Personal Injury Attorney in Hazleton, Pennsylvania

Pennsylvania

Frank Bognet Attorney at Law

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000-000-0000

21 North Locust Street Hazleton PA 18201

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Business Description

Frank Bognet Attorney at Law areas of practice include Personal Injury and Criminal Defense. Since 1972 Frank Bognet Attorney at Law has provided legal representation for his clients. Those with pending DUI charges and Traffic Violations need to call Frank now. Before you speak with anyone.

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Mission Statement

To provide Hazleton quality assistance as a Personal Injury Attorney, DUI Attorney, Estate Planning Attorney and Workers Compensation Attorney.

Frank Bognet Attorney at Law meeting your needs since 1972.

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1) We Handle All Types Of Driver's Licenses Suspensions, Revocations, Appeals, Etc.

2) Estates

The following are Frequently Asked Questions of family members or the Person handling a decedent's estate.

1. Q. Can we use the LIFE INSURANCE proceeds to pay the funeral bill?
A. You can but Life Insurance proceeds are NOT usually part of the estate and belong to the beneficiary named in the policy. The better practice is to let the estate pay for the funeral. We prefer to have the estate pay the funeral bill so that a deduction for it can be taken for Inheritance Tax purposes. We want the estate to pay as little Inheritance Taxes as possible.

2. Q. What about all THE STUFF in the house. Can I get rid of it?
A. Many times we find that what appears to be junk really has some collectible or antique value. You may not believe it but this happens so often that it is really silly to be overly anxious to clean out the house. Contact someone knowledgeable in this area before any of the contents of the home, garage or other places are discarded. If you are the Personal Representative of an estate you should be especially careful in this regard because you may be throwing away other people's property.

3. Q. Can I give away HOUSEHOLD ITEMS to family members that need them or can use them?
A. No! All such items must be distributed in accordance with the Will or the intestate succession act if there is no Will. Usually, household contents form a minuscule part of the estate and most families do eventually make an amicable distribution of the household furnishings. But, care is required and you should consult a lawyer before making distribution.

4. Q. What does an estate administration cost?
A. Most lawyers in the area charge 5% of the gross taxable estate. But shop around. Some execellent lawyers charge less, especially on a large estate.

5. Q. As Personal Representative do I have to pay the DECEDEN'TS DEBTS? (My uncle had a lot of debt and I don't want to be stuck paying his bills).
A. Yes, but. The Personal Representative of the estate must pay the decedent's bills but only to the extent that there are assets available with which to pay these debts.

6. Q. What about JOINT ACCOUNTS? (My uncle had a $50,000.00 CD in his name and mine).
A. Joint accounts usually pass to the surviving joint account holder. In other words, the CD that was in you and your uncle's name now becomes your property regardless of what the Will says and whether or not there is a valid Will. There are Inheritance Tax consequences, however, that flow from a joint account and these have to be reviewed carefully with your lawyer.

7. Q. Inheritance Taxes? Are you kidding? You mean I have to pay Inheritance Taxes on that jointly owned CD?
A. Yes, generally you must pay tax on a fractional share of the Joint Account depending on how many owners there were at the time of the decedent's death. Again, this is a subject that has to be reviewed carefully with your lawyer and cannot be comprehensively addressed in a simple FAQ.

8. Q. Well okay, if I have to pay Inheritance Taxes, how much?
A. In Pennsylvania there are four (4) Inheritance Tax rates:
0% for gifts to a spouse or a charity;
4.5% for gifts to a lineal heir;
12% for gifts to a sibling;
15% for gifts to all others.

9. Q. What is a lineal heir?
A. A Lineal Heir is a parent or a grandparent, etc. and a child or a grandchild, etc.

10. Q. Are there any other taxes due?
A. The Personal Representative usually has an obligation to file Final Income Tax Returns on behalf of the decedent. There may also be Federal Estate Taxes due.

11. Q. What is a Federal Estate Tax?
A. Esate Tax is another name for a tax due upon death, or a Death Tax. Just as there are Inheritance Taxes in Pennsylvania, there are also Federal Estate Taxes due on the death of a wealthy individual. These are called Estate Taxes. The good news is, that except for very wealthy individuals, there are generally no Estate Taxes due. About 2% of the estates of deceased individuals must pay Fedearl Estate Taxes.

12. Q. How much are these so called Federal Estate Taxes?
A. Don't ask.

13. Q. So how long is the Estate Administration going to take?
A. It usually takes a bit more than a year to wrap up an estate.

