No Last Will, No Problem
As though the loss of a loved one wasn’t challenging enough, families must navigate the estate administration process of honoring a loved one’s wishes, or lack thereof, without much direction. The first step is to determine whether your loved one had a signed, original Last…
Whats wrong with Joint Accounts when it comes to Estates?
Joint ownership on assets is not the solution for all challenges that arise in estate planning and financial management. Oftentimes, joint ownership can compound the complexity of estate planning and benefits qualification because with joint ownership comes additional obligations and risks. Below are a few…
Splitting the Bill: Who’s Paying for Mom’s Nursing Home
Out of respect, indifference or confusion, children of elderly parents tread lightly on the topic of how a parent uses their finances. While a child should be considerate and always act in accordance with authority granted through financial powers of attorney, children must recognize that…
Selling the Family Home to Pay for Nursing Home Care
When a family admits their loved one into a long term care facility, they are confronted with the challenge of selling the family home to pay for such care. Uncertain of which realtor to contact, how to clean out the property, and how to value…
The Truth About the Federal Death (Estate) Tax and Pennsylvania Inheritance Tax
A 40% Death tax!? Then add on Pennsylvania inheritance tax! More people ought to be concerned about the prospect of paying up to 40% Federal Estate Tax on their assets when they pass away. However, rest easy knowing that a 40% levy on your…
Pennsylvania: Non-Probate does not mean Non-Taxable in Estate Law
At Mooney Law, we have had to address recent confusion related to the taxability of non-probate assets. In order to probe the issue further, we must first understand the basics of estate administration. In Pennsylvania, Probate is the process by which a loved one’s assets…
PA Elder Law: Nursing Home costs From Losing $120,000 Yearly to Saving a Legacy
Many spouses are confronted with the sudden realization that their other half will remain indefinitely in a long term care facility. Overwhelmed by guilt and grief, they are propelled through a harsh system of Medicaid rules regarding long term care and with little guidance on…
We Have to Sell the House
All too often families of loved ones entering skilled nursing care misunderstand the rules that apply to protecting assets. Learn how a family can reduce or eliminate the risk and costs associated with their loved ones entering long term care.
PA Estate Planning Time Bomb
When gifting assets, its crucial to understand the implications and risks. Learn more about estate planning and why it is important to establish a comprehensive estate plan that considers the current costs and future expense for your loved ones.