Why Timing and Structure Matter — Especially in Pennsylvania

You can use trusts to cement your legacy, organize your estate and limit your exposure to estate and gift taxes.

When most people think of estate planning, they focus on avoiding probate or ensuring …

This step-by-step guide was created to walk you through Estate Planning basics, ensuring you cover all the essential elements. From drafting a Will to setting up trusts and designating Beneficiaries, this Estate Planning checklist will help you navigate each step …

The death of a parent is a deeply personal loss, often followed by complex legal and financial responsibilities. In Pennsylvania, the process of transferring real property when a parent passes away with a valid Last Will and Testament requires careful adherence …

Have you avoded the ten most common estate planning mistakes? Your family will thank you.

Estate planning mistakes can upend your best efforts to protect your family's finances after your death. Everyone can benefit from learning the basics of estate planning, a …

Let’s get honest—today’s entrepreneurs are betting on themselves from their basements, spare bedrooms, or glorified closets more than ever. The old playbook, with polished conference rooms and mahogany desks, has been shredded. But if you’re inviting …

Observing and learning from competitors in the dynamic business world can provide a strategic advantage.

Businesses can identify opportunities for improvement and differentiation by analyzing their approaches and innovations. This process uncovers market gaps …

More Than Growth: Building a Business That Can Handle Itself

When your business starts to stretch past its original frame, it’s both a thrill and a risk. Scaling isn’t just about moving more product or opening another storefront. It’s about reshaping how your …

Modern business operations require more than just hard work—small enterprises must adopt sophisticated and forward-thinking strategies to remain competitive.

Any small business operating locally through traditional stores or online or in service-based industries …

Question: I’m administrator of my sister’s estate. Her bank won’t tell me the names of her beneficiaries. Is that legal? "They told me that the beneficiaries know who they are, which is not the case."

My younger sister and I have been appointed as …

Planning Ahead for Health Care Decisions: Understanding Living Wills, Health Care Proxies, and Advance Directives

As medical technology advances, people are living longer and facing increasingly complex health care decisions. Whether due to aging, illness, or …

Guidelines for Executors and Trustees: What You Need to Know

At RJ Fichera Law, we believe Estate Planning is more than preparing documents—it’s a process of caring for your family’s future. We take the time to meet with you and review your legacy plans. 

When …

There are sound reasons to take Social Security early at age 62, though many experts say it's best to wait until full retirement age.

You may feel the reasons to take Social Security early outweigh the disadvantages, and you'd be correct, but only under certain …

Here are sevn ideas Baby Boomers can consider to help make the most of their financial resources for retirement.

Baby Boomers are reaching the traditional retirement age of 65 in unprecedented numbers, with 30.4 million Americans doing so between 2024 and 2030 …

Over the past year, certain changes to the Pennsylvania Probate, Estates and Fiduciaries Code (“PEF Code”) took effect. Three major developments are particularly noteworthy for Pennsylvania estate planners: (1) the amendment to the guardianship provisions in …

Tax deductions, tax credit amounts, and some tax laws have changed since you filed your last federal income tax return.

The first day of tax season was Monday, January 27th, when the IRS officially started accepting federal tax returns. And whether you plan to …

Tax season is here. While that might not be the most exciting news for some, you do have control over how smoothly it will go. And, not surprisingly, knowledge is the key. With the right information, you can breeze through tax season without a hitch. You might …

Published March 04, 2025

The Medicaid program plays an integral role in the health and long-term care of older adults, including helping them age at home and in their communities. The program directly supports hospitals, health care workers, nursing homes, other …

A Memorandum (or Letter) of Intent serves a critical role in special needs planning by ensuring that a beneficiary's care and quality of life preferences are clearly documented. While not legally binding like a Trust, this letter provides essential guidance to …

Introduction

Estate planning for parents with children who have special needs presents unique challenges:

How do you leave funds for your child without causing them to lose essential public benefits? How do you ensure proper management of those funds? H…

Estate Planning is a crucial process that ensures your assets and personal affairs are managed according to your wishes after your passing. However, many people overlook a critical aspect of will drafting—knowing what not to include. Certain assets and …

Can you claim the home office tax deduction this year?

Like millions of people in the U.S., you may be fortunate to work from home. (Data shows that the number of people working from home nearly tripled over the past few years).

That may make you wonder whether …

It may feel like the IRS taxes most of your hard-earned money, but some types of income are nontaxable.

A frustrating thing about working hard to earn money is knowing the IRS will tax a portion of your earnings. Federal taxable income generally includes wages, …

Help protect your medical wishes and your assets in the event of declining health with these estate planning steps.

Estate planning isn’t only about what happens after you’re gone. It can also be an essential tool for addressing medical issues and health care …

A thoughtful estate plan often needs to accomplish multiple goals, including ensuring the orderly distribution of assets, managing potential tax consequences and potentially supporting the charitable causes and organizations you care about.

Use this checklist to …

Explore the indispensable role of Social Security benefits in women's retirement planning. Understand strategies to optimize benefits, address unique challenges, and ensure financial security for the future.

Social Security benefits serve as a cornerstone for …

Breaking news—BOI reporting is back, and the deadline is fast approaching!

As of February 19, 2025, FinCEN has officially reinstated the Beneficial Ownership Information (BOI) report requirement for nearly all U.S. LLCs and corporations.

If you haven’t filed yet, …

One of the most common questions about settling a deceased person’s estate is, “How long does it take to probate a Will?” The answer depends on several factors, but in general, probate can take anywhere from a few months to over a year—sometimes even longer in …

Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind.

Getting an inheritance can feel very much like a mixed blessing. It often comes after the passing of …

I hope you are doing well. Ahead of the new year, I am reaching out with a reminder about a new FinCEN reporting requirement that has a deadline of January 1, 2025, for most companies.

Under the Corporate Transparency Act (CTA), companies are required to share …

See how each state treats retirees when it comes to income, sales, property and other taxes.

