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The costs and expenses of a conservatorship are paid by your estate
A CONSERVATORSHIP is if you suffer from an incurable disease or are involved in a debilitating accident and are unable to manage your own affairs, state law might require someone to go to court to have a conservator appointed by the court. The conservator is given the authority to make financial decisions and handle your financial affairs, under court supervision, when you lack the capacity to manage them on your own.
In Pennsylvania if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Pennsylvania Estate Planning Lawyer to help get your affairs in order.
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Pennsylvania
Gross estate tax purposes
4,125
Gross estate tax Amount
8,060,010
Total allowable deductions Number
4,118
Total allowable deductions Amount
3,141,391
State death tax credit Number
2,656
State death tax credit Amount
293,137
Net estate tax Number
2,187
Net estate tax Amount
1,060,935
Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
Our Pennsylvania Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Pennsylvania will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Pennsylvania Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Pennsylvania Estate Planning include:
Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio
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What should I know about estate planning offers? Pennsylvania consumers, particularly senior citizens, are receiving an increasing number of solicita Press Office
Planning in advance for the distribution of assets at death is a good idea. ... fees that can complicate estate distributions do not exist in Pennsyl
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Latest news about Financial & Estate Planning in Pennsylvania and nationwide:
The First Step In Estate Planning
Inventory everything you own and assign a value to each asset. Here's a list to get you started. You may need to delete some categories or add othe... Read more >
Health Care Power Of Attorney
In addition to a Health Care Power of Attorney, another document, known as a Living Will, is used to plan future health care choices. The Health Ca... Read more >
Definition:
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.
Living Trust
Definition:
Sometimes called an Inter-Vivos Trust--A written legal document established during a person's lifetime into which he/she places property.
Fiduciary
Definition:
A person in whom one places great confidence in and upon whom one relies for his or her integrity, trust, and good faith. A fiduciary has the legal duty to act in the best interest and benefit of another and therefore is held to the very highest legal standards. A trustee is a fiduciary.
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Estate Tax Returns Filed in 2001: Gross
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