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Our team is committed to assist you in creating a better future, for yourself or for your clients. We assist clients and other key advisors, through our unique planning processes, in making a difference for you, your loved ones, your business and your friends.

Articles and Resources

We want to make sure you have the education and tools you need every step of the way.

Top Tips for Engaged Couples

Top Tips for Engaged Couples

Getting engaged is a thrilling and exciting time in any couple's life. While planning the wedding may be top of mind, there are other crucial...

read more
Update Your Estate Plan on a Regular Basis

Update Your Estate Plan on a Regular Basis

In addition to checking your estate planning documents every so often, you should also keep them up to date in case of a life-changing event, such as a birth, marriage, divorce, or move to a new state.

read more
Trust: Do I Need One?

Trust: Do I Need One?

One of the most common questions we receive is this one. The following information can help you decide whether a trust is right for you and, if so, which type is best for your unique situation.

read more
Estate Settlement Without a Will

Estate Settlement Without a Will

Caring.com reports that, despite the COVID-19 pandemic, overall percentages of older Americans without a will remain unchanged. Remarkably, younger adults with a will show an increase of sixty-three percent comparative to pre-pandemic times.

read more
What Does a “Fiduciary” Do?

What Does a “Fiduciary” Do?

There may be a situation in which you are asked to act as power of attorney for a family member or friend. Your person may be planning for when they might become unable to take care of their affairs.

read more
Planning Your Veteran’s Benefits Has Never Been More Important

Planning Your Veteran’s Benefits Has Never Been More Important

COVID-19 will not disappear as many hoped. The disease is more deadly for those over 65, according to studies. Individuals living in senior living communities, such as independent living, assisted living, memory care, and nursing homes have the highest risk of becoming infected and possibly dying from the virus or a secondary illness, such as pneumonia, after being weakened from the virus.

read more
The Process of Preparing a Living Will

The Process of Preparing a Living Will

In the event of an accident or illness that prevents you from making medical decisions, an advance health care directive outlines how you want medical professionals to act. A living will is crucial for all adults because accidents or a sudden onset of severe or terminal illness can happen anytime, rendering you unable to make medical choices.

read more
Is Medicaid Crisis Planning Necessary?

Is Medicaid Crisis Planning Necessary?

As part of the Medicaid program, individuals who meet certain asset requirements can obtain assistance in paying for long-term care (LTC). Long-term care often creates devastating financial impacts on Americans, particularly the elderly, and for those family members who lose hours of income (and more) while providing care for their loved ones.

read more
Advance Directives: What Do They Entail?

Advance Directives: What Do They Entail?

The tears were streaming down Kevin’s face as he stands at the door of Winnie’s nursing home room. The medical staff just finished inserting a feeding tube into Winnie – an act Kevin knew she didn’t want.

read more
The Five Most Important Legal Documents

The Five Most Important Legal Documents

All Americans who wish to protect their families and themselves must have an estate plan. Making sound decisions regarding finances and healthcare can become challenging as you age due to diminished mental capacity or declining health.

read more
Conservatorships Are Avoided With Durable Powers of Attorney

Conservatorships Are Avoided With Durable Powers of Attorney

Legal guardianship over an adult is known as a conservatorship. Decisions and actions can be made on behalf of another (or several people). The conservator is the person(s) with the power to make decisions, and the conservatee is the adult who needs help with their financial, health care, living arrangements, and daily affairs due to old age, physical or mental limitations. Some conservatorships are broader than others. For example, some conservators may only have authority over financial decisions, not medical ones.

read more
Benefits and Long-Term Care Planning for Veterans

Benefits and Long-Term Care Planning for Veterans

Are veteran Department of Veterans Affairs benefits may be used to help cover the costs of long-term care? The answer is, as with most governmental things, complicated. A much-underused pension benefit known as Aid and Attendance can provide some money to cover costs for assistance performing everyday tasks. Aid and Attendance benefits may even be available to veterans with incomes above the eligibility limit if they have a large enough medical expense(s) for which they receive no reimbursement.

read more
Understanding Revocable Trusts

Understanding Revocable Trusts

This was a question we received from a client: A revocable trust created by my brother left money to my children – but they could only use that money if they went to Tanzania to see elephants. Why can’t my kids put that money toward something they could use, like paying off their mortgages? The trustee says she has no choice, and she has to follow my brother’s instructions.

read more
An Overview of Probate

An Overview of Probate

According to the American Bar Association (ABA), probate is the process of giving formal recognition to a will and delegating the responsibility for administering the estate to intended beneficiaries. Navigating the probate process will vary according to state law. Therefore, it is good to contact a probate lawyer to determine if the estate is small enough to bypass formal probate, whether the fiduciary must be bonded (this requirement is often waived in the will), and what reports are necessary to prepare.

