Since 2017, there has been a 90 percent rise in Americans who do not understand how to get a will. Nearly 2/3 of people recognize the important of wills, only 1/3 of people have created key estate planning documents.
๐๐ฌ๐ญ๐๐ญ๐ ๐๐ฅ๐๐ง๐ง๐ข๐ง๐ ๐๐๐ซ๐ฆ๐ฌ ๐ญ๐จ ๐๐ง๐จ๐ฐ
๐๐จ๐ฐ๐๐ซ๐ฌ ๐จ๐ ๐๐ญ๐ญ๐จ๐ซ๐ง๐๐ฒ: This legal document designates someone to act on your behalf for financial health care decision-making.
๐๐ข๐ฅ๐ฅ๐ฌ: In a will, you can specify how you want to divide your assets & to whom you wish to administer your estate.
๐๐ซ๐ฎ๐ฌ๐ญ๐ฌ: A trust is an entity - known as a trustor, grantor, or settlor - to hold assets for the benefit of the trust beneficiaries. There are many different types of trusts. Some examples include:
• Trusts for Minors
• Federal Estate Planning Trusts
• Special Needs Trusts
๐๐๐ฏ๐๐ง๐๐ ๐๐ข๐ซ๐๐๐ญ๐ข๐ฏ๐๐ฌ ๐จ๐ซ ๐๐ข๐ฏ๐ข๐ง๐ ๐๐ข๐ฅ๐ฅ๐ฌ: This is a document that allows you to have some control over end-of-life decisions.
๐๐๐ง๐ง๐ฌ๐ฒ๐ฅ๐ฏ๐๐ง๐ข๐ ๐๐ง๐ก๐๐ซ๐ข๐ญ๐๐ง๐๐ ๐๐๐ฑ
Pennsylvania's inheritance tax applies regardless of the size of the estate. The tax rate for:
• Direct lineal descendants is 4.5 percent
• Siblings is 12 percent
• Other heirs is 15 percent
๐๐ง๐ก๐๐ซ๐ข๐ญ๐๐ง๐๐ ๐๐๐ฑ ๐๐ฑ๐๐ฆ๐ฉ๐ญ๐ข๐จ๐ง๐ฌ
Some tax exemptions include:
• Charitable organizations
• The decedent's spouse
• Children age 21 or younger
๐๐ก๐ฒ ๐๐จ ๐ ๐๐๐๐ ๐๐ง ๐๐ญ๐ญ๐จ๐ซ๐ง๐๐ฒ?
Under a power of attorney, you can expressly grant "hot powers" in a document. Hot powers include:
• Making gifts
• Creating or changing beneficiary designations
• Disclaiming property
• Delegating power
๐๐๐ฏ๐ ๐ ๐๐จ๐ฅ๐ข๐ ๐๐ฅ๐๐ง ๐ข๐ง ๐๐ฅ๐๐๐
Discuss with our experienced attorneys, who will guide you through the estate planning process & help you prepare for the future you envision.
Call today to speak with a Pennsylvania estate planning attorney at Hazen Law Group
Be sure you have the best possible planning in place. Contact us at: (717) 540-4332
Hazen Law Group
2000 Linglestown Rd Suite 202
Harrisburg, PA 17110
(717) 540-4332