A dynasty trust is used to pass on property and assets for the benefit of an individual’s descendants and their descendants. These types of trusts are typically utilized when a person would like to avoid the extensive taxes involved with estate administration and probate. Dynasty trusts have a wide range of benefits for the creator of the trust and the beneficiaries of the trust. If you or a family member wants to establish a dynasty trust, you should speak with an experienced Delaware County trust lawyer today. At Herr Potts and Potts, our dedicated lawyers are prepared to help you with all your estate planning needs. Our lawyers are here to explain what a dynasty trust is in Pennsylvania. How a Dynasty Trust Works To understand how a dynasty trust operates, you should know the purpose of a dynasty trust. A dynasty trust is designed to work around the generation-skipping

If you are married to an individual that is not a U.S. citizen, you may be wondering how that could affect your estate plan. For example, transfers between spouses are typically not taxed, however, transfers from a U.S. citizen to a non-citizen may trigger some tax consequences. If you or your spouse wish to learn about estate planning laws regarding non-citizens, you should consult with an experienced West Chester estate planning lawyer today. At Herr Potts and Potts, our diligent lawyers are prepared to assist your family with any estate planning issues you may have. Our lawyers are here to explain how estate planning works if you are married to a non-U.S. citizen. Estate Planning Laws for Noncitizens While there are different rules for noncitizens when it comes to estate planning, it is legal for noncitizens to inherit property from a spouse that is a U.S. citizen. Therefore, there is

Guardianships are usually established because an individual cannot make informed decisions regarding their health, safety, or financial status. In Pennsylvania, to create a valid guardianship, a person interested in the incapacitated person’s welfare must satisfy several requirements. If the requirements for forming a guardianship are met, a guardian can then be chosen for the incapacitated person. If you or a family member need assistance establishing a guardianship, you should consult with an experienced Delaware County guardianship lawyer. At Herr Potts and Potts, our lawyers are dedicated to providing with you the legal representation you deserve. Our lawyers are here to explain how to give guardianship to a family member in Pennsylvania. Filing for a Guardianship Individuals over the age of majority have the right to make all decisions regarding their well-being. However, if someone has difficulty making decisions because of a mental or physical affliction, an interested party can seek

In order to qualify for resource-based benefits like Social Security Income (SSI) and Medical Assistance (MA), an individual with special needs cannot have assets in his or her name in excess of a certain amount.  For families who wish to leave assets to their special needs children through their estate plan – whether through their Wills or a life insurance policy – a Special Needs Trust can be established to receive those assets while insulating the recipient from having the trust counted as an asset.  A properly drafted Special Needs Trust containing a million dollars counts as zero dollars in assets when the government evaluates an individual’s eligibility for resource-based benefits.   SOMETIMES YOU DON’T KNOW WHETHER A SPECIAL NEEDS TRUST IS NEEDED YET!   But how can you know now if a Special Needs Trust should be part of your estate plan?  It can be difficult for the parents

A special needs trust can be an invaluable tool that may be used to provide for a disabled person. There are various requirements that must be met to create a special needs trust in Pennsylvania. However, once created, a special needs trust can alleviate some financial responsibilities for your loved one. If you or a family member need assistance creating a special needs trust, you should consult with an experienced Montgomery County special needs trusts and planning attorney. At Herr Potts and Potts, our attorneys understand the desire to provide for a family member who may have difficulty caring for themselves. Our attorneys are here to explain what a Pennsylvania special needs trust can pay for. Special Needs Trust Rules In Pennsylvania, a special needs trust (SNT) is created with the resources of a disabled person and is used to help the disabled person qualify for Medical Assistance. Specifically, an