Estate Planning in Pennsylvania

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.
𝐄𝐬𝐭𝐚𝐭𝐞 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐓𝐞𝐫𝐦𝐬 𝐭𝐨 𝐊𝐧𝐨𝐰
𝐏𝐨𝐰𝐞𝐫𝐬 𝐨𝐟 𝐀𝐭𝐭𝐨𝐫𝐧𝐞𝐲: This legal document designates someone to act on your behalf for financial health care decision-making.
𝐖𝐢𝐥𝐥𝐬: In a will, you can specify how you want to divide your assets & to whom you wish to administer your estate.
𝐓𝐫𝐮𝐬𝐭𝐬: 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
𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐃𝐢𝐫𝐞𝐜𝐭𝐢𝐯𝐞𝐬 𝐨𝐫 𝐋𝐢𝐯𝐢𝐧𝐠 𝐖𝐢𝐥𝐥𝐬: This is a document that allows you to have some control over end-of-life decisions.
𝐏𝐞𝐧𝐧𝐬𝐲𝐥𝐯𝐚𝐧𝐢𝐚 𝐈𝐧𝐡𝐞𝐫𝐢𝐭𝐚𝐧𝐜𝐞 𝐓𝐚𝐱
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
𝐈𝐧𝐡𝐞𝐫𝐢𝐭𝐚𝐧𝐜𝐞 𝐓𝐚𝐱 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧𝐬
Some tax exemptions include:
• Charitable organizations
• The decedent's spouse
• Children age 21 or younger
𝐖𝐡𝐲 𝐃𝐨 𝐈 𝐍𝐞𝐞𝐝 𝐀𝐧 𝐀𝐭𝐭𝐨𝐫𝐧𝐞𝐲?
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
𝐇𝐚𝐯𝐞 𝐀 𝐒𝐨𝐥𝐢𝐝 𝐏𝐥𝐚𝐧 𝐢𝐧 𝐏𝐥𝐚𝐜𝐞
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
https://www.hazenlawgroup.com/services/estate-planning/