14. Q. What?
A. Usually it takes more than a year because creditors of an estate have one year from the date of advertisement of the estate proceeding in which to assert a claim against the Estate. Bills must be paid before heirs.

15. Q. Suppose there are no claims?
A. Fine, but, if you disburse all of the assets of the estate and then find that there is a legitimate claim that should have been paid by you, as the Personal Representative you may be held responsible for payment of the claim. That is why we generally do not conclude an estate for at least one year from when the decedent died.

16. Q. Oh brother! What did I get myself into!

THESE FAQ'S ARE NOT INTENDED AND SHOULD NOT BE CONSTRUED AS LEGAL ADVICE.

3) Dui

4) Mortgage Refinancing

The following are Frequenly Asked Questions concerning refinancing of real property, especially residential real property.

Q. I have a Mortgage. Why should I bother to refinance at this time (2010)?
A. To save money. Mortgage rates are at their lowest level in decades. In fact, your parents and grandparents probably paid a higher rate of interest on their house Mortgages. At the present time people are refinancing Mortgages at rates between 4 1/2 and 6%, down substantially from just a few years ago. The Prime Rate of interst has been at 3.25%, for about 20 months. In the 1980's it was 21%. Mortgage rates are somewhat tied to the Prime Rate of Interest and it is widely expected that the Prime Rate will (and must) increase over the next several years. When that happens Residential Mortgage Rates are going to go back up to where they usually are, which is to say between 7 and 11%, historically speaking.

Q. If I do refinance my mortgage, do I have to stay with the same bank?
A. Absolutely not. In fact, you may do better by shopping around. However, if you want to stay with the present lender you can do so.

Q. How much is this going to cost me?
A. It is hard to say, different lenders have different requirements but it will probably cost somewhere between $1,000.00 and $3,000.00 depending on the amount to be refinanced, the bank's charges and other fees.

Q. Are you kidding, for what?
A. A check of your credit rating usually costs $75.00 to $100.00. Your lender may charge you $200.00 to $400.00 for document preparation. Some lenders charge an Application Fee of $250.00 to $400.00. Some banks may even charge a fee, for example, 1% of the loan amount as part of the loan package and, finally, there are recording costs of approximately $75.00 or so and title insurance which costs hundreds of dollars.

Q. How much is title insurance going to cost?
A. Title insurance costs vary with the amount of the new Mortgage and whether or not there is a present title insurance policy in place and how long it has been since your present Mortgage was placed on the property. As a general rule, title insurance for a $100,000.00 Mortgage will cost approximately $950.00. For a $150,000.00 Mortgage the cost will be about $1,275.00. For a $200,000.00 Mortgage the cost will be around $1,375.00.

Q. So how am I going to pay all of these fees and still save money?
A. Good question. If your interest rate drops 1 to 3 points you will usually make up all of the costs, bank fees, and the title insurance, etc. in one year or so and thereafter you will be saving money every month for the next 30 years.

Q. How do I know if I am really saving money by refinancing my present Mortgage?
A. Do the math! All that is required is that you talk to a lender (or two or three) and determine what your costs will be and compare them to your present costs without refinancing. A lender will provide you with a Good Faith Estimate of your financing charges or an informal estimate. Double check it with a real estate lawyer or your title insurance agent.

Q. How much must my interest rate be reduced for this to be worth it?
A. Anywhere from 1% or more depending on the amount of the Mortgage being refinanced. Generally, the larger the amount being refinanced the closer the new interest rate could be to your present interest rate.

Q. What else do I need to consider when deciding whether or not to refinance?
A. The most important things are (1) the new interest rate, (2) how long you intend to stay in your present home, (3) what the charges (to refinance) will be and (4) the amount being refinanced. Obviously, you won't refinance a Mortgage with a $10,000.00 balance but, you probably will refinance a larger Mortgage. Otherwise, you shouldn't refinance a home that you intend to sell in the next 2-3 years as you won't have the new lower interest rate mortgage in place long enough to recoup the financing charges.

In other words, if you expect to relocate in the next 2 or 3 years or to move to a larger or smaller house then it is probably not worth it and you should not bother refinancing your Mortgage. But, if you intend to stay int he house you are living in for more than 2 or 3 years it is probably worthwhile. Again, you have to carefully do the math and weigh the other considerations that we talked about.

THESE FAQ'S ARE NOT INTENDED AND SHOULD NOT BE CONSTRUED AS LEGAL ADVICE.