Blog - McKelvey Kargo

Revocable Trusts: Heavyweight Champion or Overhyped Contender

ROUND ONE: What Is a Revocable Trust? Just like the light, boring jabs at the start of a fight, this is the part we have to get through first. Let’s cover the legal basics. A revocable trust is a legal … Read More →

Business, Faith, and the People We Show Up For

As I reflect on the Christmas season, I find myself thinking about George Bailey. My wife has made it a tradition to watch It’s a Wonderful Life every Christmas morning while the kids channel their inner barbarians and tear into … Read More →

Why Do I Need a Will and How Do I Make One?

I was wrapping up a real estate closing with a client when he asked me, “Why do I need a will?” This was not the first time I had been asked this question. In fact, I remember the first time … Read More →

3 Things New Parents Need to Do

Last October, my wife and I had our first child. What a crazy, awesome time it has been since then! However, I began thinking about what happens if I die tomorrow? Will I have left my family in a stable … Read More →

Why a Power of Attorney Is Important

A Power of Attorney, POA for short, is one of the most important legal documents an individual should have in today’s world. What are POAs? A Power of Attorney is a legal document or documents giving an individual the authority … Read More →

Protect Your Children

A question many parents and grandparents ask is, “How do I make sure my children or grandchildren are taking care of in the event I die before they reach 18 years of age?” Maybe not exactly that question, but I … Read More →

Why a Revocable Trust May Be for You

What is a revocable trust? Many people talk about trusts, but have little idea to as what they are or how they operate. The Law Offices of McKelvey Kargo, LLC are here to help. Basics A revocable trust is an inter … Read More →

Aggressive Moves You Can Make in Your Forties to Reach Long-Term Financial Goals

An article in Kiplinger, a top-tier personal finance magazine, discusses an aggressive approach to financial planning in your forties. The highlights are summarized below to better help you reach your personal financial goals. Make Saving for Retirement a Priority and … Read More →

Estate Planning Basics: An Introduction to Trusts

Perhaps you have heard about trusts but wonder exactly what they are and what they can help you accomplish. Simply put, a trust is an agreement outlining how assets will be managed and held for the benefit of another person. … Read More →

Estate Planning Basics: An Introduction to Trusts (continued)

Last time we discussed some of the terminology associated with trusts. Now let’s look at how revocable trusts differ from irrevocable trusts and the benefits of having a trust. Revocable Versus Irrevocable Trusts A revocable trust is a trust that … Read More →

If Your Children Have Turned 18, They Need Their Own Legal Documents

When your children turn 18 they are legal adults. They might not act like adults all of the time, and you may still be supporting them financially, but in the eyes of the law they are indeed adults. This means … Read More →

The Objectives And Benefits Of A Spendthrift Trust

A spendthrift trust is typically used to prevent a beneficiary from receiving his or her inheritance all at once. There are several reasons why a grantor (the person who creates the trust) might want to consider such an approach. The … Read More →

Moving Out of State? You May Need to Revise Your Estate Plan.

Approximately 3 million Americans move to another state each year, while last year alone the number was 4.7 million. Given the stress and myriad changes that come with such a move, it’s not surprising that many people forget to review … Read More →

Planning Tips for Singles

The 2013 United States Census indicated that 54 percent of women over the age of 65 were not married. The figure for men over 65 was 27 percent. There are many reasons for this, of course, including divorce, the death … Read More →

Giving to Charity Wisely

Charitable giving allows you to assist the people and organizations that have come to mean the most to you over the course of your life. It represents a thoughtful expression of your values and can ensure your legacy for generations … Read More →

Should All of Your Children Receive Equal Inheritances?

If you have more than one child, you’ve probably wondered if you should leave each of your children the same amount in your will or trust. While this seems like the best approach in most situations, there are some instances … Read More →

Yes, Even Millennials Should Have an Estate Plan

Many people believe that estate planning is only for elders. The truth is that the younger generation, including millennials, can benefit from having an estate plan of their own. Millennials are generally defined as individuals born between 1981 and 1996—that … Read More →

Estate Planning Fundamentals

Clients often ask us about the estate planning tools we use and what each of them can accomplish. Here is a list of the most used tools and brief descriptions of their purpose. Last Will and Testament This allows you … Read More →

Do You Need a Trust?

One of the first questions many clients ask is whether they need a trust. It’s a great question, but it leads to another: What do you want your plan to accomplish? Let’s begin with a brief discussion of what trusts … Read More →

Here’s What Can Happen If You Don’t Have an Estate Plan of Your Own

Loss of Control Losing control over how your assets are distributed after death isn’t the only negative consequence of failing to plan. You and your family may suffer physically, financially and emotionally while you are still alive. For example, a … Read More →

The Risks of Giving Adult Children an “Advance” on Their Inheritance

There are many reasons you might consider giving your adult children a portion of their inheritance now, while you’re alive and well. Maybe you’ve seen your nest egg grow thanks to a robust stock market, and you have more in … Read More →

How to Protect the Legacy of Your Vacation Home

For generations, the children in your family have learned to swim by jumping off the dock of your family’s vacation home. It’s a rite of passage for each grandchild to learn how to bait a hook from grandpa while fireflies … Read More →

Why Do People “Put Off” Estate Planning?