There are several factors to consider when deciding where to relocate once you retire, and state tax on retirees is probably one of them. After all, taxes don’t stop once …

Pennsylvania state tax rates and rules for income, sales, property, fuel, cigarette and other taxes that impact residents.

Pennsylvania tax: Overview

Some Pennsylvania state taxes are high compared to other states, including the Commonwealth's gas tax. Property …

Longevity risk is the downside of our longer life expectancies. Make sure your money lasts.

When managing longevity risk, it pays to listen to our elders. The late Charlie Munger, who died at age 99, was known not just for his market-beating investments but also …

By next year, half of Medicare beneficiaries will have a private Medicare Advantage plan. Most large insurers in the program have been accused in court of fraud.

The health system Kaiser Permanente called doctors in during lunch and after work and urged them to …

Learn about the different types of annuities and their pros and cons

Annuities are having a moment. Americans looking for a conservative way to grow their money or access a regular income stream increasingly turn to annuities for retirement planning . After all, …

Whatever you circumstances, you can take these steps to build an estate plan that benefits both you and your loved ones.

No one likes to imagine getting seriously ill, injured or worse, but these occurrences are a reality of life. Although you can’t prevent every …

It’s important to stay informed of state tax changes that can impact your budget.

As we enter 2025, taxpayers nationwide are bracing for significant tax reforms. You've probably heard about changes that will come at the federal level as a new administration …

Selling a Loved One's Home After Their Passing

After a friend or family member passes away, you may find yourself responsible for his or her home. Unlike listing your own home, selling the home of a deceased loved one comes with extra logistical issues and …

At our firm, we specialize in Generational Estate Planning, offering expert guidance on wealth preservation and tax-efficient strategies to ensure a seamless transfer of assets across multiple generations. Generational Estate Planning involves the strategic …

In exchange for debt relief, Chapter 13 filers pay their discretionary income to creditors in a three- to five-year repayment plan.

Most people with debt problems would prefer to file for Chapter 7 bankruptcy and wipe out debt in four months without repaying …

Generous gifts can sometimes come with tax consequences, but in general, only very wealthy people need to worry about gift taxes. Still, there could be IRS paperwork involved.

You’ve done well in life, and now you want to share some of your wealth with the people …

How much you must pay to your general unsecured creditors in Chapter 13 bankruptcy depends on your disposable income and the "best interest of creditors" test.

One of the benefits of filing for Chapter 13 is that some filers can pay off debt for "pennies on the …

Balancing Innovation and Compliance: Navigating Legal Challenges in Personalized Patient Care

In modern medicine, a significant transformation is taking place, focusing on personalized patient care. This approach aims to tailor treatments to meet each patient's …

Attorney-in-Fact: Definition, Types, Powers and Duties

What Is an Attorney-in-Fact?

An attorney-in-fact, also called an “agent,” is a person who is authorized to act on behalf of another person, known as the “principal,” typically to perform business and other …

Unless you have given away more than $13 million in your lifetime, a $75,000 gift will not trigger the federal gift tax . Using this for a down payment also does not affect the result.

In fact, most families will never have to worry about either the gift tax …

Starting a new business is an exciting venture, but it comes with its fair share of legal complexities. Ensuring that you’re legally prepared can save you from potential pitfalls down the road. Here’s a comprehensive guide to the legal steps you need to take to …

Understanding Domestic Asset Protection Trusts: What They Are and Their Pros and Cons

When it comes to safeguarding your assets, a Domestic Asset Protection Trust (DAPT) can be a powerful tool. Whether you are an entrepreneur, a professional, or someone with …

It's important to understand what capital gains tax is, how it's calculated, and what tax rates apply.

Capital gains tax applies to many investment transactions, so it's an important piece of the overall tax picture for millions of people.

What follows is a …

AI and Estate Planning: Exploring Future Trends and Implications

Copyright © 2023 RJ Fichera Law Firm

The information presented in this document stems from an initial interaction with ChatGPT, an artificial intelligence (AI) language model, which was prompted to …

Posted on March 18th, 2024.

Retirement planning is a journey that requires careful navigation to ensure a secure and comfortable future. While it's an exciting prospect, it's also fraught with potential pitfalls that could derail even the most well-intentioned …

Posted on Febraury 6th, 2024.

In the realm of estate planning, utilizing trusts has emerged as a powerful tool for individuals seeking to protect their assets, minimize tax liabilities, and secure the financial future of their loved ones. Let's delve into the …

Posted on Febraury 6th, 2024.

In the ever-evolving landscape of small business ownership, staying abreast of tax regulations is crucial for financial stability and compliance. As we delve into 2023, understanding the nuances of small business taxes becomes …

Knowing the tax changes that apply for the 2023 tax year will give you a step up in planning and can impact your bottom line.

Proper tax planning requires an awareness of what's new and changed from last year — and there are lots of tax law changes and updates …

In a world where change is the only constant, scenario planning emerges as a strategic necessity for businesses. It's not just about survival; it's about thriving amid uncertainty. This article from the RJ Fichera Law Firm equips companies with the foresight …

Posted on December 6th, 2023

When it comes to legal tools that grant authority over important life matters, the Power of Attorney (POA) is a game-changer. 

But what can a POA do and not do? 

In this post, we'll explore the intricate world of Power of Attorney, …

Posted on December 6th, 2023

In the realm of estate planning, one tool that often comes into play for families with loved ones who have disabilities is the Pennsylvania Special Needs Trust. 

This powerful legal instrument can provide a sense of security and …

Choosing your designated beneficiaries is a crucial part of the estate planning process. Learn the ins and outs of beneficiary designation here.

Beneficiary designation is an important aspect of the estate planning process, but it’s actually something that’s …

Most people don't have to worry about the Federal Estate Tax, which excludes up to $12.92 million for individuals and $25.84 million for married couples in 2023 (up from $12.06 million and $24.12 million, respectively, for the 2022 tax year). But 17 states and …

Posted on November 10th, 2023

The start of a new year brings with it fresh beginnings and opportunities for self-improvement. 

