Students may not use a 529 college savings plan to pay for college test prep, including SAT prep. 529 plan distributions used to pay for SAT prep are considered non-qualified and subject to income tax and a 10% penalty on the... Continue Reading
Including a plan for incapacitation or inability to care for oneself when drafting an estate plan is a common and wise measure. There are several types of documents that are used for this purpose. A financial power of attorney,... Continue Reading
A trust, like a will, is an instrument used to distribute a person’s property according to their wishes. A trust works by transferring property into the care and management of a trustee, who can be either a person or an... Continue Reading
In our May, 2021 e-newsletter, we discussed the Allegheny County Court of Common Pleas decision in the case Ungarean v. CNA, No. GD-20-006544, 2021 Pa. Dist. & Cnty. Dec. LEXIS 2 (Pa. Com. Pl. Mar. 22, 2021), which was one... Continue Reading
A will is a document that gives clear instructions to a personal representative, or executor, about how to distribute assets when a person dies. A will is created during life but takes effect upon the death of the... Continue Reading