Trusts can be “living”- established during the grantor’s lifetime- or “testamentary”- established in a will.

Trusts that can be terminated or modified at any time by the grantor for any reason are called “revocable.” If a trust is called “irrevocable”, it can’t be changed or terminated under any circumstances.

In order to function, a trust must have assets formally transferred to the trustee, with this title used in the documents of ownership. Even when husband and wife serve as their own trustees, real estate deeds and financial accounts must be re-titled in order to be owned by the trust.

Testamentary trusts require that the will be probated. Plus these trusts might then be accountable and have to report back to the court, unlike living trusts. These are significant drawbacks, without iffsetting advantages. Yet many people choose the t estamentary trust, perhaps because it is more familiary and it’s not necessary to transfer title to property at the present moment.

Trustees

Either an individual or an insitution, such as a bank, can serve as the trustee of a trust. A family member or trusted friend is often chosen because of their personal interst in the trust assets and beneficiary.

A professional trustee such as bank has the experience and resources not available to most individual trustees. Although an institutional trustee usually charges a fee for managing the trust assets, they aren’t affected by family squabbles, pressures and conflicts that may occur when a family member serves as a trustee.

You should choose a trustee based on:

• Your needs
• The needs of your trust beneficiaries
• The reliability and other strengths of potential candidates
• The relative complexity of the assets the trustee will be managing

Community Property Considerations

If you live in a community property state, and use community property to fund a living trust, the trust becomes the owner of the property, and it’s no longer considered “community” property. The property should be clearly identified as having been community property, and the trust documents should state that the property will revert to its community character of the trust is revoked. Otherwise, the character of the property might become unclear (which could have divorce and tax implications).

Powers of Attorney

In Pennsylvania, you can sign a durable power of attorney to appoint someone to handle your assets if you become incapacitated. At a minimum, a power of attorney should include the power to:

• Manage and transfer all assets
• Deal with the IRS
• Make gifts on your behalf
• Create and amend any trusts you set up

You don’t need to transfer any assets at the time you sign a power of attorney, but it’s a good idea to keep the person you’ve chosen informed about your ongoing financial matters.

You can also appoint a Durable Power of Attorney for Health Care to make health care decisions for you when you’re unable to do so yourself. This person can provide informed consent for treatment, or even refuse treatment for you.

Dying Without a Will

If you die without a will (known as dying "intestate") in Pennsylvania, your assets will be divided amongst your immediate family. If you have a spouse but no children or parents, your entire estate will go to your spouse. If you have a spouse and at least one child, the first $30,000 plus one-half of the balance of your estate will go to your spouse. The remainder will go to your children. If you have a spouse and parents but no children, the first $30,000 plus one-half of the balance of your estate goes to your spouse.

If you have children and no spouse, your entire estate goes to your children. If you have parents and no spouse or children, your entire estate will go to your parents. If your parents are no longer alive, your estate will go to your siblings.

Alternatives to a Will

Wills eventually become public after your death, with the details of what you owned and how much it was worth available to anyone curious enough to read the court file. As a result, many people look for more private ways to transfer their assets.

In Pennsylvania, alternatives to making a will include:

• Life insurance policies or trusts
• Gifting cash or other assets before your death
• "Transfer On Death" ("TOD") or "Payable On Death" ("POD") bank accounts
• Holding assets by joint tenancy with right of survivorship ("JTROS"), with the assets transferring automatically to the other joint tenant at the time of death
• Holding assets through a tenancy in common, with each tenant having a divided interest in the property which can be independently sold
• Retirement plans and Individual Retirement Accounts ("IRAs")
• "Revocable living trusts" (sometimes called "grantor trusts"), giving all your assets to a trustee for management before your death

Making a Will

In Pennsylvania, you can make a valid will if you are at least 18 years old and of sound mind. The will must be in writing and signed by you.

We can explain the consequences of some of the most basic choices you must make, such as whether property you want to leave to your minor children should be put into a trust at your death. For that reason, it makes sense to consult with a Pennsylvania estate planning lawyer and have him or her draft your will, so that you don’t make costly mistakes or accidentally not accomplish what you intended.

Providing For Young Children

There are many kinds of trusts, but the most common is one you would set up for your minor children or incapacitated adult relatives for their care after you are gone and until they are old enough or well enough to take care of themselves. A parent can name a trustee to be in control of the finances and decide whether to sell or keep property, and manage assets such as real estate. The trustee, usually a family member or trusted friend, can be paid an hourly rate or a set monthly amount for their services out of the trust assets.

You will probably also want to name a guardian for your children, someone who would have physical custody of and take care of your children on a daily basis should you or your spouse be unable to do so.

Probate

"Probate" is the public process of:

• Filing and validating a will in court
• Paying all the debts and taxes of the deceased person
• Dividing up the assets according to the will or Pennsylvania law

If you have no debts and no "titled property" such as real estate or vehicles to pass along to heirs, there may be no need for probate.

Each state has formal requirements for preparing and signing a will.