While many resolutions focus on personal growth, consider making a commitment to safeguard your Family's future through estate planning. 

Posted on November 10th, 2023

In the dynamic world of personal busibusinesness ownership, a topic that often gets overlooked but is of paramount importance is succession planning. 

But what is succession planning?

It's not just a fancy corporate term; it's a …

Your thoroug and comprehensive Estate Plan is a critical part of protecting your loved ones and your legacy. You’ve likely heard the term “beneficiary” before, but do you know what it really means in terms of an Estate Plan?

Estate Planning may seem (and feel) …

A Transfer on Death Deed is a way to title real estate so it transfers, as the name would imply, upon your passing. Transfer on Death Deeds are used in Estate Planning to avoid probate and simplify the passing of real estate to your loved ones or Beneficiaries. …

Starting a business can be an exciting and rewarding experience. But with the excitement comes a lot of responsibility and potential for costly mistakes. Below, Ronald J. Fichera Law Firm shares some proven tips that explain how to avoid common mistakes that …

Posted by Ronald J. Fichera Sep 30, 2023 

Plan on giving cash or property to family or friends? Keeping it below the annual gift tax exemption can help you save time and money.

The gift tax exclusion (a.k.a., the gift tax limit or gift tax exemption), allows you …

Posted on September 14th, 2023

In today's fast-paced world, where change is the only constant, taking steps to secure your family's future is not just a prudent choice but a responsible one. Estate planning, often considered a complex and daunting task, is, in …

Posted on September 10th, 2023

Life is messy sometimes. Divorce, bankruptcies, and lawsuits happen, and they can potentially wipe out the inheritance you've carefully set aside for your loved ones. But there are many trust options to help keep life from ruining …

Posted by Ronald J. Fichera Aug 04, 2023

As the estate tax exemption amount increases, fewer estates are subject to the federal tax.

The federal estate tax exemption is going up again for 2023. The amount is adjusted each year for inflation, so that's not a …

Posted by Ronald J. Fichera Jun 29, 2023

Do you own a home, an apartment, or another type of real estate property in the Keystone State? Local and state-level real estate legislation can affect closing costs if you do and plan to sell it. Learn which laws and …

Your retirement planning likely includes getting income from the Social Security Administration, but when you start collecting Social Security benefits  can have a big impact on your planning. The earliest you can collect is age 62. While collecting early will …

The full retirement age (FRA) is now 67. This is when you become eligible for unreduced Social Security retirement benefits.

But note the language. Though that is when you become eligible for unreduced Social Security retirement benefits, that is not when you …

Staying safe online can be really overwhelming — most users have their photos, credit cards, personal communications, financial information, and devices exposed to hackers every single day without even knowing that they're in danger.

In this article, I'm going …

Posted by Ronald J. Fichera Jun 16, 2023

Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.

A request I get frequently from parents is “I'd like to add my child to …

Posted by Ronald J. Fichera Apr 08, 2023

If you launched a side hustle last year or began freelancing, filing your taxes will present new challenges. Here's a guide to get you started.

Are you among the many Americans who switched to contractor work or started …

Posted by Ronald J. Fichera Apr 02, 2023

A guide for spouses, ex-spouses, widows and widowers on Social Security spousal and survivor benefits and how to make the most of them.

If you never paid into Social Security or didn't work long enough to qualify, you may …

Posted by Ronald J. Fichera Apr 02, 2023

The Americans with Disabilities Act (ADA) is a federal civil rights law that prohibits discrimination against people with disabilities in everyday activities. The ADA prohibits discrimination on the basis of disability, …

Posted by Ronald J. FicheraApr 02, 2023

New Justice Department guidance explains businesses' role in making sure websites can be used by everyone.

Last year saw an upswing in people filing lawsuits under Title III of the Americans with Disabilities Act (ADA), …

Posted by Ronald J. Fichera Apr 02, 2023

Many business owners are being sued because their company websites aren't compliant with the Americans with Disabilities Act (ADA) or California's Unruh Civil Rights Act.

If you receive a notice that your company is being …

Posted by Ronald J. Fichera Mar 19, 2023

Being able to claim the home office tax deduction if you are working from home depends on your employment status.

Like millions of other Americans, you may be working from home. (Data shows that the number of people …

Posted by Ronald J. Fichera Mar 15, 2023

It's easy to overlook an important task after a loved one passes away. Follow this checklist to help make a challenging time less confusing.

In addition to the emotional toll of losing a loved one, what to do when someone …

Posted by Ronald J. Fichera Mar 15, 2023

Unfortunately, death doesn't relieve one's obligation to file a final federal income tax return.

Benjamin Franklin coined the famous saying that “in this world, nothing is certain but death and taxes.” But what about when …

Posted by Ronald J. Fichera Mar 14, 2023

What Is Per Stirpes?

Per stirpes is a legal term that may be included in a last will and testament to explain who will inherit assets if a beneficiary passes away before the testator, the person who has created the Will. …

Posted by Ronald J. Fichera Mar 02, 2023

You've just received your tax refund, and you're wondering how to best spend it. You might be tempted to treat yourself to a shopping spree, but there are better ways to use your refund! If you need assistance with …

Posted by Ronald J. Fichera Feb 20, 2023

A Revocable Living Trust is a great tool to help your assets pass smoothly to your beneficiaries. While some assets belong in a trust, what assets cannot be placed in a trust?

A revocable living trust is an instrument …

Posted by Ronald J. Fichera Feb 20, 2023

Consider these tips before you add to your estate planning documents the names of the people you want to carry out your wishes.

Both death and incapacity are realities that all of us will face in some form—while death is …

Posted by Ronald J. Fichera Feb 17, 2023

"Retirement accounts with ill-conceived beneficiary designations could potentially cost your family tens of thousands or even hundreds of thousands of dollars if done wrong," according to Dan Stewart, president of Revere …

Posted by Ronald J. Fichera Feb 12, 2023

They can—unless you designate your beneficiaries properly

Some assets always pass through the probate process, while others may not. Your retirement accounts may end up in probate after you die, depending on how you …

Posted by Ronald J. Fichera Feb 05, 2023

Waiting until your full retirement age to collect Social Security can have a big financial payoff.

