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It’s a daunting task to put together an estate plan in Pennsylvania and New Jersey for you and your spouse. When you add children to the mix, it can become more complex. If one of those children has special needs, it’s not only more complex, but imperative—because you may be their only source of support socially, emotionally, and financially.

Small business owners will have one more item on their compliance to-do list now that the Corporate Transparency Act (CTA) has taken effect this year. The CTA, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal database of information, furnished by “reporting companies,” that will be accessible to certain authorities and organizations.

Your estate plan in Pennsylvania can include several documents, many of which may require beneficiaries, like any trusts you may have set up or intend to set up and non-probate assets like 401(k), IRA accounts, life insurance policies, and pensions. Assets from these accounts will go to the beneficiaries upon your death. It is important, therefore, to make sure you choose your beneficiaries carefully. 

If you own anything in Pennsylvania, you have an estate. Having an estate means what you own, whether it's a vehicle or a bank account, when you die, it goes to your estate. If you have loved ones or even a beloved charity, you may want to make sure what you have goes to the appropriate person or organization. Estate planning is key to this successful end because through it, your estate can be administered properly and according to your wishes and the law.

A last will and testament is a document you create to instruct how you want your property distributed upon your death. Who gets the house? Who gets which antiques? Who gets a bank account? Who takes care of the pets? These are just some of the questions a will can answer and instruct, and just some of the information important to consider when drafting a solid last will and testament that can stand up in probate and prevent challenges to its validity.

Probate, Orphans' Court, and Register of Wills are terms that often come up in discussions about estate planning and estate administration in Pennsylvania. But what do these terms mean?