Taxes After Death

Taxes After Death

What tax returns need to be filed after someone dies? In Pennsylvania, here are the main tax returns to consider: Personal Income Tax (1040) By April 15 of the year after death, file the deceased’s final income tax return (Form 1040). If the deceased was married, it...
The #1 Problem in Powers of Attorney

The #1 Problem in Powers of Attorney

In the many powers of attorney I see in my line of work, one problem recurs over and over again. And it’s costing families tens of thousands, and even hundreds of thousands, of dollars in asset protection. The number one problem is inadequate gifting provisions. If...
5 Useful Features for an Asset Protection Trust

5 Useful Features for an Asset Protection Trust

When designing a trust to protect assets against nursing home spend-down, lawsuits, scam artists, undue influence from family or acquaintances, or other hazards, we use certain features over and over again. These features make the trust more user-friendly, allowing...
What is Power of Attorney (and Why Have One)?

What is Power of Attorney (and Why Have One)?

If you need some clarity on what exactly a “durable power of attorney” is, and why it’s important to have one, watch the short video below. Here I give you my thoughts on what can happen if you don’t have power of attorney, and why it makes...
Medicaid planning for single/widowed in nursing home

Medicaid planning for single/widowed in nursing home

Readers of our blog have heard of the many ways assets can be protected for the spouse of a nursing home resident when applying for Medicaid benefits. What about someone who is widowed or never married? Without a spouse to give assets to under the spousal protection...