The year you were born determines when you become eligible for your full Social Security retirement benefit. Use our …

Posted by Ronald J. Fichera Feb 05, 2023

When you're years away from retirement, Social Security seems straightforward: You'll leave your job, file for benefits and receive a monthly check for the rest of your life – boom! But in reality, getting the most out of …

Posted by Ronald J. Fichera Feb 05, 2023

Just because you don't bring home a paycheck doesn't mean you're not working. A stay-at-home parent can get a Social Security check just like any other worker. Here's how.

In order to qualify for a full Social Security …

Posted by Ronald J. Fichera Jan 31, 2023

Agency estimates new rule could increase workers' earnings by nearly $300 billion per year

The Federal Trade Commission proposed a new rule that would ban employers from imposing noncompetes on their workers, a widespread …

Posted by Ronald J. Fichera Jan 30, 2023

Inflation drives up the price of everything from gas to groceries, but IRS inflation adjustments mean that the impact of inflation on 2022 and 2023 tax brackets and some tax credits isn't all bad.

Inflation. Inflation. …

Most Americans claim the standard deduction on their federal tax return instead of itemized deductions. How much can you claim on your 2022 and 2023 returns?

You have a choice between taking the standard deduction or claiming itemized deductions each year when …

Posted by Ronald J. Fichera Jan 17, 2023

Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind.

Getting an inheritance can feel very much like a mixed …

Posted by Ronald J. Fichera Jan 16, 2023

No one likes to think about a recession, but as a construction business owner, it's important to be prepared for one. A recession can have a major impact on your business, and if you're not prepared, it could mean the …

Posted by Ronald J. Fichera Dec 29, 2022

Also known as joint accounts, these types of accounts let their owners pass on small estates in a simple way.

My wife and I, like most married couples, share a bank account from which either of us can write checks and add …

Posted by Ronald J. Fichera Dec 29, 2022

These valuables and documents, along with some items you hold dear, should be stored securely at your bank.

With digital records and cloud storage becoming the norm, the bricks-and-mortar safe deposit box might seem …

Posted by Ronald J. Fichera Dec 29, 2022

Bitcoin, NFTs, Dogecoin – all forms of cryptocurrencies have gained buzz with investors. But unless you have a specific plan for them in your will, your crypto assets could disappear forever when you die.

The popularity …

Posted by Ronald J. Fichera Dec 29, 2022

Accidents happen. Illnesses can strike anyone unexpectedly. So, take a moment to get a few basic estate planning tasks out of the way. You — and the people you love — will be glad you did.
In your 20s and 30s, you're …

Posted by Ronald J. Fichera Dec 14, 2022

Depending on your taxable income, you can end up in one of seven different federal income tax brackets – each with its own marginal tax rate.

When it comes to federal income tax rates and brackets, the tax rates themselves …

Posted by Ronald J. Fichera Dec 14, 2022

Now's the time to revisit the capital gains tax rules you need to know for year-end planning.

Capital gains tax applies to many types of investment transactions and, therefore, is an important piece of the overall tax …

Posted by Ronald J. Fichera Dec 10, 2022

Getting an early start on laying the groundwork for your exit is imperative. Empowering others to make decisions and delegating responsibilities also play key roles.

If you're a small-business owner approaching retirement, …

Posted by Ronald J. Fichera Oct 03, 2022

According to research, 22% of businesses fail in the first year while 50% of businesses fail within the first five years. If you've recently closed a business, starting a new venture may seem impossible, especially if you …

Posted by Ronald J. Fichera Sep 01, 2022

With age, it is common for seniors to experience reduced mobility, lower stamina, and some level of cognitive impairment. Additionally, seniors who live alone, away from family can also experience stress and difficulties …

Posted by Ronald J. Fichera Aug 26, 2022

You've tied the knot in your golden years, and now you're looking forward to spending your retirement with the person you love. Getting married as a senior can be exciting and confusing all at once - after all, you do …

Posted by Ronald J. Fichera Aug 21, 2022

Anyone with a child with special needs understands the need to prepare for the future. A trust is always a good place to start, and figuring out a savings goal for that trust is a key part to your planning.

One of the most …

Posted by Ronald J. Fichera Aug 21, 2022

Special Needs Trusts can help fund quality-of-life improvements for the Beneficiary, such as a Phone, a Trip, or a Private Room in a Group Care Facility.

Like many parents with a disabled child, Lisa Bamburg worried about …

Posted by Ronald J. Fichera Aug 19, 2022

Like millions of other Americans, you may be working from home a lot. Perhaps you're even a full-time remote employee. There are certainly financial advantages to working from home, like saving money on commuting costs, …

Posted by Ronald J. Fichera Aug 19, 2022

Health insurance is seen as a huge hurdle for early retirees, but the answer to finding affordable coverage could be simpler than you think.

It is one of the most discussed reasons people refuse to retire before age 65. …

Posted by Ronald J. Fichera Aug 19, 2022
Estate planning is not a requirement. No one can force you to make your will, create a power of attorney or to own your property in a way to avoid probate. As a result, people too often let common estate planning …

Posted by Ronald J. Fichera Aug 19, 2022

Getting the services needed for a person with a disability can take some careful planning, considering some important benefits programs limit the assets owned to just $2,000.

It is easy to think that something called a …

Posted by Ronald J. Fichera Aug 10, 2022

As a small business owner, creating contracts is beneficial anytime you strike up an agreement with another business or individual. Contracts ensure both parties are on the same page and that expectations will be met …

Posted by Ronald J. Fichera Aug 06, 2022

Parents of children who have special needs are busy folks, but they would sleep better at night if they took the time to complete these four tasks, which will help protect their children's future.

