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Estate Planning for Spouses
We often take our Spouses for granted . They are our partners , and it is common to rely on them in all aspects of our lives . However , we often fail to plan adequately for them after our death . We all know the old adage “ what ’ s mine is yours ,” but that is not necessarily true if you die intestate , or without a Will , in Pennsylvania .
Under Pennsylvania Law , you cannot disinherit your Spouse . The law states that your Spouse is entitled to an automatic Spousal Share of your property . The amount of that share may vary depending on your family structure , but ranges from one third ( 1 / 3 ) of your property up to the first $ 30,000.00 plus one-half ( 1 / 2 ) of the remaining estate .
If you have parents or children who survive you and you die intestate , your Spouse will be required to share your Estate with those survivors . This not only reduces the amount that your Spouse receives , but can also have inheritance tax implications . There is no inheritance tax due between spouses , and the tax rate for lineal descendants is currently 4.5 %. Therefore , while you may want your parents and / or children to benefit from your assets after your death , leaving them as intestate beneficiaries may not be the most tax-advantageous way to do so .
Additionally , if your children are minors , Pennsylvania Law will require their share to be held in Trust , and also imposes additional requirements on your Administrator during the Probate Process , which may lead to additional stress for your Spouse during an already difficult time .
“ If you are married ,” Natalie Piscione , President of Covelli & Piscione Law Offices advises , “ we strongly recommend that you sit down with an Estate Planning Attorney to go over your assets , how they are titled , and whether beneficiaries are listed on those assets to ensure that you fully understand what will happen to your property after your death .” An experienced Estate Planning Attorney can help you review your options , and develop a plan that best suits your needs and your family . This is especially true if either Spouse has been previously married , has children from a previous relationship , or purchased property prior to the marriage .
One of the best things that you can do for your partnership is to make sure that your Spouse is protected in the unexpected event of your death . Schedule a free , initial consultation with a Member of the Team at Covelli & Piscione Law Offices to give yourself and your spouse peace of mind this year .
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys , and has been providing Estate Planning and Estate Administration legal services for nine years . The team of Attorneys at Covelli & Piscione Law Offices is experienced in several areas of the Law . For more information , call 412.653.5000 or visit www . covellilaw . com .
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