read more
The Greatest Wealth Transfer in US History

The Greatest Wealth Transfer in US History

History has never seen a financial situation quite like this before. Baby boomers preparing to pass on their legacies through estate plans put America at the brink of the largest ever transfer of wealth.

read more
Estate Planning in the Digital Age: 4 Obstacles to Avoid

Estate Planning in the Digital Age: 4 Obstacles to Avoid

The Internet of Things (IoT) is intertwining our lives, so identifying and managing the digital property we own is more critical than ever. From smart home devices to online investments and bank accounts, we’ve gone way beyond using the internet to email family and social media to connect with friends.

read more
Ensure Your Final Wishes Are Fulfilled

Ensure Your Final Wishes Are Fulfilled

There can never be enough emphasis placed on making end-of-life preparations. Many put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time.

read more
Do I need Title Insurance?

Do I need Title Insurance?

If you are in the process of purchasing a new home, an investment property, or maybe a vacation home, you may have heard that you need or don’t need title insurance.

read more
What is a Trust and why would I need one?

What is a Trust and why would I need one?

Estate planning can involve many different types of documents and planning tools.  Most people know and understand what a will is.  You may have heard of a trust, but don’t quite understand how they work or what their function is.

read more
Common Estate Planning Terms

Common Estate Planning Terms

Having an estate plan is the best way to protect your family and preserve your legacy; if you’re delving into creating one, here are the terms you need to know.

read more
How Probate Guardianship Works

How Probate Guardianship Works

Guardianship is the process for an adult family member, friend, or professional, who is not a child’s or incapacitated person’s parent to be appointed by the court, to take care of that individual’s property.

read more
What Happens If I Don’t Have an Estate Plan?

What Happens If I Don’t Have an Estate Plan?

Death can be a terrifying thing to face. However, planning for our own death is one of those difficult things we must face before we pass away to better prepare those who will survive us. One action we can take is to prepare an estate plan.

read more
Ten Tips for Engaged Couples

Ten Tips for Engaged Couples

December is the most popular month for engagements.  Young people getting engaged in Pennsylvania face many legal hurdles.  Here are ten tips to help you navigate those legal hurdles.

read more
How to Get a Business License in PA

How to Get a Business License in PA

“How to a apply for a business license in Pennsylvania.”  This is a common question for entrepreneurs in PA.  The surprising answer is that there is no general business licenses that every business must apply in Pennsylvania.  Many states require that all businesses register annually (e.g. Nevada, New York, or Michigan).  This is not the case in Pennsylvania.

read more
Five Types of Risk Businesses Face

Five Types of Risk Businesses Face

Pursuing a business venture naturally involves risk. Eliminating all risk is not an option—there are many factors beyond your control, and it is impossible to prevent every circumstance that might deviate from your plans. Nevertheless, you can decrease the degree of risk to which your business is exposed by identifying risks and taking proactive steps to mitigate them. The following five types of risk are the most common risks businesses face.

read more
What Taxes Are Due When Someone Dies?

What Taxes Are Due When Someone Dies?

When an individual dies, there are four taxing systems that come into play:  the Pennsylvania Inheritance Tax; the Federal Estate Tax; the Decedent’s final income tax returns (Pennsylvania and Federal and local earned income tax); and the income tax returns for the Estate (Pennsylvania and Federal).

read more
What Is A Gun Trust and Why Should You Have One?

What Is A Gun Trust and Why Should You Have One?

If you’re gun owner, you’ve likely heard the term “gun trust,” but you may not understand what a gun trust is, how it works or how it can be of use in an estate plan. A gun trust is the generic that can describe many types of revocable or irrevocable management trusts that are created to take title to firearms. Revocable trusts are more common and often preferred, as they can be amended and changed during the lifetime of the grantor.

read more
Parent’s Estate: Probate Without a Lawyer

Parent’s Estate: Probate Without a Lawyer

Often a child or family member of an individual who has recently passed away will consider tackling the estate administration process without hiring an estate attorney. Whether it is the cost of retaining counsel, or the “do-it-yourself” personality, some individuals believe that hiring a lawyer is an unnecessary expense which can easily be avoided. The truth is that there is no legal requirement to hire a lawyer, and there are many individuals who have successfully navigated the probate process without counsel. All too often, however, an executor will find themselves stuck, or worse yet, trying to correct a mistake that could leave them personally financially liable.

read more
Are Holographic Wills Enforceable?

