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Petrosewicz Law Firm, P.C.
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We've redesigned and relocated our blog! Enjoy the same great content and weekly updates via email. We'll keep our archive right here, but for fresh news, visit us at https://petrolaw.biz/blog/. Continue reading
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Special Needs Trust, ABLE Account, SSI, SNAP, Developmental Disability, Asset Limitations, Medicaid, Achieving a Better Life Experience Continue reading
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“In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.” Continue reading
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“A common misconception is that you do not have to probate a will when your spouse dies.” Continue reading
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“The steady drone of coronavirus news these past nine months has spurred countless older Americans to face a long-procrastinated task: writing—or rewriting—their wills.” Continue reading
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“Many investors took advantage of the pandemic-induced market decline this spring to do big Roth conversions and pay less tax on reduced asset values.” Continue reading
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“Attorney-client privilege requires that attorneys keep confidential and refrain from sharing all secrets and other confidences of clients.” Continue reading
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“If you are caregiving from a distance (you live here and your parent or other loved one is in another state, a distant city or as close as an hour away), it can be even more daunting than doing it in your home.” Continue reading
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“Probate is a process to transfer the assets after someone dies. For example, when a homeowner passes, probate allows for the home to be sold or transferred, if necessary, even though the owner is no longer alive to sign a deed.” Continue reading
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“The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.” Continue reading
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“Second (or third or fourth) marriages often require careful balancing between the needs of the surviving spouse and the needs of the children from a previous marriage.” Continue reading
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“During this crazy 2020 tax year, in addition to being faced with all the issues surrounding Covid-19, as well as the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.” Continue reading
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“Most states recognize inheritances as separate property, and many experts say keeping them separate is often the best approach.” Continue reading
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“Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.” Continue reading
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“It’s difficult to go a few hours without interacting with a digital account. Whether that is email, online banking or social media, many daily tasks involve digital informational storage.” Continue reading
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“First, let’s debunk the myth that an estate plan needs to be both elaborate and expensive.” Continue reading
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“A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.” Continue reading
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“If you feel that your child will be incapable of making adult decisions on their own behalf, you can pursue a legal guardianship, so that you will retain the rights to make those decisions for them.” Continue reading
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“We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.” Continue reading
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“Regardless of the pandemic, experts say it’s important to plan for when you’re not here—that is, give thought to what would happen to your bank accounts, your home and your belongings, as well as, perhaps, your dependents.” Continue reading
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“Despite many attempts at repeal over the years, the modern U.S. Estate Tax has been in place since September 8, 1916. Each U.S. citizen and resident alien is entitled to a lifetime exemption from the federal Gift/Estate Tax called the Applicable Exclusion Amount.” Continue reading
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“Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.” Continue reading
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“Windfalls can result from fortunate events, like lottery winning, and unfortunate events, like a legal settlement. Whatever the triggering event, a big injection of cash can certainly be a life-changing event in someone’s life.” Continue reading
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“Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.” Continue reading
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“’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.” Continue reading