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FAQ

Frequently Asked Questions

45+ Years of Experience | Flexible Appointment Times | Serving Central PA

45+ Years of Experience

Flexible Appointment Times

Serving Central PA

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Hours:

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FAQ About Our Areas of Practice

Have a question about G. Steven McKonly, PC's areas of legal practice? Check out these FAQs and give us a call today for more information.

  • What should I tell my attorney when planning my estate?
    • Name of spouse
    • Names, ages, and marital status of any children
    • Special needs of heirs, such as health issues
    • Any additional family arrangements, such as children to another person, stepchildren, or adoptees
    • Problem relationships between family members
    • Money management skills of heirs
  • What goals could I have while planning my estate?
    • Financial security for your spouse
    • Educational needs of children and grandchildren
    • Healthcare concerns for particular heirs
    • Charities
    • Tax matters
  • Why should I give away my hard-earned money?
    • You may benefit a favorite charity or institution.
    • You can leave a legacy behind.
    • You can reduce your death and estate taxes.
    • You can feel good about helping others.
  • What ways can I make a gift?
    • A direct gift made while you are living
    • A specific bequest in your will
    • Deferred gift during your lifetime, such as a gift annuity or charitable remainder trust
    • Beneficiary designation on your life insurance policy
  • Who can I put in my will?
    • A church or synagogue
    • An educational institution (public or private)
    • A health-related or research-related organization, such as cancer or cardiac research
    • A retirement community
    • A community organization, such as fire or police departments
    • A library
    • A local, national, or international service organization
  • What will I pay when it comes to death taxes?

    Any gift to a charity or similar tax-exempt organization is not subject to death taxes. The amount of the gift is a deduction from your gross estate.


    Current federal law taxes estates exceeding $5 million after all other expenses have been subtracted. Pennsylvania inheritance tax takes effect on an estate having any balance over expenses, though percentages vary.

Definition of Terms

  • Direct gift – a contribution by check or cash or a gift in kind
  • Specific bequest – a gift in your will of a specific amount of money or a percentage of your estate
  • Deferred gift – a gift that takes effect at a future point in time
  • Gift annuity – a transfer of an asset to a charity, with the charity agreeing to pay a fixed sum of money to the donor
  • Charitable remainder trust – a transfer of assets to a trustee with income payments to the donor or a third party during his or her lifetime with the balance to the charity after donor's death or death of the third party
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