Are Holographic Wills Enforceable?

Princess Diana Thought So… Princess Diana of Wales was one of the world’s most loved celebrities – and one of the richest. Her tragic death in 1997 was world news. The majority of her estate, reportedly worth $40 million at the time of her death, was divided between Prince William and Prince Harry in her estate plan.

read more
Asset Protection Planning for the Modern Client

Asset Protection Planning for the Modern Client

Only the very wealthy and those in high-risk professions need asset protection planning, right? That’s a myth. In reality, we all need asset protection. Why? Because we all can be sued and lose everything we have. A car accident, business failure, foreclosure, medical crisis, or injured tenant can result in a monetary judgment that will decimate your client’s finances.

read more
Strategies for Saving on 2019 Income Taxes

Strategies for Saving on 2019 Income Taxes

Now is the time to begin looking at ways to minimize your 2019 income tax bill. This letter outlines several strategies to consider before the end of the year. We realize this is a lot of tax talk, but rest assured, we’re happy to walk you through how to determine the best strategy for you layman’s terms.

read more
What is Estate Planning and Why Is It Important?

What is Estate Planning and Why Is It Important?

Estate planning, like retirement planning or life insurance, is an important step to ensure your family’s well-being in times of uncertainty. You may have heard about estate planning before, but may be unsure as to exactly what an estate plan is. We want to help answer that question.

read more
New Law Changes That Affect Pennsylvania Beer Drinkers

New Law Changes That Affect Pennsylvania Beer Drinkers

Sales Tax on Beer – This summer, the cost of your beers are going to increase. Starting on July 1, 2019, the Pennsylvania Department of Revenue will be collecting 6 percent sales tax for every dollar of beer that is sold directly to consumers via brewery taprooms, tasting rooms, and brewpubs. In essence, a $6 beer today will cost a consumer at minimum of $6.36 after July 1st.

read more
Irrevocable Trusts Protect Loved Ones, Assets

Irrevocable Trusts Protect Loved Ones, Assets

Signing away ownership of assets often seems contradictory when you start to think about creating an estate plan that gives you control of what happens to your accumulated assets and meets your goals for financially protecting loved ones.

However, you might wish to create an Irrevocable Trust for many purposes, such as reducing taxes, gifting, and asset protection. Assets placed inside cannot be easily removed later because you essentially relinquish ownership of those assets to the trust.

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Pennsylvania Clean And Green

Pennsylvania Clean And Green

In 1974, Pennsylvania enacted a law amid fears that farmers were going to be taxed off their lands and their property would be paved over. Clean and Green is most often advertised as a way to help the struggling farmer. It allows for owners to apply for a reduced property tax assessment if they have 10 acres or more and fall under three categories: (1) agricultural use (working farm); (2) forest reserve (wooded areas); and (3) agricultural reserve (open space). Properties of less than 10 acres are able to be a part of the program, provided that they can prove that at least $2,000 in annual income is through agriculture.

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3 Estate Planning Mistakes Farmers and Ranchers Make

3 Estate Planning Mistakes Farmers and Ranchers Make

Farming or ranching is more than a means of livelihood, it’s about preserving a legacy. An out of date or inadequate estate plan could result in a farm or ranch that has been passed down for generations ending up being sold and converted into non-agricultural use.

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Estate Planning After First Baby

Estate Planning After First Baby

Creating an estate plan is often pushed back on nearly everyone’s to-do list. The reasons you might be delaying vary from lack of time, not thinking you have enough assets, not knowing how to start, or fear of contemplating death.

read more
How Long Should You Keep Important Documents?

How Long Should You Keep Important Documents?

In a society dominated by paperwork, the question of how long to hold on to important documents has been baffling for most people. We especially worry about documents of a financial or personally identifying nature.

read more
Can You Bequeath Your Frequent Flyer Miles?

Can You Bequeath Your Frequent Flyer Miles?

If you’re a frequent airline traveler, one of your estate planning concerns may be what will happen to your frequent flyer miles. They could be worth thousands of dollars, so you probably don’t want them to just disappear.

read more

The Benefits of a Legal Assessment for a Company

Legal assessments are beneficial for corporations and small businesses to plan for the upcoming year, to review contracts, to assess risks and to make a plan for the future. Michael Cherewka of Cherewka Law provides an overview of the process in this video.

