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Legacy Counsellors, P.C.

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Why Everyone Needs a Health Care Directive

Most people don’t have a health care directive for the same reason they don’t have a will: they just don’t want to think about becoming seriously ill and confronting their own mortality. However, not having a health care directive can put your family in the terrible situation of having to... Continue reading

Posted 2 days ago at Legacy Counsellors, P.C.

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What’s the Best Time to Take Social Security Benefits?

Timing is an important part of making the most of your Social Security benefits. Take benefits too early, and you’ll receive a smaller amount for the rest of your life. Wait until you have passed your full retirement age, or longer, and the benefits will be larger. With the near... Continue reading

Posted 3 days ago at Legacy Counsellors, P.C.

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How an Experienced Estate Planning Attorney Helps People

Estate planning attorneys work with couples and individuals in case one or both of them become incapacitated, creates a plan for distributing assets after death and helps people convey their wishes for their legacy to family and loved ones. People turn to estate planning attorneys, when they are ready to... Continue reading

Posted 4 days ago at Legacy Counsellors, P.C.

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How Does a “Senior Freeze” Work?

The Senior Freeze is a program that helps eligible seniors and disabled people, by protecting them from property tax increases, or if they live in a mobile home park, increases in site fees. However, there are requirements that must be met, including home ownership. In some families, a decision is... Continue reading

Posted 5 days ago at Legacy Counsellors, P.C.

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Alzheimer’s Disease Has Impacted Many Celebrities’ Lives and Their Estates

Celebrities are not like the rest of us, but how they planned—or didn’t—for care at the end of their lives and for their estates, offers some useful lessons. Here are seven famous people who suffered from Alzheimer’s disease from Forbes’ recent article, “Top 7 Celebrity Estates Impacted By Alzheimer’s Disease.”... Continue reading

Posted 5 days ago at Legacy Counsellors, P.C.

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Billionaire Paul Allen’s Estate Remains a Private Matter

As co-founder of Microsoft, a technology investor, real estate magnate and owner of both an NBA and an NFL sports team, Paul Allen’s empire was vast. His estate planning was likely well done and extensive, as the distribution of his wealth has remained private, and there is little public knowledge... Continue reading

Posted 6 days ago at Legacy Counsellors, P.C.

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Why Minors Should Not be Named as Beneficiaries

Leaving assets outright to minors creates a number of issues. An IRA might be a better choice. Selecting beneficiaries for your estate plan can sometimes revolve around their ages at the time that the estate plan is created. While there are many different kinds of assets, from real estate to... Continue reading

Posted Jan 10, 2020 at Legacy Counsellors, P.C.

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Can Inheritance Taxes For A Step-Grandchild be Avoided?

Inheritance taxes are another good reason to have a comprehensive estate plan . A strategic plan, created with the help of an experienced estate planning attorney, can create a way to protect wealth, minimize tax burdens and ensure that assets are distributed the way you want. New Jersey is one... Continue reading

Posted Jan 9, 2020 at Legacy Counsellors, P.C.

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Social Security Statements Might in the Mail Again

Right now, the only people who receive paper statements are people who are 60 years old and up, who have not created an online account. The Social Security Administration stopped mailing annual statements in 2011, citing a need to cut costs. The expectation was that everyone would use the SSA’s... Continue reading

Posted Jan 8, 2020 at Legacy Counsellors, P.C.

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Smoothing Over Estate Planning Bumps for Blended Families

Dynamics within a blended family are always a lot trickier than traditional nuclear families. It takes an extra effort to keep the family cohesive, especially when money is concerned. When it comes to the biggest threat to estate planning, a survey of estate planning attorneys conducted at the 53rd Annual... Continue reading

Posted Jan 7, 2020 at Legacy Counsellors, P.C.

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Why Does an 18 Year Old Need Estate Planning Documents?

It’s exciting when your child turns 18, but part of their becoming an adult means that parents have no right to getting information about their health, or making critical health care decisions on their behalf. That awkward child who you may think will never grow up, becomes a legal adult... Continue reading

Posted Jan 6, 2020 at Legacy Counsellors, P.C.

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How to Get Required Minimum Distributions Right

For retirees and people who inherit retirement accounts, there’s only one good thing that comes out of missing an RMD and having to pay a hefty penalty: you won’t make that mistake again! Missing a deadline for taking Required Minimum Distributions is an expensive mistake. Not only will you have... Continue reading

Posted Jan 3, 2020 at Legacy Counsellors, P.C.

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Why Don’t Border National Guardsmen Receive Veteran Benefits?