"I have stayed awake …

Will your step-children get any of your property when you die?

This has been an issue for decades and the law has been somewhat confusing and complicated regarding Estate Planning and Step-children.

Pennsylvania enacted the country's first inheritance tax act in …

Posted by Ronald J. Fichera Aug 04, 2022

Before pulling money out of retirement accounts early, check the rules. The exceptions to penalties can differ depending on which type of account you've got.

There is a lot of confusion surrounding the 10% penalty that the …

Posted by Ronald J. Fichera Jul 29, 2022

What is Income Tax?

Income tax is a direct tax imposed by the government upon its citizens on the income or profits earned by them within their jurisdiction. The tax law states every taxpayer must file an income tax return …

Posted by Ronald J. FicheraJul 29, 2022

Learn the ins and outs of the capital gains tax, which you may owe if you sell stocks, your home, cryptocurrency, a stamp collection, and much more.

Billionaire business owner Warren Buffett once famously commented that his …

New government rules will affect the classification. And now is the time to get ready. 

If your business, like mine, uses independent contractors, then new rules in the works at the Department of Labor may change how we classify these workers. Many of us may be …

Posted by Ronald J. Fichera Jul 16, 2022

Blurring the lines between business and leisure is never a good idea. The need to separate business and personal finances is imperative when starting a business. It will play a significant role in how your business operates …

Posted by Ronald J. Fichera Jul 16, 2022

When you're working remotely, you have the freedom to do your job when and where you want to, away from the distractions and productivity drains of an office. However, working from home comes with its own challenges.

Here …

Posted by Ronald J. Fichera Jul 16, 2022

I just got appointed agent under a financial power of attorney. What do I need to do next?

Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefull…

Posted by Ronald J. Fichera Jul 16, 2022

When people meet a doctor at a party, they ask about a pain or a rash.

When they meet a financial professional, they'll try to get a stock tip.

I won't go there. But if the person seems genuinely interested, I'll ask, “Is …

Posted by Ronald J. FicheraJul 16, 2022

Be careful who inherits your IRA, and be smart about how they are allowed to do it. It could save them a potentially 40% tax hit.

People often don't make the time to check their beneficiaries, but if you own any retirement …

Posted by Ronald J. FicheraJul 16, 2022 

Many parents fail to get their financial affairs in order, neglecting to take care of such things as wills, living wills and powers of attorney.

Many parents fail to get their financial affairs in order, neglecting to take …

Posted by Ronald J. Fichera Jul 16, 2022

Some situations where you may need to change your will should be obvious to most people. But others just may surprise you.

I can't tell you how often I meet with clients who tell me they have been meaning to update their …

Posted by Ronald J. Fichera Jul 16, 2022

You're making the effort to stay on top of your estate plan. That's great! Now don't mess it up. Here is how to avoid five of the biggest blunders people often make.

Establishing an estate plan is extremely important. As …

Posted by Ronald J. Fichera Jun 02, 2022

Are you thinking about starting a business with your significant other? Juggling a relationship and a business can be tough, especially if you have children. And if you're both trying to launch a business on the side of …

Posted by Ronald J. Fichera Apr 29, 2022

Starting a business comes with a list of necessary tasks, but it doesn't have to take months or even weeks anymore. With all the resources available online, you can figure out the basic structure of your business within an …

A Trust can solve a lot of problems. But like all tools, it can also be misused.

If you're putting together an estate plan, you have no doubt heard about the benefits of a living trust. Assets placed in a trust won't go through probate, a time-consuming and …

Posted by Ronald J. Fichera Mar 07, 2022

A Revocable Living Trust is a great tool to help your assets pass smoothly to your beneficiaries, and it can significantly reduce the headaches of probate. However, while some assets belong in a trust, others cannot (or …

Posted by Ronald J. Fichera Mar 06, 2022

An owner's illness or death is a common reason for a pet being given up. However, here are some steps you can take to ensure your beloved companion is cared for if something happens to you.

Pets are cherished family members, …

Posted by Ronald J. Fichera Mar 06, 2022

Where would your pets go if something happened to you? Who would take care of them, and how would their costs be covered? A pet trust could be the answer.

Planning for your four-legged loved ones (better known as your …

Posted by Ronald J. Fichera Mar 05, 2022

For the First Time, Caring.com's Wills Survey Finds that Younger Adults Are More Likely to Have a Will than Middle-Aged Adults

What You Should Know:

The number of young adults with a will increased by 63% since 2020. In …

Posted by Ronald J. Fichera Mar 05, 2022

Nothing upends your world like the death of a spouse, leaving you at a loss for what to do next.

Nothing upends your world like the death of a spouse, leaving you at a loss for what to do next. When death comes before you …

Posted by Ronald J. Fichera Mar 04, 2022

Even amid grief, it's important to reassess your finances. With the loss of your spouse's income, you may find yourself in a lower tax bracket or that you qualify for new deductions or credits.

The death of a spouse is …

Asset protection and privacy is a necessity to protect your wealth in today's litigious world. There are over 80-million lawsuits in the United States alone each year. Over $200 Billion in frivolous lawsuits every year. In our research, we found a lady that has …

Posted by Ronald J. Fichera Feb 24, 2022

Seeking a guardianship for a loved one is a decision that shouldn't be taken lightly. Here's how the process works.

Gerald Teaster spent five years as his mother's legal guardian trying to balance her need for independence …

Posted by Ronald J. Fichera Feb 24, 2022

On This Page

Fall Statistics Risk Factors Fear of Falling How to Prevent Falls What To Do If You Fall

The rate of falls and the serious injuries and deaths from them has continued to increase over the last decade for …

Posted by Ronald J. Fichera Feb 17, 2022

A family-owned business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family. Family-owned businesses may be the oldest form of …

Anticipating these glitches and finding ways to avoid them can help ensure a smooth leadership transition.