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Guardianship in Pennsylvania

In Pennsylvania, all individuals over the age of 18 are considered adults under the law. This poses a problem when a medical issue or handicap prevents someone from making their own decisions.

read more

Buying a Business: What You Need to Know

If you have considered, or are considering, buying a business, it’s not always as straightforward as it may seem. Michael Cherewka discusses considerations you should be aware of before jumping into the process.

read more

Tax Update for Early 2016

It may feel as though tax season has just ended, and it has. But, now’s the right time to begin preparing for next year. Attorney Michael Cherewka gives an update on tax planning for the year.

read more
How to Avoid Probate Costs

How to Avoid Probate Costs

The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, and the size of the estate, fees can run into the tens of thousands of dollars.

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Co Executors of a Will in Pennsylvania

Co Executors of a Will in Pennsylvania

One of the decisions that must be made when drafting your Will, is who to name as Executor of your Estate. An Executor is an individual (or an entity such as a trust company), named in the Will, who will administer your estate.

read more

Estate Planning: The Importance of Asset Protection

As it relates to estate planning, the importance of asset protection cannot be understated. It’s important for the future of your business. In this video, Attorney Michael Cherewka of Cherewka Law in Harrisburg discusses this critical topic.

read more

Estate Planning: What Happens If You Become Disabled

Sometimes the unexpected happens. When it does, being prepared is your best option. In this video, Attorney Michael Cherewka of Cherewka Law in Harrisburg, Pennsylvania discusses how to plan for what will happen if you should become disabled.

read more
Estate Planning for Parents

Estate Planning for Parents

Wanting to protect your children when you aren’t there to do so is one excellent reason to develop an estate plan. Here are some leading child-related issues to consider as part of your estate planning efforts.

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For Heirs Requiring Continuing Care, Consider Special Needs Trusts

If the beneficiaries of your estate include anyone with significant physical or mental limitations making it likely he or she will require continuing care, you should think about a special needs trust, especially if it’s important to retain that individual’s eligibility for government benefits programs, such as Medicaid or Supplemental Security Income (SSI).

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When You Might Consider Creating a Living Trust

It’s crucial to note a living trust does not take effect until specific assets have been transferred into the trust to fund it; this may require additional paperwork to complete formal transfer of those assets’ title.

read more
Estate Planning FAQ

Estate Planning FAQ

Check out my interview, An Overview of Estate Planning on Pennsylvania Homes, one of the top sites for Pennsylvania homes for sale, including Pottstown, PA homes for sale. Pennsylvania Homes also services New York real estate and Connecticut real estate.

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2013 Tax Law Changes-What You Need To Know

On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012. In addition, there are laws that created provisions that came into play in 2013. The major provisions are summarized below.

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What You Should Know About Successor Trustees

If you or a loved one is experiencing a significant period of disability, chances are you have heard the term “successor trustee.” If you are not yet in a position to have heard this term, it’s important to understand it before you need to.

read more

Developing a Planned Giving Strategy

Planned giving strategies are critical in order to ensure the money and gifts you’d like to be given in the future are carried out in the way you planned. This is where a planned giving strategy comes into play.

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Exit Planning: Know Your Goals

Before any conversations occur with an exit planning attorney, before you can make any big decisions, it’s important to have a detailed understanding of your goals for yourself and your business.

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New Video: Phantom Stock Plans

Have you heard of Phantom Stock plans? Have you been offered one? There is information you should be aware of. Attorney Michael Cherewka discusses the subject in detail.

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New Video: Exit Strategies

Running a solid business means having a solid exit strategy. Attorney Michael Cherewka discusses ways to pass on your legacy by creating a strong exit strategy.

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What is Phantom Stock and How Does it Work?

The basic concept of a phantom stock plan involves a company’s agreement or promise to pay an employee or other participant in the plan an amount equal to the value of a certain number (or percentage) of shares of the company’s stock.

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Five Common Estate Planning Mistakes

Estate Planning is a process whereby you provide for you and your loved ones if you become disabled, and upon your death you give what you own, to whom you want, when you want, and how you want them to receive it.

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Top 10 Mistakes in Buy/Sell Agreements

The buy-sell agreement arguably is the most important legal agreement for closely-held entities. The items listed below are common errors we see in these agreements, or items often not addressed.

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Guide to Being an Executor of An Estate

The administration and distribution of estate assets following the death of an individual will vary time and cost-wise depending on the structure of the estate (e.g. size, nature of assets, circumstances of the heirs, and whether estate is in trust or probate form, etc.) with the form of the estate (trust or probate) being the most substantial of the factors.

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The Pennsylvania Inheritance Tax

Inheritance Tax is imposed on the value of a decedent’s estate transferred to beneficiaries by will or intestacy. It is calculated at a percentage of the value of the assets transferred, which is determined by the relationship of the heir to the decedent and the decedent’s date of death.