The statistics are rather alarming. In 2005, 50 percent of Americans had a will; today, only 32 percent of us have one. Meanwhile, only one in three Americans over the age of 55 has a durable power of attorney, and … Read More →

Your Legacy is More than Just the Money You Leave to Loved Ones

When we hear the word legacy, many of us think of money left to people and institutions that have come to mean the most to us over the course of our lives. But your legacy is much more than that. … Read More →

What to Do When a Loved One is Diagnosed with Dementia

A dementia diagnosis is a traumatic time for any family. Dementia happens slowly and progressively over time. In the early stages, some symptoms are often thought of as just signs of aging. Beginning signs can be as simple as losing … Read More →

Myths and Misconceptions about Retirement Planning

Numerous studies have shown that Americans’ greatest fear regarding retirement is running out of money. Even so, myths abound about planning for retirement, Social Security, the cost of medical care, and more. Let’s explore the reality behind some of the … Read More →

Eight Factors to Consider When Choosing a Guardian for Your Children

Who should raise your children if, for some reason, you or your spouse are unable to do so? It’s not an easy question to answer, but if you have young children, it is a topic you most certainly should address … Read More →

Sentimental Assets and Your Will: Understanding When Someone Can Challenge Your Wishes

Emotions can run high after a loved one dies, particularly if your family’s assets include items with sentimental value, and the last thing you want is for your family to start fighting after you pass away. Defuse Conflict Over Sentimental … Read More →

Planning Tips for the Sandwich Generation

The term “sandwich generation” refers to people who are raising their own children while simultaneously trying to care for aging parents. If you are “sandwiched” between these two roles, the stress can seem overwhelming. Here are some tips for managing … Read More →

Why You Need a Digital Will

Digital technology has transformed the way we live. Our society has irrevocably plunged into the digital world. As technology becomes ever more deeply embedded into our daily lives, we need to plan accordingly. “Digital Assets” is a broad term that … Read More →

Can You Still Retire Comfortably on a Million Dollars?

Once upon a time, amassing a million dollars for retirement meant that your golden years would be very golden indeed. But what about now—is a million dollars still enough money to enjoy a luxurious retirement? The good news is that … Read More →

A Will is a Key Component of Any Estate Plan, But It’s Not Enough

When most people think of estate planning, usually writing out their will comes to mind. While a will can help you accomplish a few important planning goals, it’s certainly not a complete plan to protect your future. Many people know … Read More →

What’s Not to Like About an I Love You Will? Plenty

An “I Love You Will” is a last will and testament in which the testator—the person who makes the will—leaves everything to his or her spouse. If you have thought about making a will in the past, you likely considered … Read More →

Should Your Beneficiary Serve as Your Executor or Trustee?

For most people, choosing an executor or trustee means choosing someone close to them – a family member or a friend. However, this often means their executor or trustee is also a beneficiary. But, will choosing a beneficiary create a … Read More →

Why Transferring Home Ownership Does Not Replace an Estate Plan

It can be tempting to avoid costs of creating an estate plan when your only significant asset is your home. After all, what’s the harm of simply putting your home in your child’s name to avoid probate and be done with … Read More →

The Importance of Business Planning

If you already own a business or are considering starting one soon, you are likely exploring strategies to ensure your venture can maintain profitability and staying power. As one of your most valuable assets, any successful proprietorship will require a … Read More →

5 Things To Consider When Choosing A Guardian For Your Kids

If something terrible happened to you and your spouse, what would become of your children? It’s not something anyone wants to think about but think about it we must. By naming a guardian for your minor children, you can help … Read More →

Generational Wealth Transfer Passing on Values and Assets

Wealth transfer is not merely the movement of financial assets from one generation to the next; it’s a process that involves the delicate balance of preserving family values, fostering financial responsibility, and ensuring a lasting legacy. As families embark on … Read More →

Harvesting Your Legacy and Updating Your Plan

As autumn paints the world in colorful hues, farmers across the country are busy preparing for the harvest. This season offers a perfect metaphor for a crucial aspect of personal finance: updating your estate plan. Just as farmers meticulously plan … Read More →

In Lieu of Flowers, Green Eco Friendly Burials

When reading obituaries, you may start noticing a trend. The line “In lieu of flowers, please…” is becoming more prevalent, with families instead asking for a donation to a particular organization that was meaningful to the deceased. As environmental awareness … Read More →

Incorporating Cultural Beliefs

Cultural beliefs and traditions play a significant role in shaping estate planning decisions. Different cultures have unique perspectives on inheritance, family roles, and wealth distribution, which can greatly influence how an estate plan is structured. For instance, some cultures prioritize … Read More →

Life Insurance to Meet Your Estate Planning Goals

Life insurance plays a crucial role in estate planning, offering a financial safety net that ensures loved ones are protected against unforeseen events. One of the primary uses of life insurance is to cover funeral expenses, which can be a … Read More →

How Can I Take Care of My Pets When I Die?

