Posted by Scott Lynett, Esq. | Dec 01, 2023 |
The Corporate Transparency Act (CTA) is a significant piece of legislation in the United States that aims to strengthen and improve transparency within the corporate sector. The primary purpose of this Act is to prevent and combat the misuse of companies and legal entities for illicit activities ...
Posted by Scott Lynett, Esq. | Nov 24, 2023 |
This week, I explain how the law affects retirement distributions for married couples, and why you need to be extra careful with your retirement planning if you’re part of a blended family. Read more…
Posted by Scott Lynett, Esq. | Nov 17, 2023 |
Have you ever heard the saying, "Shirtsleeves to shirtsleeves in three generations"? It's a popular phrase in business, especially among family-owned companies. It suggests that family wealth often disappears by the third generation. The first generation makes the money, the second enjoys it, and...
Posted by Scott Lynett, Esq. | Nov 10, 2023 |
Life often feels like a rollercoaster, full of ups and downs, twists and turns. And just like how a rollercoaster has those particularly scary loops, life has its own intimidating moments: difficult conversations.
From discussing your estate plan with your children to confronting a friend to add...
Posted by Scott Lynett, Esq. | Nov 03, 2023 |
Many parents name godparents to mentor and guide their children throughout life. But the scary truth is that your children could still end up in protective services even if they have a godparent. Read more…
Posted by Scott Lynett, Esq. | Oct 27, 2023 |
Last week we looked at four different ways to lower your tax liability for 2023. In this week’s blog, we discuss four more tax-saving methods you can use right now to owe fewer taxes come April 2024. Read more…
Posted by Scott Lynett, Esq. | Oct 27, 2023 |
Today, we're diving deep into a topic that many Pennsylvanians might have heard of but might not fully understand: the Pennsylvania Inheritance Tax. Whether you're a long-time resident or just moved to the Keystone State, it's essential to grasp this topic, especially if you're planning your esta...
Posted by Scott Lynett, Esq. | Oct 20, 2023 |
When it comes to estate planning, especially in the context of leaving a legacy for our children, a common dilemma arises: how to distribute property in a fair and just manner. While our instincts might drive us towards an equal distribution, a deeper reflection often reveals that 'fair' and 'equ...
Posted by Scott Lynett, Esq. | Oct 20, 2023 |
It might seem early to think about your 2023 taxes, but it's the perfect time to take a closer look at your financial situation and make some strategic moves that can help you minimize your tax liability come April. Read more…
Posted by Scott Lynett, Esq. | Oct 13, 2023 |
The fall season marks the beginning of flu season, which can pose a serious threat to your elderly loved ones. Fortunately, there are several steps you can take to ensure their well-being during the colder days ahead. Read more…
Posted by Scott Lynett, Esq. | Oct 06, 2023 |
My Grandfather, I called him “Papa”, was a brilliant man. A veteran of World War 2, he built a successful medical practice and was an astute investor. Although he faced death on a regular basis as a physician, he could not face his own mortality. Like many of us, Papa was extremely uncomfortable ...
Posted by Scott Lynett, Esq. | Sep 29, 2023 |
Last week we started to explore the key estate planning components every newlywed couple needs to protect their rights, wishes, and plans now and in the future. This week, we’re continuing the conversation with three more estate planning must-do’s for newlyweds. Read more…
Posted by Scott Lynett, Esq. | Sep 22, 2023 |
Estate planning is crucial for ensuring that your assets are distributed according to your wishes after you pass away. Two popular estate planning tools are wills and revocable living trusts. Though they serve similar purposes, they come with distinct features and benefits. Let's delve into the d...
Posted by Scott Lynett, Esq. | Sep 22, 2023 |
With all the joy and happiness a new marriage brings, planning for your potential incapacity and future death may feel out of place, but creating your estate plan as part of your post-nuptial to-do list is the greatest gift you can give your new spouse. Read more…
Posted by Scott Lynett, Esq. | Sep 15, 2023 |
There's an old saying that “Wealth doesn't build character, work builds character.” Many of my clients are conflicted about leaving wealth to their children. They want to make their children's lives better but don't want inherited wealth to rob the children of motivation or deprive them of the ha...
Posted by Scott Lynett, Esq. | Sep 15, 2023 |
If you create music, own a business, write stories, or build gadgets in your garage, you almost certainly have intellectual property. However, because intellectual property is intangible, it’s often overlooked in estate planning. Read more…
Posted by Scott Lynett, Esq. | Sep 08, 2023 |
In part one of this series, we explored two popular scams that are targeting older adults this year. In this week’s blog, I’m sharing two more scams that you and your parents need to be aware of, plus tips for staying protected. Read more…
Posted by Scott Lynett, Esq. | Sep 01, 2023 |
AARP and the Red Cross celebrate Make-A-Will Month by encouraging you to make a Will for free online, but what they aren’t sharing could leave your family with a mess. Read more…
Posted by Scott Lynett, Esq. | Aug 25, 2023 |
In this two-part series, we’ll explore four of the most recent and insidious financial scams that have surfaced, shed light on their tactics, and provide you with practical steps to shield your aging parents from potential harm. Read more…
Posted by Scott Lynett, Esq. | Aug 18, 2023 |
This week's blog is a fable about a father and son confronting one of the most difficult parts of family business succession: passing control from one generation to the next.
Posted by Scott Lynett, Esq. | Aug 18, 2023 |
Group legal insurance might seem like a good way to save on your estate planning needs, but will a plan created through legal insurance work for your family when they need it? Read more…
Posted by Scott Lynett, Esq. | Aug 11, 2023 |
As summer comes to a close, and back-to-school excitement fills the air, there is one crucial task that is often overlooked: designating legal guardians for your minor children. Read more…
Posted by Scott Lynett, Esq. | Aug 04, 2023 |
Last week, we started to explore 10 life changes that might affect your estate plan. This week, we’re coving five more life events that mean it’s time to review your plan. Read more…
Posted by Scott Lynett, Esq. | Jul 31, 2023 |
Common life events can drastically affect your estate plan and even cause your plan not to work in the way you intended. If any of these events have happened in your life, it’s time to review your plan. Read more…
Posted by Scott Lynett, Esq. | Jul 24, 2023 |
With the start of school a distant hope, my wife and I are facing one of the greatest crises of our family life: "How do we keep our kids from driving us nuts when there are still six weeks of summer left?"
This year, we took the easy way out and sent our 12- and 13-year-old sons to camp in the ...