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Buying a Home

Buying a home is one of the biggest – if not THE biggest – expenditure you will make.  This outline summarizes for prospective home buyers the more important legal and non-legal considerations they may face when purchasing a home.

read more
Top Tips for Engaged Couples

Top Tips for Engaged Couples

Getting engaged is a thrilling and exciting time in any couple's life. While planning the wedding may be top of mind, there are other crucial...

read more
Update Your Estate Plan on a Regular Basis

Update Your Estate Plan on a Regular Basis

In addition to checking your estate planning documents every so often, you should also keep them up to date in case of a life-changing event, such as a birth, marriage, divorce, or move to a new state.

read more
Trust: Do I Need One?

Trust: Do I Need One?

One of the most common questions we receive is this one. The following information can help you decide whether a trust is right for you and, if so, which type is best for your unique situation.

read more
Estate Settlement Without a Will

Estate Settlement Without a Will

Caring.com reports that, despite the COVID-19 pandemic, overall percentages of older Americans without a will remain unchanged. Remarkably, younger adults with a will show an increase of sixty-three percent comparative to pre-pandemic times.

read more
What Does a “Fiduciary” Do?

What Does a “Fiduciary” Do?

There may be a situation in which you are asked to act as power of attorney for a family member or friend. Your person may be planning for when they might become unable to take care of their affairs.

read more
Planning Your Veteran’s Benefits Has Never Been More Important

Planning Your Veteran’s Benefits Has Never Been More Important

COVID-19 will not disappear as many hoped. The disease is more deadly for those over 65, according to studies. Individuals living in senior living communities, such as independent living, assisted living, memory care, and nursing homes have the highest risk of becoming infected and possibly dying from the virus or a secondary illness, such as pneumonia, after being weakened from the virus.

read more
The Process of Preparing a Living Will

The Process of Preparing a Living Will

In the event of an accident or illness that prevents you from making medical decisions, an advance health care directive outlines how you want medical professionals to act. A living will is crucial for all adults because accidents or a sudden onset of severe or terminal illness can happen anytime, rendering you unable to make medical choices.

read more
Is Medicaid Crisis Planning Necessary?

Is Medicaid Crisis Planning Necessary?

As part of the Medicaid program, individuals who meet certain asset requirements can obtain assistance in paying for long-term care (LTC). Long-term care often creates devastating financial impacts on Americans, particularly the elderly, and for those family members who lose hours of income (and more) while providing care for their loved ones.

read more
Advance Directives: What Do They Entail?

Advance Directives: What Do They Entail?

The tears were streaming down Kevin’s face as he stands at the door of Winnie’s nursing home room. The medical staff just finished inserting a feeding tube into Winnie – an act Kevin knew she didn’t want.

read more
The Five Most Important Legal Documents

The Five Most Important Legal Documents

All Americans who wish to protect their families and themselves must have an estate plan. Making sound decisions regarding finances and healthcare can become challenging as you age due to diminished mental capacity or declining health.

read more
Conservatorships Are Avoided With Durable Powers of Attorney

Conservatorships Are Avoided With Durable Powers of Attorney

Legal guardianship over an adult is known as a conservatorship. Decisions and actions can be made on behalf of another (or several people). The conservator is the person(s) with the power to make decisions, and the conservatee is the adult who needs help with their financial, health care, living arrangements, and daily affairs due to old age, physical or mental limitations. Some conservatorships are broader than others. For example, some conservators may only have authority over financial decisions, not medical ones.

read more
Benefits and Long-Term Care Planning for Veterans

Benefits and Long-Term Care Planning for Veterans

Are veteran Department of Veterans Affairs benefits may be used to help cover the costs of long-term care? The answer is, as with most governmental things, complicated. A much-underused pension benefit known as Aid and Attendance can provide some money to cover costs for assistance performing everyday tasks. Aid and Attendance benefits may even be available to veterans with incomes above the eligibility limit if they have a large enough medical expense(s) for which they receive no reimbursement.

read more
Understanding Revocable Trusts

Understanding Revocable Trusts

This was a question we received from a client: A revocable trust created by my brother left money to my children – but they could only use that money if they went to Tanzania to see elephants. Why can’t my kids put that money toward something they could use, like paying off their mortgages? The trustee says she has no choice, and she has to follow my brother’s instructions.

read more
An Overview of Probate

An Overview of Probate

According to the American Bar Association (ABA), probate is the process of giving formal recognition to a will and delegating the responsibility for administering the estate to intended beneficiaries. Navigating the probate process will vary according to state law. Therefore, it is good to contact a probate lawyer to determine if the estate is small enough to bypass formal probate, whether the fiduciary must be bonded (this requirement is often waived in the will), and what reports are necessary to prepare.

