Sep 2017
25th Sep 2017

A Child Omitted from a Parent’s Will Cannot Inherit if Living Before the Will is Executed

Lynn always thought that her father Sydney had died in the late 1950s as a result of a car accident. However, in 2004, Lynn learned that Sydney was alive and she found him after some searching.  Sydney denied that Lynn was related to him.  By the time Lynn found Sydney, his Will had been executed and did not provide for Lynn, but instead provided for three other children.  A few years later, Sydney died and his Will was admitted to probate.
7th Sep 2017

Trust Beneficiaries Cannot Fire a Trustee without Court Permission

In a recent case before the Supreme Court of Pennsylvania, the beneficiaries of a trust sought court permission giving themselves the power, without court approval, to remove the corporate trustee "[f]rom time to time and without cause" and to appoint a new corporate trustee of their choosing.  The trust was created by the beneficiaries’ grandfather, and each of his four grandchildren served as co-trustees with Wells Fargo Bank serving as the corporate trustee.  The trust document said nothing about firing the corporate trustee.  The Pennsylvania Supreme Court would not permit the removal and replacement of a trustee without Orphans’ Court approval in accordance with Section 7766 of the Uniform Trust Act (UTA).  Trust Under Agreement of Edward Winslow Taylor, 15 EAP 2016 (Supreme Court of Pennsylvania July 19, 2017).
Jun 2017
12th Jun 2017

Why Do You Need An Estate Plan?

Why do you need an estate plan?

Here are some good reasons:

  • To take care of your loved ones if something happens to you. Your spouse or significant other, your children, your grandchildren, and your parents all may rely on you now one way or another.

  • To minimize death taxes due to the state and even the federal government. Will there be enough ready cash to pay the inheritance tax bill to Harrisburg?  Yes, transfers to your spouse are exempt from tax, but the rate 4.5% on transfers to direct descendants, and is even higher for transfers to siblings (12%), and 15% on transfers to other heirs.

  • To protect your business – will ownership go where you want it to go? Can the business be sold if that is what you want?