Generally:

• You must declare that the document you’re signing is your will
• Your signature must be witnessed by at least two or three witnesses, who must sign the will in each other’s presence
• Each state has specific requirements for how your signature and the signatures of the witnesses must be worded

Types of Wills

A holographic will is handwritten, without witnesses. Few states recognize holographic wills, and only in very particular circumstances.

Oral wills, also called "nuncupative wills," are only recognized in a few states and usually only in compelling situations such as the impending death of a soldier in wartime.

A self-proving will is one that has been witnessed and signed with all the formalities required by state law. A self-proving will saves a great deal of time and effort when it turns out that one or more witnesses can’t be located or are themselves deceased.

What Should My Will Include?

Your will should detail:

• That you are of sound mind as you are reading and signing the will
• The names, locations and dates of birth of your immediate family, including your spouse and all children, including adopted children. Talk with your lawyer about whether to name illegitimate children and stepchildren to avoid claims that you have simply left them out and would have provided for them if you’d been thinking of them.
• Appointment of a guardian and alternate guardian for any minor children. Your lawyer will be able to tell you whether you should have a separate guardian to manage their finances.
• A list of who should inherit specific items of property. In some states, this is handled more informally with a separate list that can be frequently updated, which is kept with the will.
• What will happen to any remaining property not specifically mentioned by you
• Who will be your "executor," the person responsible for carrying out the directions you leave in your will, such as distributing the property and paying any debts and taxes

Where Should I Keep My Will?

A will should be kept in a safe place such as a bank safe deposit box or fireproof safe at home, where it can be easily located after your death.

If you keep your will in a safe deposit box, you’ll need to arrange for your executor to have access to the box after your death. Many states put a freeze on a safe deposit box at death, which makes it more difficult to retrieve the will.

When Should I Update My Will?

Your will should be updated whenever:

• You marry or divorce
• You give birth to or adopt a child
• When a family member or other beneficiary of your estate dies
• When someone you’ve named as an executor, trustee or guardian is no longer able to fulfill that role
• When you decide to change an executor, trustee or guardian
• When you want to change the way your property will be distributed
• When you move to another state
• When your net worth increases dramatically

Revising a Will

A will can be revised by:

• Making minor changes in what’s called a "codicil," a formal amendment to the will
• Preparing an entirely new will revoking the prior will
• Independent events such as divorce or adoption. State laws vary as to the effect these events may have on the validity of your will.

Although making a will is a sobering experience, your loved ones and friends will thank you for being so organized and thoughtful ahead of time.

Fisher & Fisher Law Offices provide low-stress, all-in-one estate planning tailored to the needs of families in northeast Pennsylvania.

Our lawyers will help you plan for the distribution of your property, your death, taking into account wills, taxes, insurance, property, and trusts. We help beneficiaries gain the maximum benefit while seeing that your wishes and goals are accomplished.

Our attorneys understand that the needs of each of our clients are different. Our clients work directly with attorneys to draft and execute estate plans that are tailored to meet their specific needs and wishes. We work with clients to develop their estate plans including:

• Drafting Simple, Complex and Pour-Over Wills
• Revocable, Irrevocable, Children’s and Charitable Trusts
• Appointing Guardians for Minor Children

Most people go through a period of illness and incapacity prior to death. Our attorneys can help you plan for such incapacity by preparing the following documents:

• Living Wills, which let hospitals, doctors, and family members know what steps should be taken to prolong your life if you have a terminal condition with no hope for recovery.
• Health Care Power of Attorney, to designate a trusted person to make health care decisions for you if you are incapacitated and unable to communicate for yourself.
• Financial Powers of Attorney, to designate a trusted person to make financial decisions for you if you are incapacitated and unable to commmunicate for yourself.

Many people put off estate planning because they think it wil be a long and painful process, however our experience and helpful staff will make the process as painless as possible.

Wherever in the Poconos you are, you will find the guidance you need to make smart decisions at Fisher & Fisher Law Offices. We can help with:

All-in-One Planning for Your Monroe County PA Estates

Fisher & Fisher Law Offices provide low-stress, all-in-one estate planning tailored to the needs of families in northeast Pennsylvania.

Our lawyers will help you plan for the distribution of your property, your death, taking into account wills, taxes, insurance, property, and trusts. We help beneficiaries gain the maximum benefit while seeing that your wishes and goals are accomplished. We are well-versed in Lackawanna probate and wills, Pike County PA probate and wills, and Monroe County PA probate and wills

Our attorneys understand that the needs of each of our clients are different. Our clients work directly with attorneys to draft and execute Pocono estate plans that are tailored to meet their specific needs and wishes. We work with clients to develop their Monroe County estate plans including:

• Drafting Simple, Complex and Pour-Over Wills
• Revocable, Irrevocable, Children’s and Charitable Trusts
• Appointing Guardians for Minor Children

Wills and Probate Guidance for Monroe County PA, Lackawanna, and Pike County PA

Most people go through a period of illness and incapacity prior to death. Our attorneys can help you plan for such incapacity by preparing the following documents:

• Living Wills, which let hospitals, doctors, and family members know what steps should be taken to prolong your life if you have a terminal condition with no hope for recovery.
• Health Care Power of Attorney, to designate a trusted person to make health care decisions for you if you are incapacitated and unable to communicate for yourself.
• Financial Powers of Attorney, to designate a trusted person to make financial decisions for you if you are incapacitated and unable to communicate for yourself.