read more
The Greatest Wealth Transfer in US History

The Greatest Wealth Transfer in US History

History has never seen a financial situation quite like this before. Baby boomers preparing to pass on their legacies through estate plans put America at the brink of the largest ever transfer of wealth.

read more
Estate Planning in the Digital Age: 4 Obstacles to Avoid

Estate Planning in the Digital Age: 4 Obstacles to Avoid

The Internet of Things (IoT) is intertwining our lives, so identifying and managing the digital property we own is more critical than ever. From smart home devices to online investments and bank accounts, we’ve gone way beyond using the internet to email family and social media to connect with friends.

read more
Ensure Your Final Wishes Are Fulfilled

Ensure Your Final Wishes Are Fulfilled

There can never be enough emphasis placed on making end-of-life preparations. Many put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time.

read more
Do I need Title Insurance?

Do I need Title Insurance?

If you are in the process of purchasing a new home, an investment property, or maybe a vacation home, you may have heard that you need or don’t need title insurance.

read more
What is a Trust and why would I need one?

What is a Trust and why would I need one?

Estate planning can involve many different types of documents and planning tools.  Most people know and understand what a will is.  You may have heard of a trust, but don’t quite understand how they work or what their function is.

read more
Common Estate Planning Terms

Common Estate Planning Terms

Having an estate plan is the best way to protect your family and preserve your legacy; if you’re delving into creating one, here are the terms you need to know.

read more
How Probate Guardianship Works

How Probate Guardianship Works

Guardianship is the process for an adult family member, friend, or professional, who is not a child’s or incapacitated person’s parent to be appointed by the court, to take care of that individual’s property.

read more
What Happens If I Don’t Have an Estate Plan?

What Happens If I Don’t Have an Estate Plan?

Death can be a terrifying thing to face. However, planning for our own death is one of those difficult things we must face before we pass away to better prepare those who will survive us. One action we can take is to prepare an estate plan.

read more
Ten Tips for Engaged Couples

Ten Tips for Engaged Couples

December is the most popular month for engagements.  Young people getting engaged in Pennsylvania face many legal hurdles.  Here are ten tips to help you navigate those legal hurdles.

read more
How to Get a Business License in PA

How to Get a Business License in PA

“How to a apply for a business license in Pennsylvania.”  This is a common question for entrepreneurs in PA.  The surprising answer is that there is no general business licenses that every business must apply in Pennsylvania.  Many states require that all businesses register annually (e.g. Nevada, New York, or Michigan).  This is not the case in Pennsylvania.

read more
Five Types of Risk Businesses Face

Five Types of Risk Businesses Face

Pursuing a business venture naturally involves risk. Eliminating all risk is not an option—there are many factors beyond your control, and it is impossible to prevent every circumstance that might deviate from your plans. Nevertheless, you can decrease the degree of risk to which your business is exposed by identifying risks and taking proactive steps to mitigate them. The following five types of risk are the most common risks businesses face.

read more
What Taxes Are Due When Someone Dies?

What Taxes Are Due When Someone Dies?

When an individual dies, there are four taxing systems that come into play:  the Pennsylvania Inheritance Tax; the Federal Estate Tax; the Decedent’s final income tax returns (Pennsylvania and Federal and local earned income tax); and the income tax returns for the Estate (Pennsylvania and Federal).

read more
What Is A Gun Trust and Why Should You Have One?

What Is A Gun Trust and Why Should You Have One?

If you’re gun owner, you’ve likely heard the term “gun trust,” but you may not understand what a gun trust is, how it works or how it can be of use in an estate plan. A gun trust is the generic that can describe many types of revocable or irrevocable management trusts that are created to take title to firearms. Revocable trusts are more common and often preferred, as they can be amended and changed during the lifetime of the grantor.

read more
Parent’s Estate: Probate Without a Lawyer

Parent’s Estate: Probate Without a Lawyer

Often a child or family member of an individual who has recently passed away will consider tackling the estate administration process without hiring an estate attorney. Whether it is the cost of retaining counsel, or the “do-it-yourself” personality, some individuals believe that hiring a lawyer is an unnecessary expense which can easily be avoided. The truth is that there is no legal requirement to hire a lawyer, and there are many individuals who have successfully navigated the probate process without counsel. All too often, however, an executor will find themselves stuck, or worse yet, trying to correct a mistake that could leave them personally financially liable.

read more
Are Holographic Wills Enforceable?

Are Holographic Wills Enforceable?