They may never meet the requirements of the federal definition of a veteran, but they are doing the work of protecting the country and putting their lives on the line. Two thousand National Guard troops were ordered to the U.S.-Mexico border in April 2018 to help Homeland Security, and they... Continue reading

Posted Dec 30, 2019 at Legacy Counsellors, P.C.

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Buying Property With Someone Other Than Your Spouse?

Buying a vacation home with a family member or trusted friend sounds like a great idea. So does investing in rental properties with another buyer. However, there are challenges you need to know about. Owning a home or other real estate property with a spouse is fairly straightforward. Most married... Continue reading

Posted Dec 27, 2019 at Legacy Counsellors, P.C.

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What Happens to Digital Assets After Death in Pennsylvania?

Many states have adopted a set of rules for access to digital assets belonging to the deceased, like social media photos and email accounts. However, Pennsylvania has yet to do so. A state senator is trying to bring the state’s laws up to date. Pennsylvania State Senator Tom Killion has... Continue reading

Posted Dec 26, 2019 at Legacy Counsellors, P.C.

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How Can I Be Sure My Loved Ones Will Receive My Estate?

The best and only way to control what happens to your assets, is to have an estate plan, and that includes managing your beneficiary designations. When you think of handing down assets, you probably think of a last will and testament. Most people do. However, if you have a life... Continue reading

Posted Dec 24, 2019 at Legacy Counsellors, P.C.

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The Downside of Moving Retirement Money to a Roth

It sounds like a great deal—no taxes when you withdraw money during retirement. However, there’s no such thing as a free lunch, and that also goes for Roth IRAs. The question to ask yourself about retirement savings and taxes is simply this: when do you want to pay taxes? You... Continue reading

Posted Dec 23, 2019 at Legacy Counsellors, P.C.

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Can I Really Protect My Aging Parents from Scams?

Scams targeting the elderly are on the rise, and most are convincing, making even savvy seniors vulnerable. Adult children of elderly parents need to keep their eyes open on their parent’s behalf, because the scammers are increasingly sophisticated and compelling. The number and types of scams focused on separating the... Continue reading

Posted Dec 20, 2019 at Legacy Counsellors, P.C.

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What States Will Be Home for Veterans in the Near Future?

A national discussion about allocating resources for veterans’ services prompted the creation of a new graphic to help lawmakers understand where veterans from recent wars will likely reside. Where will the veterans who survived the Gulf War, Post-Gulf, Post-9/11 and Vietnam wars live until 2045? Rebecca Burgess, an expert on... Continue reading

Posted Dec 19, 2019 at Legacy Counsellors, P.C.

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Asset Protection is Critical in Real Estate Investing

Whether you are buying rental properties or commercial buildings, asset protection of real property is critical to making money in real estate. It’s a risky business. Securing the value of real estate assets requires with different strategies to protect the property from several different types of threats. This recent article... Continue reading

Posted Dec 18, 2019 at Legacy Counsellors, P.C.

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Will the New Tax Levels Really End in 2025?

The IRS has said that even if taxpayers don’t die until after the tax overhaul expires in 2026, they may still benefit from the higher thresholds for U.S. estate and gift taxes. How will that work? The estate and gift tax exemptions skyrocketed in 2017, as the result of changes... Continue reading

Posted Dec 17, 2019 at Legacy Counsellors, P.C.

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Ashton Kutcher Says His Kids Will Learn the Value of Hard Work

Kutcher, who has two children with wife Mila Kunis, says that his children aren’t going to receive trusts funds and he thinks Warren Buffet has the right idea about children and wealth. With an estimated net worth of $200 million, Ashton Kutcher has no intention of passing the money he’s... Continue reading

Posted Dec 12, 2019 at Legacy Counsellors, P.C.

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Second Marriages Face Different Challenges

Successful second marriages must overcome tough issues, like combining finances, households, children and child support, alimony and estate planning. It can become complicated, and requires a commitment to stay the course, no matter what. Finances loom larger the second time around. What will happen to a teenaged-child’s financial aid eligibility?... Continue reading

Posted Dec 11, 2019 at Legacy Counsellors, P.C.

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Can a Bank Be a Better Executor Than a Family Member?

Most people name a family member, usually an adult child, to serve as their executor. However, that’s not always the best decision. A professional executor can make the task more efficient. Deciding who to name as the executor of a will, is often a challenge. Should it automatically be a... Continue reading

Posted Dec 10, 2019 at Legacy Counsellors, P.C.

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What’s the Real Deal with Retirement?

It’s not all bad news, but most Americans are not ready. Many have not been able to save during their working years, while others somehow didn’t think they needed to. Retirement always seems so far off in the future, until it’s just around the corner. Maybe that’s why many people... Continue reading

Posted Dec 9, 2019 at Legacy Counsellors, P.C.

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