For almost 75 years the Cadwallader Law Offices has been working/advising in matters of wills, power of attorney, trusts and estate administration. You can rely on our experience in wills, power of attorney, trusts, and estates, to guide you and your family in your time of need in Yardley, Pennsylvania. Our law firm will look at the asset, what it is worth, and how it is titled. We will look at where things need to go to accomplish objectives and ensure, as best we can, that those objectives are met.
Current law allows for the exemption of up to $5 million as of January 9, 2012. With proper planning married couples are exempt up to $10 million.
This number has risen over the past 40 years, though there is always the possibility it can be changed based on the laws that are passed. There are a lot of small details involved in setting up a estate plan for your heirs, and our job as a law firm is to help you achieve your objectives with the lowest possible tax cost.
A business power of attorney will help you take care of yourself should you become disabled. The typical situation involves elderly parents who, though still mobile, do not have the presence of mind that they used to. A power of attorney allows a trusted loved one or associate to handle your affairs when you are no longer able to make important decisions. This is especially important when children do not see eye-to-eye and things get emotional.
As the person holding power of attorney, you must keep complete records of this powerful role. The person who holds the power should be completely trustworthy because they can be useful, though dangerous, when handling your assets.
When a loved one passes away, it is a good idea to consult with an attorney right away. There may be nothing that needs to be done, but often you find that there are things that need to be revised or updated, such as a last will and testament. We recommend that you have a death certificate submitted to your attorney so that there is a copy on file, and you know exactly where the information is.
Probate occurs when there is an asset without an assigned beneficiary. The situation may vary for several reasons.
Registered wills will give you short certificates that give you authority to work with the state executor to administer assets, collect assets, pay bills, and pay taxes according to the will and distribute the estate. Anything from a home, real estate, bank account, vehicles (with special procedure), stocks, personal property, businesses, copyrights, patents, and more can be distributed in this way.
In order to transfer ownership and property correctly, it is important that you designate beneficiaries and update your will periodically. Our attorneys can give you recommendations on how you should proceed. Especially before their will be no spouse situations, there can be many issues. It is important that everything is clearly outlined when you pass.
As second marriages are becoming more common, we are seeing more people wanting to protect their assets in the second marriage. Each spouse is going to bring assets into the marriage, and a prenuptial agreement defines what would happen to the property if you were to pass first.
A prenuptial agreement could define what goes to each spouse, or what the living spouse is entitled to. You can define your assets any way you want to distribute to children and your spouse. These agreements can also apply in terms of divorce.