Princess Diana Thought So… Princess Diana of Wales was one of the world’s most loved celebrities – and one of the richest. Her tragic death in 1997 was world news. The majority of her estate, reportedly worth $40 million at the time of her death, was divided between Prince William and Prince Harry in her estate plan.

read more
Asset Protection Planning for the Modern Client

Asset Protection Planning for the Modern Client

Only the very wealthy and those in high-risk professions need asset protection planning, right? That’s a myth. In reality, we all need asset protection. Why? Because we all can be sued and lose everything we have. A car accident, business failure, foreclosure, medical crisis, or injured tenant can result in a monetary judgment that will decimate your client’s finances.

read more
Strategies for Saving on 2019 Income Taxes

Strategies for Saving on 2019 Income Taxes

Now is the time to begin looking at ways to minimize your 2019 income tax bill. This letter outlines several strategies to consider before the end of the year. We realize this is a lot of tax talk, but rest assured, we’re happy to walk you through how to determine the best strategy for you layman’s terms.

read more
What is Estate Planning and Why Is It Important?

What is Estate Planning and Why Is It Important?

Estate planning, like retirement planning or life insurance, is an important step to ensure your family’s well-being in times of uncertainty. You may have heard about estate planning before, but may be unsure as to exactly what an estate plan is. We want to help answer that question.

read more
New Law Changes That Affect Pennsylvania Beer Drinkers

New Law Changes That Affect Pennsylvania Beer Drinkers

Sales Tax on Beer – This summer, the cost of your beers are going to increase. Starting on July 1, 2019, the Pennsylvania Department of Revenue will be collecting 6 percent sales tax for every dollar of beer that is sold directly to consumers via brewery taprooms, tasting rooms, and brewpubs. In essence, a $6 beer today will cost a consumer at minimum of $6.36 after July 1st.

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Irrevocable Trusts Protect Loved Ones, Assets

Irrevocable Trusts Protect Loved Ones, Assets

Signing away ownership of assets often seems contradictory when you start to think about creating an estate plan that gives you control of what happens to your accumulated assets and meets your goals for financially protecting loved ones.

However, you might wish to create an Irrevocable Trust for many purposes, such as reducing taxes, gifting, and asset protection. Assets placed inside cannot be easily removed later because you essentially relinquish ownership of those assets to the trust.

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Pennsylvania Clean And Green

Pennsylvania Clean And Green

In 1974, Pennsylvania enacted a law amid fears that farmers were going to be taxed off their lands and their property would be paved over. Clean and Green is most often advertised as a way to help the struggling farmer. It allows for owners to apply for a reduced property tax assessment if they have 10 acres or more and fall under three categories: (1) agricultural use (working farm); (2) forest reserve (wooded areas); and (3) agricultural reserve (open space). Properties of less than 10 acres are able to be a part of the program, provided that they can prove that at least $2,000 in annual income is through agriculture.

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3 Estate Planning Mistakes Farmers and Ranchers Make

3 Estate Planning Mistakes Farmers and Ranchers Make

Farming or ranching is more than a means of livelihood, it’s about preserving a legacy. An out of date or inadequate estate plan could result in a farm or ranch that has been passed down for generations ending up being sold and converted into non-agricultural use.

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Estate Planning After First Baby

Estate Planning After First Baby

Creating an estate plan is often pushed back on nearly everyone’s to-do list. The reasons you might be delaying vary from lack of time, not thinking you have enough assets, not knowing how to start, or fear of contemplating death.

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How Long Should You Keep Important Documents?

How Long Should You Keep Important Documents?

In a society dominated by paperwork, the question of how long to hold on to important documents has been baffling for most people. We especially worry about documents of a financial or personally identifying nature.

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Can You Bequeath Your Frequent Flyer Miles?

Can You Bequeath Your Frequent Flyer Miles?

If you’re a frequent airline traveler, one of your estate planning concerns may be what will happen to your frequent flyer miles. They could be worth thousands of dollars, so you probably don’t want them to just disappear.

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The Benefits of a Legal Assessment for a Company

Legal assessments are beneficial for corporations and small businesses to plan for the upcoming year, to review contracts, to assess risks and to make a plan for the future. Michael Cherewka of Cherewka Law provides an overview of the process in this video.

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Guardianship in Pennsylvania

In Pennsylvania, all individuals over the age of 18 are considered adults under the law. This poses a problem when a medical issue or handicap prevents someone from making their own decisions.

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Buying a Business: What You Need to Know

If you have considered, or are considering, buying a business, it’s not always as straightforward as it may seem. Michael Cherewka discusses considerations you should be aware of before jumping into the process.

