Everyone should consider creating a Living Will. Many people understand the need for a basic Will or Power of Attorney, but they often overlook planning for medical decisions while incapacitated. A Living Will allows you to specify your wishes regarding medical...
Murphy's Law
Murphy & Childers
Simple Estate Planning
Something simple that everyone should do is to check and update your beneficiary designations on your life insurance, IRA’s, annuities, and brokerage accounts. Though many people realize the need for good “paperwork” (i.e. Power of Attorney, Will, Trusts, etc.), most...
Understanding PA’s Five-Year Lookback Period for Medicaid
Everyone should know that Pennsylvania imposes a five-year lookback period when applying for Medicaid for skilled nursing care. When you apply for Medicaid, the state reviews your financial transactions from the past five years. This is to ensure that you haven't...
Tom Murphy Speaks at 10th Annual Senior Fair in Chambersburg
Tom Murphy of R. Thomas Murphy & Associates, P.C. was invited to speak during the luncheon at the 10th annual Senior Fair, which was sponsored by The Village of Laurel Run and Representative Rob Kauffman. Tom spoke to a crowd of approximately 400 of the 1800...
Document Retention
We are often asked, “How long should I retain my financial records?” Below is a quick reference for how long documents should be retained: Bank statements – 4 years Capital stock records – permanently Contracts, mortgages, notes, and leases (expired) – 7 years Deeds,...