs. The amount of child support is determined by specific guidelines set forth by the Pennsylvania state legislature.
If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the mortgage and keep the home, or they may choose to sell it and keep the proceeds. Ultimately, planning for the transfer of real estate upon your death can make the process much easier for your loved ones.
When developing your estate plan, addressing every account or property you own is nearly impossible. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary or group of beneficiaries.
Wishing you and your loved ones a Happy Valentine's Day!. May your heart be filled with happiness and your home with cherished moments.
It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. As uncomfortable as it might be to discuss subjects like burial arrangements and remarriage, they should be broached as part of creating a comprehensive estate plan. Seemingly mundane details, such as the location of important documents and contact information, should also be addressed.
January 28 is International LEGO day. Since the 1940s, people have been creating their own worlds, brick by brick, with LEGOs. With an estate plan, you can help your loved ones build a great future. Make your estate plan as specific as you want by providing step-by-step instructions for how you want them to honor your legacy. Or give them the resources to bring their vision to life, no strings attached. An estate plan—like LEGOs—makes a great gift that can be enjoyed by generations to come.
A testamentary trust provides an alternative to a direct bequest under a Will. You may choose to direct in your Will that all accounts and property owned by you in your sole name without beneficiary designations be transferred to a trust upon your death. Unlike a revocable living trust, the testamentary trust is created at your death, and ownership of your accounts and property are transferred to the trust through the probate process.
An estate plan is a living set of documents that should be regularly reviewed and updated. Even if you are vigilant about changing your estate plan over time, there may be aspects that you have missed, such as beneficiary designations for retirement accounts or life insurance policies.
The Law Firm of L. Theodore Hoppe, Jr., Esquire, would like to wish you and your family a very Merry Christmas! .
Estate plans need to be regularly updated to reflect changes in your life and the law so they can do what you want them to do. Outdated estate plans, like outdated resumes, simply do not work.
it is important for your estate plan to get a regular check up to address changes in your life circumstances or in the law to ensure that optimal plans are in place to provide for you and your family's future needs before any problems arise. Like an undetected medical condition, an out-of-date estate plan can have devastating, unintended consequences.
Despite its name, irrevocable trusts can, and sometimes should, be modified? Changes in laws, family, trustees, and finances can frustrate the trustmaker’s original intent when the trust was created. Or, sometimes, an error in the trust document is identified. When this happens, it is wise to consider changing the trust, even if that trust is irrevocable.
When you decide to create a comprehensive estate plan, consider whether to tell your loved ones about your plan. Estate planning can be a complex and sensitive matter, so your choice may depend on your unique relationships with loved ones and your family dynamics. Sharing your estate plan with your loved ones can compromise the privacy of your financial and personal information. Some people prefer to keep these matters private, especially when it comes to distributions of significant amounts of money or property. There are advantages and disadvantages to revealing private information about your estate plan. You can choose to communicate details relevant to specific individuals or offer a broader explanation to everyone involved.
Parents often contact me with questions about child custody and how the process works in Pennsylvania. We understand why there are so many questions, too, because there's a lot of misinformation about child custody. We are here to dispel the misinformation, clarify misunderstandings, and provide the right information so you can make smart, informed decisions about your child and your unique situation.
On October 3, 1789, President George Washington issued a proclamation designating Thursday, November 26 as a national day of thanks. In his proclamation, Washington declared that the necessity for such a day sprung from the Almighty's care of Americans prior to the Revolution, assistance to them ...
About two out of three Americans will die without a will. This is known as dying intestate. While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their money and property are distribute...
You can create your estate plan at any time, but many people choose to begin the process sooner rather than later. Why? Because you never know when life-changing medical or financial emergencies can strike that will require someone else to manage your affairs during your lifetime.
Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value that needs to be addressed.
Every now and then I am consulted about a situation involving dissatisfaction with how an Estate is being administered. Sometimes its the Executor who is being challenged and sometimes its a beneficiary who does not agree with something that the Executor is doing. Let me start out by saying tha...
You may have heard that in Pennsylvania, words written on a napkin can be considered a Will. Crazy, right? Well actually that can be true. In Pennsylvania, the requirements for a document to be a valid Will are pretty limited. First, the testator (the person who is making the Will), must have tes...
A guardianship is an Order entered by the Court that provides for the care of the person and finances of an incapacitated person.
When preparing your Will, there are 3 main things that you want to consider: 1) What it is you are looking to accomplish?; 2) How do you want your Estate to be distributed?; and 3) Who is going to handle the administration of your Estate? This article with some valuable information to help you answer these three questions.
Preparing your Will and other Estate Planning documents is a great first step. However, before you put the documents away, there are some additional steps you should take to ensure that your plans will be carried out the way you envisioned when you pass away.
If you changed your name to your spouse's last name when you were married, Pennsylvania law allows you to retake your prior surname if you are getting divorce. This case be done any time after the divorce action is filed. 54 Pa. C.S. §704. The process is pretty simple. You complete a form called ...
L. Theodore Hoppe, Jr., Esquire, Attorney at Law is an attorney you can trust to answer your questions, advise you on your rights, help you take the steps necessary to get the situation successfully resolved and if need be, to aggressively defend your rights in court.
We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.