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Tax Update for Early 2016

It may feel as though tax season has just ended, and it has. But, now’s the right time to begin preparing for next year. Attorney Michael Cherewka gives an update on tax planning for the year.

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How to Avoid Probate Costs

How to Avoid Probate Costs

The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, and the size of the estate, fees can run into the tens of thousands of dollars.

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Co Executors of a Will in Pennsylvania

Co Executors of a Will in Pennsylvania

One of the decisions that must be made when drafting your Will, is who to name as Executor of your Estate. An Executor is an individual (or an entity such as a trust company), named in the Will, who will administer your estate.

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Estate Planning: The Importance of Asset Protection

As it relates to estate planning, the importance of asset protection cannot be understated. It’s important for the future of your business. In this video, Attorney Michael Cherewka of Cherewka Law in Harrisburg discusses this critical topic.

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Estate Planning: What Happens If You Become Disabled

Sometimes the unexpected happens. When it does, being prepared is your best option. In this video, Attorney Michael Cherewka of Cherewka Law in Harrisburg, Pennsylvania discusses how to plan for what will happen if you should become disabled.

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Estate Planning for Parents

Estate Planning for Parents

Wanting to protect your children when you aren’t there to do so is one excellent reason to develop an estate plan. Here are some leading child-related issues to consider as part of your estate planning efforts.

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For Heirs Requiring Continuing Care, Consider Special Needs Trusts

If the beneficiaries of your estate include anyone with significant physical or mental limitations making it likely he or she will require continuing care, you should think about a special needs trust, especially if it’s important to retain that individual’s eligibility for government benefits programs, such as Medicaid or Supplemental Security Income (SSI).

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When You Might Consider Creating a Living Trust

It’s crucial to note a living trust does not take effect until specific assets have been transferred into the trust to fund it; this may require additional paperwork to complete formal transfer of those assets’ title.

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Estate Planning FAQ

Estate Planning FAQ

Check out my interview, An Overview of Estate Planning on Pennsylvania Homes, one of the top sites for Pennsylvania homes for sale, including Pottstown, PA homes for sale. Pennsylvania Homes also services New York real estate and Connecticut real estate.

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2013 Tax Law Changes-What You Need To Know

On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012. In addition, there are laws that created provisions that came into play in 2013. The major provisions are summarized below.

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What You Should Know About Successor Trustees

If you or a loved one is experiencing a significant period of disability, chances are you have heard the term “successor trustee.” If you are not yet in a position to have heard this term, it’s important to understand it before you need to.

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Developing a Planned Giving Strategy

Planned giving strategies are critical in order to ensure the money and gifts you’d like to be given in the future are carried out in the way you planned. This is where a planned giving strategy comes into play.

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Exit Planning: Know Your Goals

Before any conversations occur with an exit planning attorney, before you can make any big decisions, it’s important to have a detailed understanding of your goals for yourself and your business.

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New Video: Phantom Stock Plans

Have you heard of Phantom Stock plans? Have you been offered one? There is information you should be aware of. Attorney Michael Cherewka discusses the subject in detail.

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New Video: Exit Strategies

Running a solid business means having a solid exit strategy. Attorney Michael Cherewka discusses ways to pass on your legacy by creating a strong exit strategy.

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What is Phantom Stock and How Does it Work?

The basic concept of a phantom stock plan involves a company’s agreement or promise to pay an employee or other participant in the plan an amount equal to the value of a certain number (or percentage) of shares of the company’s stock.

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Five Common Estate Planning Mistakes

Estate Planning is a process whereby you provide for you and your loved ones if you become disabled, and upon your death you give what you own, to whom you want, when you want, and how you want them to receive it.

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Top 10 Mistakes in Buy/Sell Agreements

The buy-sell agreement arguably is the most important legal agreement for closely-held entities. The items listed below are common errors we see in these agreements, or items often not addressed.

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Guide to Being an Executor of An Estate

The administration and distribution of estate assets following the death of an individual will vary time and cost-wise depending on the structure of the estate (e.g. size, nature of assets, circumstances of the heirs, and whether estate is in trust or probate form, etc.) with the form of the estate (trust or probate) being the most substantial of the factors.

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The Pennsylvania Inheritance Tax

Inheritance Tax is imposed on the value of a decedent’s estate transferred to beneficiaries by will or intestacy. It is calculated at a percentage of the value of the assets transferred, which is determined by the relationship of the heir to the decedent and the decedent’s date of death.

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Buying a Home

Buying a home is one of the biggest – if not THE biggest – expenditure you will make.  This outline summarizes for prospective home buyers the more important legal and non-legal considerations they may face when purchasing a home.

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