According to Forbes, more than 65% of all U.S. households have a pet. More and more, people want to make sure their pets are taken care of after they pass away. Whether it’s a cat, dog, horse, or any other … Read More →

Is a ‘Sweetheart Will’ Best for You and Your Valentine?

In the realm of estate planning, married couples have traditionally used “sweetheart wills” to leave assets to each other. A sweetheart will describe any joint or separate will where spouses leave everything to each other, and then typically to their … Read More →

The Importance of Estate Planning Documents for Younger Individuals

In the hustle and bustle of our youthful years, contemplating estate planning may seem like a task meant for a far-off future. Yet, the importance of having crucial documents in place cannot be overstated, even for those under the age … Read More →

Corporate Transparency Act

Are You Prepared for the New Business Reporting Requirements? Do you own a business? Have you established a LLC for any reason? Did you transfer a business or LLC into a Trust? The reporting landscape for businesses is undergoing a … Read More →

Pixels and Passcodes: Managing Your Digital Footprint

In our increasingly digital world, we leave behind a substantial footprint of online assets and digital legacies. From social media accounts to email subscriptions, these digital assets hold both sentimental and financial value. However, many individuals overlook the importance of … Read More →

Discuss Division of Assets

Estate planning is a difficult topic to broach no matter what, but conversations can also make things much easier for your loved ones and limit the possibility of disputes in the future by holding these conversations in advance. Clear communication … Read More →

Living Wills: The Importance of End-Of-Life Guidance

COVID-19, civil unrest, and Presidential elections have dominated the news cycle and the minds of many Pennsylvania citizens. However, there is one topic that is seeing an increase in consideration by many amidst the several issues pressing this nation. That … Read More →

End of Year Planning

There’s Still Time: End-of-Year Tax Planning Considerations Many people think of estate planning as merely a set of documents that lays out their instructions after they die. However, estate planning also involves strategic preparation during your lifetime. Everyone has different … Read More →

Planning for Tomorrow

Revocable Trusts: Heavyweight Champion or Overhyped Contender

Business, Faith, and the People We Show Up For

Why Do I Need a Will and How Do I Make One?

3 Things New Parents Need to Do

Why a Power of Attorney Is Important

Protect Your Children

Why a Revocable Trust May Be for You

Aggressive Moves You Can Make in Your Forties to Reach Long-Term Financial Goals

Estate Planning Basics: An Introduction to Trusts

Estate Planning Basics: An Introduction to Trusts (continued)

If Your Children Have Turned 18, They Need Their Own Legal Documents

The Objectives And Benefits Of A Spendthrift Trust

Moving Out of State? You May Need to Revise Your Estate Plan.

Planning Tips for Singles

Giving to Charity Wisely

Should All of Your Children Receive Equal Inheritances?

Yes, Even Millennials Should Have an Estate Plan

Estate Planning Fundamentals

Do You Need a Trust?

Here’s What Can Happen If You Don’t Have an Estate Plan of Your Own

The Risks of Giving Adult Children an “Advance” on Their Inheritance

How to Protect the Legacy of Your Vacation Home

Why Do People “Put Off” Estate Planning?

Your Legacy is More than Just the Money You Leave to Loved Ones

What to Do When a Loved One is Diagnosed with Dementia

Myths and Misconceptions about Retirement Planning

Eight Factors to Consider When Choosing a Guardian for Your Children

Sentimental Assets and Your Will: Understanding When Someone Can Challenge Your Wishes

Planning Tips for the Sandwich Generation

Why You Need a Digital Will

Can You Still Retire Comfortably on a Million Dollars?

A Will is a Key Component of Any Estate Plan, But It’s Not Enough

What’s Not to Like About an I Love You Will? Plenty

Should Your Beneficiary Serve as Your Executor or Trustee?

Why Transferring Home Ownership Does Not Replace an Estate Plan

The Importance of Business Planning

5 Things To Consider When Choosing A Guardian For Your Kids

Generational Wealth Transfer Passing on Values and Assets

Harvesting Your Legacy and Updating Your Plan

In Lieu of Flowers, Green Eco Friendly Burials

Incorporating Cultural Beliefs

Life Insurance to Meet Your Estate Planning Goals

How Can I Take Care of My Pets When I Die?

Is a ‘Sweetheart Will’ Best for You and Your Valentine?

The Importance of Estate Planning Documents for Younger Individuals

Corporate Transparency Act

Pixels and Passcodes: Managing Your Digital Footprint

Discuss Division of Assets

Living Wills: The Importance of End-Of-Life Guidance

End of Year Planning

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