Sikov and Love, P.A Blog
3 FOLLOWERS
The Sikov and Love, P.A. blog seek to inform Pittsburgh, Pennsylvania residents of current events and legal information about Elder Law. We discuss and share nuanced legal insights about Planning, Wills & trusts, and many more common legal challenges. Dedicated to advocating for clients in estate planning, elder law, probate, and administration matters.
Sikov and Love, P.A Blog
1M ago
Trusts are legal tools within an estate plan that can help you to manage and distribute your assets according to your wishes. There are many different options, and each can help to achieve different goals. Two of the more common are testamentary trusts and living trusts. What are the key characteristics of testamentary trusts? A testamentary trust, or a trust…
The post What areis the differences between testamentary and living trusts? first appeared on Sikov and Love, P.A ..read more
Sikov and Love, P.A Blog
3M ago
Starting on June 11, 2024, important changes to Pennsylvania’s Guardianship Act have been enacted. Act 61 of 2023 was passed to provide greater protections to individuals who are the subject of a guardianship, generally referred to as “alleged incapacitated persons.” All adults are assumed to have capacity to make their own decisions, but when someone loses their capacity, whether due to a medical diagnosis or condition such as advanced dementia or a traumatic brain injury, a Guardian may need to be appointed. Guardianship may also be appropriate for certain minors. Mandatory Counsel for the A ..read more
Sikov and Love, P.A Blog
7M ago
Medicare covers roughly 65 million people, and most of them stand to benefit from changes that have been gradually coming into place since 2022. Unfortunately, understanding your entitlement to various Medicare benefits and making sure that you don’t run afoul of the program’s intricate rules or make an expensive mistake can be difficult. What’s new with Medicare in 2024? Thanks to the Consolidated Appropriations Act (CAA) and the Inflation Reduction Act (IRA), the program benefits are better, the enrollment rules are a bit clearer, there are fewer coverage gaps and medications are more ..read more
Sikov and Love, P.A Blog
10M ago
Estate planning, an essential aspect of financial strategy, has been the subject of significant changes of late, with trends reflecting both economic shifts and evolving personal priorities. One of the most noteworthy developments is an adjustment in the federal estate tax exemption limits. This change, driven by legislative updates, has had a direct impact on estate planning strategies. It’s important for individuals and families to understand how these adjustments might influence their long-term planning. Adjustments in Lifetime Estate Exemption The lifetime estate exemption amount has under ..read more
Sikov and Love, P.A Blog
1y ago
Planning your estate is one of the most important things you can do to ensure your loved ones respect your wishes if you become incapacitated, and Caring.com reported that in 2022, only about a third of Americans have an estate plan. A vital component of any comprehensive estate plan is a living will. In Pennsylvania, a living will outlines your medical preferences if you cannot express them due to a debilitating illness or injury. Understanding the components of a living will help ensure you cover every aspect of your future medical care in your estate plan. Determine life-sustaining treatmen ..read more
Sikov and Love, P.A Blog
1y ago
As you get older, planning for the possibility of needing long-term care, such as a personal care home or a nursing home, becomes increasingly important. However, long-term care costs can be substantial and can quickly deplete your estate if you do not plan carefully. Learn how you can include long-term care costs in your Pennsylvania estate plan. Long-term care insurance Long-term care insurance is a policy designed to cover the costs of nursing homes, assisted living facilities and home health care. If you are in good health and relatively young, the premiums for these policies may be afford ..read more
Sikov and Love, P.A Blog
1y ago
As part of your estate plan, you have the option of choosing someone to serve as your legal guardian if you ever become incapacitated and unable to make decisions about your health, finances and other important matters. Planning for guardianship ahead of time can be a smart decision if you are older, have a disability that is likely to grow worse over time, or both. Of course, you don’t want to choose the wrong person to be your guardian. If you ever need one, your guardian will have considerable power over your life. You need someone with the judgment, commitment and morality to use this powe ..read more
Sikov and Love, P.A Blog
1y ago
That is the question. The most important part of planning for the future is to do it early. In our line of work, it occurs too often where estate planning gets put off until someone dies or becomes incapacitated. This leaves family and loved ones without a clear plan for managing their property and can aggravate stress and family tensions while they try to locate bank accounts and handle finances. For those who pass without a Last Will and Testament, Pennsylvania law provides for who inherits from their estate. If a married person dies, their estate will be split among their spouse and their c ..read more
Sikov and Love, P.A Blog
1y ago
If you have never suffered a serious injury or major illness, it might be tempting to take your good health for granted. Still, many medical issues can put you in the hospital. Even worse, many injuries and illnesses can incapacitate you, making it impossible for you to make informed decisions about your own medical care. The prospect of not being able to communicate your health care wishes might make you feel uneasy. Therefore, you may want to designate a health care proxy who can make medical decisions for you if you become incapacitated. If you do not do this, though, state law dictates who ..read more
Sikov and Love, P.A Blog
1y ago
Naming someone to oversee the administration of your estate is a big task that requires careful thinking. Considering the nature of the role, as well as the scope of responsibilities, you will want someone trustworthy. Identifying key characteristics of a good executor may help you narrow your search. With the right person acting on your behalf, you can have confidence that your affairs will receive appropriate attention. A keen financial perspective Most tasks related to the administration of your estate involve finances. For example, collecting and protecting assets, settling debts, filing a ..read more