Many people put off estate planning because they think it will be a long and painful process, however our experience and helpful staff will make the process as painless as possible. Get started today on your Monroe or Pike County PA wills, probate, and estate planning….it’s never too early!

Our attorneys and staff can answer your questions regarding social security disability, and assist you in completing the necessary forms and paperwork to submit your claim. If you have already applied for social security disability benefits and have been turned down, Fisher & Fisher Law Offices can help you with your appeal. If you have, in fact, been turned down for social security benefits, please contact us immediately, as there is a limited time in which you may appeal.

• The attorneys and staff at Fisher & Fisher Law Offices can assist you with your social security disability appeal by preparing and filing the necessary forms, documents and paperwork to properly start the appeal process.

• After your appeal has been filed, we will ensure that the medical records for your ongoing treatment are forwarded to the case examiner and/or administrative law judge for review.

• We may also obtain additional expert reports or opinions from your medical providers to support your claim.

• Additionally, we will prepare you for potentially testifying before a case examiner and/or administrative law judge at your social security disability hearing.

The experienced attorneys at Fisher & Fisher Law Offices have been successful in obtaining social security benefits for numerous clients over the last thirty (30) years.

We would like to provide you with some general advice regarding social security disability:

• If you are unable to work due to an injury or disability, you should pursue your social security disability claim as soon as possible. The social security disability process can take a long time from beginning to end. As a result, it is in your best interest to begin the process immediately. All appeals for social security disability benefits must be filed within sixty (60) days of the date of the last denial.

• You should continue with your regular ongoing medical treatment and/or therapy. When the administrative law judge or case examiner reviews your file, which will include your past medical records, the judge or examiner will need to confirm that you are currently disabled and entitled to benefits. Additionally, large gaps in medical treatment may mistakenly suggest that your symptoms, ailments and limitations may not exist or do not exist to the level that you are claiming. Also, your attorney may request an expert opinion from your medical provider to support your claim. If the medical provider has not recently treated you, it will be difficult for the expert to prepare the requested opinion.

• You should engage Fisher & Fisher Law Offices to assist you with your social security disability appeal. The paperwork and documentation required to properly file a social security disability claim can be lengthy and complicated. The attorneys and staff at Fisher & Fisher Law Offices can help you properly complete and timely file your appeal.

Contact Fisher & Fisher Law Offices today for your free consultation regarding social security disability benefits.

Please contact us if you have any questions about housing discrimination. Housing discrimination based on your race, color, national origin, religion, sex, family status, or disability is illegal by federal law. If you have been trying to buy or rent a home or apartment and you believe your rights have been violated, you can file a fair housing complaint.

Building codes are established by local authorities to set out minimum public-safety standards for building design, construction, quality, use and occupancy, location and maintenance. There are specialized codes for plumbing, electrical and fire, which usually involve separate inspections and inspectors.

All buildings must be issued a building permit and a certificate of occupancy before it can be used. During construction, housing inspectors must make checks at key points. Codes are usually enforced by denying permits, occupancy certificates and by imposing fines.

Building codes also cover most remodeling projects. If you are buying a house that has been significantly remodeled, ask for proof of the permits involved before you purchase to avoid future liability for fines.

Landlords can turn to several good books for legal and management advice. Some contain sample forms for the tenant’s move-in condition checklist, owner’s notice of intent to enter an occupied unit and warning notices. At Fisher and Fisher Law Offices, we can help you with this.

Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property’s current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.

A standard homeowners policy protects against fire, lightning, wind, storms, hail, explosions, riots, aircraft wrecks, vehicle crashes, smoke, vandalism, theft, breaking glass, falling objects, weight of snow or sleet, collapsing buildings, freezing of plumbing fixtures, electrical damage and water damage from plumbing, heating or air conditioning systems, according to the Insurance Information Institute, a Washington, D.C.-based nonprofit group for the insurance industry.

Such policies are "all-risk" policies, which cover everything except earthquakes, floods, war and nuclear accidents.

A basic policy can be expanded to include additional coverage, such as for floods and earthquakes and even workers’ compensation for servants or contractors. Home-based business-coverage, an increasingly popular rider, does not cover liability associated with the business.

Insurance experts recommend that homeowners obtain insurance equal to the full replacement value of the home. On a 2,000-square-foot home,for example, if the replacement cost is $80 per square foot, the house should be insured for at least $160,000.

For personal items, homeowners can increase their coverage beyond the depreciated value of items such as televisions or furniture by purchasing a "replacement-cost endorsement" on personal property.

Some experts recommend an inflation rider, which increases coverage as the home increases in value.