Franklin Legal Issues Blog

Creating a will and an estate plan is just the first step in ensuring one's assets are distributed according to their wishes after their demise. To make sure that it takes into account changes in laws and life situations, it should be revisited every couple of years. As relationship and health changes, so do our wishes as to how our heirs inherit and what, but Pennsylvania residents often forget to update their estate plans accordingly. As the new year inches forward, one of the resolutions individuals should make is to review their estate plans and their life plans.

Estate tax has changed in recent years-it has been revised upwards which means that only estates that have a value of more than $11.2 million will be subject to federal tax. Therefore complicated estate plans that were created to minimize taxation may now be redundant. It's also important to make sure that asset designation is accurate-how it is titled determines how it passes through wills or trusts. A retirement fund that has designated beneficiaries will be distributed differently from a joint bank account that may end up going to the survivor even if that person is not included in the will.

The holidays can be a magical time for children, full of excitement and wonder. Parents in Pennsylvania generally want to make sure their child has a happy holiday. However, when parents are divorced they may need to take some extra measures to ensure that their child's needs are met during this time of the year.

First, usually a holiday child custody and visitation schedule will be included in the parents' parenting agreement. Parents should review this schedule before making holiday plans, so they can ensure there are no conflicts. If for some reason the existing holiday schedule is not feasible, parents may seek to have it modified in court. It is important for parents to be flexible in this manner and make the child's best interests their top priority despite any animosity they may have towards one another.

Many people end up needing some type of prescription drug at some point in their lives for some type of ailment. While these drugs can often help with these conditions, some of them have addictive qualities, especially painkillers. Unfortunately, many people who began taking such substances for medical reasons may end up dependent on them.

Of course, you may think you have your prescription drug use under control or that you otherwise do not have a problem. Many people with addictions to prescriptions or other substances often feel this way. Sadly, you may think that you could stop using on your own whenever you want, but that may not be the case.

When a Pennsylvania resident is going through a divorce, it can sometimes be hard to think pragmatically. Divorce is a very emotional time, and often, a person's thoughts are wrapped up in divorce legal issues such as child custody and property division. However, if one is going through a divorce, they will also want to think about their estate planning needs as well.

First, when a person files for divorce, they will also want to revisit their will. Chances are that they may have left certain assets to their ex. As they are no longer in a relationship with their ex, they will most likely want to change their will appropriately. Also, if an ex is listed as a beneficiary on a life insurance policy or financial account, this will need to be updated.