A generational transition is a critical point in the life cycle of a family business. All too often the senior-generation leaders believe they have a …

Posted by Ronald J. Fichera Feb 15, 2022

1. Get organized

If you don't already have all your tax-related information together in one place, start gathering that information now. Information that's missing at the last minute can take up extra time and be costly. A …

Posted by Ronald J. Fichera Feb 15, 2022

Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living …

Posted by Ronald J. Fichera Feb 14, 2022

This is a troubling time to be apart from our loved ones, especially those we know might need our help. However, many families are in this very position. Our senior friends and family members may be unable to get …

Posted by Ronald J. Fichera Feb 10, 2022

KIPLINGER SPECIAL REPORT

Like marriage, converting a traditional IRA to a Roth is not a step that should be taken lightly.

CONVERTING A TRADITIONAL IRA to a Roth can shield your retirement savings from future tax …

Posted by Ronald J. Fichera Feb 10, 2022

From a spouse or child to a bank or lawyer, you have several options to consider when selecting a Trustee for your Estate. To help make your decision, here are some questions to ponder and answer.

You know how hard you …

Posted by Ronald J. Fichera Feb 10, 2022

Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.

A typical Estate at death will include a personal residence. Many large Estates …

Posted by Ronald J. Fichera Feb 08, 2022

With an aging population, there are more drivers over the age of 70 in America today than at any point in our history. In 2018, data from the Federal Highway Administration (FHA) showed that there were approximately 29 …

Posted by Ronald J. Fichera Feb 01, 2022

Legal services for business owners run the gamut, from law firms that handle consumer lawsuits to software that helps with contracts and important documents. When it's time to look for affordable services for your own …

Posted by Ronald J. Fichera Aug 16, 2021

Finding your way when you or a loved one faces a terminal cancer diagnosis can be overwhelming. While the last thing you might feel like thinking about is money, establishing your financial footing can provide peace of …

Posted by Ronald J. Fichera Feb 17, 2020

Estate of Mary Van Riper v. Director, Division of Taxation

Walter and Mary Van Riper transferred ownership of their marital home to a single irrevocable trust. Walter passed away shortly after transfer of the property to …

Posted by Ronald J. Fichera Feb 17, 2020

‘Hope for the Best; Plan for the Worst'​

“Hope for the best; plan for the worst,” Harvard Law School Professor Robert Sitkoff told the audience on March 29, in his contribution to the Last Lecture series. Sitkoff, an …

Posted by Ronald J. Fichera Oct 22, 2018

Divorce is always difficult and complicated, but there are ways to make the logistics a bit more manageable.

One of the most disruptive and emotional moments a person can experience is going through a divorce. Aside from …

Posted by Ronald J. Fichera Oct 10, 2018

Learn about the tax-advantaged savings account: the ABLE Account.

Being blind or disabled can be expensive. One big problem disabled people have saving money is that it can result in loss of their eligibility to receive …

Posted by Ronald J. Fichera Jun 06, 2018

Over the next decade, increasingly large amounts of wealth will pass by gift and inheritance from parents to children. In some cases, the amount that a child might receive from parents will be nominal, but in other cases, …

Posted by Ronald J. Fichera Feb 23, 2018

Blockchain already earned the buzzword of the year award, so it is high time to address the elephant in the room. Is it really there? If it is, will it really change everything? How will it impact healthcare?

Blockchain: …

Posted by Ronald J. Fichera Jan 26, 2018

You have to distinguish between market value and intrinsic value — and cryptocurrencies have no intrinsic value.

The best (and worst) thing about blockchain technology is that it's free, which means anyone can create a …

Posted by Ronald J. Fichera Jan 17, 2018

A successful Business Exit Plan achieves three important owner goals:

Financial Security: The business sale or transfer provides the amount of income the owner and owner's family need after the owner's exit. The Right …

Posted by Ronald J. Fichera Jan 17, 2018

Resolutions that can actually last a lifetime.

The problem with resolutions is that they're often hopes and wishes geared toward fixing things we want to change but never seem to have the time to:

Lose weight Quit bad habits…

Posted by Ronald J. Fichera Dec 27, 2017

In recent months, Pennsylvania appellate courts addressed the issues of title insurer's liability for deed drafting errors, as well as a municipality's ability to collect fines for illegally constructed structures during …

Posted by Ronald J. Fichera Nov 29, 2017

If you're wondering if you have enough saved to retire, you won't find the answer to that critical question on the bottom of your 401(k) statement.

This isn't your grandparents' retirement.

America's move from pensions to …

Posted by Ronald J. Fichera Nov 29, 2017

Between Facebook, iTunes, email and digital banking and investment accounts, most of us lead pretty active lives online. Do you have a plan for what will happen to all your passwords and accounts when you pass away?

My …

The time will come when you need to have a conversation with your parents about their plans as they age. Here are some of the things you should talk about.

Today, many people are living longer, but that means the “sandwich generation” (i.e., the generation of …

Upstream basis planning is a trust strategy that can save wealthy people on their capital gains taxes and income taxes associated with highly appreciated assets.

First, upstream is not about fishing! It is about using your estate plan to reduce capital gains or …

In the realm of dispute resolution, two prominent paths lie before those seeking justice: mediation and litigation. These two approaches represent distinct ways of resolving conflicts, each with its own unique benefits and drawbacks. As we navigate the …

Dear Client:

Now is a good time to review substantiating charitable gifts on your federal income tax returns.

The federal government encourages your generosity by allowing you to deduct your gifts to charities on your income tax return if you itemize. However, you …

Posted by Ronald J. Fichera Nov 29, 2017

For many people, retirement savings and 401(k)s are synonymous. However, many others don't have that option. For them, there are several other tax-smart ways (from SEP IRAs to Roths and even HSAs) to build a nest egg.

You …

Posted by Ronald J. Fichera Nov 29, 2017

Forget your wealth and possessions: Your beliefs, values and wisdom could be the most treasured assets you pass down to the ones you love. To get the ball rolling on a plan for that transfer, you could start by simply …

Posted by Ronald J. Fichera Nov 26, 2017

Everyone makes mistakes. Learning from them is what really counts.

1. "I live within my means. If I have anything left after paying bills, I put it in my savings account."

You've heard it before: Failing to plan is planning …

Posted by Ronald J. Fichera Nov 25, 2017

The goal is a long and happy life you love! It takes more than just money, so do some self-searching well before you retire.

Everyone knows that preparing for retirement is front and center these days in America. An …

Posted by Ronald J. Fichera Nov 25, 2017

Required minimum distributions can be the bane of many IRA owners' existence. But there are a few creative ways to reduce your income tax burden or that of your heirs.

It is that time of year. RMD season is in full swing, …

Posted by Ronald J. Fichera Nov 21, 2017

You may be able to postpone taking your first required distribution from an IRA until the following year, but that can trigger a bigger tax bill.

Q. I turned 70 this year, and I am wondering if I must take an RMD (Require…

Posted by Ronald J. Fichera Nov 21, 2017

Some savers can contribute more to their retirement nest eggs in 2018.

Americans have $26.6 trillion stashed away for retirement. This whopping total includes the trillions of dollars held in 401(k)s and IRAs. Some …

Posted by Ronald J. Fichera Nov 08, 2017

Some planning opportunities exist.

Marriage offers many benefits!

“A successful marriage requires falling in love many times, always with the same person.” –Mignon McLaughlin

“The great marriages are great partnerships. It …

Do you ever get the feeling that a decision you're about to make can possibly change your life forever? Well, launching a new business definitely falls into that category.

Small businesses account for 99.7% of all business in the US. You read that number …

Posted by Ronald J. Fichera Oct 05, 2017

Recent Medicaid laws have made some Medicaid planning strategies obsolete.

Medicaid will pay for nursing home care only for those with limited assets and will penalize those who give away assets to qualify for Medicaid. …

Posted by Ronald J. Fichera Oct 05, 2017

If Medicaid pays for nursing home care, the state can try to collect reimbursement for these costs from the person's assets after he or she dies.

Medicaid will often pay for nursing home care even for those who have assets …

In some cases, transferring your house or other assets to spouses or children are exceptions to the Medicaid rule against transferring assets.

While Medicaid finances most long-term care in this country, Medicaid is supposed to be "the payer of last resort" when …

Writing a “Top Ten” list for mistakes in an estate plan is especially challenging, as there are a myriad of mistakes that people, and their planners, can make. But in my years of being involved in all aspects of estates – from the drafting of wills, to …

Commentary: Elites want to cut them because they don't need them.

The value of Social Security and Medicare benefits is far greater than the all the other wealth most families have accumulated over a lifetime of work.

WASHINGTON (MarketWatch) — The powerful and …

There is a retirement crisis in America. Social Security is still alive and well (for now, at least), but is by no means enough to cover most Americans' cost of living in retirement. Too many people have little or no savings, and aren't doing anything to change …

A perverse tax policy helps the rich to save, but doesn't help the rest of us.

When American companies began switching from traditional pensions to self-directed 401(k)-like plans in the 1980s and 1990s, it was supposed to lead to a golden age of retirement …

Asset Protection Planning is proactive legal action that protects your assets from threats such as creditors, divorce, lawsuits and judgments. 

In addition to asset protection, a DAPT can offer other benefits, including state income tax savings.

A domestic …

Posted by Ronald J. Fichera Jun 27, 2017

A ethical will is a personal document that you can create to communicate your values, experiences, and life lessons to your family.

This type of Will is purely voluntary. Unlike a legal Will, which is a tool for passing on …

 You're the only person alive with all of this information. If you don't share it, who will?

This is the story of your life. Think of all the personal lessons, tips, and knowledge you'd like to pass on, whether it's information about your family history, …

An Ethical Will is a personal document that you create in order to communicate your values, experiences, and life lessons to your family.

By leaving your family an Ethical Will, you'll be leaving something meaningful behind, so they—and future generations—can …

A combination of careful planning and tough decisions make all the difference.

There is, understandably, an emphasis on lessening the physical demands of people as they advance in age. Reducing stair climbs and removing unwieldy furniture are certainly necessary …

Here's why your innovation engine has stalled

In her brilliant talk, Tina talks about how we have far too narrow a view of creativity. And then reveals a model of what's required to unlock creativity in the workplace. She calls this the Innovation Engine.

This …

Posted by Ronald J. FicheraJun 02, 2017

Many people will be responsible for an elderly parent or loved one at some point. We understand that this can be an overwhelming endeavor – and we want to help. This checklist can help you manage the variety of issues you …

One of our most innovative, popular thinkers takes on-in exhilarating style-one of our key questions: Where do good ideas come from?

With Where Good Ideas Come From, Steven Johnson pairs the insight of his bestselling Everything Bad Is Good for You and the …

Chances are, you're going to need it someday, and luckily there are several options, including annuities and life insurance with an acceleration of the death benefit, designed to help.

An illness that requires long-term care can deplete your nest egg, yet it's a …

Posted by Ronald J. Fichera Dec 29, 2016

Learn how to structure your day from the likes of Barbara Corcoran and Brendon Burchard.

In just under two years on The Pursuit, I've had the privilege of interviewing dozens of today's leading entrepreneurs, celebrities and …

Pay attention to details to avoid problems later on.

Over the past number of months, I've had a handful of cases come across my desk involving life insurance and charity. As is so often the case, some of the transactions ended up as case studies in what to watch …

1. Focus on goals, not tactics.

A strategic plan is not a business plan. It's essential that your family business clients understand the difference. A strategic plan revolves around setting business goals over the medium-term, setting a direction for the firm. A …

A 2015 survey found that 64 percent of Americans don't have a will. See review of survey below.

In a blast from the past, we took a look back at a July 1927 article published by Trusts & Estates, to compare the rationale then and now as to why so many individuals …

Many Baby Boomers are neglecting a key part of their retirement plans — creating an estate plan.

And while death is not a pleasant thing to think about, death without an estate plan can create havoc for your surviving family members, financial planners warn.

"I …

Medicare (the Centers for Medicare & Medicaid Services) · Website: www.medicare.gov · Phone: 1-800-MEDICARE (1-800-633-4227) (TDD: 1-877-486-2048), 24 hours a day, 7 days a week.

Medicare Publications · A Guide to Health Insurance for People with Medicare · …

Would like to thank all the people who volunteer and support the "Wills For heroes" Program. Today we held our "Wills For Heroes" event at the Bucks County Public Safety Training Center.

Forty-Six Members of First Responders and their spouses attended and …

How Proposed Changes to Medicare Could Affect Your Wallet and Your Health Care

57 million Americans rely on Medicare to afford health care

MEDICARE WORKS WONDERS for millions of American families, providing affordable access to today's most advanced health care. …

For the family-run firms in the real estate industry, a crucial concern centers around ensuring the longevity of the business they've spent years building and the assets they may have accrued. It usually means the process of prepping children to take over the …

BLOG POST

by Ronald J. Fichera

Best practices to minimize liability

Acting as a trustee, in an individual capacity, carries with it risks and responsibilities that need to be understood by anyone stepping into that role. Trustees can be held personally liable for …

Individuals with disabilities can create their own Self-settled Special Needs Trusts.

On Dec. 13, 2016, President Obama signed the 21st Century Cures Act (H.R.34 — 114th Congress (2015-2016)). Section 5007 of the Act, titled “Fairness in Medicaid Supplemental …

OBTAINING FINANCIAL AID FOR YOUR COLLEGE BOUND CHILD

Parents often have no idea which assets hurt their financial aid chances and which do not.

This is an especially relevant question because parents are now filing for financial aid for the 2017–2018 school year.

Her…

Adult children could be sued by long-term-care facilities and siblings due to a little-known law.

When an older adult racks up unpaid long-term care bills, who's responsible for paying the debt? In a growing number of cases, adult children are being held legally …

Policies are rising in price, while benefits are getting skimpier. Here's how to get the best deal for you.

For aging baby boomers, planning for long-term-care costs becomes more pressing every day. But the insurance that helps cover those costs is surging in …

Just as we plan for college, buying a home or retirement, we must plan for our family's and our own aging and long-term needs.

Andrew sits in my office exhausted and emotionally spent. Until a year ago, his life was going well. In his late 40s, Andrew found his …

ESTATE PLANNING

​Numerous studies have shown that 51% of Americans age 55 to 64 do not have a Will, and have no Estate Plan. Even worse, 62% of those age 45 to 54 — and 67% of women that age — have no Will and No Estate Plan.

Assuredly, for those who actually do …

When emotional intelligence first appeared to the masses, it served as the missing link in a peculiar finding: people with average IQs outperform those with the highest IQs 70% of the time. This anomaly threw a massive wrench into what many people had always …

WHEN WIRED ASKED me to guest-edit the November issue, I didn't hesitate. I know it's the height of election season, and I happen to have a day job that keeps me pretty busy. But given the chance to immerse myself in the possibility of interplanetary travel or …

Executives should trust their gut instincts—but only when four tests are met.

One of the most important questions facing leaders is when they should trust their gut instincts—an issue explored in a dialogue between Nobel laureate Daniel Kahneman and psychologist …

Understand what the most common terms really mean.

Are you an “accredited investor”? Do you want to buy some “ADRs”? How do you make money on “call options”?

The investment world is rife with technical terms that can have surprisingly negative effects on your …

The proliferation of second marriages and the ever-expanding definition of “family” are blurring the previously well-defined lines between the generations in many American families.

Traditional wealth and succession planning techniques may no longer apply when …

If a married 401(k) saver dies, the funds almost always go to the spouse.

Federal law is strict when it comes to what happens to company retirement plan assets if a married participant dies on the job: The survivor gets 100% of the account, unless he or she has …

Although this article is about, and directed to, Financial Advisors, the reader can plug in any profession and the substance of the article will hit home.

PHILADELPHIA — "I remember when our firm ran sales contests with things like a BlackBerry as the prize if you …

You can take care of your loved ones even if you become disabled or after you die.

What do painter Pablo Picasso, former NFL quarterback Steve McNair and music icon Prince all have in common? They each died without an estate plan, leading to significant …

When you're about five years away from retiring, take these five (5) steps to complete your "Retirement Masterpiece."

When most people think about retirement planning, they put the focus on growing their money. Their mood rises and falls with every …

Why Social Security benefits are a vital tool for women's retirement planning.

Social Security benefits are an important part of retirement income. This is especially true for women, who tend to rely on these benefits more than men do.

In fact, 57% of all Social …

Posted by Ronald J. Fichera Dec 02, 2016

The maximum amount of earnings on which you pay Social Security taxes is rising to $127,200, up from $118,500 in 2016.

Q. What is the maximum amount of earnings that will be subject to Social Security taxes in 2017? How …

"Roughly nine out of ten respondents told us they are relying mostly on themselves to finance retirement. It's encouraging to see people of all ages taking responsibility for their own future and making this a top priority."

--SAN FRANCISCO--(BUSINESS WIRE)--

A …

Securing at least one steady source of income is an important - and oftentimes overlooked - component to retirement planning. Even more important is the diversification of income streams in case one or more of them dries up. After all, it's never wise to put all …

Leaders of some of the world's biggest organizations reveal which books will keep them occupied in the coming months.

The slightly lazier days of summer are upon the northern hemisphere, with beach vacations beckoning. South of the equator, temperatures are …

The founding fathers provided a rich legacy for the nation, drafting and implementing key documents, such as the Declaration of Independence and the Constitution, that frame what is today's governmental structure.

But many of these same men also left behind …

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Click on the Contact Us Link of our Web site.

As a reminder, this Blog Post is for informational purposes only and is not